IRIS Accounts Production v24.2.0.383 07093268 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070932682022-12-31070932682023-12-31070932682023-01-012023-12-31070932682021-12-31070932682022-01-012022-12-31070932682022-12-3107093268ns15:EnglandWales2023-01-012023-12-3107093268ns14:PoundSterling2023-01-012023-12-3107093268ns10:Director12023-01-012023-12-3107093268ns10:Director22023-01-012023-12-3107093268ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107093268ns10:SmallEntities2023-01-012023-12-3107093268ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3107093268ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3107093268ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107093268ns10:FullAccounts2023-01-012023-12-3107093268ns10:RegisteredOffice2023-01-012023-12-3107093268ns5:CurrentFinancialInstruments2023-12-3107093268ns5:CurrentFinancialInstruments2022-12-3107093268ns5:Non-currentFinancialInstruments2023-12-3107093268ns5:Non-currentFinancialInstruments2022-12-3107093268ns5:ShareCapital2023-12-3107093268ns5:ShareCapital2022-12-3107093268ns5:RetainedEarningsAccumulatedLosses2023-12-3107093268ns5:RetainedEarningsAccumulatedLosses2022-12-3107093268ns5:PlantMachinery2023-01-012023-12-3107093268ns5:PlantMachinery2022-12-3107093268ns5:PlantMachinery2023-12-3107093268ns5:PlantMachinery2022-12-3107093268ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3107093268ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3107093268ns5:WithinOneYear2023-12-3107093268ns5:WithinOneYear2022-12-3107093268ns5:BetweenOneFiveYears2023-12-3107093268ns5:BetweenOneFiveYears2022-12-3107093268ns5:AllPeriods2023-12-3107093268ns5:AllPeriods2022-12-31
REGISTERED NUMBER: 07093268 (England and Wales)

























Unaudited Financial Statements for the Year Ended 31 December 2023

for

Grace Medical Technology Ltd

Grace Medical Technology Ltd (Registered number: 07093268)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


Grace Medical Technology Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J Bradley
Mrs K E Bradley





REGISTERED OFFICE: IN Accountancy Ltd
Unit 2, Station View
Hazel Grove
stockport
Cheshire
SK7 5ER





REGISTERED NUMBER: 07093268 (England and Wales)





ACCOUNTANTS: IN Accountancy Limited
2 Station View
Bramhall Moor Lane
Hazel Grove
Stockport
Cheshire
SK7 5ER

Grace Medical Technology Ltd (Registered number: 07093268)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,501 1

CURRENT ASSETS
Stocks 29,000 15,000
Debtors 5 67,054 83,185
Cash at bank 4,128 6,984
100,182 105,169
CREDITORS
Amounts falling due within one
year

6

97,920

98,738
NET CURRENT ASSETS 2,262 6,431
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,763

6,432

CREDITORS
Amounts falling due after more
than one year

7

64,534

74,071
NET LIABILITIES (60,771 ) (67,639 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (60,773 ) (67,641 )
SHAREHOLDERS' FUNDS (60,771 ) (67,639 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Grace Medical Technology Ltd (Registered number: 07093268)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:




J Bradley - Director



Mrs K E Bradley - Director


Grace Medical Technology Ltd (Registered number: 07093268)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Grace Medical Technology Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company has made losses in the year and the balance sheet is insolvent. The company is reliant upon the continued support of its directors and they have indicated that this support will be forthcoming. As a result of this, the accounts have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Grace Medical Technology Ltd (Registered number: 07093268)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 3,895
Additions 2,000
At 31 December 2023 5,895
DEPRECIATION
At 1 January 2023 3,894
Charge for year 500
At 31 December 2023 4,394
NET BOOK VALUE
At 31 December 2023 1,501
At 31 December 2022 1

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 62,987 79,935
Other debtors 4,067 3,250
67,054 83,185

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 63,808 61,911
Taxation and social security - 2,835
Other creditors 24,112 23,992
97,920 98,738

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 19,066 28,869
Other creditors 45,468 45,202
64,534 74,071

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 13,000 13,000
Between one and five years 6,500 19,500
19,500 32,500

Grace Medical Technology Ltd (Registered number: 07093268)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have provided loans to the company in previous years and the balance owed to the directors at the balance sheet date is £65,468 (2022: £65,202). No interest is charged on the loans and no security given. The loans are repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Bradley.