2023-07-012024-03-312024-03-31false01057724GRADEACRE 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GRADEACRE LIMITED

Registered Number
01057724
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2024

GRADEACRE LIMITED
Company Information
for the period from 1 July 2023 to 31 March 2024

Director

PEARCE, Francis Gerald

Company Secretary

PEARCE, Adrian John

Registered Address

34 Boulevard
Weston-Super-Mare
BS23 1NF

Registered Number

01057724 (England and Wales)
GRADEACRE LIMITED
Balance Sheet as at
31 March 2024

Notes

31 Mar 2024

30 Jun 2023

£

£

£

£

Fixed assets
Tangible assets4520,094576,253
520,094576,253
Current assets
Stocks2,2405,599
Debtors643,399636,869
Cash at bank and on hand300,878300,505
946,517942,973
Creditors amounts falling due within one year(126,569)(144,618)
Net current assets (liabilities)819,948798,355
Total assets less current liabilities1,340,0421,374,608
Provisions for liabilities(11,767)(12,418)
Net assets1,328,2751,362,190
Capital and reserves
Called up share capital7070
Profit and loss account1,328,2051,362,120
Shareholders' funds1,328,2751,362,190
The financial statements were approved and authorised for issue by the Director on 22 August 2024, and are signed on its behalf by:
PEARCE, Francis Gerald
Director
Registered Company No. 01057724
GRADEACRE LIMITED
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year44
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 231,171,944
Disposals(1,610)
At 31 March 241,171,428
Depreciation and impairment
At 01 July 23595,692
Charge for year55,642
On disposals(1,094)
At 31 March 24651,334
Net book value
At 31 March 24520,094
At 30 June 23576,253
5.Related party transactions
JB Pearce and Sons (a partnership in which the shareholders are partners) During the period, the company paid management charges of £22,500 (2023: £30,000) to JB Pearce and Sons. At the end of the period £4,463 (2023: £0) is owed by JB Pearce and Sons. JB Pearce Ltd (a company under common control) At the period end the company was owed £411,519 (2023: £411,519) by JB Pearce Ltd. The loan is repayable on demand and is included in other debtors due in less than one year.