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Registration number: 14039188

Grace & Howe Consulting Engineers Ltd

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 March 2024

 

Grace & Howe Consulting Engineers Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Grace & Howe Consulting Engineers Ltd

Company Information

Directors

Mr P H Evans

Mrs A G Evans

Company secretary

Mrs A G Evans

Registered office

Office 103
Y Plas
Machynlleth
Powys
SY20 8ER

 

Bankers

Lloyds Bank
54-55 Cross Street
Abergavenny
Gwent
NP7 5HB

Accountants

W J James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Grace & Howe Consulting Engineers Ltd

(Registration number: 14039188)

Balance Sheet
as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,668

16,668

Tangible assets

5

4,532

4,250

 

17,200

20,918

Current assets

 

Stocks

50

50

Debtors

6

13,666

8,170

Cash at bank and in hand

 

8,720

1,439

 

22,436

9,659

Creditors: Amounts falling due within one year

7

(36,661)

(30,971)

Net current liabilities

 

(14,225)

(21,312)

Total assets less current liabilities

 

2,975

(394)

Provisions for liabilities

(155)

(808)

Net assets/(liabilities)

 

2,820

(1,202)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,720

(1,302)

Total equity

 

2,820

(1,202)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Grace & Howe Consulting Engineers Ltd

(Registration number: 14039188)

Balance Sheet
as at 31 March 2024

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................

Mr P H Evans

Director

.........................................

Mrs A G Evans

Company secretary and director

 

Grace & Howe Consulting Engineers Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Office 103
Y Plas
Machynlleth
Powys
SY20 8ER

These financial statements were authorised for issue by the Board on 13 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded up to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

The company has net liabilities as at the balance sheet date. The company's largest creditor are the directors and shareholders both of whom will not be repaid until the company has adequate cash reserves to do this.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Grace & Howe Consulting Engineers Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25 % on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Grace & Howe Consulting Engineers Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at cost price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Grace & Howe Consulting Engineers Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

20,000

20,000

At 31 March 2024

20,000

20,000

Amortisation

At 1 April 2023

3,332

3,332

Amortisation charge

4,000

4,000

At 31 March 2024

7,332

7,332

Carrying amount

At 31 March 2024

12,668

12,668

At 31 March 2023

16,668

16,668

Revalued assets for the period ended 31 March 2023

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

5,250

5,250

Additions

1,793

1,793

At 31 March 2024

7,043

7,043

Depreciation

At 1 April 2023

1,000

1,000

Charge for the year

1,511

1,511

At 31 March 2024

2,511

2,511

Carrying amount

At 31 March 2024

4,532

4,532

At 31 March 2023

4,250

4,250

6

Debtors

 

Grace & Howe Consulting Engineers Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

2024
£

2023
£

Trade debtors

10,292

4,240

Prepayments

744

1,153

Other debtors

2,630

2,777

13,666

8,170

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

386

256

Accruals and deferred income

2,406

2,122

Other creditors

33,869

28,593

36,661

30,971