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REGISTERED NUMBER: 10553761 (England and Wales)













FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023

FOR

GRACE LOVES LACE LIMITED

GRACE LOVES LACE LIMITED (REGISTERED NUMBER: 10553761)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1 January 2022 to 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GRACE LOVES LACE LIMITED

COMPANY INFORMATION
for the Period 1 January 2022 to 30 June 2023







DIRECTORS: W B Ziems
M C Ziems





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 10553761 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

GRACE LOVES LACE LIMITED (REGISTERED NUMBER: 10553761)

BALANCE SHEET
30 June 2023

30.6.23 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,631 466

CURRENT ASSETS
Stocks 2,312 -
Debtors 5 121,208 173,826
Cash at bank 25,745 21,071
149,265 194,897
CREDITORS
Amounts falling due within one year 6 436,806 61,616
NET CURRENT (LIABILITIES)/ASSETS (287,541 ) 133,281
TOTAL ASSETS LESS CURRENT
LIABILITIES

(273,910

)

133,747

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (274,010 ) 133,647
SHAREHOLDERS' FUNDS (273,910 ) 133,747

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 7 November 2024 and were signed on its behalf by:





W B Ziems - Director


GRACE LOVES LACE LIMITED (REGISTERED NUMBER: 10553761)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 1 January 2022 to 30 June 2023

1. STATUTORY INFORMATION

Grace Loves Lace Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's trading address is: Ground Floor, 58-59 Charlotte Road, Shoreditch, London, EC2A 3QT.

The company's accounting year end was changed to 30 June to align the reporting period with fellow group members; as a result, the comparatives are not entirely comparable.

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.

Going concern
The parent company, Grace Loves Lace Pty Ltd, has confirmed that they will continue to support the company for a period of at least 12 months and 1 day following the signing of the audit report attached to these financial statements. As such the directors have used the going concern basis in preparing the financial statements.

The supporting company, Grace Loves Lace Pty Ltd is reliant on ongoing support from its parent company, Seidler Equity Australia 1 LP. There is no guarantee that Seidler Equity Australia 1 LP will continue providing support to Grace Loves Lace Pty Ltd for a period of at least 12 months and 1 day from the date of the signing of the audit report attached to these financial statements. If support was withdrawn this may cast significant doubt on the ability of Grace Loves Lace Pty Ltd to continue offering support to Grace Loves Lace Limited.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
During the period, the company had two streams of turnover:

1. Internal - intercompany sales
Internal sales comprise amounts charged to the company's parent company in accordance with their intercompany agreement. Turnover is recognised when chargeable costs are incurred.

2. External - merchandise sales
External sales relate to the sale of goods in the period. Turnoverfrom the sale of goods is recognised at the point in time when the risks and rewards of ownership are transferred to the customer, which is upon delivery to the customer.

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

GRACE LOVES LACE LIMITED (REGISTERED NUMBER: 10553761)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 January 2022 to 30 June 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - Straight line over 2 years
Fixtures & fittings - Straight line over 5 years
Improvements to property - Straight line over 5 years

Tangible fixed assets are initially measured at cost, subsequently being measured at cost net of depreciation and any impairments recognised.

Government grants
Relief from government relating to expenditure are recognised under the accrual model. Government relief is recognised in other income at their fair value in the period in which the entity recognises the related costs for which the grant is intended to compensate.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

GRACE LOVES LACE LIMITED (REGISTERED NUMBER: 10553761)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 January 2022 to 30 June 2023

2. ACCOUNTING POLICIES - continued

Basic financial instruments
Basic Financial Instruments as covered by Section 11 of FRS 102 (Section 1A) are measured at amortised cost. The company does not have any Other Financial Instrument as covered by Section 12 of FRS 102 (Section 1A).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 9 (2021 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 1,238
Additions 13,748
At 30 June 2023 14,986
DEPRECIATION
At 1 January 2022 772
Charge for period 583
At 30 June 2023 1,355
NET BOOK VALUE
At 30 June 2023 13,631
At 31 December 2021 466

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 31.12.21
£    £   
Amounts owed by group undertakings - 140,422
Other debtors 121,208 33,404
121,208 173,826

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 31.12.21
£    £   
Trade creditors 11,679 4,205
Taxation and social security 92,437 15,199
Other creditors & accruals 332,690 42,212
436,806 61,616

GRACE LOVES LACE LIMITED (REGISTERED NUMBER: 10553761)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 January 2022 to 30 June 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.23 31.12.21
£    £   
Within one year 125,000 123,750
Between one and five years 218,750 500,000
In more than five years - 156,250
343,750 780,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 31.12.21
value: £    £   
100 Ordinary £1 100 100

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Florentin-Lee (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"Material uncertainty relating to going concern
We draw attention to note 2 of the financial statements which states the Directors have prepared the financial statements on the going concern basis as a result of group company support.

However Grace Loves Lace Pty Ltd may need additional funding to enable it to provide support. The ability to receive such additional funding is uncertain. This gives raise to a material uncertainty which may cast doubt as to the Company's ability to continue as a going concern. Our opinion is not modified in this matter."

We would also like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Seidler Equity Partners, a company incorporated in the United States of America.

GRACE LOVES LACE LIMITED (REGISTERED NUMBER: 10553761)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 January 2022 to 30 June 2023

11. ULTIMATE PARENT COMPANY

The immediate parent company is Grace Loves Lacy Pty Ltd, a company incorporated in Australia.

The smallest and largest croup to consolidate the results and financial position of the company is Grace Loves Lace Pty Ltd. Copies of the financial statements is Graces Loves Lace Pty Ltd are publicly available at https://asic.gov.au.

12. INVENTORY PROVISION

During the period ended 30 June 2023, the company identified that certain items, amounting to £73,357 (2021: £nil) were provided for to reflect their reduced net realisable value.