REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
FOR |
GRACE LOVES LACE LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 |
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 |
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 |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 January 2022 |
Charge for period |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 31 December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 31.12.21 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 31.12.21 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors & accruals |
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 |
Between one and five years |
In more than five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 31.12.21 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |