Registered number
SC560169
Gracemount (Scot) Ltd
Filleted Accounts
31 March 2024
Gracemount (Scot) Ltd
Registered number: SC560169
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 33,672 37,413
Current assets
Stocks 2,122 2,984
Debtors 4 3,034 36
Loan recevable 5 51,000 51,000
Cash at bank and in hand 4,672 9,066
60,828 63,086
Creditors: amounts falling due within one year 6 (37,793) (38,334)
Net current assets 23,035 24,752
Total assets less current liabilities 56,707 62,165
Creditors: amounts falling due after more than one year 7 (42,649) (47,043)
Net assets 14,058 15,122
Capital and reserves
Called up share capital 100 100
Profit and loss account 13,958 15,022
Shareholder's funds 14,058 15,122
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Sajid Bashir Mian
Director
Approved by the board on 4 November 2024
Gracemount (Scot) Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 10% reducing balances
Fixtures, fittings, tools and equipment 10% reducing balances
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 6
3 Tangible fixed assets
Fixture and fittings etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 26,586 25,695 52,281
At 31 March 2024 26,586 25,695 52,281
Depreciation
At 1 April 2023 10,814 4,054 14,868
Charge for the year 1,577 2,164 3,741
At 31 March 2024 12,391 6,218 18,609
Net book value
At 31 March 2024 14,195 19,477 33,672
At 31 March 2023 15,772 21,641 37,413
4 Debtors 2024 2023
£ £
Other debtors 3,034 36
5 Loan receivable 2024 2023
£ £
Loan receivable from A-Z Properties (Scot) Ltd 51,000 51,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Credit cards 13,090 17,293
Trade creditors 2,624 862
Taxation and social security costs 4,228 -
Other creditors 17,851 20,179
37,793 38,334
7 Creditors: amounts falling due after one year 2024 2023
£ £
Director's loan account 6,038 5,423
Bounce back loan 36,611 41,361
MB Finance - 259
42,649 47,043
Gracemount (Scot) Ltd SC560169 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 Mr Sajid Bashir Mian No description of principal activity SC560169 2022-04-01 2023-03-31 SC560169 core:WithinOneYear 2023-03-31 SC560169 core:AfterOneYear 2023-03-31 SC560169 core:ShareCapital 2023-03-31 SC560169 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC560169 2023-04-01 2024-03-31 SC560169 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC560169 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC560169 bus:Director40 2023-04-01 2024-03-31 SC560169 1 2023-04-01 2024-03-31 SC560169 2 2023-04-01 2024-03-31 SC560169 core:PlantMachinery 2023-04-01 2024-03-31 SC560169 core:Vehicles 2023-04-01 2024-03-31 SC560169 bus:FRS102 2023-04-01 2024-03-31 SC560169 bus:FilletedAccounts 2023-04-01 2024-03-31 SC560169 2024-03-31 SC560169 core:WithinOneYear 2024-03-31 SC560169 core:AfterOneYear 2024-03-31 SC560169 core:ShareCapital 2024-03-31 SC560169 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC560169 core:PlantMachinery 2024-03-31 SC560169 core:Vehicles 2024-03-31 SC560169 2023-03-31 SC560169 core:PlantMachinery 2023-03-31 SC560169 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure