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REGISTERED NUMBER: 06509938 (England and Wales)





























Unaudited Financial Statements for the Year Ended 29 February 2024

for

Grace Emanuel Limited

Grace Emanuel Limited (Registered number: 06509938)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Grace Emanuel Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr Adeyinka Gbolahan Molajo
Mrs Georgette Ann Molajo





REGISTERED OFFICE: 155 New Hall Lane
Heaton
Bolton
Lancashire
BL1 5HP





REGISTERED NUMBER: 06509938 (England and Wales)





ACCOUNTANTS: DonnellyBentley Limited
Chartered Accountants
Hazlemere
70 Chorley New Road
Bolton
Lancashire
BL1 4BY

Grace Emanuel Limited (Registered number: 06509938)

Balance Sheet
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 7,636 2,099

CURRENT ASSETS
Debtors 5 10,887 56,025
Cash at bank 13,220 47,832
24,107 103,857
CREDITORS
Amounts falling due within one year 6 (22,590 ) (20,216 )
NET CURRENT ASSETS 1,517 83,641
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,153

85,740

PROVISIONS FOR LIABILITIES 8 (1,451 ) -
NET ASSETS 7,702 85,740

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 7,700 85,738
SHAREHOLDERS' FUNDS 7,702 85,740

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:



Mrs Georgette Ann Molajo - Director


Grace Emanuel Limited (Registered number: 06509938)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Grace Emanuel 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.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Grace Emanuel Limited (Registered number: 06509938)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 March 2023 1,862 - 6,076 7,938
Additions - 6,115 704 6,819
Disposals - - (1,557 ) (1,557 )
At 29 February 2024 1,862 6,115 5,223 13,200
DEPRECIATION
At 1 March 2023 1,862 - 3,977 5,839
Charge for year - 269 1,013 1,282
Eliminated on disposal - - (1,557 ) (1,557 )
At 29 February 2024 1,862 269 3,433 5,564
NET BOOK VALUE
At 29 February 2024 - 5,846 1,790 7,636
At 28 February 2023 - - 2,099 2,099

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,262 7,925
Other debtors 6,625 6,500
Directors' current accounts - 35,900
Prepayments - 5,700
10,887 56,025

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 18,226 18,255
Social security and other taxes 810 -
Other creditors 373 1,541
Directors' current accounts 1,603 -
Accrued expenses 1,578 420
22,590 20,216

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 6,750 -
Between one and five years 10,406 -
17,156 -

Grace Emanuel Limited (Registered number: 06509938)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,451 -

Deferred
tax
£   
Provided during year 1,451
Balance at 29 February 2024 1,451

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr Adeyinka Gbolahan Molajo and Mrs Georgette Ann Molajo
Balance outstanding at start of year 35,900 (4,476 )
Amounts advanced 65,624 44,726
Amounts repaid (103,127 ) (4,350 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,603 ) 35,900

Interest is charged on overdrawn balances at the official rate which was 2.25% (2023: 2%).