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REGISTERED NUMBER: SC654123 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Grace Jack Ltd

Grace Jack Ltd (Registered number: SC654123)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Grace Jack Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D Allan
E H Allan





REGISTERED OFFICE: 80 Royal Gardens
Bothwell
G71 8SY





REGISTERED NUMBER: SC654123 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

Grace Jack Ltd (Registered number: SC654123)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 221,197 73,152

CURRENT ASSETS
Debtors 5 503,301 34,076
Cash at bank 48 12
503,349 34,088
CREDITORS
Amounts falling due within one year 6 75,316 97,358
NET CURRENT ASSETS/(LIABILITIES) 428,033 (63,270 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

649,230

9,882

CREDITORS
Amounts falling due after more than one
year

7

651,017

-
NET (LIABILITIES)/ASSETS (1,787 ) 9,882

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (1,788 ) 9,881
SHAREHOLDERS' FUNDS (1,787 ) 9,882

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Grace Jack Ltd (Registered number: SC654123)

Balance Sheet - continued
31 March 2024


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 13 March 2025 and were signed on its behalf by:





E H Allan - Director


Grace Jack Ltd (Registered number: SC654123)

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

1. STATUTORY INFORMATION

Grace Jack Ltd is a private company, limited by shares , registered in Scotland. 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 (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

The accounts have been prepared on a going concern basis as the directors have undertaken to continue supporting the company through their directors' loan account

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Taxation
Taxation for the year 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 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.

3. EMPLOYEES AND DIRECTORS

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

Grace Jack Ltd (Registered number: SC654123)

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

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 April 2023 76,200
Additions 152,621
At 31 March 2024 228,821
DEPRECIATION
At 1 April 2023 3,048
Charge for year 4,576
At 31 March 2024 7,624
NET BOOK VALUE
At 31 March 2024 221,197
At 31 March 2023 73,152

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,833 -
Other debtors 501,468 34,076
503,301 34,076

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,780 -
Trade creditors - 21,140
Taxation and social security 11,308 3,033
Other creditors 54,228 73,185
75,316 97,358

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 651,017 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 603,388 -

Grace Jack Ltd (Registered number: SC654123)

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

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 660,797 -

Allica Bank hold a fixed and floating charge on all and whole the subjects known as and forming the first floor premises at 1 Auchingramont Road, Hamilton, ML3 6JP being part of the property at 111 to 113 Cadzow Street and 1 Auchingramont Road and being the subjects registered in the Land Registers of Scotland.

All and whole the subjects known as and forming 111 Cadzow Street, Hamilton, ML3 6JP being the subjects registered in the Land Registers of Scotland.

There is a cross guarantee on the liabilities in relation to the property at 113 Cadzow Street, Hamilton, ML3 6JP with a related party. There is also a personal guarantee from the director.

9. RELATED PARTY DISCLOSURES

The company operates a loan account with the directors, D Allan and E Allan.

During the year, the company repaid loans totalling £18,485 to the directors. At the year end, the balance due to the directors was £52,688 (2023: £71,173). This loan is unsecured, interest free and has no fixed repayment terms.


Rocca Limited
A company in which E Allan is a director and shareholder.

During the year, Grace Jack Ltd advanced loans totalling £501,468 to Rocca Ltd. At the year end, the balance due from Rocca Ltd was £501,468 (2023 - £Nil).

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Grace Jack Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grace Jack Ltd for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Grace Jack Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grace Jack Ltd and state those matters that we have agreed to state to the Board of Directors of Grace Jack Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grace Jack Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Grace Jack Ltd. You consider that Grace Jack Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Grace Jack Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


14 March 2025