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Registration number: 06922173

Grace Land (Camden) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Grace Land (Camden) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Grace Land (Camden) Limited

Company Information

Directors

Anselm Chatwin

Jon Andreas Akerlund

Registered office

The Axe
18 Northwold Road
London
N16 7HR

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Grace Land (Camden) Limited

(Registration number: 06922173)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

66,479

75,833

Current assets

 

Stocks

5

18,816

16,880

Debtors

6

922,129

664,034

Cash at bank and in hand

 

3,681

16,629

 

944,626

697,543

Creditors: Amounts falling due within one year

7

(465,066)

(229,562)

Net current assets

 

479,560

467,981

Total assets less current liabilities

 

546,039

543,814

Provisions for liabilities

(16,620)

(18,958)

Net assets

 

529,419

524,856

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

528,419

523,856

Shareholders' funds

 

529,419

524,856

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:
 

.........................................
Anselm Chatwin
Director

 

Grace Land (Camden) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Axe
18 Northwold Road
London
N16 7HR

These financial statements were authorised for issue by the Board on 24 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is the fair value of consideration received or receivable for goods and services provided in the normal course of business, net of discounts and taxes. Turnover principally consists of drink and food sales, which are recognised at the point at which goods are provided.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Grace Land (Camden) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold impromenets

over term of the lease

Plant and machinery

20% reducing balance

Furniture and fittings

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Grace Land (Camden) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2023 - 20).

 

Grace Land (Camden) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Leasehold improvment
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

26,946

123,762

68,310

219,018

Additions

-

5,089

-

5,089

At 30 June 2024

26,946

128,851

68,310

224,107

Depreciation

At 1 July 2023

15,093

72,018

56,074

143,185

Charge for the year

1,077

10,918

2,448

14,443

At 30 June 2024

16,170

82,936

58,522

157,628

Carrying amount

At 30 June 2024

10,776

45,915

9,788

66,479

At 30 June 2023

11,853

51,744

12,236

75,833

5

Stocks

2024
£

2023
£

Other inventories

18,816

16,880

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

26,188

40,851

Amounts owed by group undertakings

9

751,741

474,333

Prepayments

 

58,542

57,960

Other debtors

 

85,658

90,890

   

922,129

664,034

 

Grace Land (Camden) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

176,548

69,179

Amounts owed to group undertakings

9

63,634

34,902

Taxation and social security

 

126,384

53,275

Accruals and deferred income

 

33,586

21,807

Other creditors

 

64,914

50,399

 

465,066

229,562

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

9

Related party transactions

Summary of transactions with other related parties

At the balance sheet date amount due from/(to) related parties (fellow subsidiaries & the Parent entity) are as follows:

Grace Land Group Limited: £707,102 (2023: £401,751)
Grace Land (Dalston) Limited: £7,693 (2023: £27,419)
Grace Land (Bethnal) Limited: (£677) (2023: £18,523)
Grace Land (Stoke Newington) Limited: £9,803 (2023: £17,882)
Grace Land (Swain) Limited: £10,796 (2023: N/A)
London Fields Brewery Opco Limited: (£8,266) (2023: N/A)

These loan are unsecured,interest free and repayable on demand.

10

Parent and ultimate parent undertaking

The company's immediate parent is Grace Land Group Limited, incorporated in England.