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Registration number: 13988125

Gracious Estates Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Gracious Estates Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 11

iXBRL Detailed Profit and Loss Account

12

 

Gracious Estates Ltd

Company Information

Director

Miss Elizabeth Christine Mutsigwa

Registered office

Office 20
Wesr Midlands House
Gipsy Lne
Willenhall
West Midlands
WV13 2HA

Accountants

A Singh Accountancy
Office 20
West Midlands House Ltd
Gipsy Lane
Willenhall
West Midlands
WV13 2HA

 

Gracious Estates Ltd

Director's Report for the Year Ended 31 March 2024

The director presents her report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Miss Elizabeth Christine Mutsigwa

Principal activity

The principal activity of the company is Other letting of own property

Small companies provision statement

This report has 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.

Approved and authorised by the director on 27 March 2025
 

.........................................
Miss Elizabeth Christine Mutsigwa
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Gracious Estates Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gracious Estates Ltd for the year ended 31 March 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Gracious Estates Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gracious Estates Ltd and state those matters that we have agreed to state to the Board of Directors of Gracious Estates Ltd. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gracious Estates Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gracious Estates Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gracious Estates Ltd. You consider that Gracious Estates 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 accounts of Gracious Estates 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 accounts.

......................................

A Singh Accountancy
Office 20
West Midlands House Ltd
Gipsy Lane
Willenhall
West Midlands
WV13 2HA

27 March 2025

 

Gracious Estates Ltd

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

151,304

42,647

Cost of sales

 

(6,564)

-

Gross profit

 

144,740

42,647

Administrative expenses

 

(66,989)

(19,194)

Operating profit

 

77,751

23,453

Profit before tax

77,751

23,453

Tax on profit

 

(14,708)

(4,456)

Profit for the financial year

 

63,043

18,997

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Gracious Estates Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

63,043

18,997

Total comprehensive income for the year

63,043

18,997

 

Gracious Estates Ltd

(Registration number: 13988125)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

311,500

432,425

Current assets

 

Cash at bank and in hand

 

64,756

17,564

Creditors: Amounts falling due within one year

5

(163,960)

(430,892)

Net current liabilities

 

(99,204)

(413,328)

Total assets less current liabilities

 

212,296

19,097

Creditors: Amounts falling due after more than one year

5

(160,156)

-

Net assets

 

52,140

19,097

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

52,040

18,997

Shareholders' funds

 

52,140

19,097

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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.

Approved and authorised by the director on 27 March 2025
 

.........................................
Miss Elizabeth Christine Mutsigwa
Director

 

Gracious Estates Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

18,997

19,097

Profit for the year

-

63,043

63,043

Dividends

-

(30,000)

(30,000)

At 31 March 2024

100

52,040

52,140

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

-

100

Profit for the year

-

18,997

18,997

At 31 March 2023

100

18,997

19,097

 

Gracious Estates Ltd

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

1

General information

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

The address of its registered office is:
Office 20
Wesr Midlands House
Gipsy Lne
Willenhall
West Midlands
WV13 2HA
United Kingdom

These financial statements were authorised for issue by the director on 27 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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

Gracious Estates Ltd

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

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 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Gracious Estates Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 1).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

311,500

311,500

At 31 March 2024

311,500

311,500

Depreciation

Carrying amount

At 31 March 2024

311,500

311,500

At 31 March 2023

432,425

432,425

Included within the net book value of land and buildings above is £311,500 (2023 - £432,425) in respect of freehold land and buildings.
 

 

Gracious Estates Ltd

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

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

19,164

4,456

Other creditors

144,796

426,436

163,960

430,892

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

160,156

-

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £100 each

1

100

1

100

       

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

160,156

-

8

Dividends

2024

2023

£

£

 

 
 

Gracious Estates Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

Turnover/revenue

151,304

42,647

Cost of sales

Opening stock/inventories

-

-

Purchase of raw materials and consumables

(176)

-

Closing stock/inventories

-

-

Other repairs and maintenance

(6,388)

-

Gross profit

144,740

42,647

Distribution costs

Administrative expenses

Audit and accountancy other services

(320)

(320)

Rent, rates and services costs

(6,763)

-

Utilities costs

(10,299)

-

Other repairs and maintenance costs

-

(623)

Vehicle costs

(1,614)

(1,206)

Travel and subsistence

(91)

(186)

Training

(7,046)

-

Legal and professional costs

(21,834)

(15,068)

Bank charges

(69)

(30)

Inter-company management fees

(10,500)

-

Insurance costs

(4,930)

(1,401)

IT and computing

(1,502)

-

Telecommunications

(338)

(282)

Printing, postage and stationery

(1,683)

(78)

Other operating income

Other items

Profit on ordinary activities before taxation

77,751

23,453

Tax on profit or loss on ordinary activities

(14,708)

(4,456)

Profit for the financial year

63,043

18,997