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Company No: 07046406 (England and Wales)

GRACON LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

GRACON LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GRACON LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
GRACON LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR Mr P Hynes
REGISTERED OFFICE 9 Maxwell Building Elstree Studios
Shenley Road
Borehamwood
WD6 1JG
United Kingdom
COMPANY NUMBER 07046406 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
GRACON LIMITED

BALANCE SHEET

As at 31 March 2024
GRACON LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Current assets
Debtors 4 11,300 1,317
Cash at bank and in hand 5 207,189 215,986
218,489 217,303
Creditors: amounts falling due within one year 6 ( 72,412) ( 78,009)
Net current assets 146,077 139,294
Total assets less current liabilities 146,077 139,294
Creditors: amounts falling due after more than one year 7 ( 5,822) ( 10,966)
Net assets 140,255 128,328
Capital and reserves
Called-up share capital 100 100
Profit and loss account 140,155 128,228
Total shareholder's funds 140,255 128,328

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Gracon Limited (registered number: 07046406) were approved and authorised for issue by the Director on 27 March 2025. They were signed on its behalf by:

Mr P Hynes
Director
GRACON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GRACON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gracon Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 Maxwell Building Elstree Studios, Shenley Road, Borehamwood, WD6 1JG, United Kingdom.

The financial statements have been prepared under the historical cost convention, in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 1,565 1,565
At 31 March 2024 1,565 1,565
Accumulated depreciation
At 01 April 2023 1,565 1,565
At 31 March 2024 1,565 1,565
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Debtors

2024 2023
£ £
Trade debtors 9,816 0
Other debtors 1,484 1,317
11,300 1,317

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 207,189 215,986

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,003 4,868
Trade creditors 46 38
Taxation and social security 13,521 15,936
Other creditors 53,842 57,167
72,412 78,009

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 5,822 10,966

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

During the reporting period dividends of £1,000 (2023: £2,000) were paid in the year in respect of shares held by the company's director.
At the reporting date the company owed the director £1,000 (2023: £2,000). The amounts are interest free and repayable upon demand.

At the reporting date the company owed £50,000 (2023: £50,000) to a company under common control.