A W Grace & Son Limited 03210432 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is commercial and domestic metal fabrication Digita Accounts Production Advanced 6.30.9574.0 true 03210432 2023-09-01 2024-08-31 03210432 2024-08-31 03210432 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-08-31 03210432 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-08-31 03210432 core:CurrentFinancialInstruments 2024-08-31 03210432 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 03210432 core:Non-currentFinancialInstruments 2024-08-31 03210432 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 03210432 core:MotorVehicles 2024-08-31 03210432 core:PlantMachinery 2024-08-31 03210432 bus:SmallEntities 2023-09-01 2024-08-31 03210432 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 03210432 bus:FilletedAccounts 2023-09-01 2024-08-31 03210432 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03210432 bus:RegisteredOffice 2023-09-01 2024-08-31 03210432 bus:CompanySecretaryDirector1 2023-09-01 2024-08-31 03210432 bus:Director3 2023-09-01 2024-08-31 03210432 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03210432 core:MotorVehicles 2023-09-01 2024-08-31 03210432 core:PlantMachinery 2023-09-01 2024-08-31 03210432 countries:EnglandWales 2023-09-01 2024-08-31 03210432 2023-08-31 03210432 core:MotorVehicles 2023-08-31 03210432 core:PlantMachinery 2023-08-31 03210432 2022-09-01 2023-08-31 03210432 2023-08-31 03210432 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-31 03210432 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-08-31 03210432 core:CurrentFinancialInstruments 2023-08-31 03210432 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03210432 core:Non-currentFinancialInstruments 2023-08-31 03210432 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 03210432 core:MotorVehicles 2023-08-31 03210432 core:PlantMachinery 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 03210432

A W Grace & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

A W Grace & Son Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

A W Grace & Son Limited

Company Information

Directors

Mr Mark Parry

Mr Colin Grace

Company secretary

Mr Mark Parry

Registered office

Unit 124
Culham No 1 Site
Culham
Abingdon Oxon
OX14 3DA

Accountants

WoodWhite Accountants Ltd
Unit 4 City Limits
Danehill
Reading
Berkshire
RG6 4UP

 

A W Grace & Son Limited

(Registration number: 03210432)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

49,643

62,054

Current assets

 

Stocks

5

22,409

6,950

Debtors

6

165,874

217,034

Cash at bank and in hand

 

64,398

36,959

 

252,681

260,943

Creditors: Amounts falling due within one year

7

(173,433)

(183,461)

Net current assets

 

79,248

77,482

Total assets less current liabilities

 

128,891

139,536

Creditors: Amounts falling due after more than one year

7

(7,403)

(13,138)

Provisions for liabilities

(9,433)

(11,790)

Net assets

 

112,055

114,608

Capital and reserves

 

Called up share capital

103

103

Share premium reserve

15

15

Retained earnings

111,937

114,490

Shareholders' funds

 

112,055

114,608

For the financial year ending 31 August 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 27 May 2025 and signed on its behalf by:
 

 

A W Grace & Son Limited

(Registration number: 03210432)
Balance Sheet as at 31 August 2024 (continued)

.........................................
Mr Colin Grace
Director

 

A W Grace & Son Limited

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

1

General information

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

The address of its registered office is:
Unit 124
Culham No 1 Site
Culham
Abingdon Oxon
OX14 3DA

These financial statements were authorised for issue by the Board on 27 May 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.

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 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.

 

A W Grace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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.

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

Motor vehicles

20% reducing balance

Plant and machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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 at the transaction price. 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.

 

A W Grace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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 at the transaction price.

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

A W Grace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 8).

 

A W Grace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

253,489

202,735

456,224

At 31 August 2024

253,489

202,735

456,224

Depreciation

At 1 September 2023

235,914

158,256

394,170

Charge for the year

3,515

8,896

12,411

At 31 August 2024

239,429

167,152

406,581

Carrying amount

At 31 August 2024

14,060

35,583

49,643

At 31 August 2023

17,575

44,479

62,054

5

Stocks

2024
£

2023
£

Work in progress

15,459

-

Other inventories

6,950

6,950

22,409

6,950

6

Debtors

Current

2024
£

2023
£

Trade debtors

162,054

213,215

Prepayments

2,183

2,182

Other debtors

1,637

1,637

 

165,874

217,034

 

A W Grace & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,736

9,562

Trade creditors

 

114,973

96,018

Taxation and social security

 

50,846

72,162

Accruals and deferred income

 

1,425

1,425

Other creditors

 

453

4,294

 

173,433

183,461

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

7,403

13,138

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

7,403

12,472

Hire purchase contracts

-

666

7,403

13,138

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,070

4,945

Hire purchase contracts

666

4,617

5,736

9,562

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £8,524 (2023 - £34,095).