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Reports Dated : 26/06/2025 Registered Number: 01176412
England & Northern Ireland

 

 

 

W. T. GRACEY LTD



Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2023

End date: 30 September 2024
Directors William Thomas Gracey
Gregory John Charles Rice
Joanna Louise Rice
Registered Number 01176412
Registered Office Barn Court
Shelton Road
Upper Dean
PE28 0NQ
Accountants Denton Tavara Ltd
61a High Street South
Rushden
Northants
NN10 0RA
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company during the financial year was that of the sale and hire of sound and vibration instrumentation.
Directors
The directors who served the company throughout the year were as follows:
William Thomas Gracey
Gregory John Charles Rice
Joanna Louise Rice
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Gregory John Charles Rice
Director

Date approved: 26 June 2025
2
Accountants report
You consider that the company is exempt from an audit for the year ended 30 September 2024 . You have acknowledged, on the Statement of Financial Position , your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.



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

Denton Tavara Ltd

61a High Street South
Rushden
Northants
NN10 0RA
26 June 2025
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 443,562    453,345 
Investments 4 100    100 
443,662    453,445 
Current assets      
Debtors 5 37,058    35,302 
Cash at bank and in hand 31,012    73,883 
68,070    109,185 
Creditors: amount falling due within one year 6 (120,189)   (118,727)
Net current assets (52,119)   (9,542)
 
Total assets less current liabilities 391,543    443,903 
Provisions for liabilities 7 (32,922)   (34,781)
Net assets 358,621    409,122 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 358,521    409,022 
Shareholders' funds 358,621    409,122 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 26 June 2025 and were signed on its behalf by:


-------------------------------
Gregory John Charles Rice
Director
4
General Information
W. T. Gracey Ltd is a private company, limited by shares, registered in England & Northern Ireland, registration number 01176412, registration address Barn Court, Shelton Road, Upper Dean, PE28 0NQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Reducing Balance
Land and Buildings 0% Reducing Balance
Plant and Machinery 15% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 5).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £   £
At 01 October 2023 270,288    1,350,253    33,968    128,559    1,783,068 
Additions   23,430      840    24,270 
Disposals   (12,112)       (12,112)
At 30 September 2024 270,288    1,361,571    33,968    129,399    1,795,226 
Depreciation
At 01 October 2023   1,210,141    19,638    99,944    1,329,723 
Charge for year   24,263    3,582    4,418    32,263 
On disposals   (10,322)       (10,322)
At 30 September 2024   1,224,082    23,220    104,362    1,351,664 
Net book values
Closing balance as at 30 September 2024 270,288    137,489    10,748    25,037    443,562 
Opening balance as at 01 October 2023 270,288    140,112    14,330    28,615    453,345 

The net book value of Motor Vehicles includes £ 10,748 (2023 £14,330) in respect of assets leased under finance leases or hire purchase contracts.

4.

Investments

Cost Investments in group undertakings   Total
  £   £
At 01 October 2023  
Additions  
Transfer to/from tangible fixed assets 100    100 
Disposals  
At 30 September 2024 100    100 
The company owns 100% of the issued share capital of the company listed below.
Gracey & Associates Limited (dormant).

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 2,412    3,848 
Sales Ledger Control Account 28,092    24,469 
Prepayments & Accrued Income 6,554    6,985 
37,058    35,302 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 2,610    2,601 
Purchase ledger Control Account 16,108    9,673 
Accruals 4,725    13,644 
Other Creditors - Loan from Family Trust Fund 60,000    60,000 
Hire Purchase/Financial Leases   3,142 
Other Creditors - CT61 Tax 1,826    1,699 
Other Creditors 100    100 
Directors' Current Accounts 27,020    17,622 
VAT 7,800    10,246 
120,189    118,727 
Other creditors includes £60,000 loaned to the company from a family trust fund.

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 34,781    40,065 
Deferred Tax Charged to Profit & Loss (1,859)   (5,284)
32,922    34,781 

5