Grace (GB) Limited - Period Ending 2014-08-31

Registration number: 03478896

Grace (GB) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2014
 

L J Hanbury Ltd
Chartered Certified Accountants
143 Tamwoth Road
Long Eaton
Nottingham
NG10 1BY

Grace (GB) Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Grace (GB) Limited
for the Year Ended 31 August 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Grace (GB) Limited for the year ended 31 August 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Grace (GB) Limited, as a body, in accordance with the terms of our engagement letterdated 30 September 2010. Our work has been undertaken solely to prepare for your approval the accounts of Grace (GB) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grace (GB) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Grace (GB) Limited 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 Grace (GB) Limited. You consider that Grace (GB) Limited 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 Grace (GB) Limited. 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.

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

L J Hanbury Ltd
Chartered Certified Accountants
143 Tamwoth Road
Long Eaton
Nottingham
NG10 1BY

22 May 2015

Page 1

Grace (GB) Limited
(Registration number: 03478896)
Abbreviated Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					183,625			183,290
Current assets
Debtors					1			-
Cash at bank and in hand					4,371			475
					4,372			475
Creditors: Amounts falling due within one year					(306,566)			(324,144)
Net current liabilities					(302,194)			(323,669)
Net liabilities					(118,569)			(140,379)
Capital and reserves
Called up share capital		3			4			4
Profit and loss account					(118,573)			(140,383)
Shareholders' deficit					(118,569)			(140,379)

For the year ending 31 August 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 22 May 2015 and signed on its behalf by:

.........................................
Kristian Thorpe
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Grace (GB) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
	33%

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2013		183,290			183,290
Additions		500			500
At 31 August 2014		183,790			183,790
Depreciation
Charge for the year		165			165
At 31 August 2014		165			165
Net book value
At 31 August 2014		183,625			183,625
At 31 August 2013		183,290			183,290

Page 3

Grace (GB) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Share Capital of £1 each		2			2			2			2
Preference share of £1 each		2			2			2			2
		4			4			4			4

Page 4