Graef Commerce Ltd 31/03/2022 iXBRL

Graef Commerce Ltd 31/03/2022 iXBRL

GRAEF COMMERCE LIMITED - Company Information

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1 31/03/2022 2022-03-31 true false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 11856957 2021-04-01 2022-03-31 11856957 2022-03-31 11856957 2021-03-31 11856957 2020-04-01 2021-03-31 11856957 2021-03-31 11856957 core:PlantMachinery 2021-04-01 2022-03-31 11856957 bus:RegisteredOffice 2021-04-01 2022-03-31 11856957 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 11856957 bus:LeadAgentIfApplicable 2021-04-01 2022-03-31 11856957 bus:Director1 2021-04-01 2022-03-31 11856957 core:PlantMachinery 2021-03-31 11856957 core:PlantMachinery 2022-03-31 11856957 core:WithinOneYear 2022-03-31 11856957 core:WithinOneYear 2021-03-31 11856957 core:ShareCapital 2022-03-31 11856957 core:ShareCapital 2021-03-31 11856957 core:RetainedEarningsAccumulatedLosses 2022-03-31 11856957 core:RetainedEarningsAccumulatedLosses 2021-03-31 11856957 bus:OrdinaryShareClass1 core:ShareCapital 2022-03-31 11856957 bus:OrdinaryShareClass1 core:ShareCapital 2021-03-31 11856957 core:PlantMachinery 2021-03-31 11856957 bus:SmallEntities 2021-04-01 2022-03-31 11856957 bus:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 11856957 bus:FullAccounts 2021-04-01 2022-03-31 11856957 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 11856957 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31
Company registration number: 11856957
Graef Commerce Ltd
Unaudited filleted financial statements
31 March 2022
Graef Commerce Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Graef Commerce Ltd
Directors and other information
Director Daniel Graef
Company number 11856957
Registered office 8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
Business address 24 Chapel Street
Cheadle
Cheshire
SK8 1BR
Accountants Langers
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
Graef Commerce Ltd
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 788 877
_______ _______
788 877
Current assets
Stocks 41,545 11,515
Debtors 6 3,685 2,156
Cash at bank and in hand 152 4,778
_______ _______
45,382 18,449
Creditors: amounts falling due
within one year 7 ( 40,777) ( 16,616)
_______ _______
Net current assets 4,605 1,833
_______ _______
Total assets less current liabilities 5,393 2,710
Provisions for liabilities ( 150) ( 167)
_______ _______
Net assets 5,243 2,543
_______ _______
Capital and reserves
Called up share capital 8 1 1
Profit and loss account 5,242 2,542
_______ _______
Shareholder funds 5,243 2,543
_______ _______
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 December 2022 , and are signed on behalf of the board by:
Daniel Graef
Director
Company registration number: 11856957
Graef Commerce Ltd
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 8-10 Gatley Road, Cheadle, Cheshire, SK8 1PY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2021 1,435 1,435
Additions 360 360
_______ _______
At 31 March 2022 1,795 1,795
_______ _______
Depreciation
At 1 April 2021 558 558
Charge for the year 449 449
_______ _______
At 31 March 2022 1,007 1,007
_______ _______
Carrying amount
At 31 March 2022 788 788
_______ _______
At 31 March 2021 877 877
_______ _______
6. Debtors
2022 2021
£ £
Trade debtors 1,035 397
Other debtors 2,650 1,759
_______ _______
3,685 2,156
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts - 174
Corporation tax 717 463
Other creditors 40,060 15,979
_______ _______
40,777 16,616
_______ _______
8. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
9. Related party transactions
At 31 March 2022 the company owed £38,867 to the director (2021: £14,851). No interest has been charged to the company in respect of this loan, which is repayable on demand and categorised in creditors due within one year.