GRACEFIELD DEVELOPMENTS LIMITED

GRACEFIELD DEVELOPMENTS LIMITED - Company Information

2020-05-012021-04-302021-04-30false05629900GRACEFIELD DEVELOPMENTS 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Registered Number
05629900
(England and Wales)

Unaudited Financial Statements for the Year Ended
30 April 2021

GRACEFIELD DEVELOPMENTS LIMITED

Company Information
for the year from 1 May 2020 to 30 April 2021


Directors	Kewal Krishan
	Parkash Krishan


Registered Address	95 Wrottesley Road
	Wolverhampton
	WV6 8SQ


Registered Number	05629900 (England and Wales)

GRACEFIELD DEVELOPMENTS LIMITED

Balance Sheet as at
30 April 2021

	Notes	2021		2020
		£	£	£	£
Current assets
Debtors	6	355,884		291,503
		355,884		291,503
Creditors amounts falling due within one year	7	(674,525)		(281,576)
Net current assets (liabilities)			(318,641)		9,927
Total assets less current liabilities			(318,641)		9,927
Net assets			(318,641)		9,927
Capital and reserves
Called up share capital			100		100
Profit and loss account			(318,741)		9,827
Shareholders' funds			(318,641)		9,927

The company was entitled to exemption from audit for this reporting period 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. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 26 April 2022, and are signed on its behalf by:

Kewal Krishan
Director
Registered Company No. 05629900

GRACEFIELD DEVELOPMENTS LIMITED

Notes to the Financial Statements
for the year ended 30 April 2021

1.	STATUTORY INFORMATION
	Gracefield Developments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The presentation currency of the financial statements is the Pound Sterling (£).

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in accordance with Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland", including the provisions of Section 1A, "Small Entities", and the Companies Act 2006.

3.	BASIS OF MEASUREMENT USED IN FINANCIAL STATEMENTS
	The financial statements have been prepared under the historical cost convention.

4.	ACCOUNTING POLICIES

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.

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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Current and deferred tax assets and liabilities are not discounted.

	Valuation of financial instruments policy
	Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised immediately in profit or loss.

	Going concern
	At the year end, the company had net current liabilities of £318,641 (2020: £9,927 net current assets); however, the directors have confirmed that they will support the company for the foreseeable future. Furthermore, the directors do not anticipate that the ongoing Covid-19 pandemic will affect the company's ability to continue for the foreseeable future, given the avenues of support that are available. As such, the company continues to adopt the going concern basis in preparing its financial statements.

Going concern

At the year end, the company had net current liabilities of £318,641 (2020: £9,927 net current assets); however, the directors have confirmed that they will support the company for the foreseeable future. Furthermore, the directors do not anticipate that the ongoing Covid-19 pandemic will affect the company's ability to continue for the foreseeable future, given the avenues of support that are available. As such, the company continues to adopt the going concern basis in preparing its financial statements.

5.	EMPLOYEE INFORMATION


		2021		2020
	Average number of employees during the year	-		-

6.	DEBTORS

	2021	2020
	£	£
Other debtors	355,884	291,503
Total	355,884	291,503


	Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

7.	CREDITORS WITHIN ONE YEAR

	2021	2020
	£	£
Trade creditors / trade payables	405,374	222,600
Taxation and social security	-	2,457
Other creditors	269,151	56,519
Total	674,525	281,576


	Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.