Graef Commerce Ltd 31/03/2023 iXBRL

GRAEF COMMERCE LIMITED - Company Information

1 01/04/2022 31/03/2023 2023-03-31 true false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11856957 2022-04-01 2023-03-31 11856957 2023-03-31 11856957 2022-03-31 11856957 2021-04-01 2022-03-31 11856957 2022-03-31 11856957 2021-03-31 11856957 core:PlantMachinery 2022-04-01 2023-03-31 11856957 bus:RegisteredOffice 2022-04-01 2023-03-31 11856957 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 11856957 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 11856957 bus:Director1 2022-04-01 2023-03-31 11856957 core:PlantMachinery 2022-03-31 11856957 core:PlantMachinery 2023-03-31 11856957 core:WithinOneYear 2023-03-31 11856957 core:WithinOneYear 2022-03-31 11856957 core:ShareCapital 2023-03-31 11856957 core:ShareCapital 2022-03-31 11856957 core:RetainedEarningsAccumulatedLosses 2023-03-31 11856957 core:RetainedEarningsAccumulatedLosses 2022-03-31 11856957 bus:OrdinaryShareClass1 core:ShareCapital 2023-03-31 11856957 bus:OrdinaryShareClass1 core:ShareCapital 2022-03-31 11856957 core:PlantMachinery 2022-03-31 11856957 bus:SmallEntities 2022-04-01 2023-03-31 11856957 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11856957 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11856957 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11856957 bus:FullAccounts 2022-04-01 2023-03-31

Company registration number: 11856957

Graef Commerce Ltd

Unaudited filleted financial statements

31 March 2023

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 2023

		2023		2022
	Note	£	£	£	£

Fixed assets
Tangible assets	5	340		788
		_______		_______
			340		788

Current assets
Stocks		32,004		41,545
Debtors	6	2,110		3,685
Cash at bank and in hand		22,000		152
		_______		_______
		56,114		45,382
Creditors: amounts falling due
within one year	7	( 44,054)		( 40,777)
		_______		_______
Net current assets			12,060		4,605
			_______		_______
Total assets less current liabilities			12,400		5,393


Provisions for liabilities			( 65)		( 150)

			_______		_______
Net assets			12,335		5,243
			_______		_______

Capital and reserves
Called up share capital	8		1		1
Profit and loss account			12,334		5,242
			_______		_______
Shareholder funds			12,335		5,243
			_______		_______

For the year ending 31 March 2023 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 21 December 2023 , 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 2023

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.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 April 2022 and 31 March 2023	1,796	1,796
	_______	_______
Depreciation
At 1 April 2022	1,007	1,007
Charge for the year	449	449
	_______	_______
At 31 March 2023	1,456	1,456
	_______	_______
Carrying amount
At 31 March 2023	340	340
	_______	_______
At 31 March 2022	789	789
	_______	_______

6. Debtors

	2023	2022
	£	£
Trade debtors	553	1,035
Other debtors	1,557	2,650
	_______	_______
	2,110	3,685
	_______	_______

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	796	-
Corporation tax	1,749	717
Other creditors	41,509	40,060
	_______	_______
	44,054	40,777
	_______	_______

8. Called up share capital

Issued, called up and fully paid

	2023		2022
	No	£	No	£
Ordinary shares of £ 1.00 each	1	1	1	1
	_______	_______	_______	_______

9. Related party transactions

At 31 March 2023 the company owed £38,926 to the director (2022: £38,867). 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.