GRASPACE_LIMITED - Accounts

GRASPACE LIMITED - Company Information

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Company Registration No. 03732329 (England and Wales)

GRASPACE LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

Richard Anthony

Chartered Accountants

GRASPACE LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

GRASPACE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

1,074

Investments

114,472

125,472

115,546

125,474

Current assets

Stocks

50,736

636,651

Debtors

285,467

985,024

Cash at bank and in hand

589,043

203,773

925,246

1,825,448

Creditors: amounts falling due within one year

(230,050)

(924,075)

Net current assets

695,196

901,373

Total assets less current liabilities

810,742

1,026,847

Creditors: amounts falling due after more than one year

(146,583)

810,742

880,264

Capital and reserves

Called up share capital

100

Profit and loss account

810,642

880,164

Shareholders' funds

810,742

880,264

GRASPACE LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2014

- 2 -

For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 6 August 2015

J F Sexton

Director

Company Registration No. 03732329

GRASPACE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents the sale of petrol filling stations, joint venture deals and fees receivable net of VAT.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

33.33% on cost

Fixtures, fittings & equipment

20% on cost

1.5

Investments

The company has an interest in a joint venture. An entity is treated as a joint venture where the company holds a long-term interest in it and shares its control under a contractural arrangement.

Interest in joint ventures are accounted for using the equity method of accounting. The Profit and Loss Account indicates the company's share of the joint ventures net profit based on the entity's financial statements. In the Balance Sheet, the company's share of the entity's net assets are shown within the Fixed Asset Investment.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

GRASPACE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 January 2014

4,572

125,472

130,044

Additions

1,607

Disposals

(11,000)

At 31 December 2014

6,179

114,472

120,651

Depreciation

At 1 January 2014

4,570

Charge for the year

535

At 31 December 2014

5,105

Net book value

At 31 December 2014

1,074

114,472

115,546

At 31 December 2013

125,472

125,474

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Participating interests

Finefirst Limited

England

Ordinary

50.00

GRASPACE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

Fixed assets

(Continued)

- 5 -

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2014

Principal activity

Finefirst Limited

Property trading and development

9,378

(26,628)

The company has a 50% investment in Finefirst Limited in which the principal activity is property trading and development.

Included in the above investments is a 50:50 joint venture with Messrs Evans, Baker & Couchman trading under a partnership called Fairways Garages.

The principal activity of the joint venture is the operation of petrol filling stations.

The balance sheet value represents the net assets of the venture attributable to the venture at 31 March 2015.

The company's share of the joint venture profit ( 2013 loss ) for the period ended 31 December 2014 was £nil (2013 : £7,524).

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100