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Registration number: SC513385

Gray & Gray Properties Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 November 2021

 

Gray & Gray Properties Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 4

 

Gray & Gray Properties Limited

(Registration number: SC513385)
Abridged Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

4,407

4,482

Investment property

1,822,855

2,157,855

 

1,827,262

2,162,337

Current assets

 

Debtors

87,766

1,295

Cash at bank and in hand

 

38,149

72,917

 

125,915

74,212

Creditors: Amounts falling due within one year

(906,652)

(1,389,467)

Net current liabilities

 

(780,737)

(1,315,255)

Total assets less current liabilities

 

1,046,525

847,082

Creditors: Amounts falling due after more than one year

(350,830)

(319,734)

Provisions for liabilities

(3,847)

(3,539)

Net assets

 

691,848

523,809

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

691,748

523,709

Total equity

 

691,848

523,809

 

Gray & Gray Properties Limited

(Registration number: SC513385)
Abridged Balance Sheet as at 30 November 2021

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 4 August 2022 and signed on its behalf by:
 

Mr RW Gray

Director

Mrs RI Gray

Director

 

Gray & Gray Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
C/O Andrew K Price Limited
18 Whytecauseway
Kirkcaldy
Fife
KY1 1XF
Scotland

These financial statements were authorised for issue by the Board on 4 August 2022.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis despite there being net current liabilities. Included in creditors is an amount of £828,005 owed to the company's directors. The directors have no intention of recalling this amount in the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Gray & Gray Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

4

Tangible assets

Total
£

Cost or valuation

At 1 December 2020

6,956

Additions

702

At 30 November 2021

7,658

Depreciation

At 1 December 2020

2,474

Charge for the year

777

At 30 November 2021

3,251

Carrying amount

At 30 November 2021

4,407

At 30 November 2020

4,482

Investment properties

2021
£

At 1 December

2,157,855

Disposals

(335,000)

At 30 November

1,822,855

There has been no valuation of investment property by an independent valuer.