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REGISTERED NUMBER: SC340522 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Gray & Gray Property Holdings Limited

Gray & Gray Property Holdings Limited (Registered number: SC340522)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gray & Gray Property Holdings Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: Mr C R Gallon
Mr B A Jamieson
Mr E G Robertson





REGISTERED OFFICE: Eiledon
8 Beechwood Place
Ellon
Aberdeenshire
AB41 9BE





REGISTERED NUMBER: SC340522 (Scotland)





ACCOUNTANTS: SBP
Accountants
Glebefield House
21 Links Terrace
Peterhead
Aberdeenshire
AB42 2XA

Gray & Gray Property Holdings Limited (Registered number: SC340522)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 440,000 440,000

CURRENT ASSETS
Debtors 5 2,574 2,574
Cash at bank 19,073 14,006
21,647 16,580
CREDITORS
Amounts falling due within one year 6 165,684 172,715
NET CURRENT LIABILITIES (144,037 ) (156,135 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

295,963

283,865

CREDITORS
Amounts falling due after more than one year 7 - 3,904
NET ASSETS 295,963 279,961

CAPITAL AND RESERVES
Called up share capital 300 300
Revaluation reserve 20,000 20,000
Capital redemption reserve 100 100
Retained earnings 275,563 259,561
SHAREHOLDERS' FUNDS 11 295,963 279,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Gray & Gray Property Holdings Limited (Registered number: SC340522)

Balance Sheet - continued
31 December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2022 and were signed on its behalf by:





Mr B A Jamieson - Director


Gray & Gray Property Holdings Limited (Registered number: SC340522)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Gray & Gray Property Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents gross rental income. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates. The company is not presently registered for Value Added Tax.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the period comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2021
and 31 December 2021 440,000
NET BOOK VALUE
At 31 December 2021 440,000
At 31 December 2020 440,000

The properties held were formally revalued in November 2015 by J&E Shepherd, Chartered Surveyors. The directors were of the view that there was no material movement in the value of the properties during the financial year under report.

Gray & Gray Property Holdings Limited (Registered number: SC340522)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. INVESTMENT PROPERTY - continued

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2015 20,000
Cost 420,000
440,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Other debtors 2,574 2,574

The balance of 'Other debtors' comprises a net sum owing to the company by Gray & Gray LLP.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans and overdrafts - 8,749
Taxation and social security 8,115 5,215
Other creditors 157,569 158,751
165,684 172,715

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans - 3,904

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.21 31.12.20
£    £   
Bank loans - 12,653

A Bond & Floating Charge is held by the Royal Bank of Scotland over the assets of the company in respect of bank borrowings.

9. RELATED PARTY DISCLOSURES

The Director, Mr B.Jamieson, was also a designated member of solicitors Gray & Gray LLP for the full financial year, a business from which £44,040 (2020: £29,360) of rental income was earned during the year.

The balance of 'Other Creditors' per Note 6 includes Directors loan balances totalling £156,717 (2020: £156,717). There are no fixed terms of repayment and no interest is accrued.

Gray & Gray Property Holdings Limited (Registered number: SC340522)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.

11. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
31.12.21 31.12.20
£    £   
Profit for the financial year 34,902 22,479
Dividends (18,900 ) (7,800 )
16,002 14,679
Opening shareholders' funds 2020 - 265,282
Net addition to shareholders' funds 16,002 279,961
Opening shareholders' funds 279,961 -
Closing shareholders' funds 295,963 279,961