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REGISTERED NUMBER: 06002247 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

GRAY FOODS LIMITED

GRAY FOODS LIMITED (REGISTERED NUMBER: 06002247)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


GRAY FOODS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mr D R Gray





SECRETARY: Mrs D Gray





REGISTERED OFFICE: 67 Aviemore Drive
Fearnhead
Warrington
Cheshire
WA2 0TQ





REGISTERED NUMBER: 06002247 (England and Wales)





ACCOUNTANTS: Livesey Spottiswood Ltd
Chartered Accountants
17 George Street
St Helens
Merseyside
WA10 1DB

GRAY FOODS LIMITED (REGISTERED NUMBER: 06002247)

ABRIDGED BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 138,537 176,177
Tangible assets 5 499,126 492,246
637,663 668,423

CURRENT ASSETS
Stocks 31,500 31,500
Debtors 36,215 -
Cash at bank and in hand 117,073 227,483
184,788 258,983
CREDITORS
Amounts falling due within one year (273,585 ) (232,285 )
NET CURRENT (LIABILITIES)/ASSETS (88,797 ) 26,698
TOTAL ASSETS LESS CURRENT
LIABILITIES

548,866

695,121

CREDITORS
Amounts falling due after more than one year (232,713 ) (283,256 )

PROVISIONS FOR LIABILITIES (98,000 ) (98,500 )
NET ASSETS 218,153 313,365

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 218,053 313,265
SHAREHOLDERS' FUNDS 218,153 313,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 FOODS LIMITED (REGISTERED NUMBER: 06002247)

ABRIDGED BALANCE SHEET - continued
31 MARCH 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 16 August 2023 and were signed by:





Mr D R Gray - Director


GRAY FOODS LIMITED (REGISTERED NUMBER: 06002247)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Gray Foods 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the businesses is being amortised evenly over its estimated useful life.

Franchise costs
Franchise costs, being the amounts paid in connection with the acquisitions of the Crewe business in 2022, are being amortised evenly over their estimated useful life of 7.5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the term of the lease
Fixtures & equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 85 (2022 - 76 ) .

GRAY FOODS LIMITED (REGISTERED NUMBER: 06002247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 334,307
AMORTISATION
At 1 April 2022 158,130
Amortisation for year 37,640
At 31 March 2023 195,770
NET BOOK VALUE

At 31 March 2023 138,537
At 31 March 2022 176,177

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 1,211,285
Additions 124,945
At 31 March 2023 1,336,230
DEPRECIATION
At 1 April 2022 719,039
Charge for year 118,065
At 31 March 2023 837,104
NET BOOK VALUE
At 31 March 2023 499,126
At 31 March 2022 492,246

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 26,000 -
Between one and five years 150,000 206,000
In more than five years 80,000 473,084
256,000 679,084

GRAY FOODS LIMITED (REGISTERED NUMBER: 06002247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 94,875 129,375
Other loans 150,000 193,333
Hire purchase contracts 92,064 57,123
336,939 379,831

Bank borrowings are secured by a fixed and floating charge over all assets of the company together with a personal guarantee given by the director.

Of the other loans £91,667 are secured by government guarantee and £58,333 are secured by the personal guarantee of the director.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100