Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Victoria Vernon Gray 11/09/2020 Louisa Tyre Moreton 20/07/2022 30 October 2023 The principal activity of the Company during the financial year continued to be that of the operation of nursing homes. 04427026 2023-06-30 04427026 bus:Director1 2023-06-30 04427026 bus:Director2 2023-06-30 04427026 2022-06-30 04427026 core:CurrentFinancialInstruments 2023-06-30 04427026 core:CurrentFinancialInstruments 2022-06-30 04427026 core:Non-currentFinancialInstruments 2023-06-30 04427026 core:Non-currentFinancialInstruments 2022-06-30 04427026 core:ShareCapital 2023-06-30 04427026 core:ShareCapital 2022-06-30 04427026 core:RevaluationReserve 2023-06-30 04427026 core:RevaluationReserve 2022-06-30 04427026 core:RetainedEarningsAccumulatedLosses 2023-06-30 04427026 core:RetainedEarningsAccumulatedLosses 2022-06-30 04427026 core:LandBuildings 2022-06-30 04427026 core:PlantMachinery 2022-06-30 04427026 core:Vehicles 2022-06-30 04427026 core:LandBuildings 2023-06-30 04427026 core:PlantMachinery 2023-06-30 04427026 core:Vehicles 2023-06-30 04427026 core:MoreThanFiveYears 2023-06-30 04427026 core:MoreThanFiveYears 2022-06-30 04427026 2021-06-30 04427026 bus:OrdinaryShareClass1 2023-06-30 04427026 2022-07-01 2023-06-30 04427026 bus:FilletedAccounts 2022-07-01 2023-06-30 04427026 bus:SmallEntities 2022-07-01 2023-06-30 04427026 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 04427026 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04427026 bus:Director1 2022-07-01 2023-06-30 04427026 bus:Director2 2022-07-01 2023-06-30 04427026 core:PlantMachinery core:TopRangeValue 2022-07-01 2023-06-30 04427026 core:Vehicles 2022-07-01 2023-06-30 04427026 2021-07-01 2022-06-30 04427026 core:LandBuildings 2022-07-01 2023-06-30 04427026 core:PlantMachinery 2022-07-01 2023-06-30 04427026 core:Non-currentFinancialInstruments 2022-07-01 2023-06-30 04427026 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 04427026 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04427026 (England and Wales)

GRAYAREAS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

GRAYAREAS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

GRAYAREAS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
GRAYAREAS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,161,365 3,154,444
3,161,365 3,154,444
Current assets
Stocks 1,000 1,000
Debtors 4 67,053 214,573
Cash at bank and in hand 623,622 363,900
691,675 579,473
Creditors: amounts falling due within one year 5 ( 424,202) ( 376,999)
Net current assets 267,473 202,474
Total assets less current liabilities 3,428,838 3,356,918
Creditors: amounts falling due after more than one year 6 ( 1,637,285) ( 1,796,288)
Provision for liabilities 7 ( 323,349) ( 315,667)
Net assets 1,468,204 1,244,963
Capital and reserves
Called-up share capital 8 2,000 2,000
Revaluation reserve 1,545,812 1,580,908
Profit and loss account ( 79,608 ) ( 337,945 )
Total shareholders' funds 1,468,204 1,244,963

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Grayareas Limited (registered number: 04427026) were approved and authorised for issue by the Director on 30 October 2023. They were signed on its behalf by:

Victoria Vernon Gray
Director
GRAYAREAS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
GRAYAREAS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Grayareas Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Great Headland Road, Paignton, TQ3 2DY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 years straight line
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Freehold property is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 96 84

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 July 2022 3,029,238 404,871 4,955 3,439,064
Additions 0 27,844 0 27,844
Disposals 0 ( 50) 0 ( 50)
At 30 June 2023 3,029,238 432,665 4,955 3,466,858
Accumulated depreciation
At 01 July 2022 0 279,665 4,955 284,620
Charge for the financial year 0 20,877 0 20,877
Disposals 0 ( 4) 0 ( 4)
At 30 June 2023 0 300,538 4,955 305,493
Net book value
At 30 June 2023 3,029,238 132,127 0 3,161,365
At 30 June 2022 3,029,238 125,206 0 3,154,444

4. Debtors

2023 2022
£ £
Trade debtors 31,644 104,941
Amounts owed by directors 17 73,233
Prepayments 12,903 13,910
Other debtors 22,489 22,489
67,053 214,573

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 129,720 139,320
Trade creditors 35,557 28,816
Accruals and deferred income 23,813 28,671
Taxation and social security 92,055 61,607
Other creditors 143,057 118,585
424,202 376,999

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 1,637,285 1,796,288

The bank loans are secured against the assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 1,248,125 1,378,328

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 315,667) ( 256,697)
Charged to the Profit and Loss Account ( 7,682) ( 58,970)
At the end of financial year ( 323,349) ( 315,667)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200,000 Ordinary shares of £ 0.01 each 2,000 2,000

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 7,524 6,544

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Director's loan account (debtor) 17 73,233

Interest has been charged on the above balance at HMRC's official rate of interest and there is no fixed date for repayment.

11. Reserves

Revaluation reserve

The revaluation reserve is a non distributable reserve representing the accumulated difference between the cost and valuation of the freehold property held by the company, less any deferred taxation.

Profit and loss account

The profit and loss account represents the accumulated results for the year.