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REGISTERED NUMBER: 10820029 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 JUNE 2023

FOR

GRAYS OF FENTON LIMITED

GRAYS OF FENTON LIMITED (REGISTERED NUMBER: 10820029)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 6


GRAYS OF FENTON LIMITED (REGISTERED NUMBER: 10820029)

STATEMENT OF FINANCIAL POSITION
29 JUNE 2023

29.6.23 29.6.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 158,883 158,194

CURRENT ASSETS
Stocks 48,521 38,762
Debtors 5 11,108 9,769
Cash at bank 30,796 25,498
90,425 74,029
CREDITORS
Amounts falling due within one year 6 (87,285 ) (59,320 )
NET CURRENT ASSETS 3,140 14,709
TOTAL ASSETS LESS CURRENT
LIABILITIES

162,023

172,903

CREDITORS
Amounts falling due after more than one
year

7

(190,000

)

(200,000

)
NET LIABILITIES (27,977 ) (27,097 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (28,077 ) (27,197 )
(27,977 ) (27,097 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 June 2023 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.

GRAYS OF FENTON LIMITED (REGISTERED NUMBER: 10820029)

STATEMENT OF FINANCIAL POSITION - continued
29 JUNE 2023


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 14 November 2023 and were signed on its behalf by:





L C Gray - Director


GRAYS OF FENTON LIMITED (REGISTERED NUMBER: 10820029)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023


1. STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, Victoria Road, Staffordshire, ST4 2HS. The principal activity of the company during the year was the manufacture and retail of handmade wood furniture.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

GOING CONCERN
The accounts have been prepared on the going concern basis. The directors believe this to be appropriate due to ongoing financial support of the directors.

SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAIN
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods

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

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance

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

GRAYS OF FENTON LIMITED (REGISTERED NUMBER: 10820029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
Taxation for the year comprises current and deferred 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 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 statement of financial position date.


GRAYS OF FENTON LIMITED (REGISTERED NUMBER: 10820029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 11 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 30 June 2022 118,286 87,321 200 24,828 230,635
Additions - 14,608 - - 14,608
Disposals - - - (1,589 ) (1,589 )
At 29 June 2023 118,286 101,929 200 23,239 243,654
DEPRECIATION
At 30 June 2022 - 63,192 88 9,161 72,441
Charge for year - 9,684 28 3,916 13,628
Eliminated on disposal - - - (1,298 ) (1,298 )
At 29 June 2023 - 72,876 116 11,779 84,771
NET BOOK VALUE
At 29 June 2023 118,286 29,053 84 11,460 158,883
At 29 June 2022 118,286 24,129 112 15,667 158,194

GRAYS OF FENTON LIMITED (REGISTERED NUMBER: 10820029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.6.23 29.6.22
£    £   
Trade debtors 4,501 1,415
Prepayments 6,607 8,354
11,108 9,769

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.6.23 29.6.22
£    £   
Trade creditors 46,257 37,997
Social security and other taxes 2,550 2,278
VAT 14,129 7,183
Other creditors 5,395 26
Directors' current accounts 7,658 2,592
Accrued expenses 11,296 9,244
87,285 59,320

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.6.23 29.6.22
£    £   
Directors' loan accounts 190,000 200,000

8. POST BALANCE SHEET EVENTS

There were no other significant events up to the date of approval of the financial statements by the board.

9. GOING CONCERN

The accounts have been prepared on the going concern basis. The directors believe this to be appropriate due to ongoing financial support of the directors.