Company registration number SC551193 (Scotland)
GRAY TRADE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
GRAY TRADE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
GRAY TRADE LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GRAY TRADE LIMITED
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gray Trade Limited for the year ended 30 November 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the board of directors of Gray Trade Limited, as a body, in accordance with the terms of our engagement letter dated 3 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Gray Trade Limited and state those matters that we have agreed to state to the board of directors of Gray Trade Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gray Trade Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Gray Trade Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gray Trade Limited. You consider that Gray Trade Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Gray Trade Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A.J.B. Scholes Ltd
3 November 2023
Chartered Accountants
10 Albyn Place
Aberdeen
AB10 1YH
GRAY TRADE LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2022
30 November 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
530
Current assets
Stocks
30,991
31,394
Debtors
5
21,955
22,299
Cash at bank and in hand
1,127
2,311
54,073
56,004
Creditors: amounts falling due within one year
6
(126,932)
(149,724)
Net current liabilities
(72,859)
(93,720)
Total assets less current liabilities
(72,859)
(93,190)
Creditors: amounts falling due after more than one year
7
(18,849)
Net liabilities
(91,708)
(93,190)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(91,709)
(93,191)
Total equity
(91,708)
(93,190)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 3 November 2023
Mr James Gray
Director
Company registration number SC551193 (Scotland)
GRAY TRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
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1
Accounting policies
Company information
Gray Trade Limited is a private company limited by shares incorporated in Scotland. The registered office is 67 Goodhope Park, Bucksburn, Aberdeen, AB21 9NE. The address of the trading office is Tristar Warehouse, Arch 17, South College Street, Aberdeen, AB11 6JX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The balance sheet is in deficit by £91,708 but the director will continue to support the company. The director is therefore of the opinion that it is appropriate to prepare accounts on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
GRAY TRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
1.7
Financial instruments
The following assets and liabilities are classified as financial instruments, bank, trade debtors, trade creditors, bank loans and loans from related parties. Cash at bank in the balance sheet is held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to the supplier, which is normally the invoiced price.
Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is is found, an impairment loss is recognised in the profit and loss account. Bank loans are measured at the discounted amounts due. Loans from related parties are measured at the undiscounted amounts payable.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
GRAY TRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
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4
Tangible fixed assets
Computer equipment
£
Cost
At 1 December 2021 and 30 November 2022
3,125
Depreciation and impairment
At 1 December 2021
2,595
Depreciation charged in the year
530
At 30 November 2022
3,125
Carrying amount
At 30 November 2022
At 30 November 2021
530
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
18,955
21,348
Other debtors
3,000
951
21,955
22,299
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
35,000
Trade creditors
23,528
17,465
Taxation and social security
92
125
Other creditors
93,312
97,134
126,932
149,724
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
18,849
GRAY TRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
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8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1