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Company Registration No. 07536123 (England and Wales)
John Gray Limited Unaudited accounts for the year ended 31 March 2023
John Gray Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
197,177 
185,289 
Current assets
Inventories
55,803 
105,256 
Debtors
161,022 
41,598 
Cash at bank and in hand
108,014 
63,207 
324,839 
210,061 
Creditors: amounts falling due within one year
(115,126)
(46,596)
Net current assets
209,713 
163,465 
Total assets less current liabilities
406,890 
348,754 
Creditors: amounts falling due after more than one year
(22,500)
(62,500)
Provisions for liabilities
Deferred tax
(47,322)
(35,205)
Net assets
337,068 
251,049 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
337,067 
251,048 
Shareholders' funds
337,068 
251,049 
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 November 2023 and were signed on its behalf by
John Gray Director Company Registration No. 07536123
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John Gray Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
John Gray Limited is a private company, limited by shares, registered in England and Wales, registration number 07536123. The registered office is Town House The Square, Bailiffgate, Alnwick, Northumberland, NE66 1LZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 31 March 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2021. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note 9 below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Balance
Motor vehicles
25% Reducing Balance
Computer equipment
25% Reducing Balance
Deferred taxation
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 accounts. 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.
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John Gray Limited Notes to the Accounts for the year ended 31 March 2023
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2022
219,170 
59,531 
6,527 
285,228 
Additions
46,209 
- 
- 
46,209 
At 31 March 2023
265,379 
59,531 
6,527 
331,437 
Depreciation
At 1 April 2022
71,149 
24,284 
4,506 
99,939 
Charge for the year
25,003 
8,812 
506 
34,321 
At 31 March 2023
96,152 
33,096 
5,012 
134,260 
Net book value
At 31 March 2023
169,227 
26,435 
1,515 
197,177 
At 31 March 2022
148,021 
35,247 
2,021 
185,289 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
159,958 
41,514 
Accrued income and prepayments
1,064 
84 
161,022 
41,598 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
VAT
24,074 
(3,922)
Trade creditors
30,680 
24,413 
Taxes and social security
24,876 
6,324 
Other creditors
- 
352 
Loans from directors
6,671 
8,439 
Accruals
18,825 
990 
115,126 
46,596 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
22,500 
62,500 
8
Average number of employees
During the year the average number of employees was 9 (2022: 6).
- 4 -
John Gray Limited Notes to the Accounts for the year ended 31 March 2023
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April 2021 
31 March 2022 
£ 
£ 
Capital and reserves (as previously stated)
286,254 
Deferred Tax
(35,205)
Capital and reserves (as restated)
251,049 
Reconciliation of profit or loss for the year
31 March 2022 
£ 
Profit for the year (as previously stated)
87,273 
Deferred Tax
(35,205)
Profit for the year (as restated)
52,068 
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