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
Tangible assets
197,177
185,289
Inventories
55,803
105,256
Cash at bank and in hand
108,014
63,207
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
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
John Gray Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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
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
At 31 March 2023
169,227
26,435
1,515
197,177
At 31 March 2022
148,021
35,247
2,021
185,289
Amounts falling due within one year
Trade debtors
159,958
41,514
Accrued income and prepayments
1,064
84
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Trade creditors
30,680
24,413
Taxes and social security
24,876
6,324
Loans from directors
6,671
8,439
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 9 (2022: 6).
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
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
Profit for the year (as restated)
52,068