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REGISTERED NUMBER: 04721012 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Grays Of Holbeach Limited

Grays Of Holbeach Limited (Registered number: 04721012)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 7


Grays Of Holbeach Limited

Company Information
for the Year Ended 31 May 2023







Directors: D A Gray
P J Gray





Secretary: Mrs B M Gray





Registered office: Fen Road Garage
Holbeach
Spalding
Lincolnshire
PE12 8QA





Registered number: 04721012 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Grays Of Holbeach Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grays Of Holbeach Limited for the year ended 31 May 2023 which comprise the Statement of income and retained earnings, Statement of financial position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Grays Of Holbeach Limited, as a body, in accordance with the terms of our engagement letter dated 30 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Grays Of Holbeach Limited and state those matters that we have agreed to state to the Board of Directors of Grays Of Holbeach Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grays Of Holbeach Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grays Of Holbeach 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 loss of Grays Of Holbeach Limited. You consider that Grays Of Holbeach 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 Grays Of Holbeach 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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


12 February 2024

Grays Of Holbeach Limited (Registered number: 04721012)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 327,620 331,011

Current assets
Stocks 796,325 805,706
Debtors 6 66,769 88,448
Cash at bank and in hand 64,919 7,627
928,013 901,781
Creditors
Amounts falling due within one year 7 599,266 549,320
Net current assets 328,747 352,461
Total assets less current liabilities 656,367 683,472

Creditors
Amounts falling due after more than one
year

8

(21,698

)

(31,689

)

Provisions for liabilities (5,014 ) (5,607 )
Net assets 629,655 646,176

Capital and reserves
Called up share capital 9 100,000 100,000
Share premium 445,366 445,366
Retained earnings 84,289 100,810
Shareholders' funds 629,655 646,176

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Holbeach Limited (Registered number: 04721012)

Statement of Financial Position - continued
31 May 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 12 February 2024 and were signed on its behalf by:




D A Gray - Director



P J Gray - Director


Grays Of Holbeach Limited (Registered number: 04721012)

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. Statutory information

Grays Of Holbeach Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
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.
Freehold property - Not depreciated
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on 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.

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.

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.

Grays Of Holbeach Limited (Registered number: 04721012)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


3. Accounting policies - continued

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.

4. Employees and directors

The average number of employees during the year was 11 (2022 - 12 ) .

5. Tangible fixed assets
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Cost or valuation
At 1 June 2022 360,975 114,604 36,130 69,674 581,383
Additions - 3,274 185 - 3,459
At 31 May 2023 360,975 117,878 36,315 69,674 584,842
Depreciation
At 1 June 2022 60,975 99,853 29,205 60,339 250,372
Charge for year - 2,704 1,066 3,080 6,850
At 31 May 2023 60,975 102,557 30,271 63,419 257,222
Net book value
At 31 May 2023 300,000 15,321 6,044 6,255 327,620
At 31 May 2022 300,000 14,751 6,925 9,335 331,011

Cost or valuation at 31 May 2023 is represented by:

Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Valuation in 2020 54,475 - - - 54,475
Cost 306,500 117,878 36,315 69,674 530,367
360,975 117,878 36,315 69,674 584,842

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 306,500 306,500
Aggregate depreciation 60,975 60,975

Freehold property was valued on an open market basis on 31 May 2020 by professional valuers .

Grays Of Holbeach Limited (Registered number: 04721012)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 65,439 81,407
Prepayments and accrued income 1,330 7,041
66,769 88,448

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 9,868 9,604
Trade creditors 317,567 437,744
Corporation tax 281 1,758
Social security and other taxes 3,708 7,044
VAT 20,402 6,454
Other creditors 1,088 1,371
New vehicle funding 240,952 80,480
Accruals and deferred income 5,400 4,865
599,266 549,320

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 9,868 9,604
Bank loans - 2-5 years 11,830 22,085
21,698 31,689

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary shares £1 100,000 100,000