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REGISTERED NUMBER: 03398766 (England and Wales)













Unaudited Financial Statements for the Year Ended 31 July 2023

for

GRAYS OF NORWICH LIMITED

GRAYS OF NORWICH LIMITED (REGISTERED NUMBER: 03398766)






Contents of the Financial Statements
for the year ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GRAYS OF NORWICH LIMITED

Company Information
for the year ended 31 July 2023







DIRECTORS: L A Gray
Mrs M J Gray





SECRETARY: L A Gray





REGISTERED OFFICE: 43a Taverham Road
Taverham
Norwich
Norfolk
NR8 6SE





REGISTERED NUMBER: 03398766 (England and Wales)





ACCOUNTANTS: Stephenson Smart (East Anglia) Limited
Queens Head House
The Street
Acle
Norwich
NR13 3DY

GRAYS OF NORWICH LIMITED (REGISTERED NUMBER: 03398766)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 3,689,487 3,686,944
3,689,487 3,686,944

CURRENT ASSETS
Stocks 3,034,726 2,300,000
Debtors 6 36,888 28,117
Cash at bank and in hand 1,572,686 2,317,500
4,644,300 4,645,617
CREDITORS
Amounts falling due within one year 7 200,564 185,652
NET CURRENT ASSETS 4,443,736 4,459,965
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,133,223

8,146,909

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 2,805,100 2,805,100
Retained earnings 5,327,123 5,340,809
SHAREHOLDERS' FUNDS 8,133,223 8,146,909

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





L A Gray - Director


GRAYS OF NORWICH LIMITED (REGISTERED NUMBER: 03398766)

Notes to the Financial Statements
for the year ended 31 July 2023

1. STATUTORY INFORMATION

Grays of Norwich 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.

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 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
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery etc - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Listed investments are recognised at market value.

Other loans are recognised at net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 NORWICH LIMITED (REGISTERED NUMBER: 03398766)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 2,649
DEPRECIATION
At 1 August 2022
and 31 July 2023 2,649
NET BOOK VALUE
At 31 July 2023 -

5. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Other investments not loans 3,431,781 3,395,910
Other loans 257,706 291,034
3,689,487 3,686,944

Additional information is as follows:
Other
investments
£   
COST OR VALUATION
At 1 August 2022 3,395,910
Additions 19,863
Revaluations 16,008
At 31 July 2023 3,431,781
NET BOOK VALUE
At 31 July 2023 3,431,781
At 31 July 2022 3,395,910

Cost or valuation at 31 July 2023 is represented by:

Other
investments
£   
Valuation in 2017 15,204
Valuation in 2018 73,747
Valuation in 2019 59,892
Valuation in 2020 (105,580 )
Valuation in 2021 298,349
Valuation in 2022 (124,085 )
Valuation in 2023 16,008
Cost 3,198,246
3,431,781

GRAYS OF NORWICH LIMITED (REGISTERED NUMBER: 03398766)

Notes to the Financial Statements - continued
for the year ended 31 July 2023
Other
loans
£   
At 1 August 2022 291,034
New in year 302,718
Repayment in year (347,221 )
Other movement 11,175
At 31 July 2023 257,706

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 827
Other debtors 36,888 27,290
36,888 28,117

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 110,702 6,902
Taxation and social security 38,305 146,549
Other creditors 51,557 32,201
200,564 185,652

8. ULTIMATE CONTROLLING PARTY

Mr L A & Mrs M J Gray are the ultimate controlling parties.