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Company registration number: 00954556
Gray & Sons Builders Ltd
Unaudited filleted abridged financial statements
31 May 2023
Gray & Sons Builders Ltd
Contents
Directors and other information
Accountant's report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Gray & Sons Builders Ltd
Directors and other information
Directors Mr P G Gray
Mr M D Gray
Secretary P Gray
Company number 00954556
Registered office Cavan House
Oldways Road
Ravensden
Beds
MK44 2RF
Accountant Hyde & Lewis
1 Cambridge Road
Sandy
Beds
SG19 1JE
Gray & Sons Builders Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Gray & Sons Builders Ltd
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Gray & Sons Builders Ltd for the year ended 31 May 2023 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Gray & Sons Builders Ltd, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Gray & Sons Builders Ltd and state those matters that we have agreed to state to the board of directors of Gray & Sons Builders Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Gray & Sons Builders Ltd and its board of directors as a body for my work or for this report.
It is your duty to ensure that Gray & Sons Builders Ltd 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 & Sons Builders Ltd. You consider that Gray & Sons Builders Ltd is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Gray & Sons Builders Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Hyde & Lewis
Chartered Certified Accountants
1 Cambridge Road
Sandy
Beds
SG19 1JE
22 February 2024
Gray & Sons Builders Ltd
Abridged statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 198,769 202,380
Investments 6 129,704 129,704
_______ _______
328,473 332,084
Current assets
Stocks 2,044,873 986,651
Debtors 3,031,488 2,828,734
Cash at bank and in hand 901,414 982,451
_______ _______
5,977,775 4,797,836
Creditors: amounts falling due
within one year ( 1,526,105) ( 522,855)
_______ _______
Net current assets 4,451,670 4,274,981
_______ _______
Total assets less current liabilities 4,780,143 4,607,065
Provisions for liabilities ( 48,774) ( 37,516)
_______ _______
Net assets 4,731,369 4,569,549
_______ _______
Capital and reserves
Called up share capital 1,044 1,044
Other reserves 456 456
Profit and loss account 4,729,869 4,568,049
_______ _______
Shareholders funds 4,731,369 4,569,549
_______ _______
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
Mr P G Gray
Director
Company registration number: 00954556
Gray & Sons Builders Ltd
Statement of changes in equity
Year ended 31 May 2023
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 June 2021 1,044 456 4,468,062 4,469,562
Profit for the year 103,987 103,987
_______ _______ _______ _______
Total comprehensive income for the year - - 103,987 103,987
Dividends paid and payable ( 4,000) ( 4,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 4,000) ( 4,000)
_______ _______ _______ _______
At 31 May 2022 and 1 June 2022 1,044 456 4,568,049 4,569,549
Profit for the year 165,820 165,820
_______ _______ _______ _______
Total comprehensive income for the year - - 165,820 165,820
Dividends paid and payable ( 4,000) ( 4,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 4,000) ( 4,000)
_______ _______ _______ _______
At 31 May 2023 1,044 456 4,729,869 4,731,369
_______ _______ _______ _______
Gray & Sons Builders Ltd
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cavan House, Oldways Road, Ravensden, Beds, MK44 2RF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2022: 25 ).
5. Tangible assets
£
Cost
At 1 June 2022 893,157
Additions 49,304
Disposals ( 31,621)
_______
At 31 May 2023 910,840
_______
Depreciation
At 1 June 2022 690,777
Charge for the year 49,373
Disposals ( 28,079)
_______
At 31 May 2023 712,071
_______
Carrying amount
At 31 May 2023 198,769
_______
At 31 May 2022 202,380
_______
6. Investments
£
Cost
At 1 June 2022 and 31 May 2023 129,704
_______
Impairment
At 1 June 2022 and 31 May 2023 -
_______
Carrying amount
At 31 May 2023 129,704
_______
At 31 May 2022 129,704
_______
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Messrs P & M Gray t/as Cavan Developments (52,572) 141,600 16,492 ( 36,080)
Freshfields Property Development Ltd ( 215,172) 1,367,000 1,049,792 834,620
_______ _______ _______ _______
The above loan from Cavan was made to the company interest free. No repayment period has been set. The above loan to Freshfields Property Development Ltd, a wholly owned subsidiary, was made interest free and no repayment periood has been set.