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REGISTERED NUMBER: 04085062 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

GRAYFORD INDUSTRIAL LIMITED

GRAYFORD INDUSTRIAL LIMITED (REGISTERED NUMBER: 04085062)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


GRAYFORD INDUSTRIAL LIMITED (REGISTERED NUMBER: 04085062)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 563,943 450,001

CURRENT ASSETS
Stocks 261,800 429,647
Debtors 5 3,457,351 2,802,664
Cash at bank and in hand 310,187 275,391
4,029,338 3,507,702
CREDITORS
Amounts falling due within one year 6 2,459,208 2,138,917
NET CURRENT ASSETS 1,570,130 1,368,785
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,134,073

1,818,786

CREDITORS
Amounts falling due after more than one year 7 (319,408 ) (262,545 )

PROVISIONS FOR LIABILITIES (18,011 ) -
NET ASSETS 1,796,654 1,556,241

CAPITAL AND RESERVES
Called up share capital 10 7 7
Capital redemption reserve 3 3
Retained earnings 1,796,644 1,556,231
SHAREHOLDERS' FUNDS 1,796,654 1,556,241

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 29 July 2024 and were signed on its behalf by:




I E Gray - Director



J P Welby - Director


GRAYFORD INDUSTRIAL LIMITED (REGISTERED NUMBER: 04085062)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Grayford Industrial Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04085062

Registered office: Unit 8 Lion Centre
Hanworth Trading Estate
Hampton Road West
Feltham
Middlesex
TW13 6DS

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.

Revenue
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added tax.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; and (d) it is probable that future economic benefits will flow to the entity.

Tangible assets
Tangible assets are recorded at cost less accumulated depreciation. Cost includes the original purchase price of the asset plus costs attributable to bringing the asset to its working condition for its intended use. Land is not depreciated. Depreciation on other assets is charged from the time when tangible assets are brought into use and is calculated so as to write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows:

Land and buildings- 2% straight line
Plant and machinery etc- 25% straight line and 25% reducing balance

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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 balance sheet date.


GRAYFORD INDUSTRIAL LIMITED (REGISTERED NUMBER: 04085062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Transactions denominated in foreign currencies are translated and recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date. Gains and losses on retranslation are recognised in profit or loss for the year.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Employee benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.

The obligations for contributions to defined contribution pension schemes are recognised as an expense in the period they are incurred. Amounts not paid at the balance sheet date are included in other creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 23 ) .

4. TANGIBLE ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022 549,136 95,368 644,504
Additions - 159,668 159,668
At 31 October 2023 549,136 255,036 804,172
DEPRECIATION
At 1 November 2022 113,922 80,581 194,503
Charge for year 10,983 34,743 45,726
At 31 October 2023 124,905 115,324 240,229
NET BOOK VALUE
At 31 October 2023 424,231 139,712 563,943
At 31 October 2022 435,214 14,787 450,001

GRAYFORD INDUSTRIAL LIMITED (REGISTERED NUMBER: 04085062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

4. TANGIBLE ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST
Additions 144,384
At 31 October 2023 144,384
DEPRECIATION
Charge for year 24,114
At 31 October 2023 24,114
NET BOOK VALUE
At 31 October 2023 120,270

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,330,315 2,448,780
Other debtors 127,036 353,884
3,457,351 2,802,664

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 809,250 852,035
Hire purchase contracts and finance leases (see note 8)
17,684

-
Trade creditors 978,982 901,759
Taxation and social security 182,169 32,865
Other creditors 471,123 352,258
2,459,208 2,138,917

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 248,699 262,545
Hire purchase contracts and finance leases (see note 8)
70,709

-
319,408 262,545

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 215,627 215,025

GRAYFORD INDUSTRIAL LIMITED (REGISTERED NUMBER: 04085062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2023 2022 2023 2022
£    £    £    £   
Net obligations repayable:
Within one year 8,979 - 8,705 -
Between one and five years 19,453 - 51,256 -
28,432 - 59,961 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 2,952 -
Between one and five years 5,165 -
8,117 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 138,605 206,168
Bank loans 919,344 908,412
Hire purchase contracts and finance leases 88,393 -
1,146,342 1,114,580

A debenture comprising fixed and floating charges over all the assets and undertakings of the company has been given; together with a first legal mortgage over the freehold property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary A 0.01 1 1
400 Ordinary B 0.01 4 4
200 Ordinary C 0.01 2 2
7 7

GRAYFORD INDUSTRIAL LIMITED (REGISTERED NUMBER: 04085062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was qualified on the following basis:

Basis for qualified opinion
With respect to opening stock having a carrying amount of £429,647, the audit evidence available to us was limited because we did not observe the counting of the physical stock as at 31 October 2023, since that date was prior to our appointment as auditor of the company. Owing to the nature of the company's records, we were unable to obtain sufficient appropriate audit evidence regarding the stock quantities by using other audit procedures.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Mr Jeremy Laurence Hyde FCCA (Senior Statutory Auditor)
for and on behalf of CG LEE Limited

12. PENSION COMMITMENTS

Other creditors includes Pension Commitments of £3,855 (2022 : £8,651).