REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Graybar Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Graybar Limited |
Graybar Limited (Registered number: 02872001) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Graybar Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditors |
3rd Floor |
56 Wellington Street |
Leeds |
West Yorkshire |
LS1 2EE |
Graybar Limited (Registered number: 02872001) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 |
Graybar Limited (Registered number: 02872001) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Graybar Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
This assessment is dependent on the continued provision of facilities and support from Backer AB to the parent company Heatrod Elements Limited. As with any Company placing reliance, directly or indirectly, on other group entities for financial support, the directors acknowledge that there can be no absolute certainty that this support will continue. However, at the date of approval of these financial statements, there is nothing to indicate this support will not be provided and so the directors are satisfied this does not represent a material uncertainty. |
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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Plant and machinery - 15% on cost |
Motor vehicles - 25% on cost |
Fixtures and fittings - 25% on cost |
Computer equipment - 25% on cost |
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount, and are recognised in the statement of comprehensive income. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Graybar Limited (Registered number: 02872001) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Government grants |
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. |
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure. |
Foreign currency translation |
Functional and presentation currency |
The Company's functional and presentational currency is GBP. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange |
rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. |
Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account. |
Graybar Limited (Registered number: 02872001) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
Operating leases |
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense. |
Finance leases |
Minimum lease payments are apportioned between the finance charge and the reduction of the |
outstanding liability using the rate implicit in the lease. The finance charge is allocated to each year |
during the lease term so as to produce a constant periodic rate of interest on the remaining balance |
of the liability. |
Defined contribution pension plan |
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. |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions in a separate entity. Once the |
contributions have been paid the Company has not further payment obligations. |
The contribution are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense of the Statement of comprehensive income in the year that |
the Company becomes aware of the obligation, and are measured at the best estimate at the |
Balance sheet date of the expenditure required to settle the obligation, taking into account relevant |
risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance sheet. |
Debtors |
Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Graybar Limited (Registered number: 02872001) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice or not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from he date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measure at the transaction price. Other financial liabilities, including bank |
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Employee benefits |
Short-term employee benefits and contributions to defined contribution plans are recognised as an |
expense in the period in which they are incurred. |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the |
balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
Graybar Limited (Registered number: 02872001) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 105,229 | 96,183 |
Other creditors |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 2 | 2 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
Graybar Limited (Registered number: 02872001) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
The audit report was signed on 2 August 2024. |
12. | PENSION COMMITMENTS |
The Company operates a defined contribution pension plan. |
The total expense relating to this plan in the current year was £12,707 (2022: £10,382) |
At the year end £3,130 (2022: £3,075) was outstanding in pension contributions payable. |
13. | CONTROLLING PARTY |
The Company is a subsidiary undertaking of Heatrod Elements Limited. The ultimate controlling party is Nibe Industrier AB. |
The largest and smallest group in which the results of the Company are consolidated is that headed by Nibe Industrier AB. No other group financial statements include the results of the Company. The consolidated financial statements of these groups are available to the public and may be obtained from Nibe Industrier AB, Hannabadsvägen 5, Markaryd, Sweden (visitors address), Box 14, SE 285 21, Markaryd, Sweden (postal address). |
14. | RELATED PARTY TRANSACTIONS |
No transactions with related parties were undertaken such as are required to be disclosed |
under FRS 102. |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |