IRIS Accounts Production v24.1.9.2 02872001 Board of Directors 1.1.23 31.12.23 31.12.23 2/8/2024 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh028720012022-12-31028720012023-12-31028720012023-01-012023-12-31028720012021-12-31028720012022-01-012022-12-31028720012022-12-3102872001ns15:EnglandWales2023-01-012023-12-3102872001ns14:PoundSterling2023-01-012023-12-3102872001ns10:Director12023-01-012023-12-3102872001ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102872001ns10:SmallEntities2023-01-012023-12-3102872001ns10:Audited2023-01-012023-12-3102872001ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102872001ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102872001ns10:FullAccounts2023-01-012023-12-3102872001ns10:OrdinaryShareClass12023-01-012023-12-3102872001ns10:Director22023-01-012023-12-3102872001ns10:RegisteredOffice2023-01-012023-12-3102872001ns5:CurrentFinancialInstruments2023-12-3102872001ns5:CurrentFinancialInstruments2022-12-3102872001ns5:ShareCapital2023-12-3102872001ns5:ShareCapital2022-12-3102872001ns5:RetainedEarningsAccumulatedLosses2023-12-3102872001ns5:RetainedEarningsAccumulatedLosses2022-12-3102872001ns5:LeaseholdImprovements2022-12-3102872001ns5:PlantMachinery2022-12-3102872001ns5:ComputerEquipment2022-12-3102872001ns5:LeaseholdImprovements2023-01-012023-12-3102872001ns5:PlantMachinery2023-01-012023-12-3102872001ns5:ComputerEquipment2023-01-012023-12-3102872001ns5:LeaseholdImprovements2023-12-3102872001ns5:PlantMachinery2023-12-3102872001ns5:ComputerEquipment2023-12-3102872001ns5:LeaseholdImprovements2022-12-3102872001ns5:PlantMachinery2022-12-3102872001ns5:ComputerEquipment2022-12-3102872001ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102872001ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102872001ns5:WithinOneYear2023-12-3102872001ns5:WithinOneYear2022-12-3102872001ns5:BetweenOneFiveYears2023-12-3102872001ns5:BetweenOneFiveYears2022-12-3102872001ns5:AllPeriods2023-12-3102872001ns5:AllPeriods2022-12-3102872001ns10:OrdinaryShareClass12023-12-3102872001ns5:RetainedEarningsAccumulatedLosses2022-12-3102872001ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 02872001 (England and Wales)















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: S Ellam
M Laursen





REGISTERED OFFICE: Unit 10 Top Deck
Smethurst Lane
Farnworth
Bolton
BL4 0AN





REGISTERED NUMBER: 02872001 (England and Wales)





AUDITORS: Haines Watts
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 14,655 21,167

CURRENT ASSETS
Stocks 5 386,091 429,960
Debtors 6 1,413,999 567,183
Cash at bank and in hand 169,616 263,771
1,969,706 1,260,914
CREDITORS
Amounts falling due within one year 7 582,773 320,350
NET CURRENT ASSETS 1,386,933 940,564
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,401,588

961,731

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 10 1,401,586 961,729
SHAREHOLDERS' FUNDS 1,401,588 961,731

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 2 August 2024 and were signed on its behalf by:





S Ellam - Director


Graybar Limited (Registered number: 02872001)

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

1. STATUTORY INFORMATION

Graybar 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.

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 17 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 2,330 45,169 33,995 81,494
DEPRECIATION
At 1 January 2023 485 32,930 26,912 60,327
Charge for year 583 2,258 3,671 6,512
At 31 December 2023 1,068 35,188 30,583 66,839
NET BOOK VALUE
At 31 December 2023 1,262 9,981 3,412 14,655
At 31 December 2022 1,845 12,239 7,083 21,167

5. STOCKS
2023 2022
£    £   
Stocks 386,091 429,960

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 264,270 371,488
Amounts owed by group undertakings 1,050,000 100,000
Other debtors 67,395 74,357
Prepayments and accrued income 32,334 21,338
1,413,999 567,183

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 203,191 84,854
Tax 71,718 13,500
Social security and other taxes 21,685 21,443
VAT 105,229 96,183
Other creditors 70,189 30,127
Accruals and deferred income 110,761 74,243
582,773 320,350

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 71,992 29,268
Between one and five years 184,879 24,221
256,871 53,489

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary 1 2 2

10. RESERVES
Retained
earnings
£   

At 1 January 2023 961,729
Profit for the year 439,857
At 31 December 2023 1,401,586

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.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of Haines Watts

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.