Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-318true2023-04-01falseNo description of principal activity8trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC289042 2023-04-01 2024-03-31 SC289042 2022-04-01 2023-03-31 SC289042 2024-03-31 SC289042 2023-03-31 SC289042 c:CompanySecretary1 2023-04-01 2024-03-31 SC289042 c:Director1 2023-04-01 2024-03-31 SC289042 c:Director2 2023-04-01 2024-03-31 SC289042 c:Director3 2023-04-01 2024-03-31 SC289042 c:RegisteredOffice 2023-04-01 2024-03-31 SC289042 d:Buildings 2023-04-01 2024-03-31 SC289042 d:Buildings 2024-03-31 SC289042 d:Buildings 2023-03-31 SC289042 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC289042 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 SC289042 d:PlantMachinery 2023-04-01 2024-03-31 SC289042 d:PlantMachinery 2024-03-31 SC289042 d:PlantMachinery 2023-03-31 SC289042 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC289042 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC289042 d:CurrentFinancialInstruments 2024-03-31 SC289042 d:CurrentFinancialInstruments 2023-03-31 SC289042 d:Non-currentFinancialInstruments 2024-03-31 SC289042 d:Non-currentFinancialInstruments 2023-03-31 SC289042 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC289042 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC289042 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 SC289042 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC289042 d:ShareCapital 2024-03-31 SC289042 d:ShareCapital 2023-03-31 SC289042 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC289042 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC289042 c:FRS102 2023-04-01 2024-03-31 SC289042 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC289042 c:FullAccounts 2023-04-01 2024-03-31 SC289042 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC289042 6 2023-04-01 2024-03-31 SC289042 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: SC289042










GRAY COMPOSTING SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
GRAY COMPOSTING SERVICES LIMITED
 

COMPANY INFORMATION


DIRECTORS
C W Gray 
Mrs M H Gray 
P W Gray 




COMPANY SECRETARY
Mrs M H Gray



REGISTERED NUMBER
SC289042



REGISTERED OFFICE
Westby
64 West High Street

Forfar

Angus

DD8 1BJ




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
GRAY COMPOSTING SERVICES LIMITED
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GRAY COMPOSTING SERVICES LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gray Composting Services Limited for the year ended 31 March 2024 which comprise  the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotlandwe are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the Board of directors of Gray Composting Services Limited, as a body, in accordance with the terms of our engagement letter dated 1 June 2023Our work has been undertaken solely to prepare for your approval the financial statements of Gray Composting Services Limited and state those matters that we have agreed to state to the Board of directors of Gray Composting Services Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas -framework-preparation -of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gray Composting Services Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Gray Composting Services Limited 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 Composting Services Limited. You consider that Gray Composting Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Gray Composting Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



EQ Accountants Limited
 
Chartered Accountants
  
Westby
64 West High Street
Forfar
Angus
DD8 1BJ
21 August 2024
Page 1

 
GRAY COMPOSTING SERVICES LIMITED
REGISTERED NUMBER: SC289042

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
656,532
683,480

Investments
 5 
50
50

  
656,582
683,530

CURRENT ASSETS
  

Stocks
  
4,492
7,537

Debtors: amounts falling due within one year
 6 
573,772
117,407

Cash at bank and in hand
  
247,904
203,469

  
826,168
328,413

Creditors: amounts falling due within one year
 7 
(859,822)
(223,185)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(33,654)
 
 
105,228

TOTAL ASSETS LESS CURRENT LIABILITIES
  
622,928
788,758

Creditors: amounts falling due after more than one year
 8 
(11,693)
(21,714)

PROVISIONS FOR LIABILITIES
  

Deferred Tax
  
(134,219)
(137,756)

  
 
 
(134,219)
 
 
(137,756)

NET ASSETS
  
477,016
629,288


CAPITAL AND RESERVES
  

Called up share capital 
  
100
100

Profit and loss account
  
476,916
629,188

  
477,016
629,288


Page 2

 
GRAY COMPOSTING SERVICES LIMITED
REGISTERED NUMBER: SC289042

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2024.




C W Gray
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
GRAY COMPOSTING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Gray Composting Services Limited is a private company, limited by shares, incorporated in Scotland with the registration number SC289042. The registered office is Westby, 64 West High Street, Forfar, DD8 1BJ.  The trading address is Greenacres, Portsoy, Banff, AB45 2UL.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
GRAY COMPOSTING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.4
TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Tenants improvements
-
4% straight line
Plant and machinery
-
12.5% reducing balance

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 profit or loss.

 
2.5

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).

Page 5

 
GRAY COMPOSTING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


TANGIBLE FIXED ASSETS





Tenants' improvements
Plant and Machinery
Total

£
£
£



Cost or valuation


At 1 April 2023
257,523
1,147,884
1,405,407


Additions
-
61,680
61,680



At 31 March 2024

257,523
1,209,564
1,467,087



Depreciation


At 1 April 2023
138,952
582,975
721,927


Charge for the year on owned assets
10,300
78,328
88,628



At 31 March 2024

149,252
661,303
810,555



Net book value



At 31 March 2024
108,271
548,261
656,532



At 31 March 2023
118,571
564,909
683,480


5.


FIXED ASSET INVESTMENTS





Unlisted Investments

£



Cost or valuation


At 1 April 2023
50



At 31 March 2024
50




Page 6

 
GRAY COMPOSTING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


DEBTORS

2024
2023
£
£


Trade debtors
573,772
117,407

573,772
117,407



7.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,021
10,021

Trade creditors
55,661
32,538

Amounts owed to group undertakings
733,228
132,362

Other taxation and social security
60,912
48,264

859,822
223,185



8.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,693
21,714

11,693
21,714



Page 7