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Company No: 04667464 (England and Wales)

BARON GREY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

BARON GREY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

BARON GREY LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
BARON GREY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS V Hambleton Grey
E Faulkner
SECRETARY K Hambleton Grey
REGISTERED OFFICE Langtry House
441 Richmond House
East Twickenham
United Kingdom
COMPANY NUMBER 04667464 (England and Wales)
BARON GREY LIMITED

BALANCE SHEET

As at 31 December 2023
BARON GREY LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 100,162 135,973
100,162 135,973
Current assets
Debtors 5 414,523 450,232
Cash at bank and in hand 394 516
414,917 450,748
Creditors: amounts falling due within one year 6 ( 271,132) ( 227,194)
Net current assets 143,785 223,554
Total assets less current liabilities 243,947 359,527
Creditors: amounts falling due after more than one year 7 0 ( 81,042)
Provision for liabilities 8 0 ( 6,574)
Net assets 243,947 271,911
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 243,847 271,811
Total shareholder's funds 243,947 271,911

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Baron Grey Limited (registered number: 04667464) were approved and authorised for issue by the Board of Directors on 22 August 2024. They were signed on its behalf by:

V Hambleton Grey
Director
BARON GREY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
BARON GREY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Baron Grey Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Langtry House, 441 Richmond House, East Twickenham, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that is probable will be recovered.

Employee benefits

Short term benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costa er required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill, being the amount paid in connection with the acquisition of a business in 2003 and had been written down to £nil by 2015.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 % reducing balance
Plant and machinery 5 years straight line
Office equipment 15 % reducing balance
Computer equipment 50 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 11

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 460,640 460,640
At 31 December 2023 460,640 460,640
Accumulated amortisation
At 01 January 2023 460,640 460,640
At 31 December 2023 460,640 460,640
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 167,120 6,206 26,166 46,872 246,364
Additions 0 0 375 1,925 2,300
At 31 December 2023 167,120 6,206 26,541 48,797 248,664
Accumulated depreciation
At 01 January 2023 50,136 6,130 12,183 41,942 110,391
Charge for the financial year 33,424 15 2,126 2,546 38,111
At 31 December 2023 83,560 6,145 14,309 44,488 148,502
Net book value
At 31 December 2023 83,560 61 12,232 4,309 100,162
At 31 December 2022 116,984 76 13,983 4,930 135,973

5. Debtors

2023 2022
£ £
Trade debtors 200,950 126,294
Deferred tax asset 1,698 0
Corporation tax 0 2,406
Other debtors 211,875 321,532
414,523 450,232

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 5,134 41,576
Trade creditors 57,120 32,876
Corporation tax 27,713 6,811
Other taxation and social security 64,789 50,865
Other creditors 116,376 95,066
271,132 227,194

On the 17 July 2013, NatWest Bank registered a fixed and floating charge over the assets of the company.

Within other creditors are loans of £81,718 (2022: £79,792) which are repayable monthly from 31 January 2023. £50,792 (2022: £50,116) is interest free and £30,926 (2022: £29,676) is accruing interest monthly at 4% per annum.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 0 81,042

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 6,574) ( 16,286)
Credited to the Profit and Loss Account 8,272 9,712
At the end of financial year 1,698 ( 6,574)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary £1 shares of £ 1.00 each 100 100

10. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 25,000 40,000

11. Related party transactions

Transactions with the entity's directors

At 31 December 2023, a director owed the company £12,989 (2022: £75,292). This amount is included within other debtors, is interest free and repayable on demand.