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Registered number: 00148700









GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

COMPANY INFORMATION


REGISTERED NUMBER
00148700



CHAIRMAN
D M Noyes




DIRECTORS
N D J Gray 
R W Gray 
P D Gray FCMA 
J C Gray ACA 
N J Gray 
D M Noyes 




COMPANY SECRETARY
P D Gray FCMA



REGISTERED OFFICE
Station Road

Robertsbridge

East Sussex

TN32 5DH




INDEPENDENT AUDITORS
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Causeway House

1 Dane Street

Bishop's Stortford

Hertfordshire

CM23 3BT





 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditors' Report
 
 
4 - 7
Consolidated Statement of Comprehensive Income
 
 
8
Consolidated Balance Sheet
 
 
9 - 10
Company Balance Sheet
 
 
11
Consolidated Statement of Changes in Equity
 
 
12 - 13
Company Statement of Changes in Equity
 
 
14 - 15
Consolidated Statement of Cash Flows
 
 
16
Notes to the Financial Statements
 
 
17 - 36


 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION
 
The Company is engaged in the business of developing quality branded sports goods for rugby union, cricket, hockey, netball, rackets and real tennis, and, distributing them wherever in the world those sports are played.

BUSINESS REVIEW
 
2023 has been a good year for the Group. 
The Company has a long history of sustainability and innovation, it aspires to globally apply these same philosophies to reduce its environmental impact, promote equal opportunities, ensure fair working conditions and support the communities it engages with.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Company is reliant on its global sourcing and distribution network and is therefore exposed to risks of foreign exchange movement, producer inflation and supply chain disruption. 
The Company continues to invest in digital services and is therefore increasingly reliant on robust data resilience and security. 
The Company manages its product innovation program to develop market appealing products and mitigate the risk of product obsolescence due to technological advances.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The principal long term financial goals of the business are to be profitable, achieve sustainable growth whilst maintaining a conservative balance sheet.
The Group’s turnover was £39.9m (2022 - £33.3m).
The Group’s profit for the year after tax was £4.9m (2022 - £3.4m).
The Group’s cash net of borrowings at year end was £8.8m (2022 - £6.7m).


This report was approved by the board and signed on its behalf.





P D Gray FCMA
Director

Date: 24 September 2024

Page 1

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

PRINCIPAL ACTIVITY

The principal activities of the Group are the manufacture and distribution of quality branded sports goods.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £4,944,304 (2022 - £3,461,981).

The Directors consider the state of the Group's affairs during the year and the financial position at the end of the year to be satisfactory.

DIRECTORS

The Directors who served during the year were:

N D J Gray 
R W Gray 
P D Gray FCMA 
J C Gray ACA 
N J Gray 
D M Noyes 

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Group since the year end.

FUTURE DEVELOPMENTS

The Directors anticipate no significant changes in the company's activities in the foreseeable future.

AUDITORS

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf.
 





P D Gray FCMA
Secretary

Date: 24 September 2024

Page 3

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

OPINION


We have audited the financial statements of Grays of Cambridge (International) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 - Enquiry of management around actual and potential litigation and claims, and any known instances of        non-compliance;
 - Reviewing minutes of meetings of those charged with governance;  
 - Performing audit work over the risk of management override of controls, including testing of journal      entries and other adjustments for appropriateness, evaluating the business rationale of significant      transactions outside the normal course of business and reviewing accounting estimates for bias; and
 - Reviewing our work throughout the audit file for evidence of non-compliance.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED (CONTINUED)


USE OF OUR REPORT
 

This report is made solely to the Company's Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's Members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Members, as a body, for our audit work, for this report, or for the opinions we have formed.





Richard Vass (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Causeway House
1 Dane Street
Bishop's Stortford
Hertfordshire
CM23 3BT

 
Date: 
25 September 2024
Page 7

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
39,965,599
33,301,122

Change in stocks of finished goods and work in progress
  
(2,109,941)
3,924,278

Other operating income
 5 
565,286
421,851

Raw materials and consumables
  
(289,490)
(758,333)

Other external charges
  
(16,484,401)
(19,434,875)

Staff costs
  
(7,635,182)
(6,537,417)

Depreciation and amortisation
  
(203,037)
(230,006)

Other operating expenses
  
(7,961,101)
(6,504,536)

OPERATING PROFIT
 6 
5,847,733
4,182,084

Income from other fixed asset investments
  
157,995
30,635

Interest receivable and similar income
 11 
97,890
21,616

Interest payable and similar expenses
 12 
(7,610)
(1,050)

PROFIT BEFORE TAX
  
6,096,008
4,233,285

Tax on profit
 13 
(1,151,704)
(771,304)

PROFIT FOR THE FINANCIAL YEAR
  
4,944,304
3,461,981

  

Other comprehensive income
  
(16,714)
16,368

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
4,927,590
3,478,349

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Owners of the parent Company
  
4,944,304
3,461,981

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 36 form part of these financial statements.

Page 8

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
REGISTERED NUMBER: 00148700

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 16 
1,280,687
1,119,422

Investments
 17 
100,000
100,000

  
1,380,687
1,219,422

CURRENT ASSETS
  

Stocks
 18 
9,250,439
10,574,789

Debtors: amounts falling due after more than one year
 19 
5,405,424
4,763,360

Debtors: amounts falling due within one year
 19 
3,784,824
4,714,757

Cash at bank and in hand
 20 
8,820,414
6,745,511

  
27,261,101
26,798,417

Creditors: amounts falling due within one year
 21 
(7,135,023)
(8,082,516)

NET CURRENT ASSETS
  
 
 
20,126,078
 
 
18,715,901

TOTAL ASSETS LESS CURRENT LIABILITIES
  
21,506,765
19,935,323

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 23 
(37,776)
(37,988)

Other provisions
 24 
(5,650,424)
(5,006,360)

  
 
 
(5,688,200)
 
 
(5,044,348)

NET ASSETS
  
15,818,565
14,890,975

Page 9

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
REGISTERED NUMBER: 00148700

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

CAPITAL AND RESERVES
  

Called up share capital 
 25 
27,060
27,060

Revaluation reserve
  
28,520
29,129

Capital redemption reserve
  
16,028
16,028

Foreign exchange reserve
  
16,404
33,118

Other reserves
  
83
83

Profit and loss account
  
15,730,470
14,785,557

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
15,818,565
14,890,975


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P D Gray FCMA
N D J Gray
Director
Director


Date: 24 September 2024

The notes on pages 17 to 36 form part of these financial statements.

Page 10

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
REGISTERED NUMBER: 00148700

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 16 
1,286,223
1,111,566

Investments
 17 
170,423
170,423

  
1,456,646
1,281,989

CURRENT ASSETS
  

Stocks
 18 
9,250,439
10,574,789

Debtors: amounts falling due after more than one year
 19 
2,526,474
2,509,915

Debtors: amounts falling due within one year
 19 
3,710,829
4,620,825

Cash at bank and in hand
 20 
8,254,057
6,544,507

  
23,741,799
24,250,036

Creditors: amounts falling due within one year
 21 
(7,095,766)
(8,230,227)

NET CURRENT ASSETS
  
 
 
16,646,033
 
 
16,019,809

TOTAL ASSETS LESS CURRENT LIABILITIES
  
18,102,679
17,301,798

  

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 23 
(37,776)
(37,988)

Other provisions
 24 
(2,771,474)
(2,752,915)

  
 
 
(2,809,250)
 
 
(2,790,903)

NET ASSETS
  
15,293,429
14,510,895


CAPITAL AND RESERVES
  

Called up share capital 
 25 
27,060
27,060

Revaluation reserve
  
28,520
29,129

Capital redemption reserve
  
16,028
16,028

Profit and loss account carried forward
  
15,221,821
14,438,678

  
15,293,429
14,510,895


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P D Gray FCMA
N D J Gray
Director
Director


Date: 24 September 2024

The notes on pages 17 to 36 form part of these financial statements.

Page 11

 

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Capital redemption reserve
Revaluation reserve
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£
£


At 1 January 2023
27,060
16,028
29,129
33,118
83
14,785,557
14,890,975



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year
-
-
-
-
-
4,944,304
4,944,304


Movement on foreign exchange
-
-
-
(16,714)
-
-
(16,714)



OTHER COMPREHENSIVE INCOME FOR THE YEAR
-
-
-
(16,714)
-
-
(16,714)



TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
-
(16,714)
-
4,944,304
4,927,590



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends: Equity capital
-
-
-
-
-
(4,000,000)
(4,000,000)


Transfer to/from profit and loss account
-
-
(609)
-
-
609
-



TOTAL TRANSACTIONS WITH OWNERS
-
-
(609)
-
-
(3,999,391)
(4,000,000)



AT 31 DECEMBER 2023
27,060
16,028
28,520
16,404
83
15,730,470
15,818,565



The notes on pages 17 to 36 form part of these financial statements.

Page 12

 

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022



Called up share capital
Capital redemption reserve
Revaluation reserve
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£
£


At 1 January 2022
27,060
16,028
29,738
(277,925)
83
13,617,642
13,412,626



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year
-
-
-
-
-
3,461,981
3,461,981


Movement on foreign exchange
-
-
-
16,368
-
-
16,368



OTHER COMPREHENSIVE INCOME FOR THE YEAR
-
-
-
16,368
-
-
16,368



TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
-
16,368
-
3,461,981
3,478,349



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends: Equity capital
-
-
-
-
-
(2,000,000)
(2,000,000)


Transfer to/from profit and loss account
-
-
(609)
-
-
609
-


Transfers between reserves
-
-
-
294,675
-
(294,675)
-



TOTAL TRANSACTIONS WITH OWNERS
-
-
(609)
294,675
-
(2,294,066)
(2,000,000)



AT 31 DECEMBER 2022
27,060
16,028
29,129
33,118
83
14,785,557
14,890,975



The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
27,060
16,028
29,129
14,438,678
14,510,895


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
-
4,782,534
4,782,534
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
-
4,782,534
4,782,534


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
-
-
(4,000,000)
(4,000,000)

Shares cancelled during the year
-
-
-
-
-

Transfer to/from profit and loss account
-
-
(609)
609
-


TOTAL TRANSACTIONS WITH OWNERS
-
-
(609)
(3,999,391)
(4,000,000)


AT 31 DECEMBER 2023
27,060
16,028
28,520
15,221,821
15,293,429


The notes on pages 17 to 36 form part of these financial statements.

Page 14

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
27,060
16,028
29,738
12,949,006
13,021,832


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
-
3,489,063
3,489,063
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
-
3,489,063
3,489,063


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
-
-
(2,000,000)
(2,000,000)

Transfer to/from profit and loss account
-
-
(609)
609
-


TOTAL TRANSACTIONS WITH OWNERS
-
-
(609)
(1,999,391)
(2,000,000)


AT 31 DECEMBER 2022
27,060
16,028
29,129
14,438,678
14,510,895


The notes on pages 17 to 36 form part of these financial statements.

Page 15

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year
4,944,304
3,461,981

ADJUSTMENTS FOR:

Depreciation of tangible assets
204,249
260,121

Loss on disposal of tangible assets
(1,347)
(29,057)

Interest paid
7,610
1,050

Interest received
(97,890)
(21,616)

Taxation charge
1,151,704
771,304

Decrease/(increase) in stocks
1,324,350
(3,839,075)

Decrease in debtors
287,869
304,772

(Decrease)/increase in creditors
(1,413,474)
1,636,276

Increase/(decrease) in provisions
644,064
(1,042,522)

Corporation tax (paid)
(685,935)
(328,397)

Income from investments
(157,995)
(30,635)

NET CASH GENERATED FROM OPERATING ACTIVITIES

6,207,509
1,144,202


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(386,954)
(290,893)

Sale of tangible fixed assets
22,787
63,606

Interest received
97,890
21,616

Income from investments
157,995
30,635

NET CASH FROM INVESTING ACTIVITIES

(108,282)
(175,036)

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid
(4,000,000)
(2,000,000)

Interest paid
(7,610)
(1,050)

NET CASH USED IN FINANCING ACTIVITIES
(4,007,610)
(2,001,050)

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
2,091,617
(1,031,884)

Cash and cash equivalents at beginning of year
6,745,511
7,761,027

Foreign exchange gains and losses
(16,714)
16,368

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
8,820,414
6,745,511


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
8,820,414
6,745,511


The notes on pages 17 to 36 form part of these financial statements.

Page 16

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

1.


GENERAL INFORMATION

The company is a private company limited by shares incorporated in England and Wales. The address of its registered office is Station Road, Robertsbridge, East Sussex, TN32 5DH. 


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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group 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.

Page 17

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
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.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line/reducing balance method. 
Depreciation is provided on the following bases:
Freehold property   2% straight line
Freehold land    Nil
Leasehold improvements  over the remaining life of the lease
Plant & machinery   15% - 25% on the reducing balance or the straight line basis
Motor vehicles    33% reducing balance
Fixtures & fittings   15% - 25% reducing balance
Biological assets   20% straight line
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 within 'other operating expenses' in the Consolidated Statement of Comprehensive Income.
Freehold land and buildings are included at deemed cost following the adoption of FRS 102. Deemed cost is the valuation as at the date of transition to FRS 102.

 
2.5

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 18

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.6
VALUATION OF INVESTMENTS

Investments in subsidiaries are valued at cost less provision for impairment.
Investments in associates are stated at the amount of the Company's share of net assets. The Consolidated Statement of Comprehensive Income includes the Company's share of the associated companies' profits after taxation using the equity accounting basis.
Investments held as fixed assets are shown at fair value.
Loans receivable are measured initially at fair value, net of transaction costs and, where material, are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.7
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 weighted average basis. Work in progress and manufactured finished goods include labour and attributable overheads.
At each balance sheet 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 the Consolidated Statement of Comprehensive Income.

  
2.8
DEBTORS

Short term debtors are measured at transaction price, less any impairment. The impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

  
2.9
CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
The Company has taken advantage of the exemption from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the Company's cash flows.

  
2.10
FINANCIAL INSTRUMENTS

The Group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Page 19

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

CREDITORS

Short-term creditors are measured 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.

  
2.12
FOREIGN CURRENCY TRANSLATION

Functional and presentation currency
The company's functional and presentational currency is Pounds Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using an average rate.
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 gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other external charges'.
On consolidation, the results of overseas operations are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.13

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 profit or loss 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 Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.14

FINANCE COSTS

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 20

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.15
DIVIDENDS

Equity dividends are recognised when they become legally payable. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 

  
2.16
PENSIONS

Defined contribution pension plan
The Group operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payments obligations.
The contributions are recognised as an expense in the Consolidated 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 Group in independently administered funds.

 
2.17

INTEREST INCOME

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

 
2.18

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Group 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 to profit or loss in the year that the Group 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.

Page 21

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.19

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.20
RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.

  
2.21
SPONSORSHIP AGREEMENTS

The Company sponsors various sporting bodies, individuals and events.  Payments are matched to the relevant season or events' related income.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Directors make estimates and assumptions concerning the future based on their knowledge of the business and the markets it operates in. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Page 22

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

4.


TURNOVER

In the opinion of the Directors the disclosure of turnover by geographical segment would be seriously prejudicial in the interests of the company and therefore this information has not been disclosed.


5.


OTHER OPERATING INCOME

2023
2022
£
£

Other operating income
565,286
414,970

Coronavirus Job Retention Scheme
-
6,881

565,286
421,851



6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
200,019
254,784

Exchange differences
303,175
232,703

OPERATING LEASE PAYMENTS


 - property leases
196,843
145,000

 - other operating leases
11,633
9,919


7.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Group's auditor and its associate for the audit of the Group's annual financial statements
7,000
6,300

Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements
40,750
36,925

Page 23

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

8.


EMPLOYEES

Staff costs, including Directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
6,700,051
5,732,254
6,454,036
5,532,812

Social security costs
724,966
621,459
610,470
536,850

Cost of defined contribution scheme
233,406
205,408
228,288
200,773

7,658,423
6,559,121
7,292,794
6,270,435


Key management compensation
Key management personnel are not different from the Directors and their compensation is detailed in Note 9.

The average monthly number of employees, including the Directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Operations
72
66
72
66



Sales / commercial
52
47
52
47



Administration
26
26
23
22

150
139
147
135


9.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
599,193
828,881


The highest paid Director received remuneration of £165,289 (2022 - £503,434).


10.


INCOME FROM INVESTMENTS

2023
2022
£
£

Income from fixed asset investments
157,995
30,635




Page 24

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

11.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
97,890
21,616


12.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
6,128
1,050

Other interest payable
1,482
-

7,610
1,050


13.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
1,220,338
704,564

Adjustments in respect of previous periods
(135,712)
10,973

1,084,626
715,537

FOREIGN TAX


Foreign tax on income for the year
67,290
40,818

TOTAL CURRENT TAX
1,151,916
756,355

DEFERRED TAX


Origination and reversal of timing differences
(212)
14,949


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
1,151,704
771,304
Page 25

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
13.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
6,096,008
4,233,285


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,433,781
804,324

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
54,922
(11,299)

Adjustments to tax charge in respect of prior periods
(135,712)
10,973

Share of partnership profits
23,914
28,035

Adjustment in research and development and patent box tax credit leading to an increase (decrease) in the tax charge
(218,190)
(81,282)

Changes in tax rate leading to an increase (decrease) in the tax charge
5,499
3,588

Other differences leading to an increase (decrease) in the tax charge
(12,510)
16,965

TOTAL TAX CHARGE FOR THE YEAR
1,151,704
771,304


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


14.


DIVIDENDS

2023
2022
£
£


Dividends paid on equity capital
4,000,000
2,000,000


15.


PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £4,782,534 (2022 - £3,489,063).

Page 26

 


 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED


 

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


16.


TANGIBLE FIXED ASSETS


Group







Land &
buildings
Plant and machinery
Motor vehicles
Fixtures,
fittings &
equipment
Biological assets
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 January 2023
1,317,904
1,630,979
339,479
878,058
-
4,166,420


Additions
104,550
97,263
21,622
8,438
155,081
386,954


Disposals
-
-
(44,548)
(4,411)
-
(48,959)



At 31 December 2023

1,422,454
1,728,242
316,553
882,085
155,081
4,504,415



DEPRECIATION


At 1 January 2023
680,698
1,386,024
178,841
801,435
-
3,046,998


Charge for the year on owned assets
22,486
109,139
54,811
17,813
-
204,249


Disposals
-
-
(27,519)
-
-
(27,519)



At 31 December 2023

703,184
1,495,163
206,133
819,248
-
3,223,728



NET BOOK VALUE



At 31 December 2023
719,270
233,079
110,420
62,837
155,081
1,280,687



At 31 December 2022
637,206
244,955
160,638
76,623
-
1,119,422

Page 27

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

           16.TANGIBLE FIXED ASSETS (CONTINUED)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
719,270
636,269

Long leasehold
-
937

719,270
637,206


Freehold land and buildings are included at deemed cost following the adoption of FRS102. Deemed cost is the valuation as at 1 January 2014.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

GROUP


Cost
1,352,450
1,247,900

Accumulated depreciation
(667,587)
(645,710)

NET BOOK VALUE
684,863
602,190

Page 28

 


 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED


 

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

           16.TANGIBLE FIXED ASSETS (CONTINUED)



Company







Land & buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Biological assets
Total

£
£
£
£
£
£

COST OR VALUATION


At 1 January 2023
1,317,904
1,630,979
311,237
872,339
-
4,132,459


Additions
104,550
97,263
21,622
8,438
155,081
386,954


Disposals
-
-
(39,797)
-
-
(39,797)



At 31 December 2023

1,422,454
1,728,242
293,062
880,777
155,081
4,479,616



DEPRECIATION


At 1 January 2023
680,698
1,386,024
158,409
795,762
-
3,020,893


Charge for the year on owned assets
22,486
109,139
50,817
17,577
-
200,019


Disposals
-
-
(27,519)
-
-
(27,519)



At 31 December 2023

703,184
1,495,163
181,707
813,339
-
3,193,393



NET BOOK VALUE



At 31 December 2023
719,270
233,079
111,355
67,438
155,081
1,286,223



At 31 December 2022
637,206
244,955
152,828
76,577
-
1,111,566


Page 29

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

           16.TANGIBLE FIXED ASSETS (CONTINUED)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
719,270
636,269

Long leasehold
-
937

719,270
637,206


Freehold land and buildings are included at deemed cost following the adoption of FRS102. Deemed cost is the valuation as at 1 January 2014.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

GROUP


Cost
1,352,450
1,247,900

Accumulated depreciation
(667,587)
(645,710)

NET BOOK VALUE
684,863
602,190


17.


FIXED ASSET INVESTMENTS

Group





Other fixed asset investments

£



COST OR VALUATION


At 1 January 2023
100,000



At 31 December 2023
100,000






Page 30

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



COST OR VALUATION


At 1 January 2023
70,423
100,000
170,423



At 31 December 2023
70,423
100,000
170,423







SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Grays Sports Limited
United Kingdom
Negotiating, securing and entering sponsorship agreements
Ordinary
100%
Rugby 1823 SARL
France
Sales agency
Ordinary
100%
Hockey 1890 BV
Netherlands
Sales agency
Ordinary
100%
Gray-Nicolls Limited
United Kingdom
Dormant
Ordinary
100%
James Gilbert Limited
United Kingdom
Dormant
Ordinary
100%
Grays of Cambridge Limited
United Kingdom
Dormant
Ordinary
100%
H J Gray & Sons Limited
United Kingdom
Dormant
Ordinary
100%

The registered address of Rugby 1823 SARL is 294 Route de Saint-Omer, 62280 Saint-Martin-Boulogne, France.
The registered address of Hockey 1890 BV is Plesmanstraat 1, 3833 LA Leusden, Netherlands.
The registered address of all other companies is Station Road, Robertsbridge, East Sussex, TN32 5DH.


18.


STOCKS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
977,237
959,432
977,237
959,432

Stocks - finished goods in transit
949,072
1,927,383
949,072
1,927,383

Finished goods and goods for resale
7,324,130
7,687,974
7,324,130
7,687,974

9,250,439
10,574,789
9,250,439
10,574,789


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 31

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

19.


DEBTORS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

DUE AFTER MORE THAN ONE YEAR

Prepayments and accrued income
5,405,424
4,763,360
2,526,474
2,509,915


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

DUE WITHIN ONE YEAR

Trade debtors
2,659,359
3,715,994
2,654,161
3,692,019

Amounts owed by group undertakings
-
-
-
11,686

Other debtors
55,655
25,168
49,635
7,664

Prepayments and accrued income
635,027
973,595
572,250
909,456

Financial instruments
434,783
-
434,783
-

3,784,824
4,714,757
3,710,829
4,620,825



20.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
8,820,414
6,745,511
8,254,057
6,544,507



21.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
2,072,994
3,154,237
1,923,299
3,140,119

Amounts owed to group undertakings
-
-
290,553
344,878

Corporation tax
920,277
454,296
912,654
442,689

Other taxation and social security
477,803
627,165
448,033
590,643

Other creditors
232,336
229,038
127,834
124,920

Accruals and deferred income
3,431,613
3,617,780
3,393,393
3,586,978

7,135,023
8,082,516
7,095,766
8,230,227


Page 32

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

22.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

FINANCIAL ASSETS

Financial assets measured at fair value through profit or loss
9,689,980
6,745,511
8,688,840
6,544,507

Financial assets that are debt instruments measured at amortised cost
2,715,014
3,741,162
2,650,503
3,711,369

12,404,994
10,486,673
11,339,343
10,255,876


FINANCIAL LIABILITIES

Financial liabilities measured at amortised cost
(5,736,943)
(7,001,055)
(5,735,079)
(7,356,289)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand, financial instruments and unlisted investments.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise trade and other creditors, accruals and deferred income and amounts owed to group companies.

Page 33

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

23.


DEFERRED TAXATION


Group



2023
2022


£

£






At beginning of year
37,988
23,039


Charged to profit or loss
(212)
14,949



AT END OF YEAR
37,776
37,988

Company


2023
2022


£

£






At beginning of year
37,988
23,039


Charged to profit or loss
(212)
14,949



AT END OF YEAR
37,776
37,988

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
45,094
56,738
45,094
56,738

Pension surplus
(7,318)
(18,750)
(7,318)
(18,750)

37,776
37,988
37,776
37,988

Page 34

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

24.


PROVISIONS


Group



Other provisions
Total

£
£





At 1 January 2023
5,006,360
5,006,360


Charged to profit or loss
644,064
644,064



AT 31 DECEMBER 2023
5,650,424
5,650,424

Company


Other provisions
Total

£
£





At 1 January 2023
2,752,915
2,752,915


Charged to profit or loss
18,559
18,559



AT 31 DECEMBER 2023
2,771,474
2,771,474


Other provisions relate to liabilities and indemnity payments, dilapidation provisions, unfunded pensions, sponsorship contracts, and estimated costs for defending the group's Intellectual Property rights. The timing of these are not known. 


25.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



27,060 (2022 - 27,060) Ordinary shares of £1 each
27,060
27,060



26.


PENSION COMMITMENTS

Former employees
Pensions are paid on a voluntary basis to some former employees for whom adequate provision has not been made prior to retirement.
The company contributes to personal pension schemes in respect of three directors and other staff. The assets of the schemes are held separately from those of the company in an independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £ 233,406 (2022 - £ 205,408). Contributions totalling £ 29,272 (2022 - £ 75,000) were payable to the funds at the balance sheet date and are included in creditors.

Page 35

 
GRAYS OF CAMBRIDGE (INTERNATIONAL) LIMITED
 

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

27.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
194,400
36,000
194,400
36,000

Later than 1 year and not later than 5 years
777,600
-
777,600
-

Later than 5 years
809,967
-
809,967
-

1,781,967
36,000
1,781,967
36,000


28.


RELATED PARTY TRANSACTIONS

The Group and Company has traded with related parties during the year as follows:
Sales to related parties totalled £ 1,610,000 (2022 - £ 1,350,000).
Purchases from related parties totalled £ 1,742,000 (2022 - £ 1,972,000).
Admin support was provided to related parties totalling £ 10,000 (2022 - £ 10,000).
Amounts owed to related parties at the year end totalled £ 5,000 (2022 - £ 7,000).
Amounts owed from related parties at the year end totalled £NIL (2022 - £ 438,000).
Rent paid to related parties totalled £ 196,843 (2022 - £ 145,000).
Dividends paid to directors totalled £ 4,000,000 (2022 - £2,000,000).
The Company has taken advantage of the exemption under FRS 102 (Section 33.1A) not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly-owned by such a member.


Page 36