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COMPANY REGISTRATION NUMBER: 5308687
Gray Homes Sales Limited
Filleted Unaudited Financial Statements
30 December 2023
Gray Homes Sales Limited
Financial Statements
Period from 1 January 2023 to 30 December 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
Gray Homes Sales Limited
Statement of Financial Position
30 December 2023
30 Dec 23
31 Dec 22
Note
£
£
Fixed assets
Tangible assets
5
157,000
Current assets
Debtors
6
449,556
675,610
Cash at bank and in hand
11
---------
---------
449,556
675,621
Creditors: amounts falling due within one year
7
( 12,258)
( 346,680)
---------
---------
Net current assets
437,298
328,941
---------
---------
Total assets less current liabilities
437,298
485,941
---------
---------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
437,296
485,939
---------
---------
Shareholders funds
437,298
485,941
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30 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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 November 2024 , and are signed on behalf of the board by:
Mrs T.E. Thomas
Director
Company registration number: 5308687
Gray Homes Sales Limited
Notes to the Financial Statements
Period from 1 January 2023 to 30 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Office, Elizabeth Venmore Court, Yorke Street, Milford Haven, Pembrokeshire, SA73 2LL.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tax on (loss)/profit
Major components of tax expense
Period from
1 Jan 23 to
Year to
30 Dec 23
31 Dec 22
£
£
Current tax:
UK current tax expense
96,087
----
--------
Tax on (loss)/profit
96,087
----
--------
5. Tangible assets
Freehold Property
£
Cost
At 1 January 2023
157,000
Disposals
( 157,000)
---------
At 30 December 2023
---------
Depreciation
At 1 January 2023 and 30 December 2023
---------
Carrying amount
At 30 December 2023
---------
At 31 December 2022
157,000
---------
The Freehold Property (title number WA841)known as 52 Bunkers Hill, Milford Haven is held on trust for the company by the duration under a declaration of trust dated 20 October 2007.
6. Debtors
30 Dec 23
31 Dec 22
£
£
Other debtors
449,556
675,610
---------
---------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
30 Dec 23
31 Dec 22
£
£
Corporation tax
96,092
Other creditors
12,258
250,588
--------
---------
12,258
346,680
--------
---------
8. Called up share capital
Issued, called up and fully paid
30 Dec 23
31 Dec 22
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
9. Related party transactions
The company was under the control of Mrs T.E. Thomas and the estate of Mr A.V. Thomas throughout the current and previous year by virtue of their combined interest in 100% of the issued ordinary share capital. During the year the company paid dividends of £nil (2022 - £12,600) to the shareholders.