10 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 160,000 150,000 310,000 160,000 xbrli:pure xbrli:shares iso4217:GBP NI605236 2022-12-01 2023-11-30 NI605236 2023-11-30 NI605236 2022-11-30 NI605236 2021-12-01 2022-11-30 NI605236 2022-11-30 NI605236 2021-11-30 NI605236 core:NetGoodwill 2022-12-01 2023-11-30 NI605236 core:FurnitureFittings 2022-12-01 2023-11-30 NI605236 core:MotorVehicles 2022-12-01 2023-11-30 NI605236 bus:Director1 2022-12-01 2023-11-30 NI605236 core:NetGoodwill 2023-11-30 NI605236 core:FurnitureFittings 2022-11-30 NI605236 core:MotorVehicles 2022-11-30 NI605236 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 NI605236 core:FurnitureFittings 2023-11-30 NI605236 core:MotorVehicles 2023-11-30 NI605236 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 NI605236 core:WithinOneYear 2023-11-30 NI605236 core:WithinOneYear 2022-11-30 NI605236 core:AfterOneYear 2023-11-30 NI605236 core:AfterOneYear 2022-11-30 NI605236 core:ShareCapital 2023-11-30 NI605236 core:ShareCapital 2022-11-30 NI605236 core:RetainedEarningsAccumulatedLosses 2023-11-30 NI605236 core:RetainedEarningsAccumulatedLosses 2022-11-30 NI605236 core:CostValuation core:Non-currentFinancialInstruments 2022-11-30 NI605236 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-11-30 NI605236 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-11-30 NI605236 core:Non-currentFinancialInstruments 2022-11-30 NI605236 core:FurnitureFittings 2022-11-30 NI605236 core:MotorVehicles 2022-11-30 NI605236 bus:Director1 2022-11-30 NI605236 bus:Director1 2023-11-30 NI605236 bus:Director1 2021-11-30 NI605236 bus:Director1 2022-11-30 NI605236 bus:Director1 2021-12-01 2022-11-30 NI605236 bus:SmallEntities 2022-12-01 2023-11-30 NI605236 bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 NI605236 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI605236 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI605236 bus:FullAccounts 2022-12-01 2023-11-30 NI605236 core:IntangibleAssetsOtherThanGoodwill 2022-12-01 2023-11-30 NI605236 core:OfficeEquipment 2022-12-01 2023-11-30 NI605236 core:IntangibleAssetsOtherThanGoodwill 2023-11-30 NI605236 core:OfficeEquipment 2022-11-30 NI605236 core:OfficeEquipment 2023-11-30
COMPANY REGISTRATION NUMBER: NI605236
EM Gray & Co LTD
Filleted Unaudited Financial Statements
30 November 2023
EM Gray & Co LTD
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
264,732
190,412
Investments
7
160,000
---------
---------
264,732
350,412
Current assets
Debtors
8
80,164
247,037
Investments
9
168,060
Cash at bank and in hand
52,385
131,551
---------
---------
300,609
378,588
Creditors: amounts falling due within one year
10
90,187
183,291
---------
---------
Net current assets
210,422
195,297
---------
---------
Total assets less current liabilities
475,154
545,709
Creditors: amounts falling due after more than one year
11
86,039
88,603
---------
---------
Net assets
389,115
457,106
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
388,115
456,106
---------
---------
Shareholders funds
389,115
457,106
---------
---------
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 year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EM Gray & Co LTD
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr D Gray
Director
Company registration number: NI605236
EM Gray & Co LTD
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 6 Citylink Business Park, Albert Street, Belfast, BT12 4HB, N Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
Other intangibles
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Intangible assets
Goodwill
Other intangibles
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
853,350
1,656
855,006
---------
-------
---------
Amortisation
At 1 December 2022 and 30 November 2023
853,350
1,656
855,006
---------
-------
---------
Carrying amount
At 30 November 2023
---------
-------
---------
At 30 November 2022
---------
-------
---------
6. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 December 2022
111,883
146,419
27,474
285,776
Additions
31,240
54,853
60,495
146,588
Disposals
( 42,000)
( 42,000)
--------
---------
---------
--------
---------
At 30 November 2023
31,240
166,736
164,914
27,474
390,364
--------
---------
---------
--------
---------
Depreciation
At 1 December 2022
35,549
35,642
24,173
95,364
Charge for the year
24,498
29,958
1,012
55,468
Disposals
( 25,200)
( 25,200)
--------
---------
---------
--------
---------
At 30 November 2023
60,047
40,400
25,185
125,632
--------
---------
---------
--------
---------
Carrying amount
At 30 November 2023
31,240
106,689
124,514
2,289
264,732
--------
---------
---------
--------
---------
At 30 November 2022
76,334
110,777
3,301
190,412
--------
---------
---------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 December 2022
160,000
Additions
150,000
Disposals
( 310,000)
---------
At 30 November 2023
---------
Impairment
At 1 December 2022 and 30 November 2023
---------
Carrying amount
At 30 November 2023
---------
At 30 November 2022
160,000
---------
8. Debtors
2023
2022
£
£
Trade debtors
16,225
16,225
Amounts owed by group undertakings and undertakings in which the company has a participating interest
53,023
53,023
Other debtors
10,916
177,789
--------
---------
80,164
247,037
--------
---------
A balance of £53,023 is owing to Des Gray (Farmer) business which is under common control.
9. Investments
2023
2022
£
£
Other investments
168,060
---------
----
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,648
10,648
Corporation tax
40,253
31,620
Social security and other taxes
3,864
6,504
Other creditors
35,422
134,519
--------
---------
90,187
183,291
--------
---------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,834
34,419
Other creditors
61,205
54,184
--------
--------
86,039
88,603
--------
--------
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D Gray
177,789
( 166,873)
10,916
---------
---------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D Gray
( 16,090)
193,879
177,789
--------
---------
---------