Company Registration No. SC230241 (Scotland)
GRAY & ADAMS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 APRIL 2024
GRAY & ADAMS GROUP LIMITED
COMPANY INFORMATION
Directors
James J Gray
Marie F Philpot
Peter Gray
Andrew Sutherland
Secretary
Andrew Sutherland
Company number
SC230241
Registered office
South Road
Fraserburgh
AB43 9HU
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
Solicitors
Brown & McRae
Anderson House
9-11 Frithside Street
Fraserburgh
AB43 9AB
GRAY & ADAMS GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
GRAY & ADAMS GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 26 APRIL 2024

The directors present the strategic report for the period from 29 April 2023 to 26 April 2024.

Fair review of the business

The principal activity of the company continued to be that of a holding company.

 

The key risks and uncertainties affecting the company are predominately the recoverability of its subsidiary investments. In order to mitigate this risk, the directors seek to ensure the investments trade profitably with a focus on returning value to the shareholders.

 

Given the nature of the company's activities, the directors are of the opinion that analysis using the key performance indicators is not necessary for an understanding of the development, performance or position of the business.

 

Streamlined energy and carbon reporting

Streamlined energy and carbon reporting requirements have been disclosed on a group basis within the financial statements of the company's parent, Gray & Adams Holdings Limited, which includes the relevant energy and carbon reporting for the company. As such, the company is not obliged and has not reported its energy and carbon reporting here. The financial statements of Gray & Adams Holdings Limited are accessible via Companies House.

 

Section 172(1) statement
The Directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so had regard, amongst other matters, to:

 

As the company is an intermediate holding company with no trade, customers, suppliers or staff of its own, there is nothing to report in terms of how it engages with those stakeholders. The company delivers value to its shareholders by managing its subsidiaries to consistently deliver good profits and a positive cashflow to ensure continued investment in the business.

 

On behalf of the board

James J Gray
Director
6 November 2024
- 1 -
GRAY & ADAMS GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 26 APRIL 2024

The directors present their annual report and financial statements for the period from 29 April 2023 to 26 April 2024.

 

Although the company's accounting reference date is 30 April, the company has taken advantage of the option available under s390(3) of the Companies Act 2006 and prepared these financial statements up to the last trading day of April, which for the current period is the 26 April 2024. Accordingly the current trading period covers 29 April 2023 to 26 April 2024 and the balance sheet represents the company's financial position as at that date.

Directors

The directors who held office during the period and up to the date of approval of the financial statements were as follows:

James J Gray
Marie F Philpot
Peter Gray
Andrew Sutherland
Results and dividends

The results for the period are set out on page 7.

Dividends were paid amounting to £1,400,000 (2023: £1,400,000). The directors do not recommend payment of a further dividend.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic Report

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has been done so in respect of future developments and financial risk management.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
James J Gray
Director
6 November 2024
- 2 -
GRAY & ADAMS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 26 APRIL 2024

The directors are responsible for preparing the strategic report, directors' report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

- 3 -
GRAY & ADAMS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GRAY & ADAMS GROUP LIMITED
Opinion

We have audited the financial statements of Gray & Adams Group Limited ('the company') for the period ended 26 April 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The 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:

 

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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the Annual Report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

 

- 4 -
GRAY & ADAMS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRAY & ADAMS GROUP LIMITED
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

 

Responsibilities of directors
- 5 -

As explained more fully in the Directors’ responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 auditor’s 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 financial statements.

 

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

 

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

GRAY & ADAMS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRAY & ADAMS GROUP LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

 

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of board meeting minutes. We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

 

 

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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 2006. Our 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 auditor's 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.

Matthew Kaye (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
7 November 2024
Chartered Accountants
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
- 6 -
GRAY & ADAMS GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 26 APRIL 2024
Period
Period
ended
ended
26 April
28 April
2024
2023
Notes
£
£
Administrative expenses
(108)
(90)
Interest receivable and similar income
4
1,400,000
1,400,000
Profit before taxation
1,399,892
1,399,910
Tax on profit
5
(27)
-
0
Profit and total comprehensive income for the financial year
1,399,865
1,399,910

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

- 7 -
GRAY & ADAMS GROUP LIMITED
BALANCE SHEET
AS AT
26 APRIL 2024
26 April 2024
26 April
28 April
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
7
9,391,500
9,391,500
Current assets
Debtors
9
8,328,334
8,328,334
Cash at bank and in hand
790
898
8,329,124
8,329,232
Creditors: amounts falling due within one year
10
(292,023)
(292,023)
Net current assets
8,037,101
8,037,209
Total assets less current liabilities
17,428,601
17,428,709
Provisions for liabilities
Deferred tax liability
11
27
-
0
(27)
-
Net assets
17,428,574
17,428,709
Capital and reserves
Called up share capital
12
20,000
20,000
Profit and loss reserves
17,408,574
17,408,709
Total equity
17,428,574
17,428,709
The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
James J Gray
Director
Company Registration No. SC230241
- 8 -
GRAY & ADAMS GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 26 APRIL 2024
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
20,000
17,408,799
17,428,799
Period ended 28 April 2023:
Profit and total comprehensive income for the period
-
1,399,910
1,399,910
Dividends
6
-
(1,400,000)
(1,400,000)
Balance at 28 April 2023
20,000
17,408,709
17,428,709
Period ended 26 April 2024:
Profit and total comprehensive income for the period
-
1,399,865
1,399,865
Dividends
6
-
(1,400,000)
(1,400,000)
Balance at 26 April 2024
20,000
17,408,574
17,428,574
- 9 -
GRAY & ADAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 APRIL 2024
1
Accounting policies
Company information

Gray & Adams Group Limited is a private company limited by shares incorporated and domiciled in Scotland. The registered office and trading address is South Road, Fraserburgh, AB43 9HU. The company's registered number is SC128013.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements (where applicable):

 

 

The financial statements of the company are consolidated in the financial statements of Gray & Adams Holdings Limited. These consolidated financial statements are available from its registered office, South Road, Fraserburgh, Aberdeenshire, AB43 9HU.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This expectation has been formed having considered the company's financial position and its forecast future cash flows for a period of at least 12 months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The company prepares its financial statements up to the last trading day of April, which for the current period is the 26 April 2024. Accordingly the current trading period covers 29 April 2023 to 26 April 2024 and the balance sheet represents the company's financial position as at that date. The comparative reporting period covers the period from 30 April 2022 to 28 April 2023.

- 10 -
GRAY & ADAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 APRIL 2024
1
Accounting policies
(Continued)
1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the statement of comprehensive income.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and not, deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include certain 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of comprehensive income.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

- 11 -
GRAY & ADAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 APRIL 2024
1
Accounting policies
(Continued)
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including certain creditors and loans from fellow group companies, 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 classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
- 12 -
GRAY & ADAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 APRIL 2024
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There were no judgements applied during the period.

Key sources of estimation uncertainty
Recoverability of Intercompany debt

Included within the company only balance sheet is intercompany debt receivable of £8,328,334 (2023: £8,328,334) from other group undertakings. The recoverability of which has been considered by management with reference to future forecasted trading performance. 

- 13 -
GRAY & ADAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 APRIL 2024
3
Auditor's remuneration

Auditors remuneration has been borne by a fellow group undertaking and Gray & Adams Holdings Limited, the ultimate parent company, makes disclosure of amounts paid to auditors for non audit services.

4
Interest receivable and similar income
Period
Period
ended
ended
26 April
28 April
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
1,400,000
1,400,000
5
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
27
-
0

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

Period
Period
ended
ended
26 April
28 April
2024
2023
£
£
Profit before taxation
1,399,892
1,399,910
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
349,973
272,842
Change in unrecognised deferred tax assets
27
-
0
Group relief
27
62
Group income
(350,000)
(272,904)
Taxation charge for the period
27
-
- 14 -
GRAY & ADAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 APRIL 2024
6
Dividends
Period
Period
ended
ended
26 April
28 April
2024
2023
£
£
Dividends paid
1,400,000
1,400,000
7
Fixed asset investments
26 April
28 April
2024
2023
Notes
£
£
Investments in subsidiaries
8
9,391,500
9,391,500
8
Subsidiaries

These financial statements are separate company financial statements for Gray & Adams Group Limited.

Details of the company's subsidiaries at 26 April 2024 are as follows:

Name of undertaking and registered address
Nature of business
Class of
% Held
shareholding
Direct
Indirect
Gray & Adams (Doncaster) Limited
South Road, Fraserburgh AB43 9HU
Manufacture and repair of refrigerated and dry freight vehicles
Ordinary
0
60.00
Gray & Adams (Dunfermline) Limited
South Road, Fraserburgh AB43 9HU
Manufacture and repair of refrigerated and dry freight vehicles
Ordinary
0
100.00
0
100.00
Gray & Adams (Ireland) Limited
Houston's Corner, Ballyearl, Newtonabbey BT36 4TP
Manufacture and repair of refrigerated and dry freight vehicles
Ordinary
Gray & Adams Limited
South Road, Fraserburgh AB43 9HU
Manufacture and repair of refrigerated and dry freight vehicles
Ordinary and "A" Ordinay
100.00
0

 

9
Debtors
26 April
28 April
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
8,328,334
8,328,334
- 15 -
GRAY & ADAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 APRIL 2024
9
Debtors
(Continued)

Amounts owed by group undertakings are interest free and repayable on demand.

10
Creditors: amounts falling due within one year
26 April
28 April
2024
2023
£
£
Amounts due to group undertakings
292,022
292,023

Amounts owed to group undertakings are interest free and repayable on demand.

11
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing difference
27
-
2024
Movements in the period:
£
Liability at 29 April 2023
-
Charge to profit or loss
27
Liability at 26 April 2024
27
12
Share capital
26 April
28 April
2024
2023
Ordinary share capital
£
£
Issued and fully paid
20,000 Ordinary shares of £1 each
20,000
20,000
13
Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33.1A from the requirement to disclose transactions with 100% owned group companies.

- 16 -
GRAY & ADAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 APRIL 2024
14
Ultimate controlling party

The company's ultimate controlling party is Gray & Adams Holdings Limited, a company registered in Scotland. No one individual controls Gray & Adams Holdings Limited. The largest group in which the results of the company are consolidated is that headed by Gray & Adams Holdings Limited and copies can be obtained from South Road, Fraserburgh, AB43 9HU.

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2024-04-262023-04-29falsefalsefalseCCH SoftwareCCH Accounts Production 2024.300No description of principal activityJames J GrayMarie F PhilpotPeter GrayAndrew SutherlandMr A Sutherland0SC2302412023-04-292024-04-26SC230241bus:Director12023-04-292024-04-26SC230241bus:Director22023-04-292024-04-26SC230241bus:Director32023-04-292024-04-26SC230241bus:CompanySecretaryDirector12023-04-292024-04-26SC230241bus:Director42023-04-292024-04-26SC230241bus:CompanySecretary12023-04-292024-04-26SC230241bus:RegisteredOffice2023-04-292024-04-26SC230241bus:Agent12023-04-292024-04-26SC2302412024-04-26SC2302412022-05-012023-04-28SC230241core:RetainedEarningsAccumulatedLosses2022-05-012023-04-28SC230241core:RetainedEarningsAccumulatedLosses2023-04-292024-04-26SC2302412023-04-28SC230241core:ShareCapital2024-04-26SC230241core:ShareCapital2023-04-28SC230241core:RetainedEarningsAccumulatedLosses2024-04-26SC230241core:RetainedEarningsAccumulatedLosses2023-04-28SC230241core:ShareCapital2022-04-30SC230241core:RetainedEarningsAccumulatedLosses2022-04-30SC2302412022-04-30SC230241core:UKTax2023-04-292024-04-26SC230241core:UKTax2022-05-012023-04-28SC23024112023-04-292024-04-26SC23024112022-05-012023-04-28SC230241core:Non-currentFinancialInstruments2024-04-26SC230241core:Non-currentFinancialInstruments2023-04-28SC230241core:Subsidiary12023-04-292024-04-26SC230241core:Subsidiary22023-04-292024-04-26SC230241core:Subsidiary32023-04-292024-04-26SC230241core:Subsidiary42023-04-292024-04-26SC230241core:Subsidiary112023-04-292024-04-26SC230241core:Subsidiary212023-04-292024-04-26SC230241core:Subsidiary312023-04-292024-04-26SC230241core:Subsidiary412023-04-292024-04-26SC230241core:CurrentFinancialInstruments2024-04-26SC230241core:CurrentFinancialInstruments2023-04-28SC230241bus:PrivateLimitedCompanyLtd2023-04-292024-04-26SC230241bus:FRS1022023-04-292024-04-26SC230241bus:Audited2023-04-292024-04-26SC230241bus:FullAccounts2023-04-292024-04-26xbrli:purexbrli:sharesiso4217:GBP