Gray Property Company Limited
Company Registration No. 09583679 (England And Wales)
Unaudited Financial Statements
Period Ended 31 January 2024
GRAY PROPERTY COMPANY LIMITED
Gray Property Company Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GRAY PROPERTY COMPANY LIMITED
Gray Property Company Limited
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
950,000
1,720,000
Investments
3
20,000
950,000
1,740,000
Current assets
Debtors
4
75,228
131,187
Cash at bank and in hand
733,333
7,576
808,561
138,763
Creditors: amounts falling due within one year
5
(31,079)
(104,000)
Net current assets
777,482
34,763
Total assets less current liabilities
1,727,482
1,774,763
Creditors: amounts falling due after more than one year
6
(4,000)
(4,000)
Net assets
1,723,482
1,770,763
Capital and reserves
Called up share capital
16,000
16,000
Profit and loss reserves
1,707,482
1,754,763
Total equity
1,723,482
1,770,763
GRAY PROPERTY COMPANY LIMITED
Gray Property Company Limited
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
Mr T D Gray
Director
Company registration number 09583679 (England and Wales)
GRAY PROPERTY COMPANY LIMITED
Gray Property Company Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Gray Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Drake House, Gadbrook Park, Rudheath, Northwich, United Kingdom, CW9 7RA.
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” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Tangible fixed assets
No depreciation is provided on the freehold property as the directors consider the maintenance of the buildings is sufficient to ensure that residual value is not materially different from the current value with the result that any depreciation calculated would not be material.
1.4
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.
GRAY PROPERTY COMPANY LIMITED
Gray Property Company Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include 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.
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.5
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
1.6
Investment in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
GRAY PROPERTY COMPANY LIMITED
Gray Property Company Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 5 -
2
Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2023
2,185,000
Disposals
(770,000)
At 31 January 2024
1,415,000
Depreciation and impairment
At 1 February 2023 and 31 January 2024
465,000
Carrying amount
At 31 January 2024
950,000
At 31 January 2023
1,720,000
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
20,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 & 31 January 2024
20,000
Impairment
At 1 February 2023
-
Impairment losses
20,000
At 31 January 2024
20,000
Carrying amount
At 31 January 2024
-
At 31 January 2023
20,000
GRAY PROPERTY COMPANY LIMITED
Gray Property Company Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
9,647
Other debtors
65,581
131,187
75,228
131,187
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
9,646
Other creditors
21,433
104,000
31,079
104,000
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,000
4,000
7
Directors' transactions
Dividends totalling £0 (2023 - £0) were paid in the Period in respect of shares held by the company's directors.
During the year the Directors advanced £124,727 (2023: £169,000) to the Company and were repaid £294,308 (2023: £65,000). At 31 January 2024, the Directors owed £65,581 (2023: £104,000 (owed to Directors)) to the Company. A dividend of £37,000 will be paid within 9 months of the year end. S455 tax has been charged on the outstanding balance.