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Registration number: 04512989

Gresham Blake Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

image-name
 

Gresham Blake Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Gresham Blake Limited

Company Information

Directors

Mrs Falguni Dwarkadas Blake

Mr Gresham James Blake

Company secretary

Mr Gresham James Blake

Registered office

Gresham Blake
20 Bond Street
Brighton
East Sussex
BN1 1RD

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ

 

Gresham Blake Limited

(Registration number: 04512989)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

64,647

Tangible assets

6

174,963

145,128

 

174,963

209,775

Current assets

 

Stocks

7

682,906

912,366

Debtors

8

192,341

266,012

Cash at bank and in hand

 

205,829

97,389

 

1,081,076

1,275,767

Creditors: Amounts falling due within one year

9

(859,292)

(1,107,309)

Net current assets

 

221,784

168,458

Total assets less current liabilities

 

396,747

378,233

Creditors: Amounts falling due after more than one year

9

(83,962)

(71,071)

Provisions for liabilities

(27,466)

(35,011)

Net assets

 

285,319

272,151

Capital and reserves

 

Called up share capital

10

143

143

Share premium reserve

59,976

59,976

Profit and loss account

225,200

212,032

Shareholders' funds

 

285,319

272,151

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Gresham Blake Limited

(Registration number: 04512989)
Balance Sheet as at 31 January 2024

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mrs Falguni Dwarkadas Blake
Director

.........................................
Mr Gresham James Blake
Company secretary and director

 

Gresham Blake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Gresham Blake
20 Bond Street
Brighton
East Sussex
BN1 1RD

These financial statements were authorised for issue by the Board on 29 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Key sources of estimation uncertainty

The key estimation made in preparing the accounts is the recoverable amount of the stock held for retail sales. Economic climate and changes in consumer taste may impact upon the stock carrying value. The carrying amount is £Nil (2023 -£Nil).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Gresham Blake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% - reducing balance

Fixtures and furniture

25% - reducing balance

Short leasehold property

over term of leases

Office equipment

20% -straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software costs

20% - straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Gresham Blake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Gresham Blake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 13).

 

Gresham Blake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

26,289

47,931

5

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 February 2023

119,647

119,647

Disposals

(64,647)

(64,647)

At 31 January 2024

55,000

55,000

Amortisation

At 1 February 2023

55,000

55,000

At 31 January 2024

55,000

55,000

Carrying amount

At 31 January 2024

-

-

At 31 January 2023

64,647

64,647

 

Gresham Blake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

194,821

382,875

114,065

691,761

Additions

45,402

10,722

-

56,124

At 31 January 2024

240,223

393,597

114,065

747,885

Depreciation

At 1 February 2023

194,821

323,296

28,516

546,633

Charge for the year

-

16,782

9,507

26,289

At 31 January 2024

194,821

340,078

38,023

572,922

Carrying amount

At 31 January 2024

45,402

53,519

76,042

174,963

At 31 January 2023

-

59,579

85,549

145,128

Included within the net book value of land and buildings above is £45,403 (2023 - £Nil) in respect of short leasehold land and buildings.
 

7

Stocks

2024
£

2023
£

Raw materials and consumables

106,216

30,000

Production supplies

23,525

10,000

Work in progress

403,165

663,721

Finished goods and goods for resale

150,000

208,645

682,906

912,366

 

Gresham Blake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

15,772

171,282

Amounts owed by related parties

12

10,686

-

Prepayments

 

89,265

25,141

Other debtors

 

76,618

69,589

   

192,341

266,012

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

36,634

25,261

Trade creditors

 

126,322

187,121

Taxation and social security

 

131,782

130,803

Accruals and deferred income

 

175,572

327,808

Other creditors

 

388,982

436,316

 

859,292

1,107,309

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

83,962

71,071

 

83,962

71,071

 

Gresham Blake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Shares of £1 each

100

100

100

100

Ordinary B Shares of £1 each

31

31

31

31

Ordinary C shares of £1 each

12

12

12

12

 

143

143

143

143

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

51,311

24,723

Hire purchase contracts

32,651

46,348

83,962

71,071

2024
£

2023
£

Current loans and borrowings

Bank borrowings

21,297

10,118

Hire purchase contracts

13,668

12,767

Other borrowings

1,669

2,376

36,634

25,261

 

Gresham Blake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

12

Related party transactions

Transactions with directors

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,192

110,619

Contributions paid to money purchase schemes

34,107

26,345

52,299

136,964

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

-

2