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REGISTERED NUMBER: SC015071 (Scotland)












Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Gray & Pringle Limited

Gray & Pringle Limited (Registered number: SC015071)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gray & Pringle Limited

Company Information
for the Year Ended 30 September 2024







DIRECTOR: R Reekie





SECRETARY: R Reekie





REGISTERED OFFICE: Station Road
Anstruther
Fife
KY10 3JA





REGISTERED NUMBER: SC015071 (Scotland)





ACCOUNTANTS: Henderson Black & Co
Chartered Accountants
28 Rodger Street
Anstruther
Fife
KY10 3DU

Gray & Pringle Limited (Registered number: SC015071)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 53,691 35,324
Investments 5 1,100 1,100
54,791 36,424

CURRENT ASSETS
Stocks 300,000 240,000
Debtors 6 737,224 1,493,114
Cash at bank and in hand 2,070,784 1,569,843
3,108,008 3,302,957
CREDITORS
Amounts falling due within one year 7 464,278 453,564
NET CURRENT ASSETS 2,643,730 2,849,393
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,698,521

2,885,817

PROVISIONS FOR LIABILITIES 2,011 8,831
NET ASSETS 2,696,510 2,876,986

CAPITAL AND RESERVES
Called up share capital 4,056 4,056
Capital redemption reserve 3,744 3,744
Retained earnings 2,688,710 2,869,186
SHAREHOLDERS' FUNDS 2,696,510 2,876,986

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Gray & Pringle Limited (Registered number: SC015071)

Balance Sheet - continued
30 September 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 February 2025 and were signed by:





R Reekie - Director


Gray & Pringle Limited (Registered number: SC015071)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Gray & Pringle Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are to be relevant. Actual results may differ from these estimates. In preparing these financial statements, the director has made the following judgements:

Accruals
The director estimates the requirements for accruals using post year end information. This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Gray & Pringle Limited (Registered number: SC015071)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

Investments
Fixed Asset Investments are unlisted and are stated at cost unless, in the opinion of the directors, there has been an impairment, in which case an appropriate adjustment is made.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Gray & Pringle Limited (Registered number: SC015071)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including 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
Basic financial liabilities
Basic financial liabilities, including creditors, 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 and 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, recognised at transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Motor Computer
improvements fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 55,909 48,657 103,376 1,994 209,936
Additions - - 48,051 - 48,051
Disposals - - (29,335 ) - (29,335 )
At 30 September 2024 55,909 48,657 122,092 1,994 228,652
DEPRECIATION
At 1 October 2023 55,908 43,571 73,232 1,901 174,612
Charge for year - 764 16,455 89 17,308
Eliminated on disposal - - (16,959 ) - (16,959 )
At 30 September 2024 55,908 44,335 72,728 1,990 174,961
NET BOOK VALUE
At 30 September 2024 1 4,322 49,364 4 53,691
At 30 September 2023 1 5,086 30,144 93 35,324

Gray & Pringle Limited (Registered number: SC015071)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2023
and 30 September 2024 1,100
NET BOOK VALUE
At 30 September 2024 1,100
At 30 September 2023 1,100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 716,292 619,287
Other debtors 20,932 873,827
737,224 1,493,114

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 188,701 208,480
Taxation and social security 265,106 236,301
Other creditors 10,471 8,783
464,278 453,564

8. RELATED PARTY DISCLOSURES

The company trades from a site in Station Road, owned by a company in which the director, Mr Robert Reekie is a director and shareholder. The company has rented the site since 1 October 2008, the rent paid during the year was £55,000 (2023 £48,000).

Included within other debtors in 2023 were loans advanced to two companies owned by the director, interest has been charged at the Bank of England base rate. During the year the company forgave a loan of £285,066 to R & K Holiday Properties Ltd and a loan of £503,991 to R & K Properties Ltd.