Company Registration No. 9296930 (England and Wales)
Gregory's Water Services Ltd
Unaudited accounts
for the year ended 30 November 2024
Gregory's Water Services Ltd
Unaudited accounts
Contents
Gregory's Water Services Ltd
Company Information
for the year ended 30 November 2024
Company Number
9296930 (England and Wales)
Registered Office
3 Albert Close
Ottery st Mary
Exeter
Devon
EX11 1GR
Accountants
Mrs Catherine Flannery, FMAAT, FCCA, BSc (Hons)
South Devon Accounting Ltd
6 Orchard Close
Ogwell
Newton Abbot
TQ12 6AL
Gregory's Water Services Ltd
Statement of financial position
as at 30 November 2024
Tangible assets
481,995
574,335
Cash at bank and in hand
8,473
35,748
Creditors: amounts falling due within one year
(328,885)
(235,902)
Net current liabilities
(13,558)
(77,108)
Total assets less current liabilities
468,437
497,227
Creditors: amounts falling due after more than one year
(371,516)
(406,900)
Provisions for liabilities
Deferred tax
(60,546)
(77,168)
Called up share capital
2
2
Profit and loss account
36,373
13,157
Shareholders' funds
36,375
13,159
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 March 2025 and were signed on its behalf by
Mr Paul Gregory
Director
Company Registration No. 9296930
Gregory's Water Services Ltd
Notes to the Accounts
for the year ended 30 November 2024
Gregory's Water Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 9296930. The registered office is 3 Albert Close, Ottery st Mary, Exeter, Devon, EX11 1GR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Revenue represents amounts chargeable to clients for professional services provided during the year, net of any sales tax. Services to clients, which at the balance sheet date have not been billed, have been recognised as revenue. Revenue is recognised by reference to an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the company.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% Reducing Balance Basis
Motor vehicles
20% Reducing Balance Basis
Fixtures & fittings
10% Reducing Balance Basis
Computer equipment
20% Reducing Balance Basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Gregory's Water Services Ltd
Notes to the Accounts
for the year ended 30 November 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 December 2023
174,537
631,064
3,323
20,159
829,083
Additions
2,550
30,000
389
607
33,546
Disposals
-
(34,747)
-
-
(34,747)
At 30 November 2024
177,087
626,317
3,712
20,766
827,882
At 1 December 2023
44,501
200,720
1,493
8,034
254,748
Charge for the year
13,259
87,621
222
2,546
103,648
On disposals
-
(12,509)
-
-
(12,509)
At 30 November 2024
57,760
275,832
1,715
10,580
345,887
At 30 November 2024
119,327
350,485
1,997
10,186
481,995
At 30 November 2023
130,036
430,344
1,830
12,125
574,335
Amounts falling due within one year
Trade debtors
229,723
37,850
Accrued income and prepayments
379
600
Gregory's Water Services Ltd
Notes to the Accounts
for the year ended 30 November 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
99,088
35,000
Obligations under finance leases and hire purchase contracts
127,051
132,134
Trade creditors
91,406
30,595
Taxes and social security
17,032
42,834
Other creditors
2,582
3,804
Loans from directors
(9,224)
(9,365)
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
223,989
352,128
8
Average number of employees
During the year the average number of employees was 23 (2023: 22).