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Company No: 14298144 (England and Wales)

GRAYPOLE LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

GRAYPOLE LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

GRAYPOLE LTD

BALANCE SHEET

As at 31 August 2024
GRAYPOLE LTD

BALANCE SHEET (continued)

As at 31 August 2024
Note 31.08.2024 31.08.2023
£ £
Fixed assets
Tangible assets 3 29,991 544
29,991 544
Current assets
Stocks 4 60,218 49,359
Debtors 5 17,751 29,524
Cash at bank and in hand 9,964 9,051
87,933 87,934
Creditors: amounts falling due within one year 6 ( 105,551) ( 57,260)
Net current (liabilities)/assets (17,618) 30,674
Total assets less current liabilities 12,373 31,218
Provision for liabilities 7 ( 7,495) ( 136)
Net assets 4,878 31,082
Capital and reserves
Called-up share capital 100 100
Profit and loss account 4,778 30,982
Total shareholders' funds 4,878 31,082

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Graypole Ltd (registered number: 14298144) were approved and authorised for issue by the Board of Directors on 17 March 2025. They were signed on its behalf by:

R I M Gordon
Director
GRAYPOLE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
GRAYPOLE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Graypole Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is New Park, Stammery Hill, Axminster, Devon, EX13 5UQ.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 4 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Work in progress is stated at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.08.2024
Period from
16.08.2022 to
31.08.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 September 2023 573 0 0 573
Additions 17,600 11,250 3,538 32,388
At 31 August 2024 18,173 11,250 3,538 32,961
Accumulated depreciation
At 01 September 2023 29 0 0 29
Charge for the financial year 1,576 1,172 193 2,941
At 31 August 2024 1,605 1,172 193 2,970
Net book value
At 31 August 2024 16,568 10,078 3,345 29,991
At 31 August 2023 544 0 0 544

4. Stocks

31.08.2024 31.08.2023
£ £
Work in progress 60,218 49,359

5. Debtors

31.08.2024 31.08.2023
£ £
Trade debtors 1,177 0
Corporation tax 3,334 0
Other debtors 13,240 29,524
17,751 29,524

6. Creditors: amounts falling due within one year

31.08.2024 31.08.2023
£ £
Trade creditors 58,292 30,505
Corporation tax 0 12,141
Other taxation and social security 6,368 3,038
Other creditors 40,891 11,576
105,551 57,260

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

31.08.2024 31.08.2023
£ £
Deferred tax 7,495 136

8. Related party transactions

Transactions with the entity's directors

The Directors' loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 per director at the official HMRC rates.

At 01 September 2023, the balance owed by the directors was £100. During the year, £18,100 was advanced to the directors, and £39,227 was repaid by the directors. The balance owed by the company to the directors as at 31 August 2024 was £21,027.

At 16 August 2022, the balance was £nil. During the year, £1000 was advanced to the directors, and £nil was repaid by the directors. The balance owed to the company by the directors as at 31 August 2023 was £100.