Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activity12122023-04-01falsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01333489 2023-04-01 2024-03-31 01333489 2022-04-01 2023-03-31 01333489 2024-03-31 01333489 2023-03-31 01333489 c:Director4 2023-04-01 2024-03-31 01333489 d:PlantMachinery 2023-04-01 2024-03-31 01333489 d:PlantMachinery 2024-03-31 01333489 d:PlantMachinery 2023-03-31 01333489 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01333489 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01333489 d:MotorVehicles 2023-04-01 2024-03-31 01333489 d:MotorVehicles 2024-03-31 01333489 d:MotorVehicles 2023-03-31 01333489 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01333489 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01333489 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01333489 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01333489 d:CurrentFinancialInstruments 2024-03-31 01333489 d:CurrentFinancialInstruments 2023-03-31 01333489 d:Non-currentFinancialInstruments 2024-03-31 01333489 d:Non-currentFinancialInstruments 2023-03-31 01333489 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01333489 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01333489 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 01333489 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 01333489 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 01333489 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 01333489 d:ShareCapital 2024-03-31 01333489 d:ShareCapital 2023-03-31 01333489 d:RetainedEarningsAccumulatedLosses 2024-03-31 01333489 d:RetainedEarningsAccumulatedLosses 2023-03-31 01333489 c:FRS102 2023-04-01 2024-03-31 01333489 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01333489 c:FullAccounts 2023-04-01 2024-03-31 01333489 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01333489 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 01333489 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 01333489 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 01333489 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 01333489 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01333489 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01333489 2 2023-04-01 2024-03-31 01333489 6 2023-04-01 2024-03-31 01333489 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 01333489 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 01333489 d:LeasedAssetsHeldAsLessee 2024-03-31 01333489 d:LeasedAssetsHeldAsLessee 2023-03-31 01333489 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01333489










GREYREAD LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GREYREAD LIMITED
REGISTERED NUMBER: 01333489

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
98,241
257,810

Investments
 5 
100,000
100,000

  
198,241
357,810

Current assets
  

Stocks
 6 
330,852
832,834

Debtors: amounts falling due within one year
 7 
681,816
1,808,165

Cash at bank and in hand
 8 
4,533
44,452

  
1,017,201
2,685,451

Creditors: amounts falling due within one year
 9 
(1,606,500)
(2,724,458)

Net current liabilities
  
 
 
(589,299)
 
 
(39,007)

Total assets less current liabilities
  
(391,058)
318,803

Creditors: amounts falling due after more than one year
 10 
(693,114)
(130,187)

Provisions for liabilities
  

Deferred tax
 13 
-
(8,028)

  
 
 
-
 
 
(8,028)

Net (liabilities)/assets
  
(1,084,172)
180,588


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
(1,094,172)
170,588

  
(1,084,172)
180,588


Page 1

 
GREYREAD LIMITED
REGISTERED NUMBER: 01333489

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 March 2025.




M E Firth
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
GREYREAD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Greyread Limited is a private limited company incorporated in England and Wales. The Registered Office is Kingsridge House, 601 London Road, Westcliff on Sea, Essex SS0 9PE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company had a deficit on shareholders' funds at 31 March 2024 of £1,084,172. However, the director is of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. 
The company has various development sites on which a final decision is being awaited and the director is confident that with successful appropriation of these sites, it will enable the company to continue to trade.
In the light of this factor, the director considers it appropriate to adopt the going concern basis in preparation of these financial statements.

Page 3

 
GREYREAD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
GREYREAD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
GREYREAD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Plant and machinery
-
20% Reducing balance
Motor vehicles
-
25% Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
GREYREAD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).

Page 7

 
GREYREAD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
249,030
362,617
611,647


Additions
2,333
-
2,333


Disposals
(182,831)
(218,338)
(401,169)



At 31 March 2024

68,532
144,279
212,811



Depreciation


At 1 April 2023
196,159
157,678
353,837


Charge for the year on owned assets
10,678
5,136
15,814


Charge for the year on financed assets
-
37,311
37,311


Disposals
(161,511)
(130,882)
(292,393)



At 31 March 2024

45,326
69,243
114,569



Net book value



At 31 March 2024
23,206
75,036
98,242



At 31 March 2023
52,871
204,939
257,810

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
104,272
162,067

104,272
162,067

Page 8

 
GREYREAD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
100,000



At 31 March 2024
100,000





6.


Stocks

2024
2023
£
£

Work in progress (goods to be sold)
330,852
832,834



7.


Debtors

2024
2023
£
£


Trade debtors
21,852
23,689

Amounts owed by connected companies
563,112
1,707,558

Other debtors
83,226
36,892

Prepayments and accrued income
13,626
40,026

681,816
1,808,165



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,533
44,452


Page 9

 
GREYREAD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,205
9,953

Other loans
200,000
550,000

Trade creditors
540,912
226,432

Amounts owed to connected companies
568,640
1,834,781

Corporation tax
-
3,377

Other taxation and social security
458
32,480

Obligations under finance lease and hire purchase contracts
21,021
38,262

Other creditors
202,064
4,443

Accruals and deferred income
63,200
24,730

1,606,500
2,724,458



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,206
22,411

Other loans
597,949
-

Net obligations under finance leases and hire purchase contracts
82,959
107,776

693,114
130,187


The following liabilities were secured:

2024
2023
£
£



Net obligations under finance leases and hire purchase contracts
103,980
146,037

Details of security provided:

Lease and hire purchase debt is secured against the relevant asset.

Page 10

 
GREYREAD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,205
9,953

Other loans
200,000
550,000

Amounts falling due 1-2 years

Bank loans
12,206
22,411

Other loans
597,949
-



820,360
582,364



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
25,123
45,238

Between 1-5 years
22,519
51,436

47,642
96,674


13.


Deferred taxation




2024


£






At beginning of year
(8,028)


Charged to profit or loss
8,028



At end of year
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(8,028)

-
(8,028)

Page 11

 
GREYREAD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £698 (2023 - £536). Contributions totalling £Nil (2023 - £1,905) were payable to the fund at the balance sheet date and are included in creditors.


15.


Related party transactions

The company is controlled by M A Firth and M E Firth. At 31 March 2024 there were balances with companies under common control as follows: 
Debtors £563,112 (2023 - £1,707,558)
Creditors £568,640 (2023 - £1,834,781)


Page 12