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REGISTERED NUMBER: 03398766 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Grays of Norwich Limited

Grays of Norwich Limited (Registered number: 03398766)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Grays of Norwich Limited (Registered number: 03398766)

Balance Sheet
31 July 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 5 - -
Investments 6 3,940,071 3,689,487
3,940,071 3,689,487

Current assets
Stocks 3,166,924 3,034,726
Debtors 7 30,371 36,888
Cash at bank and in hand 1,410,145 1,572,686
4,607,440 4,644,300
Creditors
Amounts falling due within one year 8 (138,053 ) (200,564 )
Net current assets 4,469,387 4,443,736
Total assets less current liabilities 8,409,458 8,133,223

Provisions for liabilities (66,351 ) -
Net assets 8,343,107 8,133,223

Capital and reserves
Called up share capital 1,000 1,000
Share premium 2,805,100 2,805,100
Retained earnings 5,537,007 5,327,123
8,343,107 8,133,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Grays of Norwich Limited (Registered number: 03398766)

Balance Sheet - continued
31 July 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2025 and were signed on its behalf by:





Mr L A Gray - Director


Grays of Norwich Limited (Registered number: 03398766)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. Statutory information

Grays of Norwich Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03398766

Registered office: 43a Taverham Road
Taverham
Norwich
Norfolk
NR8 6SE

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


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Tangible fixed assets
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery etc - 33% on cost

Grays of Norwich Limited (Registered number: 03398766)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


3. Accounting policies - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Financial instruments
Listed investments are recognised at market value.

Other loans are recognised at net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

4. Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

Grays of Norwich Limited (Registered number: 03398766)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


5. Tangible fixed assets
Computer
equipment
£
Cost
At 1 August 2023
and 31 July 2024 2,649
Depreciation
At 1 August 2023
and 31 July 2024 2,649
Net book value
At 31 July 2024 -
At 31 July 2023 -

6. Fixed asset investments

2024 2023
£ £
Other investments not loans 3,772,871 3,431,781
Other loans 167,200 257,706
3,940,071 3,689,487

Additional information is as follows:
Other
investments
£
Cost or valuation
At 1 August 2023 3,431,781
Additions 28,399
Revaluations 312,691
At 31 July 2024 3,772,871
Net book value
At 31 July 2024 3,772,871
At 31 July 2023 3,431,781

Grays of Norwich Limited (Registered number: 03398766)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


6. Fixed asset investments - continued

Cost or valuation at 31 July 2024 is represented by:

Other
investments
£
Valuation in 2017 15,204
Valuation in 2018 73,747
Valuation in 2019 59,892
Valuation in 2020 (105,580 )
Valuation in 2021 298,349
Valuation in 2022 (124,085 )
Valuation in 2023 16,008
Valuation in 2024 312,692
Cost 3,226,644
3,772,871
Other loans
£
At 1 August 2023 257,706
New in year 225,765
Repayment in year (310,594 )
Other movement (5,677 )
At 31 July 2024 167,200

7. Debtors: amounts falling due within one year
2024 2023
£ £
Other debtors 30,371 36,888

8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 11,430 110,702
Taxation and social security 45,382 38,305
Other creditors 81,241 51,557
138,053 200,564

9. Other financial commitments

At the year end there was a legal agreement in place for the sale of two of the rental units. Contracts were exchanged for a completion date no more than one year from the balance sheet date.

Grays of Norwich Limited (Registered number: 03398766)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


10. Ultimate controlling party

Mr L A & Mrs M J Gray are the ultimate controlling parties.