REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
Grays of Norwich Limited |
REGISTERED NUMBER: |
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 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Retained earnings |
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 were approved by the Board of Directors and authorised for issue on |
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 |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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 |
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 |
Depreciation |
At 1 August 2023 |
and 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
6. | Fixed asset investments |
2024 | 2023 |
£ | £ |
Other investments not loans |
Other loans |
Additional information is as follows: |
Other |
investments |
£ |
Cost or valuation |
At 1 August 2023 |
Additions |
Revaluations |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
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 |
New in year |
Repayment in year | ( |
) |
Other movement | ( |
) |
At 31 July 2024 |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
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. |