Registration number:
Grayton Limited
for the Year Ended 31 December 2024
Grayton Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Balance Sheet |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Grayton Limited
Company Information
Directors |
R Marshall ACIB C J Meale P O'Sullivan B.Sc Mech Eng R J Southee B.Eng-Hons, C.Eng MIMechE S Rizvi |
Registered office |
|
Auditors |
|
Grayton Limited
Strategic Report for the Year Ended 31 December 2024
The Directors present their strategic report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the Company is that of a mechanical engineering maintenance and engineering services to leading UK industrial companies. The company “Supports the companies that build Britain”.
Fair review of the business
The current year has seen a growth of 10% on 2023 which itself saw 10% growth in 2022. Clients continue to seek out Grayton’s engineering support to assist in managing and maintaining their essential plant.
Grayton’s Core sectors of business continue to be of Cement, Oil & Gas, Chemical, Steel and Food. In working with our Blue Chip clients we have found ways of servicing these key industries by collaborating on long term maintenance planning now using preventative maintenance rather than reactive. Since acquiring Richard James Engineering Ltd (RJE) the Group is now working with larger projects in a design and build capacity. This is enabling the client to de-risk and is proving to be a long-term strategy preferred by our clients. As a result of these challenges the business has grown stronger and is now looking into the future and planning maintenance and upgrades years in advance, where this has never been possible previously In December 2024 RD Capital Partners (RDCP), a diversified investment group, acquired 80% of the Grayton Group. This partnership marks the beginning of an exciting new chapter, bringing additional strength and stability to Grayton whilst preserving our core values and ethos.
Overheads have been well controlled highlighting the strong processes and controls in place.
The Directors are pleased with the results achieved and are grateful for the hard work and commitment of all employees, customers and key suppliers.
The investments seen by our client base strongly indicate their determination to “build back better”, to be more capable of supplying UK demand without the need for reliance on overseas imports, whilst also acknowledging that investment is required to produce energy savings and better use of renewable sources.
The Company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£ |
19,083,931 |
17,433,919 |
Turnover (fall) growth |
% |
9 |
10 |
Gross profit |
£ |
4,525,255 |
4,775,602 |
Gross profit margin |
% |
24 |
27 |
Profit before tax |
£ |
2,318,528 |
3,017,569 |
Net profit margin |
% |
12 |
17 |
Future Developments
The Directors continue to investigate further opportunities to grow the business and extend the range of mechanical services offered. The company received Grant funding to create a rotating equipment alignment team 3 years ago and this service now creates an opportunity to look years ahead with planning major capital expenditure projects. With Grayton now being involved in these early discussions the contract value increases to deal with Design, Fabrication, installation and commissioning.
The growing demand from our clients is for Design and Build solutions. With the works being undertaken to integrate RJE design with Grayton fabrication and installation, the group is set to capitalise on winning larger turnkey projects, which provide turnover and growth in traditionally quiet seasonal times.
As well as our traditional markets we are excited to be actively contracted to an increasing number of sustainability projects during 2024, including Carbon Capture and Bio-ethanol manufacture.
Approved and authorised by the
Grayton Limited
Strategic Report for the Year Ended 31 December 2024
......................................... |
Grayton Limited
Directors' Report for the Year Ended 31 December 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the Company
The Directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The financial risk management objectives of the directors are to ensure that the company has adequate cash flow to meet trading requirements. In order to meet these objectives the company uses financial instruments, other than derivatives, comprising cash, liquid resources and other items that arise directly from its operations such as trade debtors and trade creditors.
Price risk, credit risk, liquidity risk and cash flow risk
The business' principal financial instruments comprise of bank balances and an invoice discounting facility. The company operates these accordingly to balance the cashflow requirements of the company with the charges incurred by the facility available on trade debtors
Disclosure of information to the auditors
Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Grayton Limited
Statement of Directors' Responsibilities
The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Grayton Limited
Independent Auditor's Report to the Members of Grayton Limited
Opinion
We have audited the financial statements of Grayton Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Grayton Limited
Independent Auditor's Report to the Members of Grayton Limited
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of Directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of Directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• |
Discussions with management, including consideration of known or suspected instances of non-compliance |
• |
Challenging assumptions and judgements made within significant accounting estimates and judgements
|
• |
Identification of laws and regulations central to the Company's operations and review of compliance with such
|
• |
Testing of journal entries and potential override of systems. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Grayton Limited
Independent Auditor's Report to the Members of Grayton Limited
......................................
For and on behalf of
26 South St. Mary's Gate
North East Lincolnshire
DN31 1LW
Grayton Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
|
- |
|
129,206 |
259,871 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
4,125,297 |
2,652,045 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
3,125,286 |
4,125,297 |
Grayton Limited
(Registration number: 10436396)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
Grayton Limited
Statement of Cash Flows for the Year Ended 31 December 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
( |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in trade debtors |
|
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Dividend income |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Repayment of other borrowing |
( |
|
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
2,423,409 |
3,655,911 |
Grayton Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
General information |
The Company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements cover the individual entity, Grayton Limited.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
The Directors have made a number of judgements in applying the Company's accounting policies, the most significant of which is in relation to contract revenue and determining the stage of completion of such contracts. The measurement and recognition of amounts recoverable on contracts is closely controlled by the Directors' and involves judgements made using the years of experience and knowledge of the industry held. |
Key sources of estimation uncertainty
There is a degree of estimation uncertainty exercised in valuing amounts recoverable on long term contracts. These are discussed in the judgements accounting policy above.
Other areas within the financial statements that are affected by estimation uncertainty are debtor recoverability and the valuation of fixed assets. These estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Grayton Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Government grants
Government grants which become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised as income in the period in which they become receivable.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% Straight line |
Plant and machinery |
25% Straight line |
Computer equipment |
33% Straight line |
Motor vehicles Non-Electric |
25% Straight line |
Motor vehicles Electric |
33% Straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Company in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Grayton Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Grayton Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the Company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Other operating income |
The analysis of the Company's other operating income for the year is as follows:
2024 |
2023 |
|
Grant income |
|
|
Included within grant income is £83,503 (2023: £74,917) relating to HETA, ECITB Grant and Local Colleges.
Grayton Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Operating lease expense - property |
|
|
Operating lease expense - plant and machinery including cranage |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Exceptional costs relating to the sale of the company |
97,863 |
- |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Dividend income |
|
|
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Foreign exchange (gains) / losses |
( |
- |
Staff costs |
The aggregate payroll costs (including Directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production |
|
|
Administration and support |
|
|
Sales |
|
|
|
|
Grayton Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Directors' remuneration |
The Directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
141,369 |
202,631 |
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
- |
( |
575,543 |
651,565 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Decrease from effect of different UK tax rates on some earnings |
- |
( |
Effect of revenues exempt from taxation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Total tax charge |
|
|
Grayton Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Other tangible assets |
Total |
|
Cost or valuation |
|||||
At 1 January 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
( |
( |
( |
At 31 December 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
( |
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Grayton Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2024 |
|
Provision |
|
Carrying amount |
|
At 31 December 2024 |
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At 31 December 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
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Subsidiary undertakings |
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|
Stanley House,
England |
|
|
|
Subsidiary undertakings |
Richard James Engineering Limited The principal activity of Richard James Engineering Limited is |
Stocks |
2024 |
2023 |
|
Other inventories |
|
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Grayton Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
- |
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Accrued income |
|
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
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Loans and borrowings |
- |
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
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Other payables |
|
|
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Accruals |
|
|
|
Income tax liability |
245,543 |
387,291 |
|
Gross amount due to customers for contract work |
|
|
|
|
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Provisions for liabilities |
Deferred tax |
Total |
|
At 1 January 2024 |
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Increase (decrease) in existing provisions |
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At 31 December 2024 |
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Grayton Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Pension and other schemes |
Defined contribution pension scheme
The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
211 |
|
211 |
|
|
214 |
|
214 |
|
|
91 |
|
91 |
|
|
91 |
|
91 |
|
|
|
|
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions:
Full voting and participations rights with no restriction on distribution of dividends or repayment of capital.
Reserves |
Called up share capital
Called up share capital comprises of the value of issued share capital at par.
Share premium
The share premium includes any premium received on the issue of share capital net of any associated transaction costs with the issuing of shares.
Profit and loss account
The profit and loss account consists of profits made by the company attributable to the shareholders of the company.
Grayton Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Loans and borrowings |
2024 |
2023 |
|
Current loans and borrowings |
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Hire purchase contracts |
- |
|
Other borrowings |
- |
|
- |
|
Secured other borrowings
Finance lease liabilities with a carrying amount of £Nil (2023 - £1,377) are denominated in sterling.
Amounts owing under finance lease liabilities are secured on the assets to which they relate.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Key management compensation
2024 |
2023 |
|
Salaries and other short term employee benefits |
|
|
The company has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidiary which is a related party to the transaction is wholly owned by the group.