Registered number
11457678
Graylok Ltd
Filleted Accounts
31 December 2024
Graylok Ltd
Registered number: 11457678
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 169,777 193,098
Current assets
Stocks 77,000 77,000
Debtors 4 112,046 142,876
Cash at bank and in hand 123,768 120,033
312,814 339,909
Creditors: amounts falling due within one year 5 (333,888) (333,317)
Net current (liabilities)/assets (21,074) 6,592
Total assets less current liabilities 148,703 199,690
Creditors: amounts falling due after more than one year 6 (224,786) (19,092)
Provisions for liabilities - (31,232)
Net (liabilities)/assets (76,083) 149,366
Capital and reserves
Called up share capital 10 10
Profit and loss account (76,093) 149,356
Shareholder's funds (76,083) 149,366
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Daniel Kin Leung Chu
Director
Approved by the board on 19 March 2025
Graylok Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
During the financial year, the company undertook extensive renovation work at its restaurant, which temporarily impacted trading levels and cash flow. The renovations were a strategic investment aimed at enhancing the customer experience and increasing operational efficiency. Following the completion of these improvements, the company has returned to strong trading performance, with no further major capital expenditures planned in the foreseeable future. The directors are confident that the enhanced facilities, combined with steady demand, will allow the company to meet its financial obligations as they fall due. Based on financial projections and current trading conditions, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. As such, the financial statements have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods which is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Reducing balance method
Motor vehicles 20% Reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 35 35
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 171,144 57,203 228,347
Additions 23,377 - 23,377
At 31 December 2024 194,521 57,203 251,724
Depreciation
At 1 January 2024 13,196 22,053 35,249
Charge for the year 36,394 10,304 46,698
At 31 December 2024 49,590 32,357 81,947
Net book value
At 31 December 2024 144,931 24,846 169,777
At 31 December 2023 157,948 35,150 193,098
4 Debtors 2024 2023
£ £
Trade debtors 102,099 -
Other debtors 9,947 142,876
112,046 142,876
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 120,000 -
Obligations under finance lease and hire purchase contracts 2,306 2,306
Trade creditors 92,343 274,302
Taxation and social security costs 51,224 1,857
Other creditors 68,015 54,852
333,888 333,317
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 208,000 -
Obligations under finance lease and hire purchase contracts 16,786 19,092
224,786 19,092
7 Other information
Graylok Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Lincoln Square
Manchester
England
M2 5LN
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