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COMPANY REGISTRATION NUMBER: 08324562
Gray & Sons Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Gray & Sons Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
632
Current assets
Stocks
2,208,950
1,020,257
Debtors
6
121,424
114,157
Cash at bank and in hand
7,915
19,696
-------------
-------------
2,338,289
1,154,110
Creditors: amounts falling due within one year
7
793,955
808,959
-------------
-------------
Net current assets
1,544,334
345,151
-------------
----------
Total assets less current liabilities
1,544,966
345,151
Creditors: amounts falling due after more than one year
8
2,087,337
775,459
-------------
----------
Net liabilities
( 542,371)
( 430,308)
-------------
----------
Gray & Sons Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 542,471)
( 430,408)
----------
----------
Shareholders funds
( 542,371)
( 430,308)
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 June 2025 , and are signed on behalf of the board by:
Mr C Gray
Director
Company registration number: 08324562
Gray & Sons Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares. The address of the registered office is 52 Ashbourne Drive, Pontefract, Wakefield, WF8 3RA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity .
(b) Going concern
The company is in a net liabilities position of £542,371 at the balance sheet date, including loans from the directors, which amounted to £484,534 at 31 March 2024. The directors have confirmed that in their opinion the company has access to sufficient funds and resources to continue normal trading operations trading operations. The directors have confirmed that the level of additional finance and the terms under which this finance is provided are sufficient and at such a level that the company can meet all obligations as they fall due and complete all ongoing projects in line with agreed budgets and timings. On this basis the accounts are prepared on a going concern basis.
(c) Revenue recognition
Revenue from the sale of completed properties is recognised at completion of the sales. Revenue from other constructions services and related services is recognised on completion of the individual projects.
(d) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Depreciation
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 & Machinery
-
20% straight line
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
25% straight line
Equipment
-
25% straight line
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(h) Stocks
Stocks and Work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, attributable labour costs and other costs incurred in bringing the stock to its present location and condition.
(i) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities .
(j) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
16,662
1,415
23,866
4,413
46,356
Additions
843
843
--------
-------
--------
-------
--------
At 31 March 2024
16,662
1,415
23,866
5,256
47,199
--------
-------
--------
-------
--------
Depreciation
At 1 April 2023
16,662
1,415
23,866
4,413
46,356
Charge for the year
211
211
--------
-------
--------
-------
--------
At 31 March 2024
16,662
1,415
23,866
4,624
46,567
--------
-------
--------
-------
--------
Carrying amount
At 31 March 2024
632
632
--------
-------
--------
-------
--------
At 31 March 2023
--------
-------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
23,369
22,869
Other debtors
98,055
91,288
----------
----------
121,424
114,157
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
12,163
10,900
Trade creditors
88,358
110,342
Social security and other taxes
7,995
2,256
Other creditors
685,439
685,461
----------
----------
793,955
808,959
----------
----------
Certain borrowings of the company are secured by a charge over the assets of the company and personal guarantees by the directors
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
1,626,994
380,273
Other Loans
460,343
395,186
-------------
----------
2,087,337
775,459
-------------
----------
Certain borrowings of the company are secured by a charge over the assets of the company and personal guarantees by the directors.
9. Related party transactions
During the year the director made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to the director totalled £ 484,534 (2023 - £484,021).