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Registered number: 10600932










BLACK AND GRAY HOLDINGS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2025

 
BLACK AND GRAY HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
S W Gray 
G B Blackiston 




Registered number
10600932



Registered office
7 The Close

Norwich

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
BLACK AND GRAY HOLDINGS LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 11


 
BLACK AND GRAY HOLDINGS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BLACK AND GRAY HOLDINGS LIMITED
FOR THE YEAR ENDED 31 JANUARY 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Black And Gray Holdings Limited for the year ended 31 January 2025 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Black And Gray Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 17 August 2023Our work has been undertaken solely to prepare for your approval the financial statements of Black And Gray Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Black And Gray Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Black And Gray Holdings Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Black And Gray Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Black And Gray Holdings Limited. You consider that Black And Gray Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Black And Gray Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
17 June 2025
Page 1

 
BLACK AND GRAY HOLDINGS LIMITED
REGISTERED NUMBER: 10600932

BALANCE SHEET
AS AT 31 JANUARY 2025

2025
2025
2024
2024
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
12,486
14,691

Investments
 5 
320,000
320,000

Investment property
 6 
1,066,673
1,066,673

  
1,399,159
1,401,364

Current assets
  

Debtors: amounts falling due within one year
 8 
15,889
5,979

Cash at bank and in hand
  
40,037
68,426

  
55,926
74,405

Creditors: amounts falling due within one year
 9 
(111,433)
(110,452)

Net current liabilities
  
 
 
(55,507)
 
 
(36,047)

Total assets less current liabilities
  
1,343,652
1,365,317

Creditors: amounts falling due after more than one year
 10 
(721,111)
(794,445)

Provisions for liabilities
  

Deferred tax
  
(3,121)
(3,672)

Net assets
  
619,420
567,200


Capital and reserves
  

Called up share capital 
 7 
102
102

Profit and loss account
 11 
619,318
567,098

  
619,420
567,200


Page 2

 
BLACK AND GRAY HOLDINGS LIMITED
REGISTERED NUMBER: 10600932
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 June 2025.



S W Gray
G B Blackiston
Director
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
BLACK AND GRAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Black and Gray Holdings Limited is a private company, limited by shares, incorporated and domiciled in England and Wales.  The registered office is 7 The Close, Norwich, NR1 4DJ.
The Company's principal activities are those of a holding company and the operation of three furnished holiday lets, and it's activities are undertaken in Cromer, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue comprises rents receivable from investment properties and income from fixed asset investments and is recognised on an accruals basis.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
BLACK AND GRAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Furnishings and equipment
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
BLACK AND GRAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.12

Financial instruments


The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the
Page 6

 
BLACK AND GRAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)


2.12
Financial instruments (continued)

present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.



Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2024 - 2).

Page 7

 
BLACK AND GRAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

4.


Tangible fixed assets





Furnishings and equipment

£



Cost


At 1 February 2024
21,184



At 31 January 2025

21,184



Depreciation


At 1 February 2024
6,494


Charge for the year on owned assets
2,204



At 31 January 2025

8,698



Net book value



At 31 January 2025
12,486



At 31 January 2024
14,690

Page 8

 
BLACK AND GRAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 February 2024
930,000



At 31 January 2025

930,000



Impairment


At 1 February 2024
610,000



At 31 January 2025

610,000



Net book value



At 31 January 2025
320,000



At 31 January 2024
320,000


6.


Investment property


Freehold investment property

£



Valuation


At 1 February 2024
1,066,673



At 31 January 2025
1,066,673

The 2025 valuations were made by the Directors on an open market value for existing use basis.




Page 9

 
BLACK AND GRAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

7.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



51 Ordinary 'X' shares of £1.00 each
51
51
51 Ordinary 'Y' shares of £1.00 each
51
51

102

102



8.


Debtors

2025
2024
£
£


Trade debtors
8,610
-

Amounts owed by joint ventures and associated undertakings
509
-

Prepayments and accrued income
6,770
5,979

15,889
5,979



9.


Creditors: Amounts falling due within one year

2025
2024
£
£

Other loan
73,333
73,333

Trade creditors
324
42

Amounts owed to group undertakings
14,435
21,196

Corporation tax
15,417
9,949

Other taxation and social security
4,340
2,529

Accruals and deferred income
3,584
3,403

111,433
110,452


The following liabilities were secured:




Details of security provided:



Page 10

 
BLACK AND GRAY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

10.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Other loan
721,111
794,445

721,111
794,445


The other loan of £721,111 (2024 - £794.445) is secured by a fixed charge over the property.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2025
2024
£
£


Repayable by instalments
427,778
501,111

427,778
501,111




11.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


12.Directors' personal guarantees

The directors have provided individual personal guarantees in respect of the outstanding loan balance.

 
Page 11