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Registered number: 07004755
Grey's Electrical Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Poole Associates Limited t/a Poole & Co
Chartered Certified Accountants
6a George Street
Hockley
Nottingham
NG1 3BE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07004755
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 27,127 36,168
Investments 5 32,428 31,357
59,555 67,525
CURRENT ASSETS
Stocks 6 75,758 70,008
Debtors 7 49,641 47,344
Cash at bank and in hand 65,269 92,408
190,668 209,760
Creditors: Amounts Falling Due Within One Year 8 (102,224 ) (97,689 )
NET CURRENT ASSETS (LIABILITIES) 88,444 112,071
TOTAL ASSETS LESS CURRENT LIABILITIES 147,999 179,596
Creditors: Amounts Falling Due After More Than One Year 9 (29,172 ) (42,580 )
NET ASSETS 118,827 137,016
CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 13 6,769 6,769
Profit and Loss Account 111,958 130,147
SHAREHOLDERS' FUNDS 118,827 137,016
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Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Grey
Director
31/07/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Grey's Electrical Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07004755 . The registered office is 445 Aspley Lane, Aspley, Nottingham, Nottinghamshire, NG8 5RR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. 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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% reducing balance
Fixtures & Fittings 15% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 November 2023 44,343 10,364 54,707
As at 31 October 2024 44,343 10,364 54,707
Depreciation
As at 1 November 2023 11,086 7,453 18,539
Provided during the period 8,314 727 9,041
As at 31 October 2024 19,400 8,180 27,580
Net Book Value
As at 31 October 2024 24,943 2,184 27,127
As at 1 November 2023 33,257 2,911 36,168
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5. Investments
Unlisted
£
Cost
As at 1 November 2023 31,357
Revaluations 1,071
As at 31 October 2024 32,428
Provision
As at 1 November 2023 -
As at 31 October 2024 -
Net Book Value
As at 31 October 2024 32,428
As at 1 November 2023 31,357
6. Stocks
2024 2023
£ £
Finished goods 75,758 70,008
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 37,707 35,410
Prepayments and accrued income 4,327 4,327
Other debtors 2,800 2,800
Corporation tax recoverable assets 4,807 4,807
49,641 47,344
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,463 9,425
Trade creditors 51,950 55,460
Bank loans and overdrafts 14,807 10,020
Corporation tax 4,557 -
Other taxes and social security 3,234 3,214
VAT 16,751 16,108
Other creditors 1,117 1,117
Accruals and deferred income 2,345 2,345
102,224 97,689
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,838 25,982
Bank loans 8,334 16,598
29,172 42,580
10. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 6,785 6,785
Later than one year and not later than five years 3,987 10,742
10,772 17,527
13. Reserves
Revaluation Reserve
£
As at 1 November 2023 6,769
As at 31 October 2024 6,769
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