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Registration number: SC629739

James Gray Engineering Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 August 2023 to 31 December 2024

 

James Gray Engineering Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

James Gray Engineering Ltd

Company Information

Directors

Mr RB Samuels

Mr M Fionda

Registered office

Aurora
120 Bothwell Street
Glasgow
G2 7JS

 

James Gray Engineering Ltd

(Registration number: SC629739)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

38,799

13,622

Tangible assets

5

65,584

93,252

 

104,383

106,874

Current assets

 

Debtors

6

50,455

114,913

Cash at bank and in hand

 

18,399

139,708

 

68,854

254,621

Creditors: Amounts falling due within one year

7

(100,183)

(159,951)

Net current (liabilities)/assets

 

(31,329)

94,670

Total assets less current liabilities

 

73,054

201,544

Creditors: Amounts falling due after more than one year

7

(68,910)

(93,116)

Provisions for liabilities

(1,594)

(3,788)

Net assets

 

2,550

104,640

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

2,450

104,540

Shareholders' funds

 

2,550

104,640

For the financial period ending 31 December 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 July 2025 and signed on its behalf by:
 

.........................................
Mr RB Samuels
Director

   
     
 

James Gray Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Aurora
120 Bothwell Street
Glasgow
G2 7JS
Scotland

These financial statements were authorised for issue by the Board on 21 July 2025.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

James Gray Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2024

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Computer Equipment

25% Straight Line

Motor Vehicles

20% Straight Line

Intangible assets

Intangible Assets are valued at the ascertainable cost at the period end , any unrealised gains or losses are accounted for in the profit and loss account in the period.

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

 

James Gray Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2024

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

James Gray Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2024

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 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 7 (2023 - 7).

 

James Gray Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost

At 1 August 2023

25,000

25,000

At 31 December 2024

25,000

25,000

Revaluations

At 1 August 2023

11,378

11,378

Revaluation in Period

(25,177)

(25,177)

At 31 December 2024

(13,799)

(13,799)

Carrying amount

At 31 December 2024

38,799

38,799

At 31 July 2023

13,622

13,622

Impairment

Intangible Asset other than goodwill
Intangible Assets within the balance sheet, have increased in value within the period, These assets have been revalued to their realisable value at the current statement date. The impairment loss is included in Unrealised Gain/ (Loss) from write down of Intangible Assets. The amount of reversal of impairment recognised in profit or loss is £25,177 (2023 - £1,338). The amount of reversal of impairment recognised in other comprehensive income is £25,177 (2023 - £1,338).

 

James Gray Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

1,459

95,827

97,286

At 31 December 2024

1,459

95,827

97,286

Depreciation

At 1 August 2023

830

3,204

4,034

Charge for the period

517

27,151

27,668

At 31 December 2024

1,347

30,355

31,702

Carrying amount

At 31 December 2024

112

65,472

65,584

At 31 July 2023

629

92,623

93,252

6

Debtors

Current

2024
£

2023
£

Trade debtors

34,895

80,991

Other debtors

15,560

33,922

 

50,455

114,913

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

17,099

16,265

Trade creditors

 

117

794

Taxation and social security

 

59,110

93,542

Accruals and deferred income

 

22,453

48,243

Other creditors

 

1,404

1,107

 

100,183

159,951

Creditors: amounts falling due after more than one year

 

James Gray Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

68,910

93,116

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A class of £1 each

40

40

40

40

B class of £1 each

60

60

60

60

100

100

100

100

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,992

18,333

Hire purchase contracts

64,918

74,783

68,910

93,116

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

7,099

6,265

17,099

16,265

10

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Mr M Fionda

M Fionda

33,922

176,028

(194,391)

15,560

 

James Gray Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 December 2024

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mr M Fionda

M Fionda

31,521

114,126

(111,725)

33,922