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GRAY & GRAY PROPERTIES LIMITED

Registered Number
SC513385
(Scotland)

Unaudited Financial Statements for the Year ended
30 November 2024

GRAY & GRAY PROPERTIES LIMITED
Company Information
for the year from 1 December 2023 to 30 November 2024

Directors

GRAY, Richard Wayne
GRAY, Ruth Irene

Registered Address

Dunearn House
Burntisland
KY3 0AH

Registered Number

SC513385 (Scotland)
GRAY & GRAY PROPERTIES LIMITED
Balance Sheet as at
30 November 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets33,5444,170
Investment property43,720,1111,474,153
3,723,6551,478,323
Current assets
Debtors546,025531
Cash at bank and on hand35,83015,367
81,85515,898
Creditors amounts falling due within one year6(2,810,912)(538,143)
Net current assets (liabilities)(2,729,057)(522,245)
Total assets less current liabilities994,598956,078
Creditors amounts falling due after one year7(11,969)(21,544)
Provisions for liabilities8(4,024)(4,024)
Net assets978,605930,510
Capital and reserves
Called up share capital100100
Profit and loss account978,505930,410
Shareholders' funds978,605930,510
The financial statements were approved and authorised for issue by the Board of Directors on 26 August 2025, and are signed on its behalf by:
GRAY, Richard Wayne
Director
GRAY, Ruth Irene
Director

Registered Company No. SC513385
GRAY & GRAY PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 30 November 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings15
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Financial instruments
Financial assets and liabilities are offset, with the net amounts presented in the financialstatements, 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortized cost using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 December 238,6568,656
At 30 November 248,6568,656
Depreciation and impairment
At 01 December 234,4864,486
Charge for year626626
At 30 November 245,1125,112
Net book value
At 30 November 243,5443,544
At 30 November 234,1704,170
4.Investment property

£
Fair value at 01 December 231,474,153
Additions2,245,958
At 30 November 243,720,111
5.Debtors: amounts due within one year

2024

2023

££
Other debtors45,303531
Prepayments and accrued income722-
Total46,025531
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,563-
Bank borrowings and overdrafts9,5759,575
Taxation and social security15,21957,614
Other creditors2,766,119449,923
Accrued liabilities and deferred income18,43621,031
Total2,810,912538,143
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts11,96921,544
Total11,96921,544
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)4,0244,024
Total4,0244,024
9.Directors advances, credits and guarantees
At the year end Directors Loan Account balance is £2,765,540 (2023 :£449,923).