Registration number:
Andrew Gray (Perth) Limited
for the Year Ended 28 February 2025
Andrew Gray (Perth) Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Andrew Gray (Perth) Limited
Company Information
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Directors |
Mr David Taylor David Townsley Natasha Dickson |
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Registered office |
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Accountants |
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Andrew Gray (Perth) Limited
(Registration number: SC070556)
Statement of Financial Position as at 28 February 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
5,000 |
5,000 |
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Retained earnings |
1,367,379 |
1,130,393 |
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Shareholders' funds |
1,372,379 |
1,135,393 |
Andrew Gray (Perth) Limited
(Registration number: SC070556)
Statement of Financial Position as at 28 February 2025
For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These accounts 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.
These financial statements have been 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
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Andrew Gray (Perth) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
The financial statements are presented in sterling (£) and rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
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.
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.
Andrew Gray (Perth) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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 statement of financial position 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:
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Asset class |
Depreciation method and rate |
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Freehold land and buildings |
1% to 10% reducing balance |
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Plant and machinery |
20% reducing balance |
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Office equipment |
33% reducing balance |
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Motor vehicles |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and bank deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Andrew Gray (Perth) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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.
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 statement of financial position 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.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Andrew Gray (Perth) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 March 2024 |
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Additions |
- |
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Disposals |
- |
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At 28 February 2025 |
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Depreciation |
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At 1 March 2024 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
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At 28 February 2025 |
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Carrying amount |
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At 28 February 2025 |
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At 29 February 2024 |
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Included within the net book value of land and buildings above is £83,377 (2024 - £85,258) in respect of freehold land and buildings.
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Stocks |
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2025 |
2024 |
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Other inventories |
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Other debtors |
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Andrew Gray (Perth) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to related parties |
- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Andrew Gray (Perth) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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5,000 |
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5,000 |
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Finance lease liabilities |
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Current loans and borrowings
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2025 |
2024 |
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Finance lease liabilities |
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Net obligations under hire purchase and finance lease contracts are secured upon the assets to which they relate.
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Dividends |
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2025 |
2024 |
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£ |
£ |
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Interim dividend of £ |
500 |
25,000 |
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Andrew Gray (Perth) Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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Related party transactions |
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Transactions with directors |
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2025 |
At 1 March 2024 |
Advances to director |
Repayments by director |
Other payments made to company by director |
At 28 February 2025 |
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Director Loan |
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( |
1,142 |
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2024 |
At 1 March 2023 |
Advances to director |
Repayments by director |
Other payments made to company by director |
At 29 February 2024 |
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Director Loan |
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( |
558 |
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The company operates an unsecured current account, payable on demand, with the directors. The interest rate charged is 2.5% per annum.
The directors' loan account will be repaid within 9 months of the year end.
Directors' remuneration
The directors' remuneration for the year was as follows:
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2025 |
2024 |
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Remuneration |
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Summary of transactions with other related parties
A loan account was operated between the companies during the year. At 28 February 2025 the balance owed to D & R Taylor (Contractors) Limited by Andrew Gray (Perth) Limited was £nil (2024: £207,033).