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Registration number: SC070556

Andrew Gray (Perth) Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Andrew Gray (Perth) Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Andrew Gray (Perth) Limited

Company Information

Directors

Mr David Taylor

David Townsley

Natasha Dickson

Registered office

Shore Road
Perth
PH2 8BQ

Accountants

Morris & Young
Chartered Accountants
6 Atholl Crescent
PERTH
PH1 5JN

 

Andrew Gray (Perth) Limited

(Registration number: SC070556)
Statement of Financial Position as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

736,035

737,582

Current assets

 

Stocks

5

310,645

302,871

Debtors

6

649,817

766,174

Cash at bank and in hand

 

329,743

199,735

 

1,290,205

1,268,780

Creditors: Amounts falling due within one year

7

(291,083)

(527,545)

Net current assets

 

999,122

741,235

Total assets less current liabilities

 

1,735,157

1,478,817

Creditors: Amounts falling due after more than one year

7

(199,613)

(180,343)

Provisions for liabilities

(163,165)

(163,081)

Net assets

 

1,372,379

1,135,393

Capital and reserves

 

Called up share capital

8

5,000

5,000

Retained earnings

1,367,379

1,130,393

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:

The members have not required the company to obtain an audit of its accounts for the year 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 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 Board on 28 August 2025 and signed on its behalf by:
 

.........................................
Mr David Taylor
Director

 

Andrew Gray (Perth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

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

The address of its registered office is:
Shore Road
Perth
PH2 8BQ

These financial statements were authorised for issue by the Board on 28 August 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.

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:

Asset class

Depreciation method and rate

Freehold land and buildings

1% to 10% reducing balance

Plant and machinery

20% reducing balance

Office equipment

33% reducing balance

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

The company only has financial assets and liabilities of a kind that would qualify as basic financial instruments which are recognised at their transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2024 - 16).

 

Andrew Gray (Perth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2024

106,521

352,660

1,437,478

1,896,659

Additions

-

93,848

161,480

255,328

Disposals

-

(50,000)

(284,639)

(334,639)

At 28 February 2025

106,521

396,508

1,314,319

1,817,348

Depreciation

At 1 March 2024

21,263

212,996

924,818

1,159,077

Charge for the year

1,881

44,404

158,451

204,736

Eliminated on disposal

-

(38,196)

(244,304)

(282,500)

At 28 February 2025

23,144

219,204

838,965

1,081,313

Carrying amount

At 28 February 2025

83,377

177,304

475,354

736,035

At 29 February 2024

85,258

139,664

512,660

737,582

Included within the net book value of land and buildings above is £83,377 (2024 - £85,258) in respect of freehold land and buildings.
 

5

Stocks

2025
£

2024
£

Other inventories

310,645

302,871

6

Debtors

Current

2025
£

2024
£

Trade debtors

134,662

202,518

Other debtors

515,155

563,656

 

649,817

766,174

 

Andrew Gray (Perth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

9

121,704

136,889

Trade creditors

 

129,016

115,661

Amounts owed to related parties

11

-

207,033

Taxation and social security

 

28,067

63,783

Accruals and deferred income

 

4,732

4,179

Other creditors

 

7,564

-

 

291,083

527,545

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

9

199,613

180,343

 

Andrew Gray (Perth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

8

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares of £1 each

5,000

5,000

5,000

5,000

       

9

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Finance lease liabilities

199,613

180,343

Current loans and borrowings

2025
£

2024
£

Finance lease liabilities

121,704

136,889

Net obligations under hire purchase and finance lease contracts are secured upon the assets to which they relate.

10

Dividends

2025

2024

£

£

Interim dividend of £0.10 (2024 - £5.00) per ordinary share

500

25,000

 

 
 

Andrew Gray (Perth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

11

Related party transactions

Transactions with directors

2025

At 1 March 2024
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 28 February 2025
£

Director Loan

49,445

856

(50,500)

1,142

943

 

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 29 February 2024
£

Director Loan

24,559

71,386

(47,058)

558

49,445

 

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:

2025
£

2024
£

Remuneration

78,032

42,641

Summary of transactions with other related parties

D & R Taylor (Contractors) Limited
 (David Taylor is a director)
 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).