Gray and Jarrett Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04912884

Gray and Jarrett Limited

Unaudited financial statements

31 December 2024

Gray and Jarrett Limited

Statement of financial position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	5		242,138		269,039

Current assets

Stocks		167,464	146,738
Debtors	6	107,728	196,163
Cash at bank and in hand		223,884	148,636
		---------	---------
		499,076	491,537

Creditors: Amounts falling due within one year	7	( 83,280)		( 56,655)
		---------		---------
Net current assets			415,796		434,882
			---------		---------
Total assets less current liabilities			657,934		703,921

Provisions

Taxation including deferred tax	( 25,074)	( 31,799)
	---------	---------
Net assets	632,860	672,122
	---------	---------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	7,333	7,333
Profit and loss account	625,427	664,689
	---------	---------
Shareholders funds	632,860	672,122
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year 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 financial statements for the year in question in accordance with section 476 ;

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

Gray and Jarrett Limited

Statement of financial position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 22 August 2025 , and are signed on behalf of the board by:

M Gray
Director

Company registration number: 04912884

Gray and Jarrett Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is White Roses, Old Hall Park, Seething, Norwich, Norfolk, NR15 1DW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Pension costs

The pension costs charged in the financial statements represent the contributions payable by the company during the year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Fixtures, fittings and equipment	-	15% reducing balance
Motor vehicles	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of employees during the year was 6 (2023: 6 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	151,620	165,142	20,772	135,290	472,824
Additions	–	945	1,629	–	2,574
Disposals	–	–	–	( 33,460)	( 33,460)
	---------	---------	-------	---------	---------
At 31 December 2024	151,620	166,087	22,401	101,830	441,938
	---------	---------	-------	---------	---------
Depreciation
At 1 January 2024	–	123,823	14,893	65,069	203,785
Charge for the year	–	6,341	1,113	16,066	23,520
Disposals	–	–	–	( 27,505)	( 27,505)
	---------	---------	-------	---------	---------
At 31 December 2024	–	130,164	16,006	53,630	199,800
	---------	---------	-------	---------	---------
Carrying amount
At 31 December 2024	151,620	35,923	6,395	48,200	242,138
	---------	---------	-------	---------	---------
At 31 December 2023	151,620	41,319	5,879	70,221	269,039
	---------	---------	-------	---------	---------

Tangible assets held at valuation

The Land and Buildings were valued at their fair value at the balance sheet date by M Gray , a director of the company, at £151,620 (2023: £151,620).

6. Debtors

	2024	2023
	£	£
Trade debtors	79,425	99,825
Prepayments and accrued income	13,130	12,648
Directors loan account	–	39,465
Other debtors	15,173	44,225
	---------	---------
	107,728	196,163
	---------	---------

7. Creditors: Amounts falling due within one year

	2024	2023
	£	£
Trade creditors	40,181	40,162
Accruals and deferred income	6,027	389
Social security and other taxes	280	7,361
Director loan accounts	9,105	–
Other creditors	27,687	8,743
	-------	-------
	83,280	56,655
	-------	-------

8. Analysis of other comprehensive income

	Revaluation reserve
	£

Year ended 31 December 2023
Revaluation of tangible assets	2,228
	------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	19,500	–
Later than 1 year and not later than 5 years	–	38,500
	-------	-------
	19,500	38,500
	-------	-------

10. Directors' advances, credits and guarantees

Interest was applied to any loans/advances to company directors in excess of £10,000 at the the applicable beneficial loan rate.