Registration number: 01716637

J.M. Grail (General Engineers) Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 9

J.M. Grail (General Engineers) Limited

(Registration number: 01716637)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	612,325	703,012
Investments	5	1	1
		612,326	703,013
Current assets
Stocks	6	67,634	97,077
Debtors	7	290,808	266,266
Cash at bank and in hand		295,969	351,275
		654,411	714,618
Creditors: Amounts falling due within one year	8	(282,307)	(296,900)
Net current assets		372,104	417,718
Total assets less current liabilities		984,430	1,120,731
Creditors: Amounts falling due after more than one year	8	(62,242)	(135,460)
Provisions for liabilities		(46,307)	(60,992)
Net assets		875,881	924,279
Capital and reserves
Called up share capital		926,500	926,500
Retained earnings		(50,619)	(2,221)
Shareholders' funds		875,881	924,279

J.M. Grail (General Engineers) Limited

(Registration number: 01716637)
Balance Sheet as at 31 December 2024

For the financial 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 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 financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 8 September 2025 and signed on its behalf by:
 

Miss B H Grail Director

J.M. Grail (General Engineers) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Gorse Bank
High Street
Drybrook
Glos
GL17 9EU
 

These financial statements were authorised for issue by the Board on 8 September 2025.

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

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

Exemption from preparing group accounts

The Company is part of a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The directors' forecast an increase in turnover in 2025 and beyond and are also identifying cost savings, with a view to improving the company's profitability and cash reserves. In light of this, and having reviewed the capital resources available to the company, the directors' are satisfied that it will be able to pay its debts as they fall due for the foreseeable future. Accordingly they have prepared the accounts on a going concern basis.

J.M. Grail (General Engineers) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of engineering services in the ordinary course of the Company’s activities. Turnover is shown net of 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.

Government grants
Government grants are accrued on a systematic basis over the period that the related costs have been recognised. Where the costs have already been incurred then government grants are credited to
the profit and loss account in full.

Tax

The tax expense for the period comprises 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

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:

J.M. Grail (General Engineers) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Asset class	Depreciation method and rate
Freehold buildings	4 - 10% straight line
Office equipment	33% reducing balance
Furniture, fittings and equipment	15% reducing balance
Plant and machinery	15% reducing balance
Motor vehicles	25% reducing balance

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 stocks 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.

Trade Debtors

Trade debtors are amounts due from customers for 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.

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 Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

J.M. Grail (General Engineers) Limited

Notes to the Financial Statements for the Year Ended 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 year was 27 (2023 - 30).

J.M. Grail (General Engineers) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Freehold buildings £	Office equipment  £	Furniture, fittings and equipment £	Plant and machinery £	Motor vehicles  £	Total £
Cost
At 1 January 2024	361,489	106,172	205,624	1,293,953	126,237	2,093,475
Additions	4,949	159	523	11,390	800	17,821
Disposals	-	-	-	(61,465)	(1,136)	(62,601)
At 31 December 2024	366,438	106,331	206,147	1,243,878	125,901	2,048,695
Depreciation
At 1 January 2024	115,644	96,062	185,905	879,558	113,294	1,390,463
Charge for the year	19,117	3,727	2,378	61,164	3,039	89,425
Eliminated on disposal	-	-	-	(42,403)	(1,115)	(43,518)
At 31 December 2024	134,761	99,789	188,283	898,319	115,218	1,436,370
Net book value
At 31 December 2024	231,677	6,542	17,864	345,559	10,683	612,325
At 31 December 2023	245,845	10,110	19,719	414,395	12,943	703,012

Tangible fixed assets with a carrying amount of £199,556 (2023 - £234,199) have been pledged as a security for hire purchase agreements.

5	Investments

	2024 £	2023 £
Investment in subsidiary	1	1

6

Stocks

	2024 £	2023 £
Work in progress	42,634	72,077
Raw materials and consumables	25,000	25,000
	67,634	97,077

J.M. Grail (General Engineers) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Debtors

	Note	2024 £	2023 £
Trade debtors		196,952	187,756
Amounts owed by related parties	10	76,312	61,983
Other debtors		750	-
Prepayments		16,794	16,527
		290,808	266,266

8

Creditors

Due within one year	Note	2024 £	2023 £
Loans and borrowings	9	68,113	79,610
Trade creditors		122,675	134,900
Taxation and social security		63,096	67,979
Other creditors		4,732	2,228
Accruals and deferred income		23,691	12,183
		282,307	296,900
Due after one year
Loans and borrowings	9	25,598	93,711
Deferred income		36,644	41,749
		62,242	135,460