REGISTERED NUMBER: 02872001 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Graybar Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Ellam

M Laursen

REGISTERED OFFICE:

Unit 10 Top Deck

Smethurst Lane

Farnworth

Bolton

BL4 0AN

REGISTERED NUMBER:

02872001 (England and Wales)

AUDITORS:

S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

FIXED ASSETS

Tangible assets

4

10,102

14,655

CURRENT ASSETS

Stocks

5

371,477

386,091

Debtors

6

1,271,510

1,413,999

Cash at bank

61,191

169,616

1,704,178

1,969,706

CREDITORS

Amounts falling due within one year

7

330,498

582,773

NET CURRENT ASSETS

1,373,680

1,386,933

TOTAL ASSETS LESS CURRENT LIABILITIES

1,383,782

1,401,588

PROVISIONS FOR LIABILITIES

9

33,750

-

NET ASSETS

1,350,032

1,401,588

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

11

1,350,030

1,401,586

SHAREHOLDERS' FUNDS

1,350,032

1,401,588

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

S Ellam - Director

1.	STATUTORY INFORMATION

Graybar Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

This assessment is dependent on the continued provision of facilities and support from Backer AB to the parent company Heatrod Elements Limited. As with any Company placing reliance, directly or indirectly, on other group entities for financial support, the directors acknowledge that there can be no absolute certainty that this support will continue. However, at the date of approval of these financial statements, there is nothing to indicate this support will not be provided and so the directors are satisfied this does not represent a material uncertainty.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery - 15% on cost

Motor vehicles - 25% on cost

Fixtures and fittings - 25% on cost

Computer equipment - 25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount, and are recognised in the statement of comprehensive income.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange

rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.

Defined contribution pension plan

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions in a separate entity. Once the

contributions have been paid the Company has not further payment obligations.

The contribution are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense of the Statement of comprehensive income in the year that

the Company becomes aware of the obligation, and are measured at the best estimate at the

Balance sheet date of the expenditure required to settle the obligation, taking into account relevant

risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Debtors

Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice or not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from he date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measure at the transaction price. Other financial liabilities, including bank

loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an

expense in the period in which they are incurred.

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the

balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2024

2,330

45,169

33,995

81,494

Additions

-

808

703

1,511

At 31 December 2024

2,330

45,977

34,698

83,005

DEPRECIATION

At 1 January 2024

1,068

35,188

30,583

66,839

Charge for year

582

2,289

3,193

6,064

At 31 December 2024

1,650

37,477

33,776

72,903

NET BOOK VALUE

At 31 December 2024

680

8,500

922

10,102

At 31 December 2023

1,262

9,981

3,412

14,655

5.

STOCKS

2024

2023

£

£

Stocks

371,477

386,091

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

160,657

264,270

Amounts owed by group undertakings

1,055,000

1,050,000

Other debtors

2,201

67,395

Tax

9,678

-

Prepayments and accrued income

43,974

32,334

1,271,510

1,413,999

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

220,875

203,191

Tax

-

71,718

Social security and other taxes

17,962

21,685

VAT

46,509

105,229

Other creditors

-

70,189

Accruals and deferred income

45,152

110,761

330,498

582,773

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

75,010

71,992

Between one and five years

140,112

184,879

215,122

256,871

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Other provisions

Dilapidations Provision

33,750

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary

1

2

2

11.

RESERVES

Retained

earnings

£

At 1 January 2024

1,401,586

Deficit for the year

(51,556

)

At 31 December 2024

1,350,030

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

The audit report was signed on 30 September 2025.

13.	PENSION COMMITMENTS

The Company operates a defined contribution pension plan.

The total expense relating to this plan in the current year was £12,919 (2023: £12,707)

Contributions totalling £3,130 (2023: £3,130) were payable to the plan at the reporting date.

14.	CONTROLLING PARTY

The Company is a subsidiary undertaking of Backer Heatrod Limited. The ultimate controlling party is Nibe Industrier AB.

The largest and smallest group in which the results of the Company are consolidated is that headed by Nibe Industrier AB. No other group financial statements include the results of the Company. The consolidated financial statements of these groups are available to the public and may be obtained from Nibe Industrier AB, Hannabadsvägen 5, Markaryd, Sweden (visitors address), Box 14, SE 285 21, Markaryd, Sweden (postal address).

15.	RELATED PARTY TRANSACTIONS

No transactions with related parties were undertaken such as are required to be disclosed

under FRS 102.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.