Registration number: 07050992

Grays Decorating Supplies Limited

(Registration number: 07050992)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	132,740	135,759
Current assets
Stocks	5	103,021	101,795
Debtors	6	149,859	137,751
Cash at bank and in hand		23,895	53,292
		276,775	292,838
Creditors: Amounts falling due within one year	7	(213,511)	(196,616)
Net current assets		63,264	96,222
Total assets less current liabilities		196,004	231,981
Creditors: Amounts falling due after more than one year	7	(120,901)	(144,453)
Net assets		75,103	87,528
Capital and reserves
Called up share capital		10	10
Profit and loss account		75,093	87,518
Shareholders' funds		75,103	87,528

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 10 December 2025
 

......................................... Mr J Gray Director

Grays Decorating Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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: 5 Wharf Road, Frimley Green, Camberley, Surrey, GU16 6LE.

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 prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns 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 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.

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
Land and buildings	2% straight line

Grays Decorating Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Fixtures and fittings	20% straight line
Motor vehicles	25% straight line

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 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.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

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.

Grays Decorating Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2024 - 5).

Grays Decorating Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	168,296	17,176	14,030	199,502
Additions	-	1,025	-	1,025
At 31 March 2025	168,296	18,201	14,030	200,527
Depreciation
At 1 April 2024	33,660	16,054	14,029	63,743
Charge for the year	3,366	678	-	4,044
At 31 March 2025	37,026	16,732	14,029	67,787
Carrying amount
At 31 March 2025	131,270	1,469	1	132,740
At 31 March 2024	134,636	1,122	1	135,759

5

Stocks

	2025 £	2024 £
Finished goods and goods for resale	103,021	102,870
Other inventories	-	(1,075)
	103,021	101,795

6

Debtors

	2025 £	2024 £
Trade debtors	52,201	59,030
Other debtors	88,665	75,430
Prepayments	8,993	3,291
	149,859	137,751

Grays Decorating Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Bank loans and overdrafts	8	22,927	19,859
Trade creditors		150,802	136,342
Taxation and social security		6,893	16,508
Accruals and deferred income		3,059	2,659
Other creditors		29,830	21,248
		213,511	196,616

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Loans and borrowings	8	120,901	144,453

 

	2025 £	2024 £
After more than five years by instalments	70,980	80,802

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