Company registration number 02569964 (England and Wales)
GILMOUR GRAY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
GILMOUR GRAY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GILMOUR GRAY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,138,041
1,138,658
Current assets
Debtors
4
6,797
4,137
Cash at bank and in hand
4,613
6,641
11,410
10,778
Creditors: amounts falling due within one year
5
(35,091)
(28,024)
Net current liabilities
(23,681)
(17,246)
Total assets less current liabilities
1,114,360
1,121,412
Creditors: amounts falling due after more than one year
6
(771,652)
(715,945)
Provisions for liabilities
(120,627)
(120,745)
Net assets
222,081
284,722
Capital and reserves
Called up share capital
100
100
Other reserves
475,425
475,425
Profit and loss reserves
(253,444)
(190,803)
Total equity
222,081
284,722
GILMOUR GRAY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

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

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 May 2026 and are signed on its behalf by:
Mr A D'Azzo
Director
Company registration number 02569964 (England and Wales)
GILMOUR GRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Gilmour Gray Limited is a private company limited by shares incorporated in England and Wales. The registered office is 701 Stonehouse Park, Sperry Way, Stonehouse, Gloucestershire, GL10 3UT.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil
Fixtures and fittings
2% on cost
Computers
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GILMOUR GRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
3
3
GILMOUR GRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2025
1,100,000
51,136
1,151,136
Additions
-
0
591
591
Disposals
-
0
(374)
(374)
At 31 December 2025
1,100,000
51,353
1,151,353
Depreciation and impairment
At 1 January 2025
-
0
12,478
12,478
Depreciation charged in the year
-
0
1,133
1,133
Eliminated in respect of disposals
-
0
(299)
(299)
At 31 December 2025
-
0
13,312
13,312
Carrying amount
At 31 December 2025
1,100,000
38,041
1,138,041
At 31 December 2024
1,100,000
38,658
1,138,658

The property known as The Maltings, Merrywalks, Stroud was valued on 23rd July 2020 by Lloyds Bank Group commercial valuation panel, at a value of £1,100,000. The director, A D'Azzo is of the opinion this is representative of the current open market value

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and Buildings
2025
2024
£
£
Cost
608,005
608,005
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
695
695
Other debtors
6,102
3,442
6,797
4,137
GILMOUR GRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
29,712
21,190
Trade creditors
2
939
Taxation and social security
142
92
Other creditors
5,235
5,803
35,091
28,024
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
385,047
413,607
Other creditors
386,605
302,338
771,652
715,945

Bank Loans with a value of £414,759 (2024:£434,796) are secured on the property The Maltings, Merrywalks, Stroud.

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