Gray & Gray Property Holdings Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC340522 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Gray & Gray Property Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C R Gallon

B A Jamieson

Mrs C A Robertson

REGISTERED OFFICE:

8 Queen Street

Peterhead

Aberdeenshire

AB42 1TS

REGISTERED NUMBER:

SC340522 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Investment property

3

440,000

440,000

CURRENT ASSETS

Debtors

4

-

1,555

Cash at bank

7,662

2,507

7,662

4,062

CREDITORS

Amounts falling due within one year

5

175,990

174,769

NET CURRENT LIABILITIES

(168,328

)

(170,707

)

TOTAL ASSETS LESS CURRENT LIABILITIES

271,672

269,293

CREDITORS

Amounts falling due after more than one year

6

16,875

25,226

NET ASSETS

254,797

244,067

CAPITAL AND RESERVES

Called up share capital

300

300

Revaluation reserve

20,000

20,000

Capital redemption reserve

100

100

Retained earnings

234,397

223,667

SHAREHOLDERS' FUNDS

11

254,797

244,067

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 23 September 2019 and were signed on its behalf by:

B A Jamieson - Director

1.	STATUTORY INFORMATION

Gray & Gray Property Holdings Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents gross rental income. Revenue is recognised to the extent that it is probable that economic

benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and

reliability. All income is recognised in the accounting period to which it relates. The company is not presently

registered for Value Added Tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the period comprises current tax. Tax is recognised in the Statement of Income and Retained

Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

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.

Debtors and creditors receivable /payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative costs.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

and 31 December 2018

440,000

NET BOOK VALUE

At 31 December 2018

440,000

At 31 December 2017

440,000

The properties held were formally revalued in November 2015 by J&E Shepherd, Chartered Surveyors. The

directors were of the view that there was no material movement in the value of the properties during the financial

year under report.

Fair value at 31 December 2018 is represented by:

£

Valuation in 2008

420,000

Valuation in 2015

20,000

440,000

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Other debtors

-

1,555

The balance of 'Other debtors' comprises a net sum owing to the company by Gray & Gray LLP.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

8,120

7,790

Trade creditors

2,100

-

Taxation and social security

8,006

8,193

Other creditors

157,764

158,786

175,990

174,769

The balance of 'Other creditors' includes the sum of £156,717 owing to the directors of the company.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans

16,875

25,226

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Bank loans

24,995

33,016

A Bond & Floating Charge is held by the Royal Bank of Scotland over the assets of the company in respect of

bank borrowings.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2018 and

31 December 2017:

31.12.18

31.12.17

£

£

C R Gallon

Balance outstanding at start of year

52,239

52,239

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

52,239

52,239

B A Jamieson

Balance outstanding at start of year

52,239

52,239

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

52,239

52,239

Mrs C A Robertson

Balance outstanding at start of year

52,239

52,239

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

52,239

52,239

9.	RELATED PARTY DISCLOSURES

The Director, Mr B.Jamieson, was also a designated member of solicitors Gray & Gray LLP for the full financial

year, a business from which £44,040 (2017: £44,040) of rental income was earned during the year.

The balance of 'Other Creditors' per Note 6 includes Directors loan balances, as stated above, totalling £156,717

(2017: £156,717). There are no fixed terms of repayment and no interest is accrued.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.

11.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

31.12.18

31.12.17

£

£

Profit for the financial year

34,130

34,375

Dividends

(23,400

)

(21,450

)

10,730

12,925

Opening shareholders' funds 2017

-

231,142

Net addition to shareholders' funds

10,730

244,067

Opening shareholders' funds

244,067

-

Closing shareholders' funds

254,797

244,067