Gray Palmer Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00576265 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2020

FOR

GRAY PALMER LIMITED

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs E M Palmer

A G Palmer

Robert G Palmer

SECRETARY:

A G Palmer

REGISTERED OFFICE:

47 High Street

Saffron Walden

Essex

CB10 1AR

REGISTERED NUMBER:

00576265 (England and Wales)

ACCOUNTANTS:

Bentens

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Gray Palmer Limited for the year ended 31 January 2020 which comprise the Income

Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Gray Palmer Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gray Palmer Limited and state those matters that we have agreed to state to the Board of Directors of Gray Palmer Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gray Palmer Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Gray Palmer Limited. You consider that Gray Palmer Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gray Palmer Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bentens

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

31 July 2020

FIXED ASSETS

Tangible assets

4

51,438

51,615

CURRENT ASSETS

Stocks

5

119,776

135,630

Debtors

6

9,094

23,445

Cash at bank

313,427

358,348

442,297

517,423

CREDITORS

Amounts falling due within one year

7

35,289

53,222

NET CURRENT ASSETS

407,008

464,201

TOTAL ASSETS LESS CURRENT LIABILITIES

458,446

515,816

CAPITAL AND RESERVES

Called up share capital

8

4,500

4,500

Capital redemption reserve

9

3,000

3,000

Retained earnings

9

450,946

508,316

SHAREHOLDERS' FUNDS

458,446

515,816

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2020 and were signed on its behalf by:

Robert G Palmer - Director

Mrs E M Palmer - Director

A G Palmer - Director

1.	STATUTORY INFORMATION

Gray Palmer 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.

Turnover

Turnover comprises the value of goods and services supplied by the company, net of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 February 2019

49,974

51,371

2,427

103,772

Additions

-

310

-

310

At 31 January 2020

49,974

51,681

2,427

104,082

DEPRECIATION

At 1 February 2019

-

50,123

2,034

52,157

Charge for year

-

389

98

487

At 31 January 2020

-

50,512

2,132

52,644

NET BOOK VALUE

At 31 January 2020

49,974

1,169

295

51,438

At 31 January 2019

49,974

1,248

393

51,615

5.

STOCKS

2020

2019

£

£

Stocks

119,776

135,630

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

4,660

7,851

Other debtors

400

900

Directors' current accounts

63

-

Tax

-

10,399

Prepayments

3,971

4,295

9,094

23,445

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

15,543

19,450

Social security and other taxes

3,840

4,851

VAT

9,688

13,313

Other creditors

5,454

5,198

Directors' current accounts

-

10,000

Accrued expenses

764

410

35,289

53,222

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

4,500

Ordinary

£1

4,500

4,500

9.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 February 2019

508,316

3,000

511,316

Deficit for the year

(52,870

)

-

(52,870

)

Dividends

(4,500

)

-

(4,500

)

At 31 January 2020

450,946

3,000

453,946

10.	ULTIMATE CONTROLLING PARTY