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

REGISTERED NUMBER: 06706399 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Gray Knight Limited

Trading as

Fields

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs G M Gray Knight

SECRETARY:

M J Knight

REGISTERED OFFICE:

Scrubbs Farm

Bishops Sutton

Alresford

Hampshire

SO24 0HR

REGISTERED NUMBER:

06706399 (England and Wales)

ACCOUNTANTS:

Butler & Co

Chartered Accountants

Bennett House

The Dean

Alresford

Hampshire

SO24 9BH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,753

2,337

1,753

2,337

CURRENT ASSETS

Stocks

9,930

9,148

Debtors

6

2,682

3,160

Cash at bank and in hand

2,700

2,689

15,312

14,997

CREDITORS

Amounts falling due within one year

7

73,458

75,745

NET CURRENT LIABILITIES

(58,146

)

(60,748

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(56,393

)

(58,411

)

CREDITORS

Amounts falling due after more than one year

8

(1,267

)

(1,690

)

PROVISIONS FOR LIABILITIES

9

(306

)

-

NET LIABILITIES

(57,966

)

(60,101

)

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

(57,967

)

(60,102

)

SHAREHOLDERS' FUNDS

(57,966

)

(60,101

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 24 December 2020 and were signed by:

Mrs G M Gray Knight - Director

1.	STATUTORY INFORMATION

Gray Knight 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.

The director considers the use of the going concern basis of accounting appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. The financial statements have therefore been prepared on a going concern basis. The director has confirmed that she will continue to support the company and will not recall her loan if it would render the company unable to pay its liabilities as they fall due.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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% reducing balance basis

Computer equipment

-

25% reducing balance basis

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.

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.

Capital grants

Capital Grants have been treated in accordance with financial reporting standards:

- the fixed asset is initially recorded at its full cost, ignoring the receipt of the grant, and depreciated over its useful economic life, and

- the grant is recorded as deferred income and taken to income over the same period, and on the same basis, as the cost of the asset is depreciated.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

59,000

AMORTISATION

At 1 January 2019

and 31 December 2019

59,000

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2019

and 31 December 2019

22,297

2,670

24,967

DEPRECIATION

At 1 January 2019

20,149

2,481

22,630

Charge for year

537

47

584

At 31 December 2019

20,686

2,528

23,214

NET BOOK VALUE

At 31 December 2019

1,611

142

1,753

At 31 December 2018

2,148

189

2,337

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

2,554

2,729

Deferred tax asset

-

212

Prepayments

128

219

2,682

3,160

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

1,670

2,628

VAT

443

466

Other creditors

1,650

1,832

Director's current account

68,272

69,255

Capital grant

423

564

Accrued expenses

1,000

1,000

73,458

75,745

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Capital grant

1,267

1,690

9.	PROVISIONS FOR LIABILITIES

2019

£

Deferred tax

306

Deferred

tax

£

Balance at 1 January 2019

(212

)

Accelerated capital allowances

(111

)

Losses

629

Balance at 31 December 2019

306

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1

Ordinary

£1

1

1

11.	RELATED PARTY DISCLOSURES

Mrs G M Gray Knight

Director

2019

2018

£

£

Amount due to related party at balance sheet date

68,272

69,255

12.	POST BALANCE SHEET EVENTS

The director has considered the impact of the COVID-19 pandemic on the company and generally this has been positive and the company has benefitted from increased income. This is expected to return to normal as the country returns to normal following the lockdown period. Further disclosures will be made in the 2020 accounts.