Gray Palmer Limited - Limited company - abbreviated - 11.6

Gray Palmer Limited - Limited company - abbreviated - 11.6

GRAY PALMER LIMITED - Company Information

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REGISTERED NUMBER: 00576265 (England and Wales)









ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED

31 JANUARY 2015

FOR

GRAY PALMER LIMITED

GRAY PALMER LIMITED (REGISTERED NUMBER: 00576265)






CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2015




Page

Company Information 1

Chartered Certified Accountants' Report 2

Abbreviated Balance Sheet 3

Notes to the Abbreviated Accounts 5

GRAY PALMER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2015







DIRECTORS: R G Palmer
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: Benten & Co
Chartered Certified Accountants
Abbey House
51 High Street
Saffron Walden
Essex
CB10 1AF
Page 1
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GRAY PALMER LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's
annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on
pages three to six) have been prepared.

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 2015 which
comprise the Profit and Loss Account, the Balance Sheet, 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://rulebook.accaglobal.com.

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 profit 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.






Benten & Co
Chartered Certified Accountants
Abbey House
51 High Street
Saffron Walden
Essex
CB10 1AF


12 June 2015

This page does not form part of the abbreviated accounts

Page 2
GRAY PALMER LIMITED (REGISTERED NUMBER: 00576265)

ABBREVIATED BALANCE SHEET
31 JANUARY 2015

2015 2014
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 37,950 38,884

CURRENT ASSETS
Stocks 173,378 199,130
Debtors 12,511 21,641
Cash at bank and in hand 486,783 437,234
672,672 658,005
CREDITORS
Amounts falling due within one year 58,694 70,864
NET CURRENT ASSETS 613,978 587,141
TOTAL ASSETS LESS CURRENT
LIABILITIES
651,928
626,025

CAPITAL AND RESERVES
Called up share capital 3 6,500 6,500
Capital redemption reserve 1,000 1,000
Profit and loss account 644,428 618,525
SHAREHOLDERS' FUNDS 651,928 626,025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2015 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 notes form part of these abbreviated accounts

Page 3 continued...
GRAY PALMER LIMITED (REGISTERED NUMBER: 00576265)

ABBREVIATED BALANCE SHEET - continued
31 JANUARY 2015


The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the Board of Directors on 11 June 2015 and were signed on its
behalf by:




R G Palmer - Director



Mrs E M Palmer - Director


The notes form part of these abbreviated accounts

Page 4
GRAY PALMER LIMITED (REGISTERED NUMBER: 00576265)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2015

1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance
with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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
Motor vehicles - 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.

Deferred tax
No provision has been made for deferred taxation as no timing differences are expected between the
recognition of gains and losses in the financial statements and their recognition for corporation tax
purposes.

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 the profit and loss account in the period to which they
relate.

Freehold property
No depreciation or amortisation is provided in respect of freehold investment properties. The
requirement of the Companies Act 1985 is to depreciate all properties, but that requirement conflicts
with the generally accepted accounting principle set out in the FRSSE. The directors believe that as
these properties are not held for consumption but investment, to depreciate them would not give a true
and fair view, and that it is necessary to adopt the FRSSE in order to give a true and fair view.

Page 5 continued...
GRAY PALMER LIMITED (REGISTERED NUMBER: 00576265)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31 JANUARY 2015

2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 February 2014 108,632
Additions 320
At 31 January 2015 108,952
DEPRECIATION
At 1 February 2014 69,748
Charge for year 1,254
At 31 January 2015 71,002
NET BOOK VALUE
At 31 January 2015 37,950
At 31 January 2014 38,884

3. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2015 2014
value: £    £   
6,500 Ordinary £1 6,500 6,500

4. RELATED PARTY DISCLOSURES

During the year dividends totalling £9750 were paid to R G Palmer, Mrs E M Palmer, A G Palmer and R G Palmer Jnr, directors of the company, and Mrs M McGowan and Mrs A Glover , other
shareholders. (2014 £9750).

5. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr R G Palmer who owns 58.46% of the issued share capital in the
company.

Page 6