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 2020

for

Gray & Gray Property Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C R Gallon

Mr B A Jamieson

REGISTERED OFFICE:

Eiledon

8 Beechwood Place

Ellon

Aberdeenshire

AB41 9BE

REGISTERED NUMBER:

SC340522 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Investment property

4

440,000

440,000

CURRENT ASSETS

Debtors

5

2,574

1,689

Cash at bank

14,006

6,182

16,580

7,871

CREDITORS

Amounts falling due within one year

6

172,715

174,075

NET CURRENT LIABILITIES

(156,135

)

(166,204

)

TOTAL ASSETS LESS CURRENT LIABILITIES

283,865

273,796

CREDITORS

Amounts falling due after more than one year

7

3,904

8,514

NET ASSETS

279,961

265,282

CAPITAL AND RESERVES

Called up share capital

300

300

Revaluation reserve

20,000

20,000

Capital redemption reserve

100

100

Retained earnings

259,561

244,882

SHAREHOLDERS' FUNDS

12

279,961

265,282

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2021 and were signed on its behalf by:

Mr 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

and 31 December 2020

440,000

NET BOOK VALUE

At 31 December 2020

440,000

At 31 December 2019

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 2020 is represented by:

£

Valuation in 2008

420,000

Valuation in 2015

20,000

440,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Other debtors

2,574

1,689

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

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

8,749

8,362

Taxation and social security

5,215

7,948

Other creditors

158,751

157,765

172,715

174,075

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

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

3,904

8,514

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank loans

12,653

16,876

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

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2020 and 31 December 2019:

31.12.20

31.12.19

£

£

Mr 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

Mr 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

10.	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 £29,360 (2019: £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 (2019: £156,717). There are no fixed terms of repayment and no interest is accrued.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.

12.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

31.12.20

31.12.19

£

£

Profit for the financial year

22,479

33,885

Dividends

(7,800

)

(23,400

)

14,679

10,485

Opening shareholders' funds 2019

-

254,797

Net addition to shareholders' funds

14,679

265,282

Opening shareholders' funds

265,282

-

Closing shareholders' funds

279,961

265,282