Gray Palmer Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00576265 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2017

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:

Benten & Co

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 and members 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 2017 which

comprise the Income Statement, Statement of Financial Position, 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 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

31 July 2017

FIXED ASSETS

Tangible assets

4

35,151

37,198

CURRENT ASSETS

Stocks

5

153,751

183,272

Debtors

6

17,569

14,914

Cash at bank

605,207

547,165

776,527

745,351

CREDITORS

Amounts falling due within one year

7

75,994

79,989

NET CURRENT ASSETS

700,533

665,362

TOTAL ASSETS LESS CURRENT LIABILITIES

735,684

702,560

CAPITAL AND RESERVES

Called up share capital

6,500

6,500

Capital redemption reserve

1,000

1,000

Retained earnings

728,184

695,060

SHAREHOLDERS' FUNDS

735,684

702,560

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 28 July 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

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.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 February 2016

34,191

49,934

23,000

2,077

109,202

Disposals

-

-

(23,000

)

-

(23,000

)

At 31 January 2017

34,191

49,934

-

2,077

86,202

DEPRECIATION

At 1 February 2016

-

49,119

21,274

1,611

72,004

Charge for year

-

204

-

117

321

Eliminated on disposal

-

-

(21,274

)

-

(21,274

)

At 31 January 2017

-

49,323

-

1,728

51,051

NET BOOK VALUE

At 31 January 2017

34,191

611

-

349

35,151

At 31 January 2016

34,191

815

1,726

466

37,198

5.

STOCKS

2017

2016

£

£

Stocks

153,751

183,272

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

12,660

8,859

Other debtors

-

212

Prepayments

4,909

5,843

17,569

14,914

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

2,693

801

Trade creditors

20,087

19,637

Corporation tax

10,399

15,039

Social security and other taxes

4,863

5,406

VAT

18,712

19,698

Other creditors

10,350

10,100

Directors' current accounts

7,830

7,830

Accrued expenses

1,060

1,478

75,994

79,989

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY