Francis Gray Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 04345299

Francis Gray Limited

Filleted Unaudited Financial Statements

31 December 2016

Francis Gray Limited

Financial Statements

Year ended 31 December 2016

Contents	Page

Director's report	1

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Francis Gray Limited

Director's Report

Year ended 31 December 2016

The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2016 .

Director

The director who served the company during the year was as follows:

Mr R J Gray

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 30 August 2017 and signed on behalf of the board by:

Mr R J Gray
Director

Registered office:

Ty Madog

32 Queens Road

Aberystwyth

Ceredigion

SY23 2HN

Francis Gray Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Francis Gray Limited

Year ended 31 December 2016

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 December 2016, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

FRANCIS GRAY Chartered accountant

Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN

30 August 2017

Francis Gray Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Intangible assets	5	247,671	270,186
Tangible assets	6	7,803	8,604
		---------	---------
		255,474	278,790

Current assets

Stocks		42,059	31,944
Debtors	7	50,954	56,130
Cash at bank and in hand		652	8,422
		--------	--------
		93,665	96,496

Creditors: amounts falling due within one year	8	59,807		58,159
		--------		--------
Net current assets			33,858	38,337
			---------	---------
Total assets less current liabilities			289,332	317,127

Creditors: amounts falling due after more than one year	9		9,754	15,878

Provisions

Taxation including deferred tax	1,721	1,721
	---------	---------
Net assets	277,857	299,528
	---------	---------

Capital and reserves

Called up share capital	60	60
Profit and loss account	277,797	299,468
	---------	---------
Members funds	277,857	299,528
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Francis Gray Limited

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 30 August 2017 , and are signed on behalf of the board by:

Mr R J Gray
Director

Company registration number: 04345299

Francis Gray Limited

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ty Madog, 32 Queens Road, Aberystwyth, Ceredigion, SY23 2HN.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	6% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2015: 8 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2016 and 31 December 2016	337,731
	---------
Amortisation
At 1 January 2016	67,545
Charge for the year	22,515
	---------
At 31 December 2016	90,060
	---------
Carrying amount
At 31 December 2016	247,671
	---------
At 31 December 2015	270,186
	---------

Goodwill on acquisition of £337,731 was not previously amortised in the financial statements being considered to have a retained value at least equal to its cost. However FRS 102 requires goodwill to be amortised over its useful life and not maintained indefinitely at its cost. The decision has been taken therefore to write off the goodwill on a straight-line basis over a period of 15 years commencing from the transition date of 1 January 2014. e financial statements, a description, the carrying amount and remaining amortisation period of the asset is required.

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2016	27,875	7,657	35,532
Additions	1,800	–	1,800
	--------	-------	--------
At 31 December 2016	29,675	7,657	37,332
	--------	-------	--------
Depreciation
At 1 January 2016	20,985	5,943	26,928
Charge for the year	2,172	429	2,601
	--------	-------	--------
At 31 December 2016	23,157	6,372	29,529
	--------	-------	--------
Carrying amount
At 31 December 2016	6,518	1,285	7,803
	--------	-------	--------
At 31 December 2015	6,890	1,714	8,604
	--------	-------	--------

7. Debtors

	2016	2015
	£	£
Trade debtors	46,746	51,600
Other debtors	4,208	4,530
	--------	--------
	50,954	56,130
	--------	--------

8. Creditors: amounts falling due within one year

	2016	2015
	£	£
Bank loans and overdrafts	14,515	17,649
Trade creditors	12,286	9,957
Corporation tax	8,661	9,182
Social security and other taxes	19,427	20,731
Other creditors	4,918	640
	--------	--------
	59,807	58,159
	--------	--------

9. Creditors: amounts falling due after more than one year

	2016	2015
	£	£
Bank loans and overdrafts	9,754	15,878
	-------	--------

10. Related party transactions

The company was under the control of the Directors throughout the current and previous year. Mr R J Gray is the managing director and shareholder. No transactions with related parties were undertaken such as are required to be disclosed under the FRS102.