REGISTERED NUMBER: SC270835 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Thomson Gray Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J S Gibson

G Gowans

S G Gray

R T Lovatt

J M Mckaig

SECRETARY:

J S Gibson

REGISTERED OFFICE:

Prospect House

5 Thistle Street

Edinburgh

EH2 1DF

REGISTERED NUMBER:

SC270835 (Scotland)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Property, plant and equipment

4

101,384

94,434

CURRENT ASSETS

Inventories

5

288,737

287,841

Debtors

6

779,774

637,170

Cash at bank and in hand

63,742

6,865

1,132,253

931,876

CREDITORS

Amounts falling due within one year

7

584,305

556,286

NET CURRENT ASSETS

547,948

375,590

TOTAL ASSETS LESS CURRENT LIABILITIES

649,332

470,024

CREDITORS

Amounts falling due after more than one year

8

-

(37,719

)

PROVISIONS FOR LIABILITIES

(12,000

)

(9,500

)

NET ASSETS

637,332

422,805

CAPITAL AND RESERVES

Called up share capital

73

67

Share premium

76,479

56,979

Retained earnings

560,780

365,759

637,332

422,805

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2020 and were signed on its behalf by:

S G Gray - Director

1.	STATUTORY INFORMATION

Thomson Gray 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.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tenant's improvements

-

Straight line over 10 years

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

20% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs

in bringing inventories to their present location and condition.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2018 - 35 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Tenant's

and

Computer

improvements

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2019

60,000

51,628

52,009

163,637

Additions

-

2,721

28,677

31,398

At 31 December 2019

60,000

54,349

80,686

195,035

DEPRECIATION

At 1 January 2019

16,000

21,984

31,219

69,203

Charge for year

6,000

8,034

10,414

24,448

At 31 December 2019

22,000

30,018

41,633

93,651

NET BOOK VALUE

At 31 December 2019

38,000

24,331

39,053

101,384

At 31 December 2018

44,000

29,644

20,790

94,434

5.	INVENTORIES

31/12/19

31/12/18

£

£

Work-in-progress

288,737

287,841

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/19

31/12/18

£

£

Trade debtors

654,644

594,155

Other debtors

1,556

589

Directors' current accounts

82,693

-

Prepayments

40,881

42,426

779,774

637,170

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/19

31/12/18

£

£

Bank loans and overdrafts

37,719

53,261

Trade creditors

191,232

276,237

Tax

67,739

28,006

Social security and other taxes

120,843

81,155

VAT

111,022

66,600

Accrued expenses

55,750

51,027

584,305

556,286

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/19

31/12/18

£

£

Bank loans - 1-2 years

-

37,719