6 false false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 190,982 81,849 27,283 109,132 81,850 109,133 493,537 493,537 493,537 xbrli:pure xbrli:shares iso4217:GBP 11795479 2022-06-01 2023-05-31 11795479 2023-05-31 11795479 2022-05-31 11795479 2021-06-01 2022-05-31 11795479 2022-05-31 11795479 2021-05-31 11795479 core:NetGoodwill 2022-06-01 2023-05-31 11795479 core:LandBuildings core:LongLeaseholdAssets 2022-06-01 2023-05-31 11795479 core:FurnitureFittings 2022-06-01 2023-05-31 11795479 bus:Director1 2022-06-01 2023-05-31 11795479 bus:Director2 2022-06-01 2023-05-31 11795479 core:NetGoodwill 2022-05-31 11795479 core:NetGoodwill 2023-05-31 11795479 core:LandBuildings 2022-05-31 11795479 core:FurnitureFittings 2022-05-31 11795479 core:LandBuildings 2023-05-31 11795479 core:FurnitureFittings 2023-05-31 11795479 core:LandBuildings 2022-06-01 2023-05-31 11795479 core:WithinOneYear 2023-05-31 11795479 core:WithinOneYear 2022-05-31 11795479 core:AfterOneYear 2023-05-31 11795479 core:AfterOneYear 2022-05-31 11795479 core:ShareCapital 2023-05-31 11795479 core:ShareCapital 2022-05-31 11795479 core:RetainedEarningsAccumulatedLosses 2023-05-31 11795479 core:RetainedEarningsAccumulatedLosses 2022-05-31 11795479 core:NetGoodwill 2022-05-31 11795479 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 11795479 core:Non-currentFinancialInstruments 2023-05-31 11795479 core:Non-currentFinancialInstruments 2022-05-31 11795479 core:LandBuildings 2022-05-31 11795479 core:FurnitureFittings 2022-05-31 11795479 bus:SmallEntities 2022-06-01 2023-05-31 11795479 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 11795479 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 11795479 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11795479 bus:FullAccounts 2022-06-01 2023-05-31
COMPANY REGISTRATION NUMBER: 11795479
Andrew Gray & Associates Limited
Filleted Unaudited Financial Statements
31 May 2023
Andrew Gray & Associates Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
81,850
109,133
Tangible assets
6
9,146
7,471
Investments
7
493,537
493,537
---------
---------
584,533
610,141
Current assets
Debtors
8
36,517
19,482
Cash at bank and in hand
62,004
56,641
--------
--------
98,521
76,123
Creditors: amounts falling due within one year
9
231,490
231,110
---------
---------
Net current liabilities
132,969
154,987
---------
---------
Total assets less current liabilities
451,564
455,154
Creditors: amounts falling due after more than one year
10
264,982
329,077
---------
---------
Net assets
186,582
126,077
---------
---------
Andrew Gray & Associates Limited
Statement of Financial Position (continued)
31 May 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
250
250
Profit and loss account
186,332
125,827
---------
---------
Shareholders funds
186,582
126,077
---------
---------
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 Section 1A of 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 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Mr A G Gray
Mr I Fairlie
Director
Director
Company registration number: 11795479
Andrew Gray & Associates Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 The Green, Bassett Court, Newport Pagnell, MK16 0JW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, '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 and represents amounts receivable for services rendered.
Deferred taxation
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
-
10% 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:
Leasehold Improvements
-
10% straight line
Fixtures & Fittings
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it's liabilities.
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 6 (2022: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
190,982
---------
Amortisation
At 1 June 2022
81,849
Charge for the year
27,283
---------
At 31 May 2023
109,132
---------
Carrying amount
At 31 May 2023
81,850
---------
At 31 May 2022
109,133
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2022
4,969
9,324
14,293
Additions
4,308
4,308
-------
--------
--------
At 31 May 2023
4,969
13,632
18,601
-------
--------
--------
Depreciation
At 1 June 2022
1,656
5,166
6,822
Charge for the year
552
2,081
2,633
-------
--------
--------
At 31 May 2023
2,208
7,247
9,455
-------
--------
--------
Carrying amount
At 31 May 2023
2,761
6,385
9,146
-------
--------
--------
At 31 May 2022
3,313
4,158
7,471
-------
--------
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 June 2022 and 31 May 2023
493,537
---------
Impairment
At 1 June 2022 and 31 May 2023
---------
Carrying amount
At 31 May 2023
493,537
---------
At 31 May 2022
493,537
---------
The investments represent 100% of the issued share capital in Gray Fairlie Holdings Limited, a company incorporated in England
8. Debtors
2023
2022
£
£
Trade debtors
35,148
18,610
Other debtors
1,369
872
--------
--------
36,517
19,482
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
64,000
60,060
Trade creditors
801
312
Amounts owed to group undertakings and undertakings in which the company has a participating interest
100,376
113,218
Corporation tax
49,191
45,389
Social security and other taxes
346
418
Other creditors
16,776
11,713
---------
---------
231,490
231,110
---------
---------
The intercompany loan is interest free and payable on demand.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
264,982
329,077
---------
---------
The loans are secured by personal guarantees from Mr Andrew Gray, Mrs Tania Gray and Mr Iain Fairlie
11. Other financial commitments
At the year end the company had total commitments under operating leases totalling of £3,734 (2022 £17,584).