Caseware UK (AP4) 2022.0.179 2022.0.179 No description of principal activityfalse2022-04-0189falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02929779 2022-04-01 2023-03-31 02929779 2021-04-01 2022-03-31 02929779 2023-03-31 02929779 2022-03-31 02929779 c:CompanySecretary1 2022-04-01 2023-03-31 02929779 c:Director1 2022-04-01 2023-03-31 02929779 c:RegisteredOffice 2022-04-01 2023-03-31 02929779 d:OfficeEquipment 2022-04-01 2023-03-31 02929779 d:OfficeEquipment 2023-03-31 02929779 d:OfficeEquipment 2022-03-31 02929779 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02929779 d:Goodwill 2023-03-31 02929779 d:Goodwill 2022-03-31 02929779 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02929779 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02929779 d:ShareCapital 2023-03-31 02929779 d:ShareCapital 2022-03-31 02929779 d:RetainedEarningsAccumulatedLosses 2023-03-31 02929779 d:RetainedEarningsAccumulatedLosses 2022-03-31 02929779 c:OrdinaryShareClass1 2022-04-01 2023-03-31 02929779 c:OrdinaryShareClass1 2023-03-31 02929779 c:OrdinaryShareClass1 2022-03-31 02929779 c:FRS102 2022-04-01 2023-03-31 02929779 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02929779 c:AbridgedAccounts 2022-04-01 2023-03-31 02929779 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02929779










GRAYS ASSOCIATES LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 March 2023

 
GRAYS ASSOCIATES LIMITED
 

Company Information


Director
A J Gray 




Company secretary
K J Morton



Registered number
02929779



Registered office
10 Meadowcourt
Amos Road

Sheffield

S9 1BX





 
GRAYS ASSOCIATES LIMITED
Registered number: 02929779

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
12,878
16,317

  
12,878
16,317

Current assets
  

Debtors
  
152,443
310,976

Cash at bank and in hand
  
281,988
173,850

  
434,431
484,826

Creditors: amounts falling due within one year
  
(102,561)
(117,734)

Net current assets
  
 
 
331,870
 
 
367,092

  

Net assets
  
344,748
383,409


Capital and reserves
  

Called up share capital 
 6 
100
100

Profit and loss account
  
344,648
383,309

  
344,748
383,409


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 November 2023.




A J Gray
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
GRAYS ASSOCIATES LIMITED
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

Grays Associates Limited is a private company limited by shares incorporated in England within the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.  The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from rendering of services is recognised by reference to the stage of completion at the balance sheet date.  
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 2

 
GRAYS ASSOCIATES LIMITED
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
18%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
GRAYS ASSOCIATES LIMITED
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 9).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
575,000



At 31 March 2023

575,000



Amortisation


At 1 April 2022
575,000



At 31 March 2023

575,000



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 4

 
GRAYS ASSOCIATES LIMITED
 

 
Notes to the financial statements
For the year ended 31 March 2023

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
62,423



At 31 March 2023

62,423



Depreciation


At 1 April 2022
46,106


Charge for the year on owned assets
3,439



At 31 March 2023

49,545



Net book value



At 31 March 2023
12,878



At 31 March 2022
16,317


6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100



Page 5