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Nigel Grice and Associates Limited
Filleted accounts
31 May 2023
Company registration number: 06247808
Nigel Grice and Associates Limited
Directors and other information
Director N Grice
Secretary Mrs S Grice
Company number 06247808
Registered office 87 London Road, 2nd Floor
Headington
Oxford
OX3 9AA
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Nigel Grice and Associates Limited
Balance sheet
31st May 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 21,527 30,765
_______ _______
21,527 30,765
Current assets
Debtors 7 8,582 7,511
Cash at bank and in hand 68,095 94,383
_______ _______
76,677 101,894
Creditors: amounts falling due
within one year 8 ( 57,098) ( 47,158)
_______ _______
Net current assets 19,579 54,736
_______ _______
Total assets less current liabilities 41,106 85,501
Provisions for liabilities ( 1,494) ( 1,857)
_______ _______
Net assets 39,612 83,644
_______ _______
Capital and reserves
Called up share capital 9 101 101
Profit and loss account 39,511 83,543
_______ _______
Shareholders funds 39,612 83,644
_______ _______
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.
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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 February 2024 , and are signed on behalf of the board by:
N Grice
Director
Company registration number: 06247808
Nigel Grice and Associates Limited
Notes to the financial statements
Year ended 31st May 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 87 London Road, 2nd Floor, Headington, Oxford, OX3 9AA. There was no significant change in the company's principal activity during the year which continued to be that of financial advisors .
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 Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 - Straight line over 15 years
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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - 25% straight line
Fittings fixtures and equipment - 25% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 Balance sheet 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 in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its 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 in finance costs 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 5 (2022: 4 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st June 2022 and 31st May 2023 120,000 120,000
_______ _______
Amortisation
At 1st June 2022 and 31st May 2023 120,000 120,000
_______ _______
Carrying amount
At 31st May 2023 - -
_______ _______
At 31st May 2022 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1st June 2022 8,009 37,184 45,193
Additions 1,395 - 1,395
Disposals ( 1,034) - ( 1,034)
_______ _______ _______
At 31st May 2023 8,370 37,184 45,554
_______ _______ _______
Depreciation
At 1st June 2022 3,268 11,160 14,428
Charge for the year 1,807 8,826 10,633
Disposals ( 1,034) - ( 1,034)
_______ _______ _______
At 31st May 2023 4,041 19,986 24,027
_______ _______ _______
Carrying amount
At 31st May 2023 4,329 17,198 21,527
_______ _______ _______
At 31st May 2022 4,741 26,024 30,765
_______ _______ _______
7. Debtors
2023 2022
£ £
Other debtors 8,582 7,511
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 29,208 33,395
Social security and other taxes 669 1,219
Other creditors 27,221 12,544
_______ _______
57,098 47,158
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
Non voting B shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
101 101 101 101
_______ _______ _______ _______