Acorah Software Products - Accounts Production 15.0.500 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 09162354 Mr Robert Gray iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09162354 2023-03-31 09162354 2024-03-31 09162354 2023-04-01 2024-03-31 09162354 frs-core:CurrentFinancialInstruments 2024-03-31 09162354 frs-core:Non-currentFinancialInstruments 2024-03-31 09162354 frs-core:ComputerEquipment 2024-03-31 09162354 frs-core:ComputerEquipment 2023-04-01 2024-03-31 09162354 frs-core:ComputerEquipment 2023-03-31 09162354 frs-core:FurnitureFittings 2024-03-31 09162354 frs-core:FurnitureFittings 2023-04-01 2024-03-31 09162354 frs-core:FurnitureFittings 2023-03-31 09162354 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 09162354 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 09162354 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 09162354 frs-core:MotorVehicles 2024-03-31 09162354 frs-core:MotorVehicles 2023-04-01 2024-03-31 09162354 frs-core:MotorVehicles 2023-03-31 09162354 frs-core:ShareCapital 2024-03-31 09162354 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 09162354 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09162354 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 09162354 frs-bus:SmallEntities 2023-04-01 2024-03-31 09162354 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09162354 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09162354 frs-bus:Director1 2023-04-01 2024-03-31 09162354 frs-countries:EnglandWales 2023-04-01 2024-03-31 09162354 2022-03-31 09162354 2023-03-31 09162354 2022-04-01 2023-03-31 09162354 frs-core:CurrentFinancialInstruments 2023-03-31 09162354 frs-core:Non-currentFinancialInstruments 2023-03-31 09162354 frs-core:ShareCapital 2023-03-31 09162354 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 09162354
Grays Cars and Classics Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09162354
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,791 2,729
1,791 2,729
CURRENT ASSETS
Stocks 5 23,170 45,624
Debtors 6 10,826 29,607
Cash at bank and in hand 13,546 5,172
47,542 80,403
Creditors: Amounts Falling Due Within One Year 7 (71,726 ) (108,128 )
NET CURRENT ASSETS (LIABILITIES) (24,184 ) (27,725 )
TOTAL ASSETS LESS CURRENT LIABILITIES (22,393 ) (24,996 )
Creditors: Amounts Falling Due After More Than One Year 8 (32,498 ) (44,343 )
NET LIABILITIES (54,891 ) (69,339 )
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account (54,893 ) (69,341 )
SHAREHOLDERS' FUNDS (54,891) (69,339)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Gray
Director
5th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Grays Cars and Classics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09162354 . The registered office is Kings Farm House, Pebmarsh, Halstead, Essex, CO9 2NY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company at year-end has net current liabilities of -£24,184 (2023: asset of £27,725) and net liabilities of -£54,891
(2023: £69,339). The director has reviewed the company's cash-flows over the next twelve months, and will provide financial support if necessary. As such it has been deemed appropriate to prepare the accounts on a going concern basis.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% r.b.
Motor Vehicles 25% r.b.
Fixtures & Fittings 25% r.b.
Computer Equipment 33% r.b.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 2,694 7,000 2,474 5,550 17,718
Additions - - - 707 707
Disposals (2,694 ) - - - (2,694 )
As at 31 March 2024 - 7,000 2,474 6,257 15,731
Depreciation
As at 1 April 2023 1,811 6,474 1,915 4,789 14,989
Provided during the period - 132 140 490 762
Disposals (1,811 ) - - - (1,811 )
As at 31 March 2024 - 6,606 2,055 5,279 13,940
Net Book Value
As at 31 March 2024 - 394 419 978 1,791
As at 1 April 2023 883 526 559 761 2,729
5. Stocks
2024 2023
£ £
Stock 23,170 45,624
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,826 -
Other debtors - 29,607
10,826 29,607
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 34,280 47,359
Bank loans and overdrafts 11,173 10,687
Other loans 4,000 7,000
Other creditors 19,587 32,151
Taxation and social security 2,686 10,931
71,726 108,128
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 32,498 44,343
32,498 44,343
9. Deferred Taxation
At the year-end there were losses carried forward of £48,149 (2023: £62,535) which resulted in a deferred tax asset. Due to the uncertainty of future profits this has not been recognised. At year-end there were also accelerated capital allowances of £1,792 (2023: £1,731) which would result in a deferred tax liability. Again due to the uncertainty of future profits this has also not been recognised. No corporation tax charge was due this year or the prior year.
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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