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Registered number: 02929779










GRAYS ASSOCIATES LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 March 2024

 
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 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
10,366
12,878

  
10,366
12,878

Current assets
  

Debtors
  
148,946
152,443

Cash at bank and in hand
  
196,119
281,988

  
345,065
434,431

Creditors: amounts falling due within one year
  
(100,679)
(102,561)

Net current assets
  
 
 
244,386
 
 
331,870

  

Net assets
  
254,752
344,748


Capital and reserves
  

Called up share capital 
 6 
100
100

Profit and loss account
  
254,652
344,648

  
254,752
344,748


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 25 July 2024.




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 2024

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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.

Page 2

 
GRAYS ASSOCIATES LIMITED
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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
-
20%

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.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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 (2023 - 8).

Page 3

 
GRAYS ASSOCIATES LIMITED
 

 
Notes to the financial statements
For the year ended 31 March 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
575,000



At 31 March 2024

575,000



Amortisation


At 1 April 2023
575,000



At 31 March 2024

575,000



Net book value



At 31 March 2024
-



At 31 March 2023
-




5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
62,423



At 31 March 2024

62,423



Depreciation


At 1 April 2023
49,545


Charge for the year on owned assets
2,512



At 31 March 2024

52,057



Net book value



At 31 March 2024
10,366



At 31 March 2023
12,878

Page 4

 
GRAYS ASSOCIATES LIMITED
 

 
Notes to the financial statements
For the year ended 31 March 2024

6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100



Page 5