Gerald Charles Accountants Ltd
Registered number: 12426490
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 598,748 645,217
Tangible assets 4 6,549 7,983
605,297 653,200
Current assets
Stocks 16,711 13,659
Debtors 5 71,126 95,967
Cash at bank and in hand 71,899 50,583
159,736 160,209
Creditors: amounts falling due within one year 6 (71,938) (76,707)
Net current assets 87,798 83,502
Total assets less current liabilities 693,095 736,702
Creditors: amounts falling due after more than one year 7 (462,846) (544,895)
Net assets £230,249 £191,807
Capital and reserves
Called up share capital 140 140
Profit and loss account 230,107 191,667
Shareholders' funds £230,247 £191,807
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K HAJIKYPRI
Director
Approved by the board on 18 November 2024
Gerald Charles Accountants Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 as applied to small entities by section 1A of the standard. The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% Reducing balance
Stocks and Work in progress
Stocks & work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock & work in progress sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 714,915
At 31 July 2024 £714,915
Amortisation on cost
At 1 August 2023 69,698
Provided during the year 46,469
At 31 July 2024 £116,167
Net book value
At 31 July 2024 £598,748
At 31 July 2023 £645,217
Purchased Goodwill is being written off in equal annual instalments over its estimated economic life at 6.5% per annum.
4 Tangible fixed assets
Fixtures & fittings
£
Cost
At 1 August 2023 14,251
Additions 749
At 31 July 2024 £15,000
Depreciation
At 1 August 2023 6,268
Charge for the year 2,183
At 31 July 2024 £8,451
Net book value
At 31 July 2024 £6,549
At 31 July 2023 £7,983
5 Debtors 2024 2023
£ £
Trade debtors 66,576 91,113
Other debtors 4,550 4,854
£71,126 £95,967
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 770 1,112
Corporation tax 30,907 33,695
Other taxes and social security costs 37,707 40,416
Other creditors 2,554 1,484
£71,938 £76,707
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors £462,846 £544,895
8 Other information
Gerald Charles Accountants Ltd is a private company limited by shares and incorporated in England. Its registered office is:
239 Bullsmoor Lane
Enfield
MIDDX
EN1 4SB
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