2023-04-012024-03-312024-03-31false04381529Gary Ross 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Gary Ross Ltd

Registered Number
04381529
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Gary Ross Ltd
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

Gary Ross

Company Secretary

Judith Lesley Pragnell

Registered Address

West Thorpe Cottage
Greystoke
Penrith
CA11 0TJ

Registered Number

04381529 (England and Wales)
Gary Ross Ltd
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3239-
239-
Current assets
Stocks53,6683,335
Debtors66,750-
Cash at bank and on hand9,1817,036
19,59910,371
Creditors amounts falling due within one year7(34,942)(41,306)
Net current assets (liabilities)(15,343)(30,935)
Total assets less current liabilities(15,104)(30,935)
Net assets(15,104)(30,935)
Capital and reserves
Called up share capital1,0001,000
Profit and loss account(16,104)(31,935)
Shareholders' funds(15,104)(30,935)
The financial statements were approved and authorised for issue by the Director on 4 November 2024, and are signed on its behalf by:
Gary Ross
Director
Registered Company No. 04381529
Gary Ross Ltd
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The balance sheet indicates a net deficit of £15,104. However, the accounts have been prepared on a going concern basis on the grounds that the directors will continue to meet the day to day expenses of the company and as the largest creditor of the company they have continued to provide these funds to the company since the year end.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Vehicles25
Office Equipment20
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 April 239,4215001,95311,874
Additions299--299
At 31 March 249,7205001,95312,173
Depreciation and impairment
At 01 April 239,4215001,95311,874
Charge for year60--60
At 31 March 249,4815001,95311,934
Net book value
At 31 March 24239--239
At 31 March 23----
4.Impairment of tangible fixed assets
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.
5.Stocks

2024

2023

££
Other stocks3,6683,335
Total3,6683,335
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables6,750-
Total6,750-
7.Creditors: amounts due within one year

2024

2023

££
Other creditors34,13240,496
Accrued liabilities and deferred income810810
Total34,94241,306
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.