Company registration number 02620871 (England and Wales)
RAY GASSON AND ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
RAY GASSON AND ASSOCIATES LIMITED
COMPANY INFORMATION
Directors
Mrs E L Watson
Mr P Baughen
Secretary
Mrs E L Watson
Company number
02620871
Registered office
Middle Hill
Hook Norton
Banbury
Oxfordshire
United Kingdom
OX15 5PL
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
RAY GASSON AND ASSOCIATES LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 5
RAY GASSON AND ASSOCIATES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RAY GASSON AND ASSOCIATES LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ray Gasson and Associates Limited for the year ended 30 April 2024 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Ray Gasson and Associates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ray Gasson and Associates Limited and state those matters that we have agreed to state to the Board of Directors of Ray Gasson and Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ray Gasson and Associates Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Ray Gasson and Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ray Gasson and Associates Limited. You consider that Ray Gasson and Associates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ray Gasson and Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
17 January 2025
RAY GASSON AND ASSOCIATES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
82,038
87,320
Current assets
Trade and other receivables
4
268,907
252,785
Cash and cash equivalents
138,305
194,682
407,212
447,467
Current liabilities
5
(100,982)
(106,072)
Net current assets
306,230
341,395
Total assets less current liabilities
388,268
428,715
Provisions for liabilities
(4,553)
(5,203)
Net assets
383,715
423,512
Equity
Called up share capital
110
110
Capital redemption reserve
60
60
Retained earnings
383,545
423,342
Total equity
383,715
423,512
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
Mrs E L Watson
Director
Company registration number 02620871 (England and Wales)
RAY GASSON AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Ray Gasson and Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Middle Hill, Hook Norton, Banbury, Oxfordshire, United Kingdom, OX15 5PL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
2% straight line
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
RAY GASSON AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
19
3
Property, plant and equipment
Land and buildings
Fixtures and computer equipment
Total
£
£
£
Cost
At 1 May 2023
126,250
27,254
153,504
Additions
2,492
2,492
At 30 April 2024
126,250
29,746
155,996
Depreciation and impairment
At 1 May 2023
60,599
5,585
66,184
Depreciation charged in the year
2,525
5,249
7,774
At 30 April 2024
63,124
10,834
73,958
Carrying amount
At 30 April 2024
63,126
18,912
82,038
At 30 April 2023
65,651
21,669
87,320
RAY GASSON AND ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
140,893
147,425
Other receivables
127,287
75,527
Prepayments and accrued income
727
29,833
268,907
252,785
5
Current liabilities
2024
2023
£
£
Trade payables
16,602
4,543
Corporation tax
4,631
23,021
Other taxation and social security
72,356
68,296
Other payables
7,393
10,212
100,982
106,072
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
4,553
5,203
2024
Movements in the year:
£
Liability at 1 May 2023
5,203
Credit to profit or loss
(650)
Liability at 30 April 2024
4,553