Acorah Software Products - Accounts Production 16.1.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 08529170 Mr A Palmer Mrs K Palmer iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08529170 2023-05-31 08529170 2024-05-31 08529170 2023-06-01 2024-05-31 08529170 frs-core:CurrentFinancialInstruments 2024-05-31 08529170 frs-core:Non-currentFinancialInstruments 2024-05-31 08529170 frs-core:FurnitureFittings 2024-05-31 08529170 frs-core:FurnitureFittings 2023-06-01 2024-05-31 08529170 frs-core:FurnitureFittings 2023-05-31 08529170 frs-core:NetGoodwill 2024-05-31 08529170 frs-core:NetGoodwill 2023-06-01 2024-05-31 08529170 frs-core:NetGoodwill 2023-05-31 08529170 frs-core:MotorVehicles 2024-05-31 08529170 frs-core:MotorVehicles 2023-06-01 2024-05-31 08529170 frs-core:MotorVehicles 2023-05-31 08529170 frs-core:PlantMachinery 2024-05-31 08529170 frs-core:PlantMachinery 2023-06-01 2024-05-31 08529170 frs-core:PlantMachinery 2023-05-31 08529170 frs-core:ShareCapital 2024-05-31 08529170 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 08529170 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08529170 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 08529170 frs-bus:SmallEntities 2023-06-01 2024-05-31 08529170 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 08529170 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 08529170 frs-bus:Director1 2023-06-01 2024-05-31 08529170 frs-bus:Director2 2023-06-01 2024-05-31 08529170 frs-countries:EnglandWales 2023-06-01 2024-05-31 08529170 2022-05-31 08529170 2023-05-31 08529170 2022-06-01 2023-05-31 08529170 frs-core:CurrentFinancialInstruments 2023-05-31 08529170 frs-core:Non-currentFinancialInstruments 2023-05-31 08529170 frs-core:ShareCapital 2023-05-31 08529170 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 08529170
Gray's Locksmiths Ltd
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08529170
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 65,222 63,255
65,222 63,255
CURRENT ASSETS
Stocks 6 28,407 29,991
Debtors 7 57,794 67,057
Cash at bank and in hand 246,593 163,136
332,794 260,184
Creditors: Amounts Falling Due Within One Year 8 (113,334 ) (82,089 )
NET CURRENT ASSETS (LIABILITIES) 219,460 178,095
TOTAL ASSETS LESS CURRENT LIABILITIES 284,682 241,350
Creditors: Amounts Falling Due After More Than One Year 9 (10,833 ) (20,833 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,392 ) (12,018 )
NET ASSETS 261,457 208,499
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 261,357 208,399
SHAREHOLDERS' FUNDS 261,457 208,499
Page 1
Page 2
For the year ending 31 May 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 A Palmer
Director
14 February 2025
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
Gray's Locksmiths Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08529170 . The registered office is 8-10 Nuthall Road, Nottingham, Nottinghamshire, NG8 5AZ.
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. 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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
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:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 11)
12 11
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 5,000
As at 31 May 2024 5,000
Amortisation
As at 1 June 2023 5,000
As at 31 May 2024 5,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 June 2023 57,427 84,265 14,822 156,514
Additions - 23,695 6,016 29,711
Disposals (31,125 ) (8,495 ) - (39,620 )
As at 31 May 2024 26,302 99,465 20,838 146,605
Depreciation
As at 1 June 2023 48,206 34,238 10,815 93,259
Provided during the period 1,442 17,759 2,506 21,707
Disposals (27,776 ) (5,807 ) - (33,583 )
As at 31 May 2024 21,872 46,190 13,321 81,383
Net Book Value
As at 31 May 2024 4,430 53,275 7,517 65,222
As at 1 June 2023 9,221 50,027 4,007 63,255
6. Stocks
2024 2023
£ £
Stock 28,407 29,991
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 52,549 63,392
Other debtors 5,245 3,665
57,794 67,057
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 13,189 15,652
Bank loans and overdrafts 10,000 10,000
Other creditors 21,921 15,811
Taxation and social security 68,224 40,626
113,334 82,089
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,833 20,833
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5