Greckon Associates Ltd
Registered number: 07411104
Statement of Financial Position
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 20,467 30,796
Current assets
Debtors 4 80,608 82,285
Cash at bank and in hand 45,597 75,339
126,205 157,624
Creditors: amounts falling due within one year 5 (27,401) (31,917)
Net current assets 98,804 125,707
Total assets less current liabilities 119,271 156,503
Creditors: amounts falling due after more than one year 6 (1,460) (7,338)
Provisions for liabilities (3,247) (1,161)
Net assets 114,564 148,004
Capital and reserves
Called up share capital 100 100
Profit and loss account 114,464 147,904
Shareholders' funds 114,564 148,004
The director is 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 director acknowledges his 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 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.
Mr F Gregson
Director
Approved by the board on 10 March 2025
Greckon Associates Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the 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 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.
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:
Freehold buildings over 10 years
Plant and machinery 25% reducing balance
Motor vehicles over 4 year lease term
Debtors
Short term debtors are measured at transaction 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. 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.
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.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 2 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 5,628 16,570 36,883 59,081
Additions - 2,323 - 2,323
Disposals - (4,374) - (4,374)
At 31 October 2024 5,628 14,519 36,883 57,030
Depreciation
At 1 November 2023 1,689 10,459 16,137 28,285
Charge for the year 563 1,855 9,221 11,639
On disposals - (3,361) - (3,361)
At 31 October 2024 2,252 8,953 25,358 36,563
Net book value
At 31 October 2024 3,376 5,566 11,525 20,467
At 31 October 2023 3,939 6,111 20,746 30,796
4 Debtors 2024 2023
£ £
Trade debtors 48,129 2,000
Prepayments 953 889
Other debtors 31,526 79,396
80,608 82,285
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 5,878 5,878
Accruals 1,986 1,862
Corporation tax 10,327 13,263
Other taxes and social security costs 9,210 10,914
27,401 31,917
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 1,460 7,338
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr F Gregson
Repayable on demand 79,396 - 63,909 15,487
79,396 - 63,909 15,487
8 Other information
Greckon Associates Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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