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Company Registration Number 09356408























GILSON GRAY (ENGLAND) LIMITED





FINANCIAL STATEMENTS





 30 APRIL 2024























img33c7.png

 
GILSON GRAY (ENGLAND) LIMITED
 

COMPANY INFORMATION


Directors
Glen Gilson 
Matthew Gray 
Murray Stewart 
Lesley Naylor 
Deborah Mccathie 
Derek Hamill 
Alexander Garioch 
Alastair Fiddes 
John Ellwood 
Cherie Mcbean (appointed 26 November 2024)




Registered number
09356408



Registered office
Olympic House
Ground Floor

Doddington Road

Lincoln

LN6 3SE




Independent auditor
Armstrong Watson Audit Limited
Statutory Auditor & Chartered Accountants

Third Floor

10 South Parade

Leeds

West Yorkshire

LS1 5QS





 
GILSON GRAY (ENGLAND) LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditor's Report
 
3 - 6
Statement of Income and Retained Earnings
 
7
Statement of Financial Position
 
8
Notes to the Financial Statements
 
9 - 16

 
GILSON GRAY (ENGLAND) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The Directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is providing the property conveyancing services.

Results and dividends

The loss for the year, after taxation, amounted to £502,602 (2023 - loss £767,965).

Directors

The Directors who served during the year were:

Glen Gilson 
Matthew Gray 
Murray Stewart 
Lesley Naylor 
Deborah Mccathie 
Derek Hamill 
Alexander Garioch 
Alastair Fiddes 
John Robert Ellwood
Cherie Adele Mcbean (Appointed 26 November 2024)
 

Page 1

 
GILSON GRAY (ENGLAND) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Armstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Alastair Fiddes
Director

Date: 30 April 2025

Page 2

 
GILSON GRAY (ENGLAND) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GILSON GRAY (ENGLAND) LIMITED
 

Opinion


We have audited the financial statements of Gilson Gray (England) Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
GILSON GRAY (ENGLAND) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GILSON GRAY (ENGLAND) LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
GILSON GRAY (ENGLAND) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GILSON GRAY (ENGLAND) LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• We obtained an understanding of laws and regulations that affect the Company, focusing on those that    had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws   and regulations that we identified included the UK Companies Act, SRA regulations including Accounts    Rules, tax legislation and occupational health and employment legislation.
• We enquired of the Directors and staff members and reviewed correspondence with HMRC for evidence   of non compliance with relevant laws and regulations. We also reviewed controls the Directors have in    place to ensure compliance.
• We gained an understanding of the controls that the Directors have in place to prevent and detect fraud.
• We enquired of the Directors about any incidences of fraud that had taken place during the accounting    period.
• The risk of fraud and non compliance with laws and regulations and fraud was discussed within the audit   team and tests were planned and performed to address these risks. We identified the potential for fraud in  the following areas: revenue recognition, management override of controls and misappropriation of cash    and other assets.
• We reviewed financial statements disclosures and tested to supporting documentation to assess     compliance with relevant laws and regulations discussed above.
• We enquired of the Directors about actual and potential litigation and claims.
• We performed analytical procedures to identify any unusual or unexpected relationships that might    indicate risks of material misstatement due to fraud.
• In addressing the risk of fraud due to management override of internal controls we tested the     appropriateness of journal entries and assessed whether the judgements made in making accounting    estimates were indicative of a potential bias.
Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non compliance with laws and regulations and cannot be expected to detect all fraud and non compliance with laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 5

 
GILSON GRAY (ENGLAND) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GILSON GRAY (ENGLAND) LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Huw Nicholls (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Statutory Auditor
Chartered Accountants
Leeds

30 April 2025
Page 6

 
GILSON GRAY (ENGLAND) LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

  

Turnover
  
9,058,658
5,803,506

Cost of sales
  
(4,252,046)
(2,174,775)

Gross profit
  
4,806,612
3,628,731

Administrative expenses
  
(5,548,851)
(4,541,152)

Operating loss
  
(742,239)
(912,421)

Interest receivable and similar income
  
257,764
147,396

Interest payable and similar expenses
  
(18,127)
(9,796)

Loss before tax
  
(502,602)
(774,821)

Tax on loss
  
-
6,856

Loss after tax
  
(502,602)
(767,965)

Retained earnings at the beginning of the year
  
67,703
835,668

  
67,703
835,668

Loss for the year
  
(502,602)
(767,965)

Retained earnings at the end of the year
  
(434,899)
67,703
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 9 to 16 form part of these financial statements.

Page 7

 
GILSON GRAY (ENGLAND) LIMITED
REGISTERED NUMBER: 09356408

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£
Unaudited

Fixed assets
  

Intangible assets
 4 
87,230
99,124

Tangible assets
 5 
20,227
22,396

  
107,457
121,520

Current assets
  

Debtors: amounts falling due within one year
 6 
2,401,913
1,531,558

Bank and cash balances
  
341,997
224,227

  
2,743,910
1,755,785

Creditors: amounts falling due within one year
 7 
(3,286,264)
(1,809,602)

Net current liabilities
  
 
 
(542,354)
 
 
(53,817)

Total assets less current liabilities
  
(434,897)
67,703

  

Net (liabilities)/assets
  
(434,897)
67,703

Difference to be cleared
(1)
1

Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
(434,899)
67,703

  
(434,898)
67,704


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Alastair Fiddes
Director

Date: 30 April 2025

The notes on pages 9 to 16 form part of these financial statements.

Page 8

 
GILSON GRAY (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Gilson Gray (England) Limited (formerly Home Property Lawyers Limited) is a private limited company with shares which is incorporated in the United Kingdom. The address of the registered office and the Company's principal place of business is Olympic House, Ground Floor, Doddington Road, Lincoln, England, LN6 3SE.
On 29 September 2022 Gilson Gray LLP completed the acquisition of 100% of the share capital of the Company. On 26 September 2022 the Directors changed the name of the Company from Home Property Lawyers Limited to Gilson Gray (England) Limited.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the Company's forecasts and projections, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

  
2.3

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 when all of the following conditions are satisfied:
 • the amount of revenue can be measured reliably;
 • it is probable that economic benefits associated with the transaction will flow to the      company;
 • the stage of completion of the transaction at the reporting date can be measured reliably;     and
 • the costs incurred for the transaction and the costs to complete the transaction can be     measured reliably.

  
2.4

Intangible fixed assets

Intangible assets are initially measured at cost and subsequently measured at cost less accumulated amortisation. Amortisation is charged on a straight-line basis to administrative expenses in the profit or loss over the shorter of the useful life of the asset or the contractual or legal rights arising on acquisition. The useful economic lives are:
 • Software - over 10 years (no amortisation is charged until the software is ready for use).

Page 9

 
GILSON GRAY (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimted useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Computer equipment - over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and recognised in profit ot loss.

Page 10

 
GILSON GRAY (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.6

Financial Instruments

Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash and cash equivalents, equity instruments, trade and other receivables and trade and other payables.
Financial assets
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks and other short-term liquid investments with original maturities of three months or less.
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.
Financial liabilities
Financial instruments are classified as liabilities according to the substance of the contractual arrangements entered into.
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.

Page 11

 
GILSON GRAY (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.7

Provisions

Provisions (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.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.


3.


Employees

2024
2023
£
£

Wages and salaries
2,924,961
2,147,080

Social security costs
229,302
105,150

Cost of defined contribution scheme
102,651
48,556

3,256,914
2,300,786


The average monthly number of employees during the year was 110 (2023 - 82).

Page 12

 
GILSON GRAY (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Software

£



Cost


At 1 May 2023
118,946



At 30 April 2024

118,946



Amortisation


At 1 May 2023
19,821


Charge for the year on owned assets
11,895



At 30 April 2024

31,716



Net book value



At 30 April 2024
87,230



At 30 April 2023
99,125



Page 13

 
GILSON GRAY (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 May 2023
26,741


Additions
3,446



At 30 April 2024

30,187



Depreciation


At 1 May 2023
4,345


Charge for the year on owned assets
5,615



At 30 April 2024

9,960



Net book value



At 30 April 2024
20,227



At 30 April 2023
22,396
Page 14

 
GILSON GRAY (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Trade debtors
6,217
-

Amounts recoverable on long-term contracts
1,069,875
983,919

Other debtors
1,278,389
499,666

Prepayments and accrued income
47,432
47,973

2,401,913
1,531,558



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
381,659
476,134

Amounts owed to group undertakings
1,472,100
922,100

Other taxation and social security
399,247
242,483

Other creditors
844,556
52,456

Accruals and deferred income
188,702
116,429

3,286,264
1,809,602


Page 15

 
GILSON GRAY (ENGLAND) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share £1 each share of £1.00
1
1



9.


Pension commitments

The Company operates a defined contribution pension scheme for employees with contributions being made into this plan by the Company at rates specified in the rules of the scheme. The total amount recognised in the Income Statement during the year was £102,651 (2023: £48,556). Included in creditors are amounts of £40,211 (2023: £17,959) owing in respect of pension contributions.


10.


Related party transactions

The Company has taken advantage of the exemption under FRS102 not to provide information on related party transactions with other wholly owned subsidiary undertakings within the Gilson Gray LLP Group.


11.


Controlling party

On 29th September 2022 100% of the Company's issued share capital was acquired by Gilson Gray LLP, a limited liability partnership with registered address 29 Rutland Square, Edinburgh, EH1 2BW. The smallest and largest group in which the results will be consolidated in is headed by Gilson Gray LLP. Copies of consolidated group financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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