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Registration number: 05085050

Garrett Commercials Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Garrett Commercials Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Garrett Commercials Ltd

Company Information

Directors

Mr Nicholas John Garrett

Mr Geoffrey Garrett

Company secretary

Joanne Garrett

Registered office

Camelot Works
Sparkford
Yeovil
Somerset
BA22 7LH

 

Garrett Commercials Ltd

(Registration number: 05085050)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

102,881

114,271

Current assets

 

Stocks

5

215,358

147,901

Debtors

6

1,044,076

891,966

Cash at bank and in hand

 

223,221

290,401

 

1,482,655

1,330,268

Creditors: Amounts falling due within one year

7

(346,359)

(345,583)

Net current assets

 

1,136,296

984,685

Total assets less current liabilities

 

1,239,177

1,098,956

Provisions for liabilities

(18,132)

(21,712)

Net assets

 

1,221,045

1,077,244

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

1,220,945

1,077,144

Shareholders' funds

 

1,221,045

1,077,244

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 August 2022 and signed on its behalf by:
 

 

Garrett Commercials Ltd

(Registration number: 05085050)
Balance Sheet as at 31 March 2022

.........................................

Mr Nicholas John Garrett
Director

.........................................

Mr Geoffrey Garrett
Director

 

Garrett Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Camelot Works
Sparkford
Yeovil
Somerset
BA22 7LH

These financial statements were authorised for issue by the Board on 17 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Garrett Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

15% or 33% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Garrett Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2021 - 12).

 

Garrett Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

-

285,519

129,022

414,541

Additions

10,395

2,175

14,250

26,820

Disposals

-

(20,250)

(14,250)

(34,500)

At 31 March 2022

10,395

267,444

129,022

406,861

Depreciation

At 1 April 2021

-

206,810

93,460

300,270

Charge for the year

-

14,925

11,610

26,535

Eliminated on disposal

-

(11,956)

(10,869)

(22,825)

At 31 March 2022

-

209,779

94,201

303,980

Carrying amount

At 31 March 2022

10,395

57,665

34,821

102,881

At 31 March 2021

-

78,709

35,562

114,271

Included within the net book value of land and buildings above is £10,395 (2021 - £Nil) in respect of long leasehold land and buildings.
 

5

Stocks

2022
£

2021
£

Other inventories

215,358

147,901

6

Debtors

Note

2022
£

2021
£

Trade debtors

 

321,603

186,848

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

708,115

691,118

Prepayments

 

14,358

14,000

 

1,044,076

891,966

 

Garrett Commercials Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

70,413

47,202

Taxation and social security

127,827

76,845

Accruals and deferred income

6,837

13,993

Other creditors

141,282

207,543

346,359

345,583

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £1,950 (2021 - £1,817) per each Ordinary shares

 

195,000

 

181,667

         

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

26,169

26,025

Contributions paid to money purchase schemes

528

376

26,697

26,401