Caseware UK (AP4) 2022.0.179 2022.0.179 2022-05-01false1The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.1truetrue 04700268 2022-05-01 2023-04-30 04700268 2021-05-01 2022-04-30 04700268 2023-04-30 04700268 2022-04-30 04700268 c:Director1 2022-05-01 2023-04-30 04700268 d:PlantMachinery 2022-05-01 2023-04-30 04700268 d:PlantMachinery 2023-04-30 04700268 d:PlantMachinery 2022-04-30 04700268 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 04700268 d:OfficeEquipment 2022-05-01 2023-04-30 04700268 d:OfficeEquipment 2023-04-30 04700268 d:OfficeEquipment 2022-04-30 04700268 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 04700268 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 04700268 d:Goodwill 2022-05-01 2023-04-30 04700268 d:Goodwill 2023-04-30 04700268 d:Goodwill 2022-04-30 04700268 d:CurrentFinancialInstruments 2023-04-30 04700268 d:CurrentFinancialInstruments 2022-04-30 04700268 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 04700268 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 04700268 d:ShareCapital 2023-04-30 04700268 d:ShareCapital 2022-04-30 04700268 d:RetainedEarningsAccumulatedLosses 2023-04-30 04700268 d:RetainedEarningsAccumulatedLosses 2022-04-30 04700268 c:OrdinaryShareClass1 2022-05-01 2023-04-30 04700268 c:OrdinaryShareClass1 2023-04-30 04700268 c:OrdinaryShareClass1 2022-04-30 04700268 c:OrdinaryShareClass2 2022-05-01 2023-04-30 04700268 c:OrdinaryShareClass2 2023-04-30 04700268 c:OrdinaryShareClass2 2022-04-30 04700268 c:FRS102 2022-05-01 2023-04-30 04700268 c:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 04700268 c:FullAccounts 2022-05-01 2023-04-30 04700268 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 04700268 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 04700268 d:AcceleratedTaxDepreciationDeferredTax 2022-04-30 04700268 2 2022-05-01 2023-04-30 04700268 d:Goodwill d:OwnedIntangibleAssets 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04700268










Garrett Axford Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 April 2023

 
Garrett Axford Limited
 
  
Chartered Accountants' Report to the Director on the preparation of the Unaudited Statutory Financial Statements of Garrett Axford Limited for the Year Ended 30 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Garrett Axford Limited for the year ended 30 April 2023 which comprise the Balance Sheet and the related notes 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 director of Garrett Axford Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Garrett Axford Limited  and state those matters that we have agreed to state to the director of Garrett Axford Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Garrett Axford Limited and its director for our work or for this report. 

It is your duty to ensure that Garrett Axford 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 Garrett Axford Limited. You consider that Garrett Axford Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Garrett Axford 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.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
2 October 2023
Page 1

 
Garrett Axford Limited
Registered number: 04700268

Balance Sheet
As at 30 April 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
10,000

Tangible assets
 5 
9,718
2,678

  
9,718
12,678

Current assets
  

Debtors: amounts falling due within one year
 6 
35,506
29,980

Cash at bank and in hand
  
12,692
35,427

  
48,198
65,407

Creditors: amounts falling due within one year
 7 
(12,549)
(13,225)

Net current assets
  
 
 
35,649
 
 
52,182

Total assets less current liabilities
  
45,367
64,860

Provisions for liabilities
  

Deferred tax
 8 
(1,846)
(509)

  
 
 
(1,846)
 
 
(509)

Net assets
  
43,521
64,351

Page 2

 
Garrett Axford Limited
Registered number: 04700268

Balance Sheet (continued)
As at 30 April 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
43,421
64,251

  
43,521
64,351


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




................................................
Mrs G R Garrett
Director
Date: 2 October 2023

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
Garrett Axford Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

1.


General information

The Company is a private company limited by shares, incorporated in England and Wales.
The registered number of the Company is 04700268.
The address of its registered office is 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ.
The principal place of business is Old Timbers, 84 High Street, Steyning, West Sussex BN44 3RD.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
Garrett Axford Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20
years

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated 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 estimated useful lives, based on the following bases:.


Plant and machinery
-
15%
reducing balance
Office equipment
-
33%
straight line

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 are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
Garrett Axford Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 6

 
Garrett Axford Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

2.Accounting policies (continued)

 
2.12

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

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

 
2.14

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 7

 
Garrett Axford Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 May 2022
200,000



At 30 April 2023

200,000



Amortisation


At 1 May 2022
190,000


Charge for the year on owned assets
10,000



At 30 April 2023

200,000



Net book value



At 30 April 2023
-



At 30 April 2022
10,000



Page 8

 
Garrett Axford Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

5.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 May 2022
1,625
12,941
14,566


Additions
-
9,725
9,725


Disposals
(1,535)
(2,776)
(4,311)



At 30 April 2023

90
19,890
19,980



Depreciation


At 1 May 2022
1,142
10,746
11,888


Charge for the year on owned assets
6
2,235
2,241


Disposals
(1,091)
(2,776)
(3,867)



At 30 April 2023

57
10,205
10,262



Net book value



At 30 April 2023
33
9,685
9,718



At 30 April 2022
483
2,195
2,678

Page 9

 
Garrett Axford Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

6.


Debtors

2023
2022
£
£


Trade debtors
8,082
-

Other debtors
16,949
21,508

Prepayments and accrued income
10,475
8,472

35,506
29,980



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,108
849

Corporation tax
1,696
8,209

Other taxation and social security
5,340
2,681

Other creditors
3,394
1,175

Accruals and deferred income
11
311

12,549
13,225



8.


Deferred taxation




2023


£






At beginning of year
(509)


Charged to profit or loss
(1,337)



At end of year
(1,846)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,846)
(509)

(1,846)
(509)

Page 10

 
Garrett Axford Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50 (2022 - 50) Ordinary shares of £1 each
50
50
50 (2022 - 50) Ordinary B shares of £1 each
50
50

100

100



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost represents contributions payable by the Company to the fund and amounted to £10,000 (2022 - £6000).


11.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


Page 11