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COMPANY REGISTRATION NUMBER: 03191373
GARY AVISON LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR PERIOD 1 MAY 2022 TO
31 March 2023
GARY AVISON LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
31 Mar 23
30 Apr 22
Note
£
£
£
£
Fixed Assets
Tangible assets
5
550,365
516,912
Current Assets
Stocks
890,000
728,389
Debtors
6
130,407
121,357
Investments
7
1,388,151
1,634,476
Cash at bank and in hand
3,404,277
3,027,331
--------------
--------------
5,812,835
5,511,553
Creditors: amounts falling due within one year
8
906,577
793,097
--------------
--------------
Net Current Assets
4,906,258
4,718,456
--------------
--------------
Total Assets Less Current Liabilities
5,456,623
5,235,368
Provisions
Taxation including deferred tax
29,000
80,000
--------------
--------------
Net Assets
5,427,623
5,155,368
--------------
--------------
GARY AVISON LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
31 Mar 23
30 Apr 22
Note
£
£
£
£
Capital and Reserves
Called up share capital
2
2
Profit and loss account
5,427,621
5,155,366
--------------
--------------
Shareholders Funds
5,427,623
5,155,368
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 October 2023 , and are signed on behalf of the board by:
S G Avison
Director
Company registration number: 03191373
GARY AVISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 MAY 2022 TO 31 MARCH 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Roughton Moor, Woodhall Spa, Lincolnshire, LN10 6YQ.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
The turnover shown in the profit and loss account represents the amount due for vehicles and equipment sold during the year, exclusive of Value Added Tax. Turnover is recognised when a sale is completed.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Buildings
-
over 30 years
Plant and Machinery
-
20% reducing balance
Fixtures and Fittings
-
33% reducing balance
Motor Vehicles
-
20% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee Numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 3 ).
5. Tangible Assets
Freehold Buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
797,136
152,790
16,170
27,338
993,434
Additions
52,530
35,852
88,382
-----------
-----------
---------
---------
--------------
At 31 March 2023
797,136
205,320
16,170
63,190
1,081,816
-----------
-----------
---------
---------
--------------
Depreciation
At 1 May 2022
332,658
123,015
15,381
5,468
476,522
Charge for the period
36,292
6,830
263
11,544
54,929
-----------
-----------
---------
---------
--------------
At 31 March 2023
368,950
129,845
15,644
17,012
531,451
-----------
-----------
---------
---------
--------------
Carrying amount
At 31 March 2023
428,186
75,475
526
46,178
550,365
-----------
-----------
---------
---------
--------------
At 30 April 2022
464,478
29,775
789
21,870
516,912
-----------
-----------
---------
---------
--------------
6. Debtors
31 Mar 23
30 Apr 22
£
£
Trade debtors
105,406
22,819
Other debtors
25,001
98,538
-----------
-----------
130,407
121,357
-----------
-----------
7. Investments
31 Mar 23
30 Apr 22
£
£
Listed investments
1,388,151
1,634,476
--------------
--------------
Investments represents a portfolio of listed shares and securities. No holding represents a significant proportion of the entity concerned.
8. Creditors: amounts falling due within one year
31 Mar 23
30 Apr 22
£
£
Trade creditors
126,060
101,574
Amounts owed to group undertakings
552,087
404,827
Social security and other taxes
213,817
274,857
Other creditors
14,613
11,839
-----------
-----------
906,577
793,097
-----------
-----------
9. Financial Instruments
The carrying amount for each category of financial instrument is as follows:
31 Mar 23
30 Apr 22
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
1,388,151
1,634,476
--------------
--------------
Financial instruments measured at fair value through profit and loss are listed investments valued at open market value.
10. Director's Advances, Credits and Guarantees
During the period the director entered into the following advances and credits with the company:
31 Mar 23
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
S G Avison
91,645
( 91,645)
---------
-----
---------
-----
30 Apr 22
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
S G Avison
91,645
91,645
-----
---------
-----
---------
The advance was repayable on demand and subject to interest at the official rate.
11. Controlling Party
The company is a wholly owned subsidiary of Roughton Moor Limited, a company registered in England at Roughton Moor, Woodhall Spa, Lincolnshire, LN10 6YQ. The ultimate controlling party is S G Avison who controls Roughton Moor Limited.