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REGISTERED NUMBER: 03120309 (England and Wales)















T K GARNETT ENGINEERING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2022






T K GARNETT ENGINEERING LIMITED (REGISTERED NUMBER: 03120309)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4


T K GARNETT ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2022







DIRECTORS: Mr T K Garnett
Mr J Garnett





SECRETARY: Mrs L E Garnett





REGISTERED OFFICE: 28 Dudley Street
Grimsby
N E Lincolnshire
DN31 2AB





REGISTERED NUMBER: 03120309 (England and Wales)





ACCOUNTANTS: Weaver Wroot
28 Dudley Street
Grimsby
N E Lincolnshire
DN31 2AB

T K GARNETT ENGINEERING LIMITED (REGISTERED NUMBER: 03120309)

BALANCE SHEET
31ST OCTOBER 2022

31.10.22 31.10.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 43,487 48,014

CURRENT ASSETS
Debtors 5 253,085 277,603
Cash at bank 146,284 96,223
399,369 373,826
CREDITORS
Amounts falling due within one year 6 26,793 22,782
NET CURRENT ASSETS 372,576 351,044
TOTAL ASSETS LESS CURRENT
LIABILITIES

416,063

399,058

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 416,061 399,056
SHAREHOLDERS' FUNDS 416,063 399,058

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th October 2023 and were signed on its behalf by:





Mr T K Garnett - Director


T K GARNETT ENGINEERING LIMITED (REGISTERED NUMBER: 03120309)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2022

1. STATUTORY INFORMATION

T K Garnett Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on cost
Plant and machinery - 12.5% on cost
Motor vehicles - Straight line over 5 years
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes. Contributions payable for the year are charged in the profit and loss account.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 3 ) .

T K GARNETT ENGINEERING LIMITED (REGISTERED NUMBER: 03120309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2022

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1st November 2021
and 31st October 2022 35,685 16,259 17,604
DEPRECIATION
At 1st November 2021 - 5,431 16,104
Charge for year - 4,055 472
At 31st October 2022 - 9,486 16,576
NET BOOK VALUE
At 31st October 2022 35,685 6,773 1,028
At 31st October 2021 35,685 10,828 1,500

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st November 2021
and 31st October 2022 12,300 750 82,598
DEPRECIATION
At 1st November 2021 12,300 749 34,584
Charge for year - - 4,527
At 31st October 2022 12,300 749 39,111
NET BOOK VALUE
At 31st October 2022 - 1 43,487
At 31st October 2021 - 1 48,014

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Trade debtors 106,211 95,602
Other debtors 146,874 182,001
253,085 277,603

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Trade creditors 2,338 2,696
Taxation and social security 22,405 18,036
Other creditors 2,050 2,050
26,793 22,782