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REGISTERED NUMBER: 01188773 (England and Wales)


























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

INGHAM & GARNER LIMITED

INGHAM & GARNER LIMITED (REGISTERED NUMBER: 01188773)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INGHAM & GARNER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: Mr D Garner
Mr C D Garner
Mrs J A Burrows





SECRETARY: Mr D Garner





REGISTERED OFFICE: 8 Sinclair Way
Prescot Business Park
Prescot
Merseyside
L34 1QL





REGISTERED NUMBER: 01188773 (England and Wales)





AUDITORS: Livesey Spottiswood Ltd
Chartered Accountants and
Statutory Auditors
17 George Street
St Helens
Merseyside
WA10 1DB

INGHAM & GARNER LIMITED (REGISTERED NUMBER: 01188773)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
as restated
Notes £    £   
FIXED ASSETS
Tangible assets 4 207,817 75,371
Investment property 5 581,950 675,500
789,767 750,871

CURRENT ASSETS
Debtors 6 1,166,886 959,677
Investments 7 1,127,735 1,129,600
Cash at bank and in hand 406,123 474,863
2,700,744 2,564,140
CREDITORS
Amounts falling due within one year 8 (361,669 ) (379,075 )
NET CURRENT ASSETS 2,339,075 2,185,065
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,128,842

2,935,936

PROVISIONS FOR LIABILITIES 10 (171,721 ) (115,864 )
NET ASSETS 2,957,121 2,820,072

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Property revaluation reserve 12 520,460 496,388
Unrealised investment gains reserve 12 170,801 185,976
Retained earnings 12 2,255,860 2,127,708
SHAREHOLDERS' FUNDS 2,957,121 2,820,072

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 6 November 2023 and were signed on its behalf by:





Mr D Garner - Director


INGHAM & GARNER LIMITED (REGISTERED NUMBER: 01188773)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Ingham & Garner 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 as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company.

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

Significant judgements and key sources of estimation uncertainty
In the application of the company's accounting policies as set out below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Management consider that the following have the most significant effect on the amounts recognised in the financial statements:

Financial outcome of individual contracts - All long term contracts are reviewed on a monthly basis, with particular attention to contract stage of completion, costs to date and costs still to be incurred. Movement in margin is recognised when prudent to do so but immediately in the event there is a foreseeable loss.

Valuation of investment property - Investment properties are valued at the end of each reporting period by the directors at open market value.

Turnover
Turnover is entirely in respect of construction contracts and is measured at the fair value of the consideration received or receivable net of VAT and discounts.

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is calculated using the percentage completion method. Amounts recoverable on these long-terms contracts are included within debtors. Payments on account in respect of long-term contracts are included within creditors.

Where the outcome cannot be measured reliably, the work in progress is valued at cost less payments on account. Cost includes all direct costs plus an appropriate amount of attributable overhead.

When contract costs are expected to exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

The recognition of retentions is usually deferred until their receipt becomes virtually certain.

INGHAM & GARNER LIMITED (REGISTERED NUMBER: 01188773)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets except freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:


Improvements to property- 2% Straight line
Plant and machinery- 15% on reducing balance
Fixtures and fittings- 15% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- Straight line over 3 years

Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Investment property
Investment properties are initially recognised at cost. Cost includes the purchase price and any legal and professional fees in connection with the acquisition of the property.

At each reporting date, the properties are valued at fair value through profit and loss.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences.

Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Grants
Revenue grants are included in the profit and loss account in the period to which they relate.

Current asset investments
Current asset investments are a basic financial instrument and are initially recognised at cost and subsequently at fair value through profit and loss. Deferred tax is recognised in respect of unrealised gains on current asset investments.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 11 ) .

INGHAM & GARNER LIMITED (REGISTERED NUMBER: 01188773)

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


4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
land property machinery
£    £    £   
COST
At 1 January 2022 - 2,850 40,278
Disposals - - -
Transfer from investment property 150,000 - -
At 31 December 2022 150,000 2,850 40,278
DEPRECIATION
At 1 January 2022 - 2,223 22,801
Charge for year - 57 2,621
Eliminated on disposal - - -
At 31 December 2022 - 2,280 25,422
NET BOOK VALUE
At 31 December 2022 150,000 570 14,856
At 31 December 2021 - 627 17,477

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2022 57,824 144,941 8,142 254,035
Disposals - (20,116 ) - (20,116 )
Transfer from investment property - - - 150,000
At 31 December 2022 57,824 124,825 8,142 383,919
DEPRECIATION
At 1 January 2022 55,048 94,009 4,583 178,664
Charge for year 417 12,734 1,661 17,490
Eliminated on disposal - (20,052 ) - (20,052 )
At 31 December 2022 55,465 86,691 6,244 176,102
NET BOOK VALUE
At 31 December 2022 2,359 38,134 1,898 207,817
At 31 December 2021 2,776 50,932 3,559 75,371

The historical cost of freehold land amounts to £32,368.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2022 675,500
Revaluations 56,450
Transfer to freehold land (150,000 )
At 31 December 2022 581,950
NET BOOK VALUE
At 31 December 2022 581,950
At 31 December 2021 675,500

INGHAM & GARNER LIMITED (REGISTERED NUMBER: 01188773)

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


5. INVESTMENT PROPERTY - continued

The investment properties were valued at 31 December 2022 at the director's best estimate of the fair value of the properties on an open market basis.

Fair value at 31 December 2022 is represented by:
£   
Valuation in 2009 350,952
Valuation in 2021 85,649
Valuation in 2022 56,450
Cost 88,899
581,950

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
as restated
£    £   
Trade debtors 210,344 70,177
Amounts due from related parties 12,039 12,039
Amounts recoverable on contracts 811,528 743,410
Other debtors 1,015 182
Corporation tax 52,172 49,894
Directors' current accounts 50,241 71,633
Prepayments and accrued income 29,547 12,342
1,166,886 959,677

7. CURRENT ASSET INVESTMENTS
2022 2021
as restated
£    £   
Unlisted investments 1,127,735 1,129,600

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
as restated
£    £   
Trade creditors 181,347 186,464
Corporation tax 17,923 7,294
Social security and other taxes 20,137 14,222
VAT 85,281 124,804
Other creditors 11,262 5,624
Accrued expenses 45,719 40,667
361,669 379,075

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
as restated
£    £   
Between one and five years 2,150 2,700

INGHAM & GARNER LIMITED (REGISTERED NUMBER: 01188773)

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


10. PROVISIONS FOR LIABILITIES
2022 2021
as restated
£    £   
Deferred tax
On accelerated capital allowances 24,567 14,398
On revalued property 90,220 57,842
On unrealised investment gains 56,934 43,624
171,721 115,864

Deferred
tax
£   
Balance at 1 January 2022 115,864
Movement in year 55,857
Balance at 31 December 2022 171,721

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: as restated
£    £   
10,000 Ordinary £1 10,000 10,000

12. RESERVES
Unrealised
Property investment
Retained revaluation gains
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2022 2,127,708 496,388 185,976 2,810,072
Profit for the year 137,049 - - 137,049
Transfer for revaluation of investment
property

(56,450

)

56,450

-

-

Transfer for deferred tax movement on
investment property

32,378

(32,378

)

-

-

Transfer for unrealised gains on
investments

1,865

-

(1,865

)

-

Transfer for deferred tax on unrealised
investment gains

13,310

-

(13,310

)

-

At 31 December 2022 2,255,860 520,460 170,801 2,947,121

INGHAM & GARNER LIMITED (REGISTERED NUMBER: 01188773)

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


13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
Current asset investments includes £1,127,735 in respect of an investment with Prudential. We were unable to obtain a type 2 report from Prudential to verify that the internal controls operated by them are suitable for the purposes of valuing this investment and were unable to satisfy ourselves that the valuation was accurate by alternative means. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

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 UK, including the FRC's Ethical Standard and the provisions available for small entities, in the circumstances set out in note 18 to the financial statements, 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.

Matters required to report by exception
Arising solely from the limitation on the scope of our work relating to current asset investments referred to above, we have not obtained all of the information and explanations that we considered necessary for the purpose of our audit.

Mr David Hudd BA FCA (Senior Statutory Auditor)
for and on behalf of Livesey Spottiswood Ltd

14. PRIOR YEAR ADJUSTMENT

The financial statements for the prior year have been restated as a result of the following:

-
The revision to the accounting policy in respect of current asset investments as the policy was not compliant with
FRS102.
- The incorrect application of the accounting policy in respect of construction contracts.
- A material misstatement in respect of the fair value of investment property.

Current asset investments
The current asset investments were previously recognised at cost, rather than at fair value through profit and loss as required under FRS102. This incorrect treatment had occurred in all previous years following the transition to FRS102. The impact of the prior period adjustment was as follows:
- The closing valuation at 31 December 2021 has increased by £229,600 with a total uplift to the deferred tax provision of
£43,623.

Construction contracts
Amounts recoverable on contracts were incorrectly disclosed within stocks and cost of sales rather than within debtors and turnover. The impact of the prior period adjustment was as follows:
- The closing amounts recoverable on contracts figure at 31 December 2021 of £743,410 has been re-presented within
debtors rather than within stocks.

Investment property
A lack of certainty over the ownership of one of the company's investment properties led to a material misstatement in the fair value at 31 December 2021. The impact of the prior period adjustment was as follows:
- The closing valuation for investment property at 31 December 2021 has increased by £75,500 and the deferred tax
provision has increased by £14,435.

The impact of the above restatements has resulted in the following changes to the original balance sheet presented for the year ended 31 December 2021 as follows:
- Investment property has increased by £75,500
- Stocks has reduced by £743,410
- Debtors has increased by £743,410
- Current asset investments has increased by £229,600
- Net current assets have increased by £229,600
- Total assets less current liabilities have increased by £305,100
- Provisions for liabilities has increased by £57,969
- Net assets has increased by £247,131
- Property revaluation reserve has increased by £61,155
- Unrealised investment gains reserve has increased by £185,976

INGHAM & GARNER LIMITED (REGISTERED NUMBER: 01188773)

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


15. CAPITAL COMMITMENTS
2022 2021
as restated
£    £   
Contracted but not provided for in the
financial statements 40,450 -

16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
as restated
£    £   
Mr D Garner
Balance outstanding at start of year 44,187 79,722
Amounts advanced 1,072 9,056
Amounts repaid (18,000 ) (44,591 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 27,259 44,187

Mrs J A Burrows
Balance outstanding at start of year 27,446 32,333
Amounts advanced 1,536 1,113
Amounts repaid (6,000 ) (6,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,982 27,446

The note above summarises the net transactions on the directors' current account during the year. Interest has been charged using HM Revenue & Customs rates.

17. RELATED PARTY DISCLOSURES

At the year end a balance was due to the company from EFT Systems Limited of £12,039 (2021 - £12,039). EFT Systems Limited is a company in which the 50% shareholder, Mrs H.Ingham, has a material interest.

18. PROVISIONS AVAILABLE FOR SMALLER ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities, provide routine bookkeeping services and assist with the preparation of the financial statements.