Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
|
|
|
Tangible assets | 4 |
|
|
|
1,864,110 | 1,904,453 | |||
Current assets | ||||
Stocks | 5 |
|
|
|
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
2,260,592 | 2,710,156 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 462,026 | 97,169 | ||
Total assets less current liabilities | 2,326,136 | 2,001,622 | ||
Creditors: amounts falling due after more than one year | 8 | (
|
(
|
|
Provision for liabilities | 9 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Gartell & Son Limited (registered number:
A J Gartell
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Gartell & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Common Lane, Yenston, Templecombe, BA8 0NB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
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.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Goodwill |
|
Leasehold improvements |
|
Plant and machinery |
|
Vehicles |
|
Office equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
|
|
|
At 31 March 2023 |
|
|
|
Accumulated amortisation | |||
At 01 April 2022 |
|
|
|
Charge for the financial year |
|
|
|
At 31 March 2023 |
|
|
|
Net book value | |||
At 31 March 2023 |
|
|
|
At 31 March 2022 |
|
|
Leasehold improve- ments |
Plant and machinery | Vehicles | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 April 2022 |
|
|
|
|
|
||||
Additions |
|
|
|
|
|
||||
Disposals |
|
(
|
(
|
|
(
|
||||
At 31 March 2023 |
|
|
|
|
|
||||
Accumulated depreciation | |||||||||
At 01 April 2022 |
|
|
|
|
|
||||
Charge for the financial year |
|
|
|
|
|
||||
Disposals |
|
(
|
(
|
|
(
|
||||
At 31 March 2023 |
|
|
|
|
|
||||
Net book value | |||||||||
At 31 March 2023 |
|
|
|
|
|
||||
At 31 March 2022 |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Stocks |
|
|
|
Work in progress |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Corporation tax |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts (secured £
|
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured £
|
|
|
|
Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
Other creditors |
|
|
|
|
|
The unsecured bank borrowings is a balance of £33,193 relating to the outstanding amount due from a Coronavirus Bounce back loan. The total loan is fully guaranteed by the UK government.
Obligations under finance leases and hire purchase contracts are secured against the assets concerned, which are included within tangible fixed assets. At the balance sheet date the assets concerned had a combined net book value of £1,230,235 (2021 - £886,670).
The sum of £400,000 has been loaned to the business by the Directors on a long term basis.
2023 | 2022 | ||
£ | £ | ||
Deferred tax |
|
|
Transactions with the entity's directors
Advances
_A P Gartell_
At 1 April 2022, the balance owed by the director was £53,446. During the year, £80,763 was advanced to the director, and £58,832 was repaid by the director. At 31 March 2023, the balance owed by the director was £75,377.
At 1 April 2021, the balance owed by the director was £60,494. During the year, £63,784 was advanced to the director, and £70,832 was repaid by the director. At 31 March 2022, the balance owed by the director was £53,446.
_A Tribe_
At 1 April 2022, the balance owed by the director was £23,836. During the year, £63,208 was advanced to the director, and £31,478 was repaid by the director. At 31 March 2023, the balance owed by the director was £55,566.
At 1 April 2021, the balance owed to the director was £11,315. During the year, £45,480 was advanced to the director, and £10,329 was repaid by the director. At 31 March 2022, the balance owed by the director was £23,836.