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REGISTERED NUMBER: 08222651 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

GARNAR ENTERPRISES LTD

GARNAR ENTERPRISES LTD (REGISTERED NUMBER: 08222651)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GARNAR ENTERPRISES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: L E Barnard
C A M Donn





REGISTERED OFFICE: Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE





REGISTERED NUMBER: 08222651 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

GARNAR ENTERPRISES LTD (REGISTERED NUMBER: 08222651)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 4 1,561,000 1,625,000

CURRENT ASSETS
Debtors 5 2,762 633
Cash at bank 89,111 81,647
91,873 82,280
CREDITORS
Amounts falling due within one year 6 (452,549 ) (472,527 )
NET CURRENT LIABILITIES (360,676 ) (390,247 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,200,324

1,234,753

CREDITORS
Amounts falling due after more than one
year

7

(247,011

)

(257,828

)

PROVISIONS FOR LIABILITIES 9 (94,351 ) (83,867 )
NET ASSETS 858,962 893,058

CAPITAL AND RESERVES
Called up share capital 101 101
Fair value reserve 373,105 447,590
Retained earnings 485,756 445,367
SHAREHOLDERS' FUNDS 858,962 893,058

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 16 November 2023 and were signed on its behalf by:




L E Barnard - Director


GARNAR ENTERPRISES LTD (REGISTERED NUMBER: 08222651)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Garnar Enterprises Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Turnover comprises rent received, being the total value of rents and charges receivable during the year in respect of investment property.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Going concern
After reviewing the company's forecasts, the directors believe that the company has adequate resources to continue for the foreseeable future and therefore, the company continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES

The average number of employees during the year was NIL (2022 - NIL).

GARNAR ENTERPRISES LTD (REGISTERED NUMBER: 08222651)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 1,625,000
Revaluations (64,000 )
At 30 September 2023 1,561,000
NET BOOK VALUE
At 30 September 2023 1,561,000
At 30 September 2022 1,625,000

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2014 140,516
Valuation in 2015 121,096
Valuation in 2016 72,868
Valuation in 2017 15,000
Valuation in 2018 35,000
Valuation in 2019 4,403
Valuation in 2020 (110,000 )
Valuation in 2021 17,574
Valuation in 2022 235,000
Valuation in 2023 (64,000 )
Cost 1,093,543
1,561,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,093,543 1,093,543

Investment property was valued on an open market basis on 30 September 2023 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,971 -
Prepayments and accrued income 791 633
2,762 633

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 9,474 7,373
Other creditors 436,628 459,803
Directors' current accounts 2,729 2,105
Accruals and deferred income 3,718 3,246
452,549 472,527

GARNAR ENTERPRISES LTD (REGISTERED NUMBER: 08222651)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other loans - 2-5 years 247,011 257,828

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 247,011 257,828

The mortgages included within other loans are secured by means of a fixed charge over the properties to which they relate.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 94,351 83,867

Deferred
tax
£   
Balance at 1 October 2022 83,867
Movement in year 10,484
Balance at 30 September 2023 94,351