Registered number
03502686
Garpoint Limited
Filleted Accounts
28 February 2023
Garpoint Limited
Registered number: 03502686
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,601 24,910
Investments 4 4,750,000 4,750,000
4,768,601 4,774,910
Current assets
Debtors 5 27,572 27,657
Cash at bank and in hand 611,929 541,677
639,501 569,334
Creditors: amounts falling due within one year 6 (120,928) (149,931)
Net current assets 518,573 419,403
Total assets less current liabilities 5,287,174 5,194,313
Provisions for liabilities (451,521) (452,720)
Net assets 4,835,653 4,741,593
Capital and reserves
Called up share capital 100 100
Profit and loss account 4,835,553 4,741,493
Shareholders' funds 4,835,653 4,741,593
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J. Feeney
Director
Approved by the board on 24 November 2023
Garpoint Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rents receivable from the company's investment property.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Property furniture and fittings over 10 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in respect of investment properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Property furniture & fittings Total
£ £ £
Cost
At 1 March 2022 17,986 28,043 46,029
Disposals - (2,995) (2,995)
At 28 February 2023 17,986 25,048 43,034
Depreciation
At 1 March 2022 6,821 14,298 21,119
Charge for the year 3,800 2,504 6,304
On disposals - (2,990) (2,990)
At 28 February 2023 10,621 13,812 24,433
Net book value
At 28 February 2023 7,365 11,236 18,601
At 28 February 2022 11,165 13,745 24,910
4 Investments
Investment
Property
£
Fair value
At 1 March 2022 4,750,000
At 28 February 2023 4,750,000
Historical cost
At 1 March 2022 1,746,795
At 28 February 2023 1,746,795
The freehold and long leasehold properties were valued as £4,750,000 on 28 February 2023
by the director J.Feeney, on an open market existing use basis.
5 Debtors 2023 2022
£ £
Trade debtors 1,289 2,806
Loan to associated company 20,562 20,562
Other debtors 5,721 4,289
27,572 27,657
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 8,056 8,074
Taxation and social security costs 24,200 51,613
Other creditors 88,672 90,244
120,928 149,931
7 Related party transactions
The company director J. Feeney is a director and shareholder of an associated company, Strandview Limited. The outstanding loan balance due from Strandview Limited at the year end of £20,562 (2022 £20,562) is unsecured and repayable on demand by the company.
8 Other information
Garpoint Limited is a private company limited by shares and incorporated in England. Its registered office is:
40 Staverton Road
London
NW2 5HL
Garpoint Limited 03502686 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts April 2022 J. Feeney No description of principal activity 03502686 2021-03-01 2022-02-28 03502686 core:WithinOneYear 2022-02-28 03502686 core:ShareCapital 2022-02-28 03502686 core:RetainedEarningsAccumulatedLosses 2022-02-28 03502686 2022-03-01 2023-02-28 03502686 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03502686 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 03502686 bus:Director40 2022-03-01 2023-02-28 03502686 1 2022-03-01 2023-02-28 03502686 2 2022-03-01 2023-02-28 03502686 core:PlantMachinery 2022-03-01 2023-02-28 03502686 core:Vehicles 2022-03-01 2023-02-28 03502686 countries:England 2022-03-01 2023-02-28 03502686 bus:FRS102 2022-03-01 2023-02-28 03502686 bus:FullAccounts 2022-03-01 2023-02-28 03502686 2023-02-28 03502686 core:WithinOneYear 2023-02-28 03502686 core:ShareCapital 2023-02-28 03502686 core:RetainedEarningsAccumulatedLosses 2023-02-28 03502686 core:PlantMachinery 2023-02-28 03502686 core:Vehicles 2023-02-28 03502686 2022-02-28 03502686 core:PlantMachinery 2022-02-28 03502686 core:Vehicles 2022-02-28 iso4217:GBP xbrli:pure