2022-06-012023-05-312023-05-31false13416083V A Gargett 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V A Gargett Limited

Registered Number
13416083
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

V A Gargett Limited
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

Vikki Ann Gargett

Registered Address

4 Mason Court Gillan Way
Penrith 40 Business Park
Penrith
CA11 9GR

Registered Number

13416083 (England and Wales)
V A Gargett Limited
Statement of Financial Position
31 May 2023

Notes

2023

2022

£

£

£

£

Current assets
Debtors6,6626,960
6,6626,960
Creditors amounts falling due within one year9(5,706)(5,767)
Net current assets (liabilities)9561,193
Total assets less current liabilities9561,193
Net assets9561,193
Capital and reserves
Called up share capital11
Profit and loss account9551,192
Shareholders' funds9561,193
The financial statements were approved and authorised for issue by the Director on 30 November 2023, and are signed on its behalf by:
Vikki Ann Gargett
Director
Registered Company No. 13416083
V A Gargett Limited
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
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).
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Valuation of financial instruments policy
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
5.Critical estimates and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.
6.Sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
7.Employee information

20232022
Average number of employees during the year00
8.Directors advances, credits and guarantees
Included within other debtors falling due within one year is £6,000 (2022 - £6,960) being the amount owed by the director. These amounts were both repaid within nine months of the financial year. The loans where charged the official rate of interest were applicable and were repayable on demand.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables1,080-
Taxation and social security3,8765,017
Accrued liabilities and deferred income750750
Total5,7065,767
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.