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REGISTERED NUMBER: 07900574 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2023

FOR

GARESH HOLDINGS LIMITED

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


GARESH HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 MARCH 2023







DIRECTORS: Mrs A Elliott
Mr G Turney





REGISTERED OFFICE: Cs2 Transport Holmewood Industrial Park
Holmewood
Chesterfield
S42 5UY





REGISTERED NUMBER: 07900574 (England and Wales)





AUDITORS: Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
South Yorkshire
S11 8YZ

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 MARCH 2023

The directors present their strategic report of the company and the group for the year ended 30 March 2023.

REVIEW OF BUSINESS
During the year ended 30 March 2023 the group generated sales of £14.0m which were 7.4% lower than the £15.1m in the previous financial year. In 2023, the loss before taxation was £1.0m compared to profit before taxation of £1.3m in the previous financial year.

The group monitors its financial performance through key performance indicators, which are as follows:

2023 2022

Turnover (£) 13,956,447 15,074,404
Operating (loss)/ profit (£) (928,978) 1,319,133
(Loss)/ profit before taxation (£) (1,001,248) 1,271,686
Gross profit (%) 3.1 14.0
Net (loss)/ profit (%) (5.9) 6.9


After the year end, a group of customers went into liquidation. At year end, these companies owed CS2 Transport Limited £458,738, of which only £77,860 was received after year end.
As such, the trade debtor book value has been reduced by £380,878, and a bad debt of £317,399 recognised in these accounts.

This along with rising costs of fuel and utilities has contributed to the results for the year, along with impact of consumer buying habits as a result of the cost of living crisis.

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks and uncertainties affecting the group are considered to be competition, consumer demand, and operating costs. CS2 Transport have worked hard to build and maintain relationships with customers, and are continuing to actively expand supply. The cost of living crisis has changed consumer buying habits, especially in a decrease in quantity of goods bought. This has resulted in a reducing in revenue in the year ended 30 March 2023. High increases in fuel and energy costs, especially impacting transport and freezer storage, has impacted the business as these costs were not initially passed on. We have now implemented changes to reduce and control overheads, and pass on the costs of fuel.

SUBSEQUENT EVENTS AND FUTURE DEVELOPMENTS
Since the year end, CS2 Transport Limited have restructured to reduce overheads and operating costs, and also pass on the rising costs to customers. We are also looking to continue to grow our customer base and market share. This has resulted in an improvement in results and cashflow in the operation, and the Directors are confident CS2 Transport Limited will return to profitable trade and expect to continue operating as a going concern.

ON BEHALF OF THE BOARD:





Mr G Turney - Director


30 December 2023

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 MARCH 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 March 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 March 2023 will be £ 79,000 .

An interim dividend of £790 per ordinary share was paid on 30 March 2023. The directors recommended that no final dividend would be paid. These dividends are paid to the directors.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 31 March 2022 to the date of this report.

Mrs A Elliott
Mr G Turney

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 MARCH 2023


AUDITORS
The auditors, Sutton McGrath Hartley, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr G Turney - Director


30 December 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GARESH HOLDINGS LIMITED

Opinion
We have audited the financial statements of Garesh Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 March 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter
Further to note 3 to the accounts regarding going concern, we have reviewed forecasts for the next 12 months and believe the group's use of the going concern basis to be appropriate.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GARESH HOLDINGS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment of the susceptibility to material misstatement, whether by fraud or error, is made in a risk based
approach.

In this approach, laws and regulations applicable to the entity, such as the Companies Act 2006, United Kingdom
Generally Accepted Accounting Practice including Financial Reporting Standard 102, the relevant tax compliance
regulations within the UK, employment law, and Health and Safety law is considered, and the policies and controls the entity has in place to comply with these laws are reviewed, by discussion, reviews of correspondence and registrations monitored by external bodies. The engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GARESH HOLDINGS LIMITED

Policies and controls relating to the risk of material misstatement as a result of fraud are also considered. These are
assessed by obtaining an understanding of the company's operations and control environment. The policies and
controls have been reviewed by discussion, review and sample testing of accounting entries, challenging assumptions and judgements, reviewing and evaluating related parties transactions, and wider background searches. Testing of income recognition and cut off, along with the going concern assumption is also completed.

We have ensured that the engagement team have appropriate levels of competence and experience to effectively
monitor these risks and carry out work relevant to our assessment of each risk, including consideration of the industry the company operates in and its size and complexity.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address
The comparative figures have not been audited as the audit exemption was taken. As far as we are aware, there is no material misstatement in those figures.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jonathon Dickens ACA (Senior Statutory Auditor)
for and on behalf of Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
South Yorkshire
S11 8YZ

30 December 2023

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 MARCH 2023

PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
Notes £    £   

TURNOVER 4 13,956,447 15,074,404

Cost of sales (13,471,867 ) (12,878,539 )
GROSS PROFIT 484,580 2,195,865

Administrative expenses (1,413,558 ) (879,576 )
(928,978 ) 1,316,289

Other operating income - 2,844
OPERATING (LOSS)/PROFIT 6 (928,978 ) 1,319,133

Interest receivable and similar income 1,523 22
(927,455 ) 1,319,155

Interest payable and similar expenses 7 (73,793 ) (47,469 )
(LOSS)/PROFIT BEFORE TAXATION (1,001,248 ) 1,271,686

Tax on (loss)/profit 8 184,537 (246,092 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (816,711 ) 1,025,594
(Loss)/profit attributable to:
Owners of the parent (816,711 ) 1,025,594

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 MARCH 2023

PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (816,711 ) 1,025,594


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(816,711

)

1,025,594

Total comprehensive income attributable to:
Owners of the parent (816,711 ) 1,025,594

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

CONSOLIDATED BALANCE SHEET
30 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 2,201,090 2,095,348
Investments 13 - -
2,201,090 2,095,348

CURRENT ASSETS
Debtors 14 770,862 1,683,953
Cash at bank 328,114 901,121
1,098,976 2,585,074
CREDITORS
Amounts falling due within one year 15 (1,241,071 ) (1,654,163 )
NET CURRENT (LIABILITIES)/ASSETS (142,095 ) 930,911
TOTAL ASSETS LESS CURRENT LIABILITIES 2,058,995 3,026,259

CREDITORS
Amounts falling due after more than one year 16 (1,181,807 ) (1,262,308 )

PROVISIONS FOR LIABILITIES 21 (67,755 ) (58,807 )
NET ASSETS 809,433 1,705,144

CAPITAL AND RESERVES
Called up share capital 22 100 100
Retained earnings 809,333 1,705,044
SHAREHOLDERS' FUNDS 809,433 1,705,144

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2023 and were signed on its behalf by:





Mr G Turney - Director


GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

COMPANY BALANCE SHEET
30 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 252,636 252,636
252,636 252,636

CURRENT ASSETS
Cash at bank 351 453

CREDITORS
Amounts falling due within one year 15 (217,752 ) (217,752 )
NET CURRENT LIABILITIES (217,401 ) (217,299 )
TOTAL ASSETS LESS CURRENT LIABILITIES 35,235 35,337

CAPITAL AND RESERVES
Called up share capital 22 100 100
Retained earnings 35,135 35,237
SHAREHOLDERS' FUNDS 35,235 35,337

Company's profit for the financial year 78,898 39,437

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2023 and were signed on its behalf by:





Mr G Turney - Director


GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 100 718,950 719,050

Changes in equity
Dividends - (39,500 ) (39,500 )
Total comprehensive income - 1,025,594 1,025,594
Balance at 30 March 2022 100 1,705,044 1,705,144

Changes in equity
Dividends - (79,000 ) (79,000 )
Total comprehensive income - (816,711 ) (816,711 )
Balance at 30 March 2023 100 809,333 809,433

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 100 35,300 35,400

Changes in equity
Dividends - (39,500 ) (39,500 )
Total comprehensive income - 39,437 39,437
Balance at 30 March 2022 100 35,237 35,337

Changes in equity
Dividends - (79,000 ) (79,000 )
Total comprehensive income - 78,898 78,898
Balance at 30 March 2023 100 35,135 35,235

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 MARCH 2023

PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 61,651 752,578
Interest paid (55,987 ) (46,120 )
Interest element of hire purchase payments
paid

(17,806

)

(1,349

)
Tax paid (105,001 ) -
Net cash from operating activities (117,143 ) 705,109

Cash flows from investing activities
Purchase of tangible fixed assets (260,258 ) (78,343 )
Interest received 1,523 22
Net cash from investing activities (258,735 ) (78,321 )

Cash flows from financing activities
New loans in year 80,773 -
Loan repayments in year (176,769 ) (95,335 )
Capital repayments in year (8,851 ) (7,496 )
Amount withdrawn by directors (13,282 ) 12,920
Share issue - 110
Equity dividends paid (79,000 ) (39,500 )
Net cash from financing activities (197,129 ) (129,301 )

(Decrease)/increase in cash and cash equivalents (573,007 ) 497,487
Cash and cash equivalents at beginning of
year

2

901,121

403,634

Cash and cash equivalents at end of year 2 328,114 901,121

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 MARCH 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
£    £   
(Loss)/profit before taxation (1,001,248 ) 1,271,686
Depreciation charges 154,516 144,887
Finance costs 73,793 47,469
Finance income (1,523 ) (22 )
(774,462 ) 1,464,020
Decrease in trade and other debtors 960,415 14,689
Decrease in trade and other creditors (124,302 ) (726,131 )
Cash generated from operations 61,651 752,578

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 March 2023
30/3/23 31/3/22
£    £   
Cash and cash equivalents 328,114 901,121
Period ended 30 March 2022
30/3/22 1/4/21
£    £   
Cash and cash equivalents 901,121 403,634


GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 MARCH 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 31/3/22 Cash flow At 30/3/23
£    £    £   
Net cash
Cash at bank and in hand 901,121 (573,007 ) 328,114
901,121 (573,007 ) 328,114
Debt
Finance leases (1,884 ) (71,922 ) (73,806 )
Debts falling due within 1 year (93,487 ) 38,600 (54,887 )
Debts falling due after 1 year (1,262,308 ) 138,169 (1,124,139 )
(1,357,679 ) 104,847 (1,252,832 )
Total (456,558 ) (468,160 ) (924,718 )

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023

1. STATUTORY INFORMATION

Garesh Holdings 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The financial statements incorporate the financial statements of the company and all group undertakings made up to 30 March 2023.

A subsidiary is an entity controlled by the company. Control exists where the company has power, directly or indirectly to govern the operating policies of the entity so as to derive benefits from its activities.

The consolidation of the subsidiary companies has been accounted for using the merger method of accounting following a group reorganisation in previous years as permitted by FRS 102. Assets and liabilities of the parties to the combination were not required to be adjusted to fair value.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, has been amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Straight line over the remaining period
Long leasehold - 10% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

2. ACCOUNTING POLICIES - continued

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. GOING CONCERN

Further to the disclosure made in the Strategic Report, we have reviewed forecasts and cashflow for the next 12 months and due to the changes implemented and a more robust review of customer credit, the Directors believe the going concern basis uses to be appropriate.

4. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
£    £   
Transport 12,234,467 14,377,260
Fuel surcharge 921,424 15,818
Storage and other 800,556 681,326
13,956,447 15,074,404

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

4. TURNOVER - continued

An analysis of turnover by geographical market is given below:

PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
£    £   
United Kingdom 13,956,447 15,074,404
13,956,447 15,074,404

5. EMPLOYEES AND DIRECTORS
PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
£    £   
Wages and salaries 6,158,149 6,395,912
Social security costs 476,362 419,129
Other pension costs 88,699 77,131
6,723,210 6,892,172

The average number of employees during the year was as follows:
PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22

Management 15 17
Drivers 102 125
Support staff 29 27
146 169

The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2022 - 2 ) .

PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
£    £   
Directors' remuneration 69,586 104,500

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

6. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
£    £   
Other operating leases 6,089 3,300
Depreciation - owned assets 132,432 129,453
Depreciation - assets on hire purchase contracts 22,084 8,983
Goodwill amortisation - 15,434
Auditors' remuneration 6,000 -
Foreign exchange differences 1,543 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
£    £   
Bank interest - 567
Bank loan interest 55,987 45,553
Hire purchase 17,806 1,349
73,793 47,469

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
£    £   
Current tax:
UK corporation tax - 251,162
Corp tax loss carry back (193,486 ) -
Total current tax (193,486 ) 251,162

Deferred tax 8,949 (5,070 )
Tax on (loss)/profit (184,537 ) 246,092

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

8. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
£    £   
(Loss)/profit before tax (1,001,248 ) 1,271,686
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

(190,237

)

241,620

Effects of:
Expenses not deductible for tax purposes 490 321
Depreciation in excess of capital allowances 5,191 4,151
Utilisation of tax losses 19 -
Total tax (credit)/charge (184,537 ) 246,092

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
PERIOD
1/4/21
YEAR ENDED TO
30/3/23 30/3/22
£    £   
Interim 79,000 39,500

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 31 March 2022
and 30 March 2023 181,721
AMORTISATION
At 31 March 2022
and 30 March 2023 181,721
NET BOOK VALUE
At 30 March 2023 -
At 30 March 2022 -

12. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 31 March 2022 1,838,105 37,219 293,302
Additions - - 69,665
At 30 March 2023 1,838,105 37,219 362,967
DEPRECIATION
At 31 March 2022 110,286 22,146 85,223
Charge for year 36,762 1,507 52,104
At 30 March 2023 147,048 23,653 137,327
NET BOOK VALUE
At 30 March 2023 1,691,057 13,566 225,640
At 30 March 2022 1,727,819 15,073 208,079

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

12. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 31 March 2022 204,104 62,794 15,527 2,451,051
Additions 26,446 154,273 9,874 260,258
At 30 March 2023 230,550 217,067 25,401 2,711,309
DEPRECIATION
At 31 March 2022 90,591 44,441 3,016 355,703
Charge for year 23,506 37,099 3,538 154,516
At 30 March 2023 114,097 81,540 6,554 510,219
NET BOOK VALUE
At 30 March 2023 116,453 135,527 18,847 2,201,090
At 30 March 2022 113,513 18,353 12,511 2,095,348

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 31 March 2022 16,545
Additions 80,773
Transfer to ownership (16,545 )
At 30 March 2023 80,773
DEPRECIATION
At 31 March 2022 8,983
Charge for year 22,084
Transfer to ownership (10,874 )
At 30 March 2023 20,193
NET BOOK VALUE
At 30 March 2023 60,580
At 30 March 2022 7,562

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 31 March 2022
and 30 March 2023 252,636
NET BOOK VALUE
At 30 March 2023 252,636
At 30 March 2022 252,636


The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

CS2 Transport Limited
Registered office: Cs2 Transport Holmewood Industrial Park, Holmewood, Chesterfield, England, S42 5UY
Nature of business: Freight transport by road

Class of shares: % holding
Ordinary 100.00

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 383,150 1,351,983
Tax 96,796 49,472
Prepayments and accrued income 290,916 282,498
770,862 1,683,953

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 54,887 93,487 - -
Hire purchase contracts (see note 18) 16,138 1,884 - -
Trade creditors 710,207 673,094 - -
Amounts owed to group undertakings - - 217,752 217,752
Tax - 251,162 - -
Social security and other taxes 210,627 107,826 - -
VAT 113,600 330,350 - -
Other creditors 16,411 135,896 - -
Directors' current accounts 614 13,896 - -
Accruals and deferred income 118,587 46,568 - -
1,241,071 1,654,163 217,752 217,752

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 17) 1,124,139 1,262,308
Hire purchase contracts (see note 18) 57,668 -
1,181,807 1,262,308

17. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 54,887 93,487
Amounts falling due between two and five years:
Bank loans - 2-5 years 161,294 249,081
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 962,845 1,013,227

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 16,138 1,884
Between one and five years 57,668 -
73,806 1,884

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 625,237 449,677
Between one and five years 547,232 907,649
1,172,469 1,357,326

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 1,179,026 1,355,795
Hire purchase contracts 73,806 -
1,252,832 1,355,795

Bank loans are secured by a legal charge over the freehold property and fixed and floating charges over all other assets of the company.

Hire purchase contracts are secured against the assets to which they relate.

20. FINANCIAL INSTRUMENTS

The carrying amount of the group's financial instruments are:
Financial assets - Debt instruments measured at amortised cost of £383,150 (2022: £1,351,983)
Financial assets - Debt instruments measured at fair value of £328,114 (2022: £901,121)
Financial liabilities - Measured at amortised cost of £2,185,633 (2022: £2,772,106)

GARESH HOLDINGS LIMITED (REGISTERED NUMBER: 07900574)

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

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 67,755 58,807

Group
Deferred
tax
£   
Balance at 31 March 2022 58,807
Provided during year 8,948
Balance at 30 March 2023 67,755

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

23. RELATED PARTY DISCLOSURES

The directors regard themselves as the key management personnel. Their remuneration is included in note 5 to the financial statements.

24. POST BALANCE SHEET EVENTS

In June 2023 a group of customers went into liquidation. As at 31st March 2023 these companies owed CS2 Transport Limited £458,738 of which only £77,860 was received by CS2 Transport Limited after the year end. As such the Trade Debtor book value has been reduced by £380,878 and a bad debt of £317,399 recognised in these accounts.

25. ULTIMATE CONTROLLING PARTY

The controlling party is Mr G Turney.