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REGISTERED NUMBER: 05232681 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 31 October 2023

for

Garrett Transport Ltd

Garrett Transport Ltd (Registered number: 05232681)

Contents of the Financial Statements
For The Year Ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Garrett Transport Ltd

Company Information
For The Year Ended 31 October 2023







DIRECTORS: S J Garrett
Mrs M D Garrett



REGISTERED OFFICE: 10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET



REGISTERED NUMBER: 05232681 (England and Wales)



ACCOUNTANTS: Giess Wallis Crisp LLP
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET



BANKERS: Lloyds TSB
20 North Street
Bishops Stortford
Hertfordshire
CM23 3AT

Garrett Transport Ltd (Registered number: 05232681)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 66,120 22,752
Tangible assets 5 861,085 725,960
Investments 6 10,000 10,000
937,205 758,712

CURRENT ASSETS
Debtors 7 657,858 484,279
Cash at bank and in hand 166,640 529,178
824,498 1,013,457
CREDITORS
Amounts falling due within one year 8 604,609 710,180
NET CURRENT ASSETS 219,889 303,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,157,094

1,061,989

CREDITORS
Amounts falling due after more than one
year

9

(180,263

)

(128,602

)

PROVISIONS FOR LIABILITIES 12 (162,999 ) (129,644 )
NET ASSETS 813,832 803,743

CAPITAL AND RESERVES
Called up share capital 13 60 60
Capital redemption reserve 40 40
Retained earnings 813,732 803,643
SHAREHOLDERS' FUNDS 813,832 803,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Garrett Transport Ltd (Registered number: 05232681)

Balance Sheet - continued
31 October 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2024 and were signed on its behalf by:




Mrs M D Garrett - Director



S J Garrett - Director


Garrett Transport Ltd (Registered number: 05232681)

Notes to the Financial Statements
For The Year Ended 31 October 2023


1. STATUTORY INFORMATION

Garrett Transport 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.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

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 2023, is being 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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Garrett Transport Ltd (Registered number: 05232681)

Notes to the Financial Statements - continued
For The Year Ended 31 October 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

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Garrett Transport Ltd (Registered number: 05232681)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 November 2022 76,875 48,754 125,629
Additions 39,393 11,478 50,871
At 31 October 2023 116,268 60,232 176,500
AMORTISATION
At 1 November 2022 76,875 26,002 102,877
Amortisation for year 657 6,846 7,503
At 31 October 2023 77,532 32,848 110,380
NET BOOK VALUE
At 31 October 2023 38,736 27,384 66,120
At 31 October 2022 - 22,752 22,752

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 116,022 1,417 1,446,339 1,563,778
Additions 12,750 - 318,700 331,450
Disposals - - (27,100 ) (27,100 )
At 31 October 2023 128,772 1,417 1,737,939 1,868,128
DEPRECIATION
At 1 November 2022 85,981 1,417 750,420 837,818
Charge for year 7,776 - 184,693 192,469
Eliminated on disposal - - (23,244 ) (23,244 )
At 31 October 2023 93,757 1,417 911,869 1,007,043
NET BOOK VALUE
At 31 October 2023 35,015 - 826,070 861,085
At 31 October 2022 30,041 - 695,919 725,960

Garrett Transport Ltd (Registered number: 05232681)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022 234,130
Additions 233,700
Transfer to ownership (121,155 )
At 31 October 2023 346,675
DEPRECIATION
At 1 November 2022 106,814
Charge for year 40,771
Transfer to ownership (83,324 )
At 31 October 2023 64,261
NET BOOK VALUE
At 31 October 2023 282,414
At 31 October 2022 127,316

6. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 November 2022
and 31 October 2023 10,000
NET BOOK VALUE
At 31 October 2023 10,000
At 31 October 2022 10,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 538,060 400,254
Other debtors 27,421 17,502
Prepayments and accrued income 92,377 66,523
657,858 484,279

Garrett Transport Ltd (Registered number: 05232681)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 80,000 80,000
Hire purchase contracts 82,604 66,972
Trade creditors 344,130 461,916
Tax - 19,760
Social security and other taxes 28,006 27,800
VAT 51,089 41,584
Other creditors 15,180 7,902
Accrued expenses 3,600 4,246
604,609 710,180

Included within bank loans and overdrafts is a loan taken out under the CBILS scheme.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 10) 24,986 104,986
Hire purchase contracts 155,277 23,616
180,263 128,602

Included within bank loans is a loan taken out under the CBILS scheme.

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 80,000 80,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 22,003 80,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 2,983 24,986

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 237,881 90,588

Hire purchase liabilities are secured on the assets concerned.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 162,999 129,644

Garrett Transport Ltd (Registered number: 05232681)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023


12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2022 129,644
Provided during year 33,355
Balance at 31 October 2023 162,999

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
60 Ordinary £1 60 60