REGISTERED NUMBER: |
GARNHILL INVESTMENT COMPANY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
REGISTERED NUMBER: |
GARNHILL INVESTMENT COMPANY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
GARNHILL INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00522092) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GARNHILL INVESTMENT COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Limited liability partnership in England & Wales |
Registered number OC312313 |
Elfed House |
Oak Tree Court |
Cardiff Gate Business Park |
CARDIFF |
County of Cardiff |
CF23 8RS |
GARNHILL INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00522092) |
BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Non-distributable reserve |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GARNHILL INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00522092) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
Garnhill Investment Company 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 Company Information page. |
The company's functional and presentational currency in the financial statements is Sterling (£), rounded to the nearest pound. |
The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There have been no material departures from Financial Reporting Standard 102 1A. |
Turnover |
The turnover shown in the profit and loss account represents rent receivable for the year. |
Investment property |
Investment property is included at fair value. Gains are recognised in the profit and loss statement. Deferred taxation is provided on these gains at the rate expected to apply when the asset is sold. |
Investments |
Investments are included at fair value. Gains are recognised in the profit and loss statement. Deferred tax is provided on these gains at the rate expected to apply when the asset is sold. Listed investments are valued at the current bid price at the balance sheet date. |
Taxation |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at 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. |
Financial instruments |
Basic financial instruments are recognised at amortised cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GARNHILL INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00522092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 August 2022 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The investments, which are all listed, have been valued at current bid price at the year end. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2023 | 1,450,000 |
The investment property was valued on a fair value basis at 31 July 2023 by the directors |
The directors do not have experience in property matters but have taken guidance from estate agents in order to assess the fair value at the balance sheet date. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Corporation tax |
Other creditors |
Directors' current accounts | 13 | 13 |
Accruals and deferred income |
GARNHILL INVESTMENT COMPANY LIMITED (REGISTERED NUMBER: 00522092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
8. | PROVISIONS FOR LIABILITIES |
The provision for liabilities relates solely to the expected tax which would be incurred if listed investments and investment property were to be sold at their fair values. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
10. | OTHER FINANCIAL COMMITMENTS |
At the year end date, the company had financial commitments of £3,500 (2022: £11,900) in relation to rent payable. |