Registered number
09777596
Garrett Electrical Services Ltd
Unaudited Filleted Accounts
31 August 2023
Garrett Electrical Services Ltd
Registered number: 09777596
Balance Sheet
as at 31 August 2023
As restated
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 49,198 49,165
Current assets
Stocks 86,669 94,390
Debtors 4 229,982 52,571
Cash at bank and in hand 94,762 146,444
411,413 293,405
Creditors: amounts falling due within one year 5 (151,300) (115,076)
Net current assets 260,113 178,329
Total assets less current liabilities 309,311 227,494
Provisions for liabilities (12,300) (9,341)
Net assets 297,011 218,153
Capital and reserves
Called up share capital 100 100
Profit and loss account 296,911 218,053
Shareholders' funds 297,011 218,153
The directors are 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 directors acknowledge their 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.
N Brady
Director
Approved by the board on 23 April 2024
Garrett Electrical Services Ltd
Notes to the Accounts
for the year ended 31 August 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).

These financial statements are the first prepared in accordance with FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS102 was 1 September 2021. The reported financial position and financial performance for the previous period has been restated to reflect deferred taxation on the transition to FRS 102, resulting in a decrease in reported profits after tax and net assets of £9,341.
Going concern
The directors have assessed and concluded that the group have adequate resources to meet its debts as they fall due for the period of 12 months after the approval of these financial statements.

In light of the statement above, the directors have therefore prepared the financial statements on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
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:
Leasehold land and buildings over 4 years
Plant and machinery over 4 years
Motor vehicles over 4 years
Stocks
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks and work in progress to their present location and condition.
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
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 3,925 8,979 75,414 88,318
Additions - 666 14,655 15,321
Disposals - - (2,000) (2,000)
At 31 August 2023 3,925 9,645 88,069 101,639
Depreciation
At 1 September 2022 3,925 3,857 31,371 39,153
Charge for the year - 2,122 12,660 14,782
On disposals - - (1,494) (1,494)
At 31 August 2023 3,925 5,979 42,537 52,441
Net book value
At 31 August 2023 - 3,666 45,532 49,198
At 31 August 2022 - 5,122 44,043 49,165
4 Debtors 2023 2022
£ £
Trade debtors 146,058 25,580
Other debtors 83,924 26,991
229,982 52,571
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 73,768 50,407
Taxation and social security costs 73,266 63,433
Other creditors 4,266 1,236
151,300 115,076
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan 1 18,348 74,323 (18,348) 74,323
18,348 74,323 (18,348) 74,323
Included within other debtors is the above loan that was made to the directors during the year. The loan is unsecured and is repayable on demand. Interest was not required to be charged on the loan.
7 Other information
Garrett Electrical Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1, Unit 8
Sugarswell Business Park
Shenington
Oxfordshire
OX15 6HW
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