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Registration number: 08019101

Garnet 8 Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Garnet 8 Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Garnet 8 Limited

(Registration number: 08019101)
Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

250

Current assets

 

Cash at bank and in hand

 

67

112

Creditors: Amounts falling due within one year

6

(41,908)

(40,813)

Net current liabilities

 

(41,841)

(40,701)

Net liabilities

 

(41,841)

(40,451)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(41,842)

(40,452)

Shareholders' deficit

 

(41,841)

(40,451)

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 17 January 2024
 


Mr C D Cook
Director

 

Garnet 8 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hillsons House Hillsons Road
Bottings Industrial Estate
Botley
Southampton
Hampshire
SO30 2GE
United Kingdom

Principal activity

The principal activity of the company is that of business and software development.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Garnet 8 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Garnet 8 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Asset class

Amortisation method and rate

Patents

5%

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Garnet 8 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 May 2022

5,000

5,000

At 30 April 2023

5,000

5,000

Amortisation

At 1 May 2022

4,750

4,750

Amortisation charge

250

250

At 30 April 2023

5,000

5,000

Carrying amount

At 30 April 2023

-

-

At 30 April 2022

250

250

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2022

2,176

2,176

At 30 April 2023

2,176

2,176

Depreciation

At 1 May 2022

2,176

2,176

At 30 April 2023

2,176

2,176

Carrying amount

At 30 April 2023

-

-

 

Garnet 8 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

600

-

Other creditors

41,308

40,813

41,908

40,813

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.