Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-302023-09-30false2022-10-01falseNo description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02328857 2022-10-01 2023-09-30 02328857 2021-10-01 2022-09-30 02328857 2023-09-30 02328857 2022-09-30 02328857 2021-10-01 02328857 1 2022-10-01 2023-09-30 02328857 d:Director1 2022-10-01 2023-09-30 02328857 d:Director2 2022-10-01 2023-09-30 02328857 c:MotorVehicles 2022-10-01 2023-09-30 02328857 c:MotorVehicles 2023-09-30 02328857 c:MotorVehicles 2022-09-30 02328857 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02328857 c:OfficeEquipment 2022-10-01 2023-09-30 02328857 c:OfficeEquipment 2023-09-30 02328857 c:OfficeEquipment 2022-09-30 02328857 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02328857 c:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02328857 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-01 2023-09-30 02328857 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 02328857 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-30 02328857 c:CurrentFinancialInstruments 2023-09-30 02328857 c:CurrentFinancialInstruments 2022-09-30 02328857 c:CurrentFinancialInstruments 1 2023-09-30 02328857 c:CurrentFinancialInstruments 1 2022-09-30 02328857 c:Non-currentFinancialInstruments 2023-09-30 02328857 c:Non-currentFinancialInstruments 2022-09-30 02328857 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 02328857 c:CurrentFinancialInstruments c:WithinOneYear 2022-09-30 02328857 c:Non-currentFinancialInstruments c:AfterOneYear 2023-09-30 02328857 c:Non-currentFinancialInstruments c:AfterOneYear 2022-09-30 02328857 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-09-30 02328857 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-09-30 02328857 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-09-30 02328857 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-09-30 02328857 c:ShareCapital 2023-09-30 02328857 c:ShareCapital 2022-09-30 02328857 c:ShareCapital 2021-10-01 02328857 c:SharePremium 2022-10-01 2023-09-30 02328857 c:SharePremium 2023-09-30 02328857 c:SharePremium 2022-09-30 02328857 c:SharePremium 2021-10-01 02328857 c:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 02328857 c:RetainedEarningsAccumulatedLosses 2023-09-30 02328857 c:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 02328857 c:RetainedEarningsAccumulatedLosses 2022-09-30 02328857 c:RetainedEarningsAccumulatedLosses 2021-10-01 02328857 d:OrdinaryShareClass1 2022-10-01 2023-09-30 02328857 d:OrdinaryShareClass1 2023-09-30 02328857 d:OrdinaryShareClass1 2022-09-30 02328857 d:OrdinaryShareClass2 2022-10-01 2023-09-30 02328857 d:OrdinaryShareClass2 2023-09-30 02328857 d:OrdinaryShareClass2 2022-09-30 02328857 d:OrdinaryShareClass3 2022-10-01 2023-09-30 02328857 d:OrdinaryShareClass3 2023-09-30 02328857 d:OrdinaryShareClass3 2022-09-30 02328857 d:OrdinaryShareClass4 2022-10-01 2023-09-30 02328857 d:OrdinaryShareClass4 2023-09-30 02328857 d:OrdinaryShareClass4 2022-09-30 02328857 d:FRS102 2022-10-01 2023-09-30 02328857 d:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 02328857 d:FullAccounts 2022-10-01 2023-09-30 02328857 d:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 02328857 c:Subsidiary1 2022-10-01 2023-09-30 02328857 c:Subsidiary1 1 2022-10-01 2023-09-30 02328857 c:WithinOneYear 2023-09-30 02328857 c:WithinOneYear 2022-09-30 02328857 c:BetweenOneFiveYears 2023-09-30 02328857 c:BetweenOneFiveYears 2022-09-30 02328857 d:Consolidated 2023-09-30 02328857 d:ConsolidatedGroupCompanyAccounts 2022-10-01 2023-09-30 02328857 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2022-10-01 2023-09-30 02328857 2 2022-10-01 2023-09-30 02328857 6 2022-10-01 2023-09-30 02328857 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2022-10-01 2023-09-30 02328857 f:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02328857









GARLAND HOFF LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
GARLAND HOFF LIMITED
REGISTERED NUMBER: 02328857

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
30,641
42,070

Tangible assets
 6 
26,157
21,790

  
56,798
63,860

Current assets
  

Debtors: amounts falling due within one year
 8 
1,457,266
1,595,748

Cash at bank and in hand
 9 
293,844
426,003

  
1,751,110
2,021,751

Creditors: amounts falling due within one year
 10 
(1,095,946)
(1,464,397)

Net current assets
  
 
 
655,164
 
 
557,354

Total assets less current liabilities
  
711,962
621,214

Creditors: amounts falling due after more than one year
 11 
(238,762)
(195,519)

Provisions for liabilities
  

Net assets
  
473,200
425,695


Capital and reserves
  

Called up share capital 
 13 
93,334
93,334

Share premium account
 14 
206,704
206,704

Profit and loss account
 14 
173,162
125,657

  
473,200
425,695


Page 1

 
GARLAND HOFF LIMITED
REGISTERED NUMBER: 02328857
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 January 2024.




M P Garland
M Hoff
Director
Director

The notes on pages 9 to 23 form part of these financial statements.

Page 2

 
GARLAND HOFF LIMITED
REGISTERED NUMBER: 02328857

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
30,641
42,070

Tangible assets
 6 
26,157
21,790

Investments
 7 
4,998
4,998

  
61,796
68,858

Current assets
  

Debtors: amounts falling due within one year
 8 
1,457,409
1,610,959

Cash at bank and in hand
 9 
290,934
406,408

  
1,748,343
2,017,367

Creditors: amounts falling due within one year
 10 
(1,092,596)
(1,449,035)

Net current assets
  
 
 
655,747
 
 
568,332

Total assets less current liabilities
  
717,543
637,190

  

Creditors: amounts falling due after more than one year
 11 
(238,762)
(195,519)

  

Net assets
  
478,781
441,671


Capital and reserves
  

Called up share capital 
 13 
93,334
93,334

Share premium account
 14 
206,704
206,704

Profit and loss account brought forward
  
141,633
68,373

Profit for the year
  
125,500
126,771

Other changes in the profit and loss account

  

(88,390)
(53,511)

Profit and loss account carried forward
  
178,743
141,633

  
478,781
441,671


Page 3

 
GARLAND HOFF LIMITED
REGISTERED NUMBER: 02328857
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 January 2024.




M P Garland
M Hoff
Director
Director

The notes on pages 9 to 23 form part of these financial statements.

Page 4

 
GARLAND HOFF LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 October 2021
93,334
206,704
46,279
346,317


Comprehensive income for the year

Profit for the year
-
-
132,889
132,889


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(53,511)
(53,511)



At 1 October 2022
93,334
206,704
125,657
425,695


Comprehensive income for the year

Profit for the year
-
-
135,895
135,895


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(88,390)
(88,390)


At 30 September 2023
93,334
206,704
173,162
473,200


The notes on pages 9 to 23 form part of these financial statements.

Page 5

 
GARLAND HOFF LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 October 2021
93,334
206,704
68,373
368,411


Comprehensive income for the year

Profit for the year
-
-
126,771
126,771


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(53,511)
(53,511)



At 1 October 2022
93,334
206,704
141,633
441,671


Comprehensive income for the year

Profit for the year
-
-
125,500
125,500


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(88,390)
(88,390)


At 30 September 2023
93,334
206,704
178,743
478,781


The notes on pages 9 to 23 form part of these financial statements.

Page 6

 
GARLAND HOFF LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
135,895
132,889

Adjustments for:

Amortisation of intangible assets
43,971
35,834

Depreciation of tangible assets
11,688
9,222

Interest paid
15,298
28,177

Interest received
13,861
(34)

Taxation charge
37,785
39,816

Decrease in debtors
152,289
197,860

(Decrease) in creditors
(376,668)
(248,055)

Corporation tax (paid)/received
(39,049)
9,145

Net cash generated from operating activities

(4,930)
204,854


Cash flows from investing activities

Purchase of intangible fixed assets
(32,549)
-

Purchase of tangible fixed assets
(16,055)
(19,263)

Interest received
(13,861)
34

Net cash from investing activities

(62,465)
(19,229)
Page 7

 
GARLAND HOFF LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2023
2022

£
£



Cash flows from financing activities

New secured loans
200,000
-

Repayment of loans
(120,568)
(203,843)

Other new loans
-
30,000

Repayment of other loans
(30,000)
-

Dividends paid
(88,390)
(53,511)

Interest paid
(15,298)
(28,177)

Net cash used in financing activities
(54,256)
(255,531)

Net (decrease) in cash and cash equivalents
(121,651)
(69,906)

Cash and cash equivalents at beginning of year
411,495
481,401

Cash and cash equivalents at the end of year
289,844
411,495


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
293,844
426,003

Bank overdrafts
(4,000)
(14,508)

289,844
411,495


The notes on pages 9 to 23 form part of these financial statements.

Page 8

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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 and place of business is Lynx House, Pynes Hill, Exeter, Devon, EX2 5JL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

Company management and directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from signing of these financial statements. This is supported by the strong performance seen during the year 2023, which has seen a significant upside in demand. The Company has been well placed to meet and service the additional volume.
As a result, and the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 9

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents the Gross sales for holidays arrangements, recognised on the date of booking basis.

 
2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 10

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Page 11

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
4
years

 
2.14

Research and development costs

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives over 4 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
33%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 12

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by 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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Group's accounting policies
The directors believe that there are no critical judgments involved in applying the Group's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no key accounting estimates and assumptions involved in applying the Group's accounting policies that warrant disclosure.

Page 13

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Employees

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
248,409
162,359
248,409
162,359

Social security costs
18,629
10,726
18,629
10,726

Cost of defined contribution scheme
563
2,871
563
2,871

267,601
175,956
267,601
175,956


The average monthly number of employees, including directors, during the year was 8 (2022 - 7).


5.


Intangible assets

Group





Development expenditure

£



Cost


At 1 October 2022
155,985


Additions
32,549



At 30 September 2023

188,534



Amortisation


At 1 October 2022
113,915


Charge for the year on owned assets
43,978



At 30 September 2023

157,893



Net book value



At 30 September 2023
30,641



At 30 September 2022
42,070



Page 14

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
           5.Intangible assets (continued)

Company




Development expenditure

£



Cost


At 1 October 2022
155,985


Additions
32,549



At 30 September 2023

188,534



Amortisation


At 1 October 2022
113,915


Charge for the year
43,978



At 30 September 2023

157,893



Net book value



At 30 September 2023
30,641



At 30 September 2022
42,070

Page 15

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Tangible fixed assets

Group






Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 October 2022
16,000
114,647
130,647


Additions
-
16,055
16,055



At 30 September 2023

16,000
130,702
146,702



Depreciation


At 1 October 2022
4,000
104,857
108,857


Charge for the year on owned assets
4,000
7,688
11,688



At 30 September 2023

8,000
112,545
120,545



Net book value



At 30 September 2023
8,000
18,157
26,157



At 30 September 2022
12,000
9,790
21,790

Page 16

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

           6.Tangible fixed assets (continued)


Company






Motor vehicles
Office equipment
Total

£
£
£

Cost or valuation


At 1 October 2022
16,000
114,647
130,647


Additions
-
16,055
16,055



At 30 September 2023

16,000
130,702
146,702



Depreciation


At 1 October 2022
4,000
104,857
108,857


Charge for the year on owned assets
4,000
7,688
11,688



At 30 September 2023

8,000
112,545
120,545



Net book value



At 30 September 2023
8,000
18,157
26,157



At 30 September 2022
12,000
9,790
21,790






Page 17

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
4,998



At 30 September 2023
4,998





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Garland Hoff Travel Limited
Lynyx House, Pynes Hill, Exeter, Devon, EX2 5JL
Ordinary
100%

The aggregate of the share capital and reserves as at 30 September 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Garland Hoff Travel Limited
(583)
10,395

The principal activity of Garland Hoff Travel Limited is that of operating as wholesalers of travel arrangements.

Page 18

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Debtors

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,088,384
1,189,595
1,088,384
1,189,595

Amounts owed by group undertakings
-
-
143
15,211

Other debtors
323,165
367,361
323,165
367,361

Prepayments and accrued income
27,597
9,743
27,597
9,743

Financial instruments
18,120
29,049
18,120
29,049

1,457,266
1,595,748
1,457,409
1,610,959



9.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
293,844
426,003
290,934
406,408

Less: bank overdrafts
(4,000)
(14,508)
(4,000)
(14,508)

289,844
411,495
286,934
391,900



10.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
4,000
14,508
4,000
14,508

Bank loans
140,783
120,794
140,783
120,794

Trade creditors
878,355
1,265,946
877,443
1,265,946

Corporation tax
52,476
53,740
50,038
38,378

Other taxation and social security
-
7,311
-
7,311

Other creditors
332
2,098
332
2,098

Accruals and deferred income
20,000
-
20,000
-

1,095,946
1,464,397
1,092,596
1,449,035


Page 19

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
238,762
165,519
238,762
165,519

Other loans
-
30,000
-
30,000

238,762
195,519
238,762
195,519


Page 20

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
140,783
120,794
140,783
120,794


140,783
120,794
140,783
120,794

Amounts falling due 1-2 years

Bank loans
238,762
82,186
238,762
82,186

Other loans
-
30,000
-
30,000


238,762
112,186
238,762
112,186

Amounts falling due 2-5 years

Bank loans
-
83,333
-
83,333


-
83,333
-
83,333


379,545
316,313
379,545
316,313


Bank loans include a bank loan from Funding Circle amounting to £250,000. The loan was drawn down in March 2020 payable over 4 years term at a fixed rate of 9.6%. This loan is secured by personal gurantees given by the directors of the company. 
Bank loans also include a further bank loan from Funding Circle amounting to £200,000. The loan was drawn down in September 2023 payable over 6 years term at a fixed rate of 17.9% per annum.
Bank loans also include a further bank loan from the Company's bankers HSBC UK Bank Plc amounting to £225,000 drawn down in May 2020 supported by Coronavirus Business Interruption Loan Scheme. The loan is for 5 years term with no capital repayments for the the first 18 months. There is no interest payable for the first 12 months and an interest rate at 1% per annum charged over the base rate thereafter. This loan is secured by legal charge over the company's assets, created by the company for securing all monies due or to become due to HSBC UK Bank Plc and was registered at Companies House on 19 August 2020.
Other loans balance related to a subordinated director's loan of £30,000 in favour of the Civil Aviation Authority ("CAA"). This loan was repaid with prior written consent of the CAA during the year.

Page 21

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



43,145 (2022 - 43,145) Ordinary A shares of £1.00 each
43,145
43,145
43,145 (2022 - 43,145) Ordinary B shares of £1.00 each
43,145
43,145
3,522 (2022 - 3,522) Ordinary C shares of £1.00 each
3,522
3,522
3,522 (2022 - 3,522) Ordinary D shares of £1.00 each
3,522
3,522

93,334

93,334



14.


Reserves

Share premium account

Share premium is the amount by which the amount received by the Company for a share issue exceeds its nominal value.

Profit and loss account

The profit and loss account represents the net distributable reserves of the Group at the date of the statement of financial position.


15.


Contingent liabilities

At 30 September 2023, there were contingent liabilities outstanding in respect of counter indemnities given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of ABTOT travel bonds amounting to £36,000 (2022: £115,000).


16.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £563 (2022: £2,871). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the reporting date.


17.


Charges

On 19 August 2020, there was a fixed and floating charge registered over all assets of the company in favour of HSBC UK Bank Plc registered at companies house.

Page 22

 
GARLAND HOFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

18.


Commitments under operating leases

At 30 September 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
33,900
33,900
33,900
33,900

Later than 1 year and not later than 5 years
-
33,900
-
33,900

33,900
67,800
33,900
67,800


19.


BSP Outstanding

As at 30 September 2023, the Company had £Nil (2023: £Nil) balance outstanding to be paid to International Air Transport Association (IATA) for tickets issued.


20.Directors' personal guarantees

The company has received a loan from Fundng Circle amounting to £250,000 on which  loan fees amounting to £13,750 were added to the loan amount. The directors of the company have given personal guarantees to the lender to pay the full outstanding amount of the loan, plus interest and any related expenses if the company was to default on the loan.


21.


Related party transactions

Summary of transactions with directors
As at balance sheet date the amount owed to the company by the directors was £79,098 (2022: £97,477)


22.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


23.


Controlling party

In the opinion of the directors there is no ultimate controlling party.

 
Page 23