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COMPANY REGISTRATION NUMBER: 2310509
Gardinia (West Wales) Limited
Filleted Unaudited Financial Statements
31 May 2023
Gardinia (West Wales) Limited
Financial Statements
Year ended 31 May 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Gardinia (West Wales) Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
52,818
81,942
Current assets
Stocks
45,796
21,803
Debtors
7
36,398
81,791
Cash at bank and in hand
72,202
105,116
---------
---------
154,396
208,710
Creditors: amounts falling due within one year
8
( 169,464)
( 201,142)
---------
---------
Net current (liabilities)/assets
( 15,068)
7,568
--------
--------
Total assets less current liabilities
37,750
89,510
Creditors: amounts falling due after more than one year
9
( 20,038)
( 37,620)
Provisions
Taxation including deferred tax
10
( 10,035)
( 11,477)
--------
--------
Net assets
7,677
40,413
--------
--------
Capital and reserves
Called up share capital
12
104
104
Other reserves
4,525
4,525
Profit and loss account
3,048
35,784
-------
--------
Shareholders funds
7,677
40,413
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gardinia (West Wales) Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 11 December 2023 , and are signed on behalf of the board by:
Mr L.J. Vaughan
Director
Company registration number: 2310509
Gardinia (West Wales) Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Spring Gardens, Narberth, Pembrokeshire, SA67 7BT.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% straight line
Motor Vehicles
-
25% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 11 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
13,827
Deferred tax:
Origination and reversal of timing differences
( 1,442)
7,628
--------
-------
Tax on profit
12,385
7,628
--------
-------
6. Tangible assets
Plant & Machinery
Motor Vehicles
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
146,276
165,218
311,494
---------
---------
---------
Depreciation
At 1 June 2022
144,160
85,392
229,552
Charge for the year
659
28,465
29,124
---------
---------
---------
At 31 May 2023
144,819
113,857
258,676
---------
---------
---------
Carrying amount
At 31 May 2023
1,457
51,361
52,818
---------
---------
---------
At 31 May 2022
2,116
79,826
81,942
---------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor Vehicles
£
At 31 May 2023
45,793
--------
At 31 May 2022
68,689
--------
7. Debtors
2023
2022
£
£
Trade debtors
32,257
73,330
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,141
8,461
--------
--------
36,398
81,791
--------
--------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
77,228
134,160
Corporation tax
13,827
Social security and other taxes
21,259
12,321
Other creditors
57,150
54,661
---------
---------
169,464
201,142
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
20,038
37,620
--------
--------
10. Provisions
Deferred tax (note 11)
£
At 1 June 2022
11,477
Unused amounts reversed
( 1,442)
--------
At 31 May 2023
10,035
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
10,035
11,477
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
10,035
11,477
--------
--------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
Ordinary A shares of £ 1 each
2
2
2
2
Ordinary B shares of £ 1 each
1
1
1
1
Ordinary C shares of £ 1 each
1
1
1
1
----
----
----
----
104
104
104
104
----
----
----
----
13. Related party transactions
The company was controlled by Mr L.J. Vaughan and Mrs C.A. Vaughan, the managing directors, throughout the current and previous year by virtue of their shareholdings in Gardinia Holdings Limited, a company which owns the majority of the ordinary share capital. During the year the company paid dividends totalling £78,000 (2022 - £133,700) to the shareholders.
14. Ultimate parent company
The ultimate parent company is Gardinia Holdings Limited, a company registered in Great Britain.