GARNETT FARMS ENGINEERING LIMITED

Company Registration Number:
03479133 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2023

Period of accounts

Start date: 1 June 2022

End date: 31 May 2023

GARNETT FARMS ENGINEERING LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2023

Balance sheet
Additional notes
Balance sheet notes

GARNETT FARMS ENGINEERING LIMITED

Balance sheet

As at 31 May 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 1,619,265 1,607,113
Total fixed assets: 1,619,265 1,607,113
Current assets
Stocks: 4 1,059,185 1,093,335
Debtors: 5 527,953 242,756
Cash at bank and in hand: 28,953 2,871
Total current assets: 1,616,091 1,338,962
Prepayments and accrued income: 462,559 484,719
Creditors: amounts falling due within one year: 6 ( 547,469 ) ( 557,819 )
Net current assets (liabilities): 1,531,181 1,265,862
Total assets less current liabilities: 3,150,446 2,872,975
Creditors: amounts falling due after more than one year: 7 ( 93,030 ) ( 77,093 )
Provision for liabilities: ( 187,071 ) ( 187,071 )
Total net assets (liabilities): 2,870,345 2,608,811
Capital and reserves
Called up share capital: 50 50
Other reserves: 100 100
Profit and loss account: 2,870,195 2,608,661
Total Shareholders' funds: 2,870,345 2,608,811

The notes form part of these financial statements

GARNETT FARMS ENGINEERING LIMITED

Balance sheet statements

For the year ending 31 May 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 29 February 2024
and signed on behalf of the board by:

Name: Andrew John Garnett
Status: Director

The notes form part of these financial statements

GARNETT FARMS ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other sales texes.

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off each asset over its estimates useful life.Plant and machinery - 15% on reducing balanceDairy unit - 10% on reducing balanceComputer equipment - 15% on reducing balance

    Intangible fixed assets amortisation policy

    Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

    Other accounting policies

    Stocks:Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

GARNETT FARMS ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 15 16

GARNETT FARMS ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 June 2022 832,498 678,501 322,858 120,339 1,954,196
Additions 104,676 14,632 119,308
Disposals
Revaluations
Transfers
At 31 May 2023 832,498 783,177 322,858 134,971 2,073,504
Depreciation
At 1 June 2022 194,775 120,451 31,857 347,083
Charge for year 71,578 20,111 15,467 107,156
On disposals
Other adjustments
At 31 May 2023 266,353 140,562 47,324 454,239
Net book value
At 31 May 2023 832,498 516,824 182,296 87,647 1,619,265
At 31 May 2022 832,498 483,726 202,407 88,482 1,607,113

GARNETT FARMS ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

4. Stocks

2023 2022
£ £
Stocks 1,059,185 1,093,335
Total 1,059,185 1,093,335

GARNETT FARMS ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

5. Debtors

2023 2022
£ £
Trade debtors 527,953 242,756
Total 527,953 242,756

GARNETT FARMS ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Amounts due under finance leases and hire purchase contracts 34,450 31,349
Trade creditors 268,872 310,686
Taxation and social security 111,950 134,016
Accruals and deferred income 9,790 9,790
Other creditors 112,407 61,978
Total 547,469 557,819

GARNETT FARMS ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 31,339 36,677
Amounts due under finance leases and hire purchase contracts 61,691 40,416
Total 93,030 77,093