Company registration number 04951862 (England and Wales)
GARDX PROTECTION LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
GARDX PROTECTION LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
GARDX PROTECTION LTD
STATEMENT OF FINANCIAL POSITION
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
3
5,178
25,178
Current assets
Trade and other receivables
4
845,009
1,138,259
Cash and cash equivalents
668
426
845,677
1,138,685
Current liabilities
5
(904,103)
(1,197,111)
Net current liabilities
(58,426)
(58,426)
Net liabilities
(53,248)
(33,248)
Equity
Called up share capital
6
100
100
Retained earnings
(53,348)
(33,348)
Total equity
(53,248)
(33,248)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
Mr V A Coutin
Director
Company registration number 04951862 (England and Wales)
GARDX PROTECTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Gardx Protection Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Lake House, 2 Port Way, Port Solent, Portsmouth, PO6 4TY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
On the 1 March 2018 the trading business of the company was transferred to another group company. As a result the company is no longer trading. The directors have resolved that the company will be wound up once the assets and liabilities disclosed have been settled.
The accounts have therefore been prepared on a basis other than that of the going concern basis. As a result of this, the directors are seeking to realise the assets and settle the liabilities of the company in an orderly fashion and consider that the value of the assets and liabilities, as disclosed within these financial statements, represent the realisable values of each.
1.3
Non-current investments
Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
GARDX PROTECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was 0 (2022 - 0).
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
5,178
25,178
Movements in non-current investments
Investments
£
Cost or valuation
At 1 June 2022 & 31 May 2023
25,178
Impairment
At 1 June 2022
-
Impairment losses
20,000
At 31 May 2023
20,000
Carrying amount
At 31 May 2023
5,178
At 31 May 2022
25,178
GARDX PROTECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
845,009
1,138,259
Included in other debtors are the following non-trading loans:
The company has made a loan of £513,566 (2022 - £513,566) to a company controlled by a former director in order to purchase an inventory of stock that will support growth. There are no repayment terms, however the company is entitled to a share of profit in lieu of interest. Based on current trading performance, the directors anticipate that the loan will be repaid within 2 years. A further interest free balance of £93,338 (2022 - £93,338) is due from the director of this related party and it is anticipated that this will be repaid imminently. As these loans are outside of normal commercial terms, they are included in these accounts as repayable on demand and as such, have not been discounted.
5
Current liabilities
2023
2022
£
£
Trade payables
250
Amounts owed to group undertakings
733,292
1,023,301
Other payables
170,811
173,560
904,103
1,197,111
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to note 1.2 to the financial statements which explains that the company is expected to cease trading within 12 months from the signing of the financial statements and therefore the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.
GARDX PROTECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
7
Audit report information
(Continued)
- 5 -
Senior Statutory Auditor:
Christopher Reeves ACA FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
6 August 2024
Sumer Audit is the trading name of Sumer Auditco Limited
8
Financial commitments, guarantees and contingent liabilities
There is a debenture over all the assets of the company in favour of Natwest.
The company has also granted a guarantee of £44,000 (2022 - £44,000) and £483,750 (2022 - £483,750), in favour of its bank, in respect of related party companies.
The £483,750 guarantee shall remain in force until a long-term loan has been satisfied. There is also a debenture in place in relation to this loan.
9
Related party transactions
At the year end, there is a balance due to a company that is under common control of £163,060 (2022 - £163,060). There is no interest charged on this.
10
Parent company
The ultimate parent company is Gardx Holdings Ltd. Their registered office is Lake House, 2 Port Way, Port Solent, PO6 4TY.
Gardx Holdings Ltd prepares consolidated financial statements and copies can be obtained from Companies House.