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REGISTERED NUMBER: 02858176 (England and Wales)






















Garness Group Limited

Unaudited Financial Statements for the Year Ended 31st March 2024






Garness Group Limited (Registered number: 02858176)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Garness Group Limited

Company Information
for the year ended 31st March 2024







DIRECTOR: D C Garness





SECRETARY: E M Dennison





REGISTERED OFFICE: Riverside House
11-12 Nelson Street
Hull
HU1 1XE





REGISTERED NUMBER: 02858176 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Garness Group Limited (Registered number: 02858176)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 821,594 835,577
Investments 6 3,000 3,000
824,594 838,577

CURRENT ASSETS
Debtors 7 503,819 375,465
Cash at bank and in hand 50,322 149,712
554,141 525,177
CREDITORS
Amounts falling due within one year 8 262,967 200,719
NET CURRENT ASSETS 291,174 324,458
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,115,768

1,163,035

CREDITORS
Amounts falling due after more than one
year

9

(486,548

)

(536,739

)

PROVISIONS FOR LIABILITIES (10,372 ) (13,794 )
NET ASSETS 618,848 612,502

CAPITAL AND RESERVES
Called up share capital 500 500
Capital redemption reserve 500 500
Retained earnings 617,848 611,502
618,848 612,502

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Garness Group Limited (Registered number: 02858176)

Balance Sheet - continued
31st March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21st August 2024 and were signed by:





D C Garness - Director


Garness Group Limited (Registered number: 02858176)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

Garness Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Garness Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Goodwill
Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value of its separable net assets. Goodwill originally purchased amounting to £51,709 was written off in equal monthly instalments over its estimated economic life of 10 years. Goodwill subsequently purchased amounting to £52,447was written off in equal monthly instalments over its estimated economic life of 2 years.

Intangible assets
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Garness Group Limited (Registered number: 02858176)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 104,156
AMORTISATION
At 1st April 2023
and 31st March 2024 104,156
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

Garness Group Limited (Registered number: 02858176)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2023 778,771 309,557 1,088,328
Additions - 112 112
At 31st March 2024 778,771 309,669 1,088,440
DEPRECIATION
At 1st April 2023 - 252,751 252,751
Charge for year - 14,095 14,095
At 31st March 2024 - 266,846 266,846
NET BOOK VALUE
At 31st March 2024 778,771 42,823 821,594
At 31st March 2023 778,771 56,806 835,577

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st April 2023
and 31st March 2024 3,000
NET BOOK VALUE
At 31st March 2024 3,000
At 31st March 2023 3,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 900 900
Amounts owed by group undertakings 319,717 226,565
Other debtors 183,202 148,000
503,819 375,465

Garness Group Limited (Registered number: 02858176)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 48,716 70,219
Trade creditors 24,337 25,689
Amounts owed to group undertakings 96,237 49,902
Taxation and social security 82,640 49,429
Other creditors 11,037 5,480
262,967 200,719

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 486,548 536,739

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 336,592 363,294

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 7,079 10,141
Between one and five years 2,222 3,594
9,301 13,735

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 535,264 606,958

The bank loans are secured by a fixed and floating charge over the company's assets.

12. OTHER FINANCIAL COMMITMENTS

The company operates a defined contribution pension scheme for its employees. Included within other creditors are unpaid amounts due to the fund of £569 (2023: £527).