2023-04-012024-03-312024-03-31false10390833Garforth Members 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Garforth Members Limited

Registered Number
10390833
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Garforth Members Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Dr John Alker
Dr Jon Slater

Registered Address

Fulford Lodge 1 Heslington Lane
Fulford
York
YO10 4HW

Registered Number

10390833 (England and Wales)
Garforth Members Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets330,00030,000
30,00030,000
Current assets
Stocks413,1078,606
Debtors5851,947717,914
Cash at bank and on hand11,97911,281
877,033737,801
Creditors amounts falling due within one year6(322,423)(317,713)
Net current assets (liabilities)554,610420,088
Total assets less current liabilities584,610450,088
Creditors amounts falling due after one year7(11,667)(21,995)
Net assets572,943428,093
Capital and reserves
Called up share capital100100
Profit and loss account572,843427,993
Shareholders' funds572,943428,093
The financial statements were approved and authorised for issue by the Board of Directors on 21 June 2024, and are signed on its behalf by:
Dr John Alker
Director
Dr Jon Slater
Director

Registered Company No. 10390833
Garforth Members Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Functional and presentation currency
The financial statements are presented in sterling, which is the functional currency of the entity.
Going concern
In March 2020 the UK was impacted by the outbreak of COVID-19. The Government imposed significant restrictions at that time in an effort to manage he spread of the virus which resulted in the company having to review and change it's working practices to ensure compliance with the restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
Turnover policy
The revenue shown in the profit and loss account represents income receivable from dental treatments carried out during the period. Revenue in respect of dental treatment uncompleted at the year end date is recognised by reference to the state of completion.
Current 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 amount of tax expected to pay or recover using the tax rates and laws that have been enacted, or substantively enacted, at the reporting date.
Intangible assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses No amortisation has been charged in the accounts, as the goodwill possesses a continual useful life, generating value and income for the business for the foreseeable future. Impairment is reviewed on an annual basis.
Stocks and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all cost of purchase, cost of conversion and other costs incurred in bringing the stock to its present location and condition.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2.Average number of employees

20242023
Average number of employees during the year00
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 2330,00030,000
At 31 March 2430,00030,000
Net book value
At 31 March 2430,00030,000
At 31 March 2330,00030,000
4.Stocks

2024

2023

££
Raw materials and consumables13,1078,606
Total13,1078,606
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables9,8449,309
Other debtors842,103708,605
Total851,947717,914
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables88
Bank borrowings and overdrafts10,0009,922
Taxation and social security47,84353,943
Other creditors263,479252,747
Accrued liabilities and deferred income1,0931,093
Total322,423317,713
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts11,66721,995
Total11,66721,995
8.Related party transactions
During the year the Directors loaned the Company £263,479 (2023: £248,747). Interest was charged and paid by the company at the UK market rate on a monthly basis. This loan is repayable upon demand.