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Registration number: 02924112

William Garvey Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 9

 

(Registration number: 02924112)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

194,475

162,410

Current assets

 

Stocks

6

97,685

46,170

Debtors

7

280,115

139,255

Cash at bank and in hand

 

564,791

418,523

 

942,591

603,948

Creditors: Amounts falling due within one year

8

(476,151)

(396,268)

Net current assets

 

466,440

207,680

Total assets less current liabilities

 

660,915

370,090

Creditors: Amounts falling due after more than one year

8

(23,519)

(33,205)

Provisions for liabilities

(55,743)

-

Net assets

 

581,653

336,885

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

580,653

335,885

Shareholders' funds

 

581,653

336,885

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 12 September 2024 and signed on its behalf by:
 


Mr A J Simpson
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leyhill Upton
Payhembury
Honiton
EX14 3JG

Principal activity

The principal activity of the company is design and manufacture of furniture.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

depreciated over the life of the lease

Plant and machinery

3-5 years straight line

Office equipment

3 years straight line

Motor vehicles

25% reducing balance

Impairment

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2022 - 30).

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

8,134

8,134

At 31 December 2023

8,134

8,134

Amortisation

At 1 January 2023

8,134

8,134

At 31 December 2023

8,134

8,134

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Leasehold improvements
£

Office equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

292,523

75,232

517,426

15,752

900,933

Additions

6,479

3,714

66,930

-

77,123

Disposals

-

-

(61,450)

-

(61,450)

At 31 December 2023

299,002

78,946

522,906

15,752

916,606

Depreciation

At 1 January 2023

237,990

60,181

431,915

8,437

738,523

Charge for the year

3,577

12,826

19,323

1,829

37,555

Eliminated on disposal

-

-

(53,947)

-

(53,947)

At 31 December 2023

241,567

73,007

397,291

10,266

722,131

Carrying amount

At 31 December 2023

57,435

5,939

125,615

5,486

194,475

At 31 December 2022

54,533

15,051

85,511

7,315

162,410

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

97,685

46,170

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Debtors

2023
£

2022
£

Trade debtors

200,023

101,475

Other debtors

2,469

1,549

Prepayments

16,518

8,390

Amounts recoverable on contracts

61,105

27,841

280,115

139,255

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

9,687

9,687

Trade creditors

 

43,670

86,793

Taxation and social security

 

106,529

54,371

Accruals and deferred income

 

33,742

30,932

Other creditors

 

282,523

214,485

 

476,151

396,268

The balance of £9,687 (2022: £9,687) due in respect of the COVID Bounce Back Loan is guaranteed by the government.

Other creditors includes the balance on company credit cards totalling £5,647 (2022: £6,099). The balance on the credit card is secured against the assets of the company.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

23,519

33,205

The balance £23,519 (2022: £33,205) due in respect of the COVID Bounce Back Loan is guaranteed by the government.

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

23,519

33,205

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,687

9,687

11

Financial commitments, guarantees and contingencies

At 31 December 2023 the company had operating lease commitments as follows:

Due within one year: £1,284
Due in more than one year: £2,247

12

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors

(2,333)

22,886

(60,172)

(39,619)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors

(874)

23,670

(25,129)

(2,333)

 


Directors’ loans are repayable on demand and subject to interest on overdrawn balances at the official rate.