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Gardner Residential Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11219538
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 2,170,000 2,030,000
2,170,000 2,030,000
CURRENT ASSETS
Debtors 5 913 777
Cash at bank and in hand 4,186 5,848
5,099 6,625
Creditors: Amounts Falling Due Within One Year 6 (2,986 ) (2,340 )
NET CURRENT ASSETS (LIABILITIES) 2,113 4,285
TOTAL ASSETS LESS CURRENT LIABILITIES 2,172,113 2,034,285
Creditors: Amounts Falling Due After More Than One Year 7 (2,206,874 ) (1,983,800 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,415 ) (21,406 )
NET (LIABILITIES)/ASSETS (41,176 ) 29,079
CAPITAL AND RESERVES
Called up share capital 8 100 100
Fair Value Reserve 25,661 112,667
Profit and Loss Account (66,937 ) (83,688 )
SHAREHOLDERS' FUNDS (41,176) 29,079
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
T J Gardner
Director
30 August 2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Gardner Residential Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11219538 . The registered office is Unit 1, Thorpe Court, Delta Way, Egham, Surrey, TW20 8RX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.  Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rental Income
Turnover represents rental income achieved in the year.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Trade and other receivables
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
2.6. Trade and other payables
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Investment Property
31 March 2024
£
Fair Value
As at 1 April 2023 2,030,000
Additions 227,006
Revaluations (87,006)
As at 31 March 2024 2,170,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
31 March 2024 31 March 2023
£ £
Cost 2,144,339 1,917,333
Investment property was valued on an open market basis on 31 March 2024 by the director T J Gardner.
5. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Other debtors 913 777
6. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Other creditors 2,986 2,340
7. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Bank loans 1,359,874 1,359,800
Amounts owed to group undertakings 170,000 -
Other creditors 677,000 624,000
2,206,874 1,983,800
8. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
The bank loans are secured by a personal guarantee from the company director T J Gardner.
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