Registered number
07671132
S Garg Ltd
Filleted Accounts
30 June 2024
Gatley Read
Chartered Accountants
18/19 Salmon Fields Business Village
Royton
Oldham
OL2 6HT
S Garg Ltd
Registered number: 07671132
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 320,600 340,654
Current assets
Debtors 4 524 7,463
Investments held as current assets 5 67,000 10,000
Cash at bank and in hand 139,994 57,675
207,518 75,138
Creditors: amounts falling due within one year 6 (63,610) (34,054)
Net current assets 143,908 41,084
Net assets 464,508 381,738
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 454,508 371,738
Shareholders' funds 464,508 381,738
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Garg
Director
Approved by the board on 12 September 2024
S Garg Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 1% reducing balance basis
Fixtures and fittings 25% straight line
Motor vehicles 12.5% reducing balance basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 208,161 16,546 157,293 382,000
Additions - 938 - 938
At 30 June 2024 208,161 17,484 157,293 382,938
Depreciation
At 1 July 2023 12,183 13,593 15,570 41,346
Charge for the year 1,960 1,317 17,715 20,992
At 30 June 2024 14,143 14,910 33,285 62,338
Net book value
At 30 June 2024 194,018 2,574 124,008 320,600
At 30 June 2023 195,978 2,953 141,723 340,654
4 Debtors 2024 2023
£ £
Trade debtors 524 7,365
Other debtors - 98
524 7,463
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 67,000 10,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 756 720
Taxation and social security costs 29,356 32
Other creditors 33,498 33,302
63,610 34,054
7 Other information
S Garg Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Haddon Road
Worsley
Manchester
M28 2GP
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