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Registration number: 08686295

Gardiff EPOS Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Gardiff EPOS Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Gardiff EPOS Limited

(Registration number: 08686295)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

152,918

96,190

Current assets

 

Stocks

5

144,320

136,103

Debtors

6

210,794

257,517

Cash at bank and in hand

 

735,290

595,848

 

1,090,404

989,468

Creditors: Amounts falling due within one year

7

(305,736)

(220,075)

Net current assets

 

784,668

769,393

Total assets less current liabilities

 

937,586

865,583

Creditors: Amounts falling due after more than one year

7

(70,000)

(110,000)

Provisions for liabilities

(29,319)

(20,571)

Net assets

 

838,267

735,012

Capital and reserves

 

Called up share capital

10,040

10,040

Retained earnings

828,227

724,972

Shareholders' funds

 

838,267

735,012

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 Profit and Loss Account.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

 

Gardiff EPOS Limited

(Registration number: 08686295)
Balance Sheet as at 31 December 2023

.........................................
S Egan
Director

.........................................
C S Harris
Director

 

Gardiff EPOS Limited

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:
Unit 10 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW

These financial statements were authorised for issue by the Board on 19 September 2024.

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.

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.

 

Gardiff EPOS Limited

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

Judgements

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.

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 sales/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.

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 balance sheet 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.

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

Motor vehicles

25% on cost

Furniture and fitings

25% on cost

Rental assets

25% on cost

 

Gardiff EPOS Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Gardiff EPOS Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 21).

 

Gardiff EPOS Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

801,307

67,365

868,672

Additions

37,596

71,694

109,290

Disposals

-

(19,800)

(19,800)

At 31 December 2023

838,903

119,259

958,162

Depreciation

At 1 January 2023

719,106

53,376

772,482

Charge for the year

35,771

16,791

52,562

Eliminated on disposal

-

(19,800)

(19,800)

At 31 December 2023

754,877

50,367

805,244

Carrying amount

At 31 December 2023

84,026

68,892

152,918

At 31 December 2022

82,201

13,989

96,190

5

Stocks

2023
£

2022
£

Other inventories

144,320

136,103

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

192,922

198,821

Amounts owed by related parties

10

-

27,662

Prepayments

 

17,872

18,034

Other debtors

 

-

13,000

   

210,794

257,517

 

Gardiff EPOS Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

40,000

40,000

Trade creditors

 

124,304

60,041

Taxation and social security

 

117,334

86,352

Accruals and deferred income

 

1,975

1,750

Other creditors

 

22,123

31,932

 

305,736

220,075

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

70,000

110,000

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £0.10 each

100,400

10,040.00

100,400

10,040.00

         
 

Gardiff EPOS Limited

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

9

Dividends

   

2023

 

2022

   

£

 

£

 

 

Interim dividend

 

31,579

 

-

   

31,579

 

-

         

10

Related party transactions

At the balance sheet date the Directors were owed £2,622 (2022: £1,470). There are no terms for repayment or interest charged.

At the balance sheet date the company was owed £nil (2022: £27,662) by Gardiff Limited, a company connected by common control. These connected companies do trade with one another, transactions are all undertaken at market rate and balances are disclosed within the respected trade debtors and creditor accounts.

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

70,000

110,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

40,000

40,000

There is a fixed and floating charge held on the company in favour of National Westminster Bank PLC dated 11 February 2014.

The loan amounts consist of a loan under the Coronavirus Business Interruption Loan Scheme (CIBLS) delivered by the British Business Bank, the loan has been provided by National Westminster Bank Plc.