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COMPANY REGISTRATION NUMBER: 04701349
Garratts Wolverhampton Limited
Filleted Unaudited Financial Statements
31 July 2024
Garratts Wolverhampton Limited
Abridged Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
875,000
Current assets
Work in progress
100,000
Debtors
726,748
615,725
Cash at bank and in hand
1,292,996
716,087
------------
------------
2,019,744
1,431,812
Creditors: amounts falling due within one year
2,850
184,327
------------
------------
Net current assets
2,016,894
1,247,485
------------
------------
Total assets less current liabilities
2,016,894
2,122,485
Creditors: amounts falling due after more than one year
101,595
282,192
------------
------------
Net assets
1,915,299
1,840,293
------------
------------
Garratts Wolverhampton Limited
Abridged Statement of Financial Position (continued)
31 July 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
1,128
1,128
Profit and loss account
1,914,171
1,839,165
------------
------------
Shareholders funds
1,915,299
1,840,293
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Mr J T Hitchen
Director
Company registration number: 04701349
Garratts Wolverhampton Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, WV1 4DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Goodwill
Goodwill was sold during the previous year.
Tangible assets
All tangible assets have been disposed of.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 3 (2023: 20 ).
5. Intangible assets
£
Cost
At 1 August 2023
1,200,000
Disposals
( 1,200,000)
------------
At 31 July 2024
------------
Amortisation
At 1 August 2023
325,000
Disposals
( 325,000)
------------
At 31 July 2024
------------
Carrying amount
At 31 July 2024
------------
At 31 July 2023
875,000
------------
6. Tangible assets
£
Cost
At 1 August 2023
37,792
Additions
651
---------
At 31 July 2024
38,443
---------
Depreciation
At 1 August 2023
37,792
Charge for the year
651
---------
At 31 July 2024
38,443
---------
Carrying amount
At 31 July 2024
---------
At 31 July 2023
---------
7. Commitments under operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Later than 5 years
80,000
80,000
---------
---------
8. Related party transactions
The company operates from premises which are partly owned by the directors' personal pension schemes. Rent paid during the period amounted to £80,000 (2023: £100,000).