Registered number
11175473
Gardner Mackenzie Limited
Unaudited Filleted Accounts
For the Year Ended
31 January 2024
Gardner Mackenzie Limited
Registered number: 11175473
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 77,727 72,081
Current assets
Stocks 17,000 41,102
Debtors 4 89,809 88,435
Cash at bank and in hand 26,117 6,995
132,926 136,532
Creditors: amounts falling due within one year 5 (155,415) (166,294)
Net current liabilities (22,489) (29,762)
Total assets less current liabilities 55,238 42,319
Creditors: amounts falling due after more than one year 6 (39,044) (28,512)
Provisions for liabilities (15,831) (13,695)
Net assets 363 112
Capital and reserves
Called up share capital 100 100
Profit and loss account 263 12
Shareholders' funds 363 112
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.
A Mackenzie
Director
Approved by the board on 28 October 2024
Gardner Mackenzie Limited
Notes to the Accounts
for the year ended 31 January 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:
Plant and machinery 10% reducing balance
Computers over 3 years
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company, including Directors. 7 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 15,116 110,759 125,875
Additions - 29,999 29,999
At 31 January 2024 15,116 140,758 155,874
Depreciation
At 1 February 2023 6,355 47,439 53,794
Charge for the year 1,022 23,331 24,353
At 31 January 2024 7,377 70,770 78,147
Net book value
At 31 January 2024 7,739 69,988 77,727
At 31 January 2023 8,761 63,320 72,081
4 Debtors 2024 2023
£ £
Trade debtors 65,793 55,661
Other debtors 24,016 32,774
89,809 88,435
Included within other debtors due within one year is an interest-free, unsecured loan to A & L Mackenzie, Directors for £4,165 (2023 - £22,579). The loan will be repaid within 9 months of the year end.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,000 9,000
Obligations under finance lease and hire purchase contracts 15,778 16,250
Trade creditors 106,784 121,747
Taxation and social security costs 12,978 9,015
Other creditors 10,875 10,282
155,415 166,294
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,000 21,000
Obligations under finance lease and hire purchase contracts 27,044 7,512
39,044 28,512
7 Other information
Gardner Mackenzie Limited is a private company limited by shares and incorporated in England. Its registered office is:
Prospect House
Marthwaite
Sedbergh
Cumbria
LA10 5HS
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