Registered number
03502686
Garpoint Limited
Filleted Accounts
29 February 2024
Garpoint Limited
Registered number: 03502686
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 21,305 18,601
Investments 4 4,750,000 4,750,000
4,771,305 4,768,601
Current assets
Debtors 5 27,554 27,572
Cash at bank and in hand 643,416 611,929
670,970 639,501
Creditors: amounts falling due within one year 6 (49,104) (120,928)
Net current assets 621,866 518,573
Total assets less current liabilities 5,393,171 5,287,174
Provisions for liabilities (594,783) (451,521)
Net assets 4,798,388 4,835,653
Capital and reserves
Called up share capital 100 100
Profit and loss account 4,798,288 4,835,553
Shareholders' funds 4,798,388 4,835,653
The director is 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 director acknowledges his 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.
J. Feeney
Director
Approved by the board on 29 November 2024
Garpoint Limited
Notes to the Accounts
for the year ended 29 February 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 rents receivable from the company's investment property.
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 over 4 years
Investment property, furniture and fittings. over 10 years
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. Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in respect of investment properties.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Property furniture & fittings Total
£ £ £
Cost
At 1 March 2023 17,986 25,048 43,034
Additions 11,330 4,036 15,366
Disposals (13,995) (3,330) (17,325)
At 29 February 2024 15,321 25,754 41,075
Depreciation
At 1 March 2023 10,621 13,812 24,433
Charge for the year 3,088 2,576 5,664
On disposals (6,998) (3,329) (10,327)
At 29 February 2024 6,711 13,059 19,770
Net book value
At 29 February 2024 8,610 12,695 21,305
At 28 February 2023 7,365 11,236 18,601
4 Investments
Investments in
subsidiary
undertakings
£
Fair value
At 1 March 2023 4,750,000
At 29 February 2024 4,750,000
Historical cost
At 1 March 2023 1,746,795
At 29 February 2024 1,746,795
The freehold and long leasehold properties were valued at £4,750,000 on 29 February 2024 by the director J. Feeney, on an open market existing use basis.
5 Debtors 2024 2023
£ £
Trade debtors 1,737 1,289
Loan to associated company 20,562 20,562
Other debtors 5,255 5,721
27,554 27,572
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 10,826 8,056
Taxation and social security costs 31,606 24,200
Other creditors 6,672 88,672
49,104 120,928
7 Related party transactions
The company director J. Feeney is a director and shareholder of an associated company, Strandview Limited. The outstanding balance due from Strandview Limited at the year end of £20,562 (2023 £20,562) is unsecured and repayable on demand by the company.
8 Other information
Garpoint Limited is a private company limited by shares and incorporated in England. Its registered office is:
67 Chambers Lane
London
NW10 2RL
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