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Registered number: 07518237
Garside Properties Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Paramount Accountancy WS Ltd
Chartered Accountants
Wakefield Suite, The Stables Lockwood Park
Huddersfield
West Yorkshire
HD4 6EN
Contents
Page
Company Information 1
Accountant's Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—7
Page 1
Company Information
Directors Paul Garside
Joanne Garside
Company Number 07518237
Registered Office Wakefield Suite, The Stables
Lockwood Park
Huddersfield
West Yorkshire
HD4 6EN
Accountants Paramount Accountancy WS Ltd
Chartered Accountants
Wakefield Suite, The Stables Lockwood Park
Huddersfield
West Yorkshire
HD4 6EN
Page 1
Page 2
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Garside Properties Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Garside Properties Limited for the year ended 31 March 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Garside Properties Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Garside Properties Limited and state those matters that we have agreed to state to the directors of Garside Properties Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Garside Properties Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Garside Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Garside Properties Limited . You consider that Garside Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Garside Properties Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
10 December 2024
Paramount Accountancy WS Ltd
Chartered Accountants
Wakefield Suite, The Stables Lockwood Park
Huddersfield
West Yorkshire
HD4 6EN
Page 2
Page 3
Statement of Financial Position
Registered number: 07518237
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 118 147
Investment Properties 5 718,000 718,000
718,118 718,147
CURRENT ASSETS
Debtors 6 1,425 3,991
Cash at bank and in hand 1,312 1,033
2,737 5,024
Creditors: Amounts Falling Due Within One Year 7 (242,352 ) (254,836 )
NET CURRENT ASSETS (LIABILITIES) (239,615 ) (249,812 )
TOTAL ASSETS LESS CURRENT LIABILITIES 478,503 468,335
Creditors: Amounts Falling Due After More Than One Year 8 (122,056 ) (131,540 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (37,633 ) (37,633 )
NET ASSETS 318,814 299,162
CAPITAL AND RESERVES
Called up share capital 10 1 1
Revaluation reserve 11 160,436 160,436
Income Statement 158,377 138,725
SHAREHOLDERS' FUNDS 318,814 299,162
Page 3
Page 4
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Paul Garside
Director
Joanne Garside
Director
10 December 2024
The notes on pages 5 to 7 form part of these financial statements.
Page 4
Page 5
Notes to the Financial Statements
1. General Information
Garside Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07518237 . The registered office is Wakefield Suite, The Stables, Lockwood Park, Huddersfield, West Yorkshire, HD4 6EN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Computer Equipment 3 years straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 5
Page 6
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 375 1,090 1,465
As at 31 March 2024 375 1,090 1,465
Depreciation
As at 1 April 2023 228 1,090 1,318
Provided during the period 29 - 29
As at 31 March 2024 257 1,090 1,347
Net Book Value
As at 31 March 2024 118 - 118
As at 1 April 2023 147 - 147
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 718,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,425 3,991
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 12,197 14,216
Corporation tax 5,086 5,511
Other creditors 3,700 3,700
Accruals and deferred income 2,032 1,472
Directors' loan accounts 219,337 229,937
242,352 254,836
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 122,056 131,540
9. Secured Creditors
Of the creditors the following amounts are secured.
Page 6
Page 7
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Reserves
Revaluation Reserve
£
As at 1 April 2023 160,436
As at 31 March 2024 160,436
Page 7