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REGISTERED NUMBER: 05829417 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

R & D Garnett Limited

R & D Garnett Limited (Registered number: 05829417)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R & D Garnett Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: R M Garnett
Mrs D V Garnett





REGISTERED OFFICE: Lennox House
3 Pierrepont Street
Bath
Somerset
BA1 1LB





REGISTERED NUMBER: 05829417 (England and Wales)

R & D Garnett Limited (Registered number: 05829417)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 92,518 93,020
92,518 93,020

CURRENT ASSETS
Stocks 13,191 7,484
Debtors 6 87,686 98,473
Cash at bank and in hand 156,748 208,024
257,625 313,981
CREDITORS
Amounts falling due within one year 7 261,148 321,369
NET CURRENT LIABILITIES (3,523 ) (7,388 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

88,995

85,632

CREDITORS
Amounts falling due after more than one
year

8

(16,446

)

(31,127

)

PROVISIONS FOR LIABILITIES (5,537 ) (6,694 )
NET ASSETS 67,012 47,811

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 26,883 27,583
Retained earnings 40,029 20,128
67,012 47,811

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

R & D Garnett Limited (Registered number: 05829417)

Balance Sheet - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:




R M Garnett - Director



Mrs D V Garnett - Director


R & D Garnett Limited (Registered number: 05829417)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

R & D Garnett Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures,Fittings and Office Equipment - 25% on straight line basis and 20% on straight line basis
Motor vehicles - 33% on straight line basis
Displays - Straight line over 5 years

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

R & D Garnett Limited (Registered number: 05829417)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. INTANGIBLE FIXED ASSETS
Franchise
fees
£   
COST
At 1 September 2023
and 31 August 2024 40,000
AMORTISATION
At 1 September 2023
and 31 August 2024 40,000
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures,Fittings
and
Office Motor
Equipment vehicles Displays Totals
£    £    £    £   
COST
At 1 September 2023 115,179 26,513 69,564 211,256
Additions 2,742 - 6,558 9,300
At 31 August 2024 117,921 26,513 76,122 220,556
DEPRECIATION
At 1 September 2023 106,370 8,543 3,323 118,236
Charge for year 3,191 5,396 1,215 9,802
At 31 August 2024 109,561 13,939 4,538 128,038
NET BOOK VALUE
At 31 August 2024 8,360 12,574 71,584 92,518
At 31 August 2023 8,809 17,970 66,241 93,020

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 35,798 57,965
s455 tax debtor - 3,058
Directors' current accounts 10,917 -
Prepayments and accrued income 40,971 37,450
87,686 98,473

R & D Garnett Limited (Registered number: 05829417)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,095 9,808
Hire purchase contracts (see note 9) 3,899 3,446
Payments on account 77,233 116,984
Trade creditors 53,327 63,090
Tax 25,893 30,878
Social security and other taxes 1,268 1,396
VAT 39,349 37,000
Credit card 86 2,150
Pensions creditor 425 358
Directors' current accounts - 22
Accruals and deferred income 49,573 56,237
261,148 321,369

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 8,138 9,808
Bank loans - 2-5 years - 8,659
Hire purchase contracts (see note 9) 8,308 12,660
16,446 31,127

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 3,899 3,446
Between one and five years 8,308 12,660
12,207 16,106

Non-cancellable operating leases
2024 2023
£    £   
Within one year 28,932 32,796
Between one and five years 47,250 76,182
76,182 108,978

10. SECURED DEBTS

Bank borrowings are secured via a fixed and floating charge in favour of HSBC plc over the assets and undertaking of the company.

R & D Garnett Limited (Registered number: 05829417)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
R M Garnett and Mrs D V Garnett
Balance outstanding at start of year (22 ) 9,408
Amounts advanced 13,023 -
Amounts repaid (2,084 ) (9,430 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,917 (22 )

The loan with the company is repayable on demand with interest charged where applicable at the prevailing HM Revenue & Customs rate.