Company registration number 12482499 (England and Wales)
Garuth Holdings Ltd
Unaudited financial statements
For the year ended 30 April 2024
Garuth Holdings Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Garuth Holdings Ltd
Balance sheet
As at 30 April 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
150,000
150,000
Investments
4
1,267,360
1,178,988
1,417,360
1,328,988
Current assets
Debtors
5
120,000
120,000
Cash at bank and in hand
26,175
86,418
146,175
206,418
Creditors: amounts falling due within one year
6
(120,315)
(184,801)
Net current assets
25,860
21,617
Net assets
1,443,220
1,350,605
Capital and reserves
Called up share capital
7
700
700
Share premium account
649,400
649,400
Profit and loss reserves
793,120
700,505
Total equity
1,443,220
1,350,605

For the financial year ended 30 April 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 December 2024 and are signed on its behalf by:
Mrs R C Coates
Director
Company registration number 12482499 (England and Wales)
Garuth Holdings Ltd
Notes to the financial statements
For the year ended 30 April 2024
- 2 -
1
Accounting policies
Company information

Garuth Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Brambles House, Stanley Moss Road, Stockton Brook, Stoke on Trent, Staffordshire, ST9 9LR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Garuth Holdings Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 3 -
Fair value measurement of financial instruments

Investments are measured at cost and subsequently adjusted to fair value through the profit and loss account at the end of the financial year.

The valuation of the investments is based on the market rates of the portfolio as at the last day of the financial year.

Basic financial assets

Basic financial assets, which include amounts from connected parties, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Garuth Holdings Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was Nil.

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
150,000

Investment property comprises of freehold property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 29 March 2022 as per the share purchase agreement. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. This is deemed to be the fair value of the property as at the balance sheet date.

4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
200
Other investments other than loans
1,267,260
1,178,788
1,267,360
1,178,988
Garuth Holdings Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2023
200
1,178,788
1,178,988
Valuation changes
-
125,577
125,577
Adjustments
-
(7,105)
(7,105)
Disposals
(100)
(30,000)
(30,100)
At 30 April 2024
100
1,267,260
1,267,360
Carrying amount
At 30 April 2024
100
1,267,260
1,267,360
At 30 April 2023
200
1,178,788
1,178,988
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
120,000
120,000
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
-
0
548
Other creditors
120,315
184,253
120,315
184,801
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
700
700
700
700
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