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COMPANY REGISTRATION NUMBER: 11294234
Garmac Engineering Limited
Filleted Unaudited Financial Statements
30 April 2024
Garmac Engineering Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
49,403
61,335
Current assets
Debtors
6
32,598
38,939
Cash at bank and in hand
101,344
194,527
---------
---------
133,942
233,466
Creditors: amounts falling due within one year
7
3,999
28,156
---------
---------
Net current assets
129,943
205,310
---------
---------
Total assets less current liabilities
179,346
266,645
Provisions
9,387
15,334
---------
---------
Net assets
169,959
251,311
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
169,958
251,310
---------
---------
Shareholder funds
169,959
251,311
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 Act with respect to accounting records and the preparation of financial statements .
Garmac Engineering Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 23 January 2025 , and are signed on behalf of the board by:
Mr G McAveety
Director
Company registration number: 11294234
Garmac Engineering Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Leeward House, Lambrook Road, Shepton Beauchamp, Ilminster, Somerset, TA19 0LZ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
35,659
63,247
98,906
Additions
4,413
4,413
--------
--------
---------
At 30 April 2024
40,072
63,247
103,319
--------
--------
---------
Depreciation
At 1 May 2023
24,922
12,649
37,571
Charge for the year
6,225
10,120
16,345
--------
--------
---------
At 30 April 2024
31,147
22,769
53,916
--------
--------
---------
Carrying amount
At 30 April 2024
8,925
40,478
49,403
--------
--------
---------
At 30 April 2023
10,737
50,598
61,335
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
800
6,204
Other debtors
31,798
32,735
--------
--------
32,598
38,939
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,881
26,989
Other creditors
1,118
1,167
-------
--------
3,999
28,156
-------
--------