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REGISTERED NUMBER: 03479133 (England and Wales)















GARNETT FARMS ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






GARNETT FARMS ENGINEERING LIMITED (REGISTERED NUMBER: 03479133)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GARNETT FARMS ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Mr A J Garnett





SECRETARY: Mrs H L Garnett





REGISTERED OFFICE: Hales Pasture Farm
London Road
Allostock
Knutsford
Cheshire
WA16 9LT





REGISTERED NUMBER: 03479133 (England and Wales)





ACCOUNTANTS: Murray Smith LLP
Chartered Accountants
Darland House
44 Winnington Hill
Northwich
Cheshire
CW8 1AU

GARNETT FARMS ENGINEERING LIMITED (REGISTERED NUMBER: 03479133)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,705,253 1,619,265
1,705,253 1,619,265

CURRENT ASSETS
Stocks 1,102,884 1,059,185
Debtors 6 1,017,901 990,514
Cash at bank 16,801 28,953
2,137,586 2,078,652
CREDITORS
Amounts falling due within one year 7 499,915 547,471
NET CURRENT ASSETS 1,637,671 1,531,181
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,342,924

3,150,446

CREDITORS
Amounts falling due after more than one
year

8

(57,623

)

(93,030

)

PROVISIONS FOR LIABILITIES (213,661 ) (187,071 )
NET ASSETS 3,071,640 2,870,345

CAPITAL AND RESERVES
Called up share capital 10 50 50
Capital redemption reserve 100 100
Retained earnings 3,071,490 2,870,195
SHAREHOLDERS' FUNDS 3,071,640 2,870,345

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

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

The director acknowledges his 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.

GARNETT FARMS ENGINEERING LIMITED (REGISTERED NUMBER: 03479133)

BALANCE SHEET - continued
31 MAY 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 director and authorised for issue on 5 February 2025 and were signed by:





Mr A J Garnett - Director


GARNETT FARMS ENGINEERING LIMITED (REGISTERED NUMBER: 03479133)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Garnett Farms Engineering 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Dairy unit - 10% on reducing balance
Computer equipment - 15% on reducing balance

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 16 ) .

GARNETT FARMS ENGINEERING LIMITED (REGISTERED NUMBER: 03479133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 June 2023
and 31 May 2024 28,128
AMORTISATION
At 1 June 2023
and 31 May 2024 28,128
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Freehold Plant and
property Entitlements machinery
£    £    £   
COST
At 1 June 2023 832,498 2,962 755,037
Additions 138,787 - 23,307
At 31 May 2024 971,285 2,962 778,344
DEPRECIATION
At 1 June 2023 - 1,666 238,213
Charge for year - - 79,940
At 31 May 2024 - 1,666 318,153
NET BOOK VALUE
At 31 May 2024 971,285 1,296 460,191
At 31 May 2023 832,498 1,296 516,824

GARNETT FARMS ENGINEERING LIMITED (REGISTERED NUMBER: 03479133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS - continued

Dairy Computer
unit equipment Totals
£    £    £   
COST
At 1 June 2023 319,896 134,971 2,045,364
Additions - 37,635 199,729
At 31 May 2024 319,896 172,606 2,245,093
DEPRECIATION
At 1 June 2023 138,896 47,324 426,099
Charge for year 18,137 15,664 113,741
At 31 May 2024 157,033 62,988 539,840
NET BOOK VALUE
At 31 May 2024 162,863 109,618 1,705,253
At 31 May 2023 181,000 87,647 1,619,265

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 483,302 527,953
Other debtors 534,599 462,561
1,017,901 990,514

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 31,531 34,450
Trade creditors 347,815 268,872
Taxation and social security 100,779 111,950
Other creditors 19,790 132,199
499,915 547,471

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 31,754 61,691
Other creditors 25,869 31,339
57,623 93,030

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 63,285 96,141

GARNETT FARMS ENGINEERING LIMITED (REGISTERED NUMBER: 03479133)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary £1 50 50

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is AJ Garnett.