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COMPANY REGISTRATION NUMBER: 04721740
Garlick Agri Ltd
Filleted Unaudited Financial Statements
31 May 2024
Garlick Agri Ltd
Financial Statements
Year ended 31 May 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Garlick Agri Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Garlick Agri Ltd
Year ended 31 May 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
18 February 2025
Garlick Agri Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
540,079
186,187
Current assets
Stocks
1,498,250
1,459,070
Debtors
7
208,724
786,745
Cash at bank and in hand
1,250
1,250
------------
------------
1,708,224
2,247,065
Creditors: amounts falling due within one year
8
( 1,853,433)
( 1,829,185)
------------
------------
Net current (liabilities)/assets
( 145,209)
417,880
---------
---------
Total assets less current liabilities
394,870
604,067
Creditors: amounts falling due after more than one year
9
( 97,240)
( 105,383)
Provisions
Taxation including deferred tax
( 97,676)
( 35,376)
---------
---------
Net assets
199,954
463,308
---------
---------
Garlick Agri Ltd
Statement of Financial Position (continued)
31 May 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
199,854
463,208
---------
---------
Shareholders funds
199,954
463,308
---------
---------
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 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 February 2025 , and are signed on behalf of the board by:
P.H. Garlick
J.I. Garlick
Director
Director
Company registration number: 04721740
Garlick Agri Ltd
Notes to the Financial Statements
Year ended 31 May 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 Midway House, Staverton Technology Park , Herrick Way, Staverton, Cheltenham, Glos, GL51 6TQ.
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. 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, stated net of discounts and of Value Added Tax.
Taxation
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to leasehold buildings
-
10% reducing balance
Equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Hire purchase contracts
Assets held under hire purchase contracts are capitalised as tangible fixed assets at their fair value with the corresponding liability included as an obligation under hire purchase contracts. Hire purchase repayments are treated as consisting of capital and interest elements, and interest is charged to the profit and loss account on a straight line basis which is considered to be a reasonable approximation to a constant rate of charge on the outstanding balance.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
60,000
--------
Amortisation
At 1 June 2023 and 31 May 2024
60,000
--------
Carrying amount
At 31 May 2024
--------
At 31 May 2023
--------
Goodwill arose on the purchase of P.H. Garlick , an unincorporated business, on 1 June 2003 and has been amortised over 10 years. In the opinion of the directors, this represented a prudent estimate of the period over which the company would derive economic benefit from the products acquired as part of that business.
6. Tangible assets
Improve-ments to leasehold buildings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
177,349
331,924
509,273
Additions
363,868
105,913
469,781
Disposals
( 7,977)
( 1,250)
( 9,227)
---------
---------
---------
---------
At 31 May 2024
363,868
275,285
330,674
969,827
---------
---------
---------
---------
Depreciation
At 1 June 2023
105,289
217,797
323,086
Charge for the year
54,580
25,681
28,422
108,683
Disposals
( 1,210)
( 811)
( 2,021)
---------
---------
---------
---------
At 31 May 2024
54,580
129,760
245,408
429,748
---------
---------
---------
---------
Carrying amount
At 31 May 2024
309,288
145,525
85,266
540,079
---------
---------
---------
---------
At 31 May 2023
72,060
114,127
186,187
---------
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
159,515
227,497
Other debtors
49,209
559,248
---------
---------
208,724
786,745
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdraft
187,865
153,915
Trade creditors
625,204
815,483
Social security and other taxes
3,323
1,592
Other creditors
1,037,041
858,195
------------
------------
1,853,433
1,829,185
------------
------------
The bank loans and overdraft are secured by a personal guarantee granted by the directors. Other creditors include obligations under hire purchase contracts of £33,297 (2023 - £21,126) which are secured by charges over the assets to which they relate and a loan of £342,220 (2023 - £267,520) which is secured by a charge over the assets to which it relates.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdraft
75,188
89,296
Other creditors
22,052
16,087
--------
---------
97,240
105,383
--------
---------
The bank loans include an amount of £43,576 (2023 - £49,325) falling due after more than five years. The bank loans are secured by a personal guarantee granted by the directors. Other creditors comprise obligations under hire purchase contracts which are secured by charges over the assets to which they relate.