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COMPANY REGISTRATION NUMBER: 6389665
Gardinia Holdings Limited
Filleted Unaudited Financial Statements
31 May 2024
Gardinia Holdings Limited
Financial Statements
Year ended 31 May 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
Gardinia Holdings Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
131,615
135,172
Investments
6
4
4
---------
---------
131,619
135,176
Current assets
Cash at bank and in hand
267,642
242,527
Creditors: amounts falling due within one year
7
( 163,169)
( 163,946)
---------
---------
Net current assets
104,473
78,581
---------
---------
Total assets less current liabilities
236,092
213,757
---------
---------
Capital and reserves
Called up share capital
8
4
4
Profit and loss account
236,088
213,753
---------
---------
Shareholders funds
236,092
213,757
---------
---------
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 27 February 2025 , and are signed on behalf of the board by:
Mr L.J. Vaughan
Director
Company registration number: 6389665
Gardinia Holdings Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Spring Gardens, Narberth, Pembrokeshire, SA67 7BT.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
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:
Freehold Property
-
2% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
6,774
5,597
Adjustments in respect of prior periods
( 29)
-------
-------
Total current tax
6,745
5,597
-------
-------
-------
-------
Tax on profit
6,745
5,597
-------
-------
5. Tangible assets
Freehold Property
£
Cost
At 1 June 2023 and 31 May 2024
177,858
---------
Depreciation
At 1 June 2023
42,686
Charge for the year
3,557
---------
At 31 May 2024
46,243
---------
Carrying amount
At 31 May 2024
131,615
---------
At 31 May 2023
135,172
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 June 2023 and 31 May 2024
4
----
Impairment
At 1 June 2023 and 31 May 2024
----
Carrying amount
At 31 May 2024
4
----
At 31 May 2023
4
----
The company's investment in its subsidiary company represents the cost of acquisition of over 96% of the issued ordinary share capital of Gardinia (West Wales) Limited, a company which manufactures and sells UPVC products. At 31 May 2024, the aggregate of the ordinary share capital and reserves of Gardinia (West Wales) Limited, amounted to £17,285 (2023 - £7,677) and the profit for the year to that date was £84,620 (2023 - £45,264).
7. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
4,140
4,140
Corporation tax
6,744
7,521
Director loan accounts
152,285
152,285
---------
---------
163,169
163,946
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary Shares shares of £ 1 each
4
4
4
4
----
----
----
----
9. Related party transactions
The company was under the control of Mr L.J. Vaughan and Mrs C.A. Vaughan throughout the current and previous year. Mr L.J. Vaughan and Mrs C.A. Vaughan are the managing directors and majority shareholders. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.