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COMPANY REGISTRATION NUMBER: 00725086
Garden Link Homes Limited
Unaudited financial statements
30 September 2024
Garden Link Homes Limited
Statement of financial position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,192,222
3,192,632
Current assets
Debtors
6
49,465
55,857
Cash at bank and in hand
408,434
382,845
---------
---------
457,899
438,702
Creditors: Amounts falling due within one year
7
( 490,309)
( 125,280)
---------
---------
Net current (liabilities)/assets
( 32,410)
313,422
-----------
-----------
Total assets less current liabilities
3,159,812
3,506,054
Creditors: Amounts falling due after more than one year
8
( 368,638)
Provisions
Taxation including deferred tax
( 154,512)
( 154,857)
Accruals and deferred income
( 18,243)
( 16,805)
-----------
-----------
Net assets
2,987,057
2,965,754
-----------
-----------
Capital and reserves
Called up share capital
9
11,452
11,452
Revaluation reserve
1,054,319
1,054,319
Capital redemption reserve
50
50
Profit and loss account
1,921,236
1,899,933
-----------
-----------
Shareholders funds
2,987,057
2,965,754
-----------
-----------
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 comprehensive income has not been delivered.
For the year ending 30 September 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 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Garden Link Homes Limited
Statement of financial position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 4 March 2025 , and are signed on behalf of the board by:
Mr A D Warren
Director
Company registration number: 00725086
Garden Link Homes Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Bankside 300, Peachman Way, Broadland Business Park, Norwich, NR7 0LB. The trading address is 1 Chapel Hill, Sculthorpe Road, Fakenham, NR21 9HW.
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
The turnover shown in the profit and loss account represents the amount of goods and services provided during the year, exclusive of Value Added Tax, after adjusting for movements in work in progress.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Investment properties Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not possible, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 3 (2023: 3 ).
5. Tangible assets
Investment property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
3,190,000
10,847
2,249
3,203,096
-----------
-------
------
-----------
Depreciation
At 1 October 2023
8,351
2,113
10,464
Charge for the year
376
34
410
-----------
-------
------
-----------
At 30 September 2024
8,727
2,147
10,874
-----------
-------
------
-----------
Carrying amount
At 30 September 2024
3,190,000
2,120
102
3,192,222
-----------
-------
------
-----------
At 30 September 2023
3,190,000
2,496
136
3,192,632
-----------
-------
------
-----------
Investment properties were revalued to Fair Value at 30 September 2024 by the Director.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 30 September 2024
Aggregate cost
1,990,944
Aggregate depreciation
-----------
Carrying value
1,990,944
-----------
At 30 September 2023
Aggregate cost
1,990,944
Aggregate depreciation
-----------
Carrying value
1,990,944
-----------
6. Debtors
2024
2023
£
£
Trade debtors
11,497
12,417
Prepayments and accrued income
8,798
10,070
Other debtors
29,170
33,370
-------
-------
49,465
55,857
-------
-------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
368,638
Trade creditors
6,872
4,286
Social security and other taxes
28,448
31,291
Other creditors
86,351
89,703
---------
---------
490,309
125,280
---------
---------
Bank loans and overdrafts are secured via legal charges and mortgages over the Investment Property held by the company .
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
368,638
----
---------
Bank loans and overdrafts are secured via legal charges and mortgages over the Investment Property held by the company.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
3,001
3,001
3,001
3,001
Ordinary C shares of £ 1 each
3,725
3,725
3,725
3,725
Ordinary D shares of £ 1 each
1,725
1,725
1,725
1,725
Ordinary E shares of £ 1 each
3,001
3,001
3,001
3,001
-------
-------
-------
-------
11,452
11,452
11,452
11,452
-------
-------
-------
-------
10. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
1,922
7,689
Later than 1 year and not later than 5 years
1,922
------
------
1,922
9,611
------
------
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
78,120
128,637
Later than 1 year and not later than 5 years
126,542
62,002
Later than 5 years
81,770
---------
---------
204,662
272,409
---------
---------