Company registration number 04951862 (England and Wales)
GARDX PROTECTION LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
GARDX PROTECTION LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
GARDX PROTECTION LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
3
5,178
5,178
Current assets
Trade and other receivables
4
751,412
845,009
Cash and cash equivalents
304
668
751,716
845,677
Current liabilities
5
(810,142)
(904,103)
Net current liabilities
(58,426)
(58,426)
Net liabilities
(53,248)
(53,248)
Equity
Called up share capital
6
100
100
Retained earnings
(53,348)
(53,348)
Total equity
(53,248)
(53,248)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 May 2025 and are signed on its behalf by:
Mr V A Coutin
Director
Company registration number 04951862 (England and Wales)
GARDX PROTECTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Gardx Protection Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Lake House, 2 Port Way, Port Solent, Portsmouth, PO6 4TY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

On the 1 March 2018 the trading business of the company was transferred to another group company. As a result the company is no longer trading. The directors have resolved that the company will be wound up once the assets and liabilities disclosed have been settled.

 

The accounts have therefore been prepared on a basis other than that of the going concern basis. As a result of this, the directors are seeking to realise the assets and settle the liabilities of the company in an orderly fashion and consider that the value of the assets and liabilities, as disclosed within these financial statements, represent the realisable values of each.

1.3
Non-current investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

GARDX PROTECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

2
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was 0 (2023 - 0).

3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
5,178
5,178
Movements in non-current investments
Investments
£
Cost or valuation
At 1 June 2023 & 31 May 2024
5,178
Carrying amount
At 31 May 2024
5,178
At 31 May 2023
5,178
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Other receivables
751,412
845,009
GARDX PROTECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
4
Trade and other receivables
(Continued)
- 4 -

Included in other debtors are the following non-trading loans:

 

The company has made a loan of £513,566 (2023 - £513,566) to a company controlled by a former director in order to purchase an inventory of stock that will support growth. There are no repayment terms, however the company is entitled to a share of profit in lieu of interest. Based on current trading performance, the directors anticipate that the loan will be repaid within 2 years. A further interest free balance of £93,338 (2023 - £93,338) is due from the director of this related party and it is anticipated that this will be repaid imminently. As these loans are outside of normal commercial terms, they are included in these accounts as repayable on demand and as such, have not been discounted.

5
Current liabilities
2024
2023
£
£
Amounts owed to group undertakings
802,392
733,292
Other payables
7,750
170,811
810,142
904,103
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to note 1.2 to the financial statements which explains that the company is no longer trading, and therefore the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Christopher Reeves ACA FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
7 May 2025
Sumer Audit is the trading name of Sumer Auditco Limited
GARDX PROTECTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
8
Financial commitments, guarantees and contingent liabilities

There is a debenture over all the assets of the company in favour of Natwest.

 

The company has also granted a guarantee of £44,000 (2023 - £44,000) and £nil (2023 - £483,750), in favour of its bank, in respect of related party companies.

 

The £483,750 guarantee is no longer in place as the long-term loan was repaid during the year. There was also a debenture in place in relation to this loan.

9
Parent company

The ultimate parent company is Gardx Holdings Ltd. Their registered office is Lake House, 2 Port Way, Port Solent, PO6 4TY.

 

Gardx Holdings Ltd prepares consolidated financial statements and copies can be obtained from Companies House.

The ultimate controlling party is Mr V A Coutin.

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