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Registration number: 1622771

Garforth Building Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Garforth Building Supplies Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Garforth Building Supplies Limited

(Registration number: 1622771)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,510,792

1,490,043

Current assets

 

Stocks

5

906,348

905,255

Debtors

6

390,960

279,837

Cash at bank and in hand

 

210,993

342,550

 

1,508,301

1,527,642

Creditors: Amounts falling due within one year

7

(341,362)

(345,437)

Net current assets

 

1,166,939

1,182,205

Total assets less current liabilities

 

2,677,731

2,672,248

Creditors: Amounts falling due after more than one year

7

(968,683)

(1,026,380)

Provisions for liabilities

(140,936)

(141,367)

Net assets

 

1,568,112

1,504,501

Capital and reserves

 

Called up share capital

8

200,000

200,000

Revaluation reserve - non distributable

270,617

270,617

Other reserves

209,404

209,404

Retained earnings

888,091

824,480

Shareholders' funds

 

1,568,112

1,504,501

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 May 2025
 

 

Garforth Building Supplies Limited

(Registration number: 1622771)
Balance Sheet as at 31 August 2024

.........................................
S Macdonald
Director

 

Garforth Building Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Ash Lane
Aberford Road
Garforth
Leeds
West Yorkshire
LS25 2HQ
England

These financial statements were authorised for issue by the director on 28 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Other grants

Grants received as a result of the Covid 19 shut down are recognised as income in the period when they are received and disclosed in the detailed profit and loss statement. Other revenue grants follow the same accounting treatment.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Garforth Building Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Plant and equipment

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Garforth Building Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Garforth Building Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 9).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

1,114,554

654,500

412,043

2,181,097

Additions

47,475

29,995

70,643

148,113

Disposals

-

-

(15,750)

(15,750)

At 31 August 2024

1,162,029

684,495

466,936

2,313,460

Depreciation

At 1 September 2023

-

404,779

293,128

697,907

Charge for the year

-

69,929

46,330

116,259

Eliminated on disposal

-

-

(11,498)

(11,498)

At 31 August 2024

-

474,708

327,960

802,668

Carrying amount

At 31 August 2024

1,162,029

209,787

138,976

1,510,792

At 31 August 2023

1,121,397

249,721

118,925

1,490,043

Included within the net book value of land and buildings above is £1,162,029 (2023 - £1,121,397) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 23 June 2022. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £871,713 (2023 - £824,238).

 

Garforth Building Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

906,348

905,255

6

Debtors

Current

2024
£

2023
£

Trade debtors

237,075

189,350

Prepayments

750

500

Other debtors

153,135

89,987

 

390,960

279,837

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

92,856

139,263

Trade creditors

 

208,040

132,661

Taxation and social security

 

14,524

59,556

Accruals and deferred income

 

3,925

3,755

Other creditors

 

22,017

10,202

 

341,362

345,437

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £92,856 (2023 - £139,263).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

968,683

1,026,380

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £177,898 (2023 - £235,595).

 

Garforth Building Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200,000

200,000

200,000

200,000

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

124,143

134,546

Hire purchase contracts

53,755

101,049

Other borrowings

790,785

790,785

968,683

1,026,380

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,912

26,514

Hire purchase contracts

47,293

86,098

Other borrowings

26,651

26,651

92,856

139,263

10

Related party transactions

Transactions with the director

2024

At 1 September 2023
£

At 31 August 2024
£

S Macdonald

Directors loan account

(389,314)

(389,314)

 

Garforth Building Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

2023

At 1 September 2022
£

At 31 August 2023
£

S Macdonald

Directors loan account

(389,314)

(389,314)

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

205,969

205,969

Advanced

55,653

55,653

At end of period

261,622

261,622

2023

Entities with joint control or significant influence
£

Total
£

Advanced

205,969

205,969

At end of period

205,969

205,969

Terms of loans to related parties

The loan represents money owed by Garforth Timber Ltd a company in which Ms S Macdonald is a director and shareholder. It is interest free and repayable on demand.
 

11

Parent and ultimate parent undertaking

The company's immediate parent is Aquamarine Systems Limited, incorporated in England.