Company registration number 00435436 (England and Wales)
GARUARA ESTATES LIMITED
Unaudited Financial Statements
For The Year Ended 30 September 2024
Pages For Filing With Registrar
Garuara Estates Limited
GARUARA ESTATES LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
Garuara Estates Limited
GARUARA ESTATES LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Garuara Estates Limited For The Year Ended 30 September 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Garuara Estates Limited for the year ended 30 September 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Garuara Estates Limited, as a body, in accordance with the terms of our engagement letter dated 12 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Garuara Estates Limited and state those matters that we have agreed to state to the board of directors of Garuara Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Garuara Estates Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Garuara Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Garuara Estates Limited. You consider that Garuara Estates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Garuara Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys Limited
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
ME13 8GD
England
2 June 2025
Garuara Estates Limited
GARUARA ESTATES LIMITED
Balance Sheet
As At 30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
654,425
632,361
Current assets
Stocks
158,917
269,969
Debtors
7
60,129
20,202
Cash at bank and in hand
11,942
19,184
230,988
309,355
Creditors: amounts falling due within one year
8
(137,529)
(161,555)
Net current assets
93,459
147,800
Total assets less current liabilities
747,884
780,161
Creditors: amounts falling due after more than one year
9
(442,488)
(463,899)
Provisions for liabilities
(57,480)
(58,773)
Net assets
247,916
257,489
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
247,816
257,389
Total equity
247,916
257,489
Garuara Estates Limited
GARUARA ESTATES LIMITED
Balance Sheet (Continued)
As At 30 September 2024
- 3 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
Mrs S Mussi
Mr AJ Mussi
Director
Director
Company registration number 00435436 (England and Wales)
Garuara Estates Limited
GARUARA ESTATES LIMITED
Notes To The Financial Statements
For The Year Ended 30 September 2024
- 4 -
1
Accounting policies
Company information
Garuara Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chellows Park Chellows Farm, Chellows Lane, Crowhurst, Lingfield, Surrey, England, RH7 6LU.
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 £.
The financial statements have been prepared under the historical cost convention and the principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measure at the fair value of consideration received or receivable in respect of livestock, agricultural produce and contracting work excluding discounts, rebates, Value Added Tax and other sales taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Straight line over 10 years
Plant and equipment
15% reducing balance
Motor vehicles
15% reducing balance
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Garuara Estates Limited
GARUARA ESTATES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Biological assets are living animals controlled be the company from which it expects to derive future economic benefits. These are measured at deemed cost based on replacement value.
1.6
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Garuara Estates Limited
GARUARA ESTATES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2024
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
Garuara Estates Limited
GARUARA ESTATES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2024
- 7 -
4
Intangible fixed assets
Basic Payment entitlements
£
Cost
At 1 October 2023 and 30 September 2024
36,000
Amortisation and impairment
At 1 October 2023 and 30 September 2024
36,000
Carrying amount
At 30 September 2024
At 30 September 2023
5
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
355,092
632,219
8,950
996,261
Additions
34,632
37,150
71,782
Disposals
(3,700)
(3,700)
At 30 September 2024
355,092
663,151
46,100
1,064,343
Depreciation and impairment
At 1 October 2023
3,191
353,576
7,133
363,900
Depreciation on owned assets
20,631
4,126
24,757
Depreciation on leased assets
23,319
23,319
Eliminated in respect of disposals
(2,058)
(2,058)
At 30 September 2024
3,191
395,468
11,259
409,918
Carrying amount
At 30 September 2024
351,901
267,683
34,841
654,425
At 30 September 2023
351,901
278,643
1,817
632,361
Garuara Estates Limited
GARUARA ESTATES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2024
- 8 -
6
Stocks
2024
2023
£
£
Livestock
99,802
171,808
Growing crop
15,708
17,809
Crop in store
41,763
72,057
Consumables
1,644
8,295
158,917
269,969
Biological assets included within stock are as follows:
Biological assets - livestock
2024
2023
£
£
As at 1 October
171,808
160,282
Net movement from births, deaths, sales, purchases and transfers
(72,006)
11,526
As at 30 September
99,802
171,808
Biological assets - growing crop
2024
2023
£
£
As at 1 October
17,809
-
Net movement on cultivations
(2,101)
17,809
As at
15,708
17,809
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
49,030
13,359
Corporation tax recoverable
592
Other debtors
5,783
5,503
Prepayments and accrued income
4,724
1,340
60,129
20,202
Garuara Estates Limited
GARUARA ESTATES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2024
- 9 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
15,415
13,660
Obligations under finance leases
35,312
39,743
Trade creditors
36,082
22,288
Corporation tax
19,614
Other taxation and social security
257
Other creditors
50,463
66,250
137,529
161,555
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
415,123
424,522
Obligations under finance leases
27,365
39,377
442,488
463,899
Secured debts
Bank loans are secured by way of a joint and several guarantee supported by way of a charge over land owned by the directors and the company.
Hire purchase liabilities are secured against the asset to which they relate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
342,033
356,244
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
57,480
58,773
Garuara Estates Limited
GARUARA ESTATES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2024
10
Deferred taxation
(Continued)
- 10 -
2024
Movements in the year:
£
Liability at 1 October 2023
58,773
Credit to profit or loss
(1,293)
Liability at 30 September 2024
57,480
11
Related party transactions
Transactions with related parties
During the year the directors withdrew £50,711 from their current accounts and £45,521 was credited. At the year end £22,307 (2023 - £27,497) was due to the directors and included within other creditors.
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