Mike Garwood Ltd - Filleted accounts

Registered number

05156943

Mike Garwood Ltd

Unaudited Filleted Accounts

31 March 2025

Mike Garwood Ltd
Registered number:		05156943
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		78,345			92,437

Current assets
Stocks		1,388,185			1,377,420
Debtors	4	837,213			1,060,165
Cash at bank and in hand		1,617,115			1,108,672
		3,842,513			3,546,257

Creditors: amounts falling due within one year	5	(1,074,592)			(992,350)

Net current assets			2,767,921			2,553,907

Total assets less current liabilities			2,846,266			2,646,344


Provisions for liabilities			(19,586)			(23,109)


Net assets			2,826,680			2,623,235

Capital and reserves
Called up share capital			100			100
Profit and loss account			2,826,580			2,623,135

Shareholders' funds			2,826,680			2,623,235

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




S A Garwood
Director
Approved by the board on 12 December 2025

Mike Garwood Ltd
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised when work has been completed.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	20% reducing balance basis

	Stocks
	Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees		2025		2024
Number				Number

	Average number of persons employed by the company		21		18


3	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 April 2024				422,610
	Additions				5,491
	Disposals				(9,500)
	At 31 March 2025				418,601

	Depreciation
	At 1 April 2024				330,173
	Charge for the year				19,209
	On disposals				(9,126)
	At 31 March 2025				340,256

	Net book value
	At 31 March 2025				78,345
	At 31 March 2024				92,437


4	Debtors		2025		2024
£				£

	Trade debtors		760,865		1,026,888
	Other debtors		76,348		33,277
			837,213		1,060,165


5	Creditors: amounts falling due within one year		2025		2024
£				£

	Trade creditors		923,295		847,809
	Taxation and social security costs		96,216		118,433
	Other creditors		55,081		26,108
			1,074,592		992,350


6	Other information

	Mike Garwood Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	South Lodge
	Winchfield
	Hook
	RG27 8BX

	Its principal place of business is:
	Shelleys Barn
	East Worldham
	Alton
	GU34 3AQ