REGISTERED NUMBER: 00437951 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 NOVEMBER 2023 TO 31 DECEMBER 2024

FOR

G.S.GAREY & SONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J H Garey

A I Garey

SECRETARY:

J H Garey

REGISTERED OFFICE:

Cart Lodge, Harps Farm

Bedlars Green

Great Hallingbury

Hertfordshire

CM22 7TL

REGISTERED NUMBER:

00437951 (England and Wales)

ACCOUNTANTS:

Northfield Management Services Limited

Cart Lodge

Harps Farm

Bedlars Green

Great Hallingbury

Hertfordshire

CM22 7TL

FIXED ASSETS

Tangible assets

4

37,318

43,898

Investment property

5

3,135,000

3,135,000

3,172,318

3,178,898

CURRENT ASSETS

Stocks

6

513,710

513,710

Debtors

7

3,288,789

2,521,703

Cash at bank

7,319

-

3,809,818

3,035,413

CREDITORS

Amounts falling due within one year

8

717,357

297,177

NET CURRENT ASSETS

3,092,461

2,738,236

TOTAL ASSETS LESS CURRENT LIABILITIES

6,264,779

5,917,134

CREDITORS

Amounts falling due after more than one year

9

(4,003,398

)

(3,642,598

)

PROVISIONS FOR LIABILITIES

(671,000

)

(671,000

)

NET ASSETS

1,590,381

1,603,536

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

1,580,381

1,593,536

SHAREHOLDERS' FUNDS

1,590,381

1,603,536

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2025 and were signed on its behalf by:

J H Garey - Director

1.	STATUTORY INFORMATION

G.S.Garey & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements - going concern

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis as the directors and the bank have undertaken to continue to support the activities of the company and the directors are of the opinion that the company's profitability will improve in subsequent years.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the accounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of the estimation means that that the actual outcomes could differ from those estimates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Furniture and equipment

-

15% on rb/33% on cost

Motor vehicles

-

25% on reducing balance

Investment properties are revalued annually to fair value and the aggregate surplus or deficit is transferred to

profit and loss.

No depreciation is provided in respect of investment properties. This is a departure from the Companies Act 2006 which requires all fixed assets to be depreciated. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate.

The accounting policy adopted is, therefore, necessary for the accounts to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress is valued at direct cost less amounts transferred to the profit and loss account in respect of work carried out, less foreseeable losses and payments on account. Direct cost is calculated as the cost of raw materials, subcontractors, direct labour and other building costs but excludes overheads and interest.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-portable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic short-term financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2023 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Furniture

and

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1 November 2023

and 31 December 2024

27,802

57,663

85,465

DEPRECIATION

At 1 November 2023

25,946

15,621

41,567

Charge for period

278

6,302

6,580

At 31 December 2024

26,224

21,923

48,147

NET BOOK VALUE

At 31 December 2024

1,578

35,740

37,318

At 31 October 2023

1,856

42,042

43,898

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 November 2023

and 31 December 2024

57,663

DEPRECIATION

At 1 November 2023

15,621

Charge for period

6,302

At 31 December 2024

21,923

NET BOOK VALUE

At 31 December 2024

35,740

At 31 October 2023

42,042

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2023

and 31 December 2024

3,135,000

NET BOOK VALUE

At 31 December 2024

3,135,000

At 31 October 2023

3,135,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2018

2,996,171

Cost

138,829

3,135,000

Freehold investment property was revalued on an open market basis by the Chartered Surveyors, Mark Taylor, on 31 October 2011. However, the director has considered the information available to them based on valuations prepared on the Bank's behalf and believe the above value to reflect a more realistic view of the current open market position.

6.

STOCKS

2024

2023

£

£

Stock of land

439,766

439,766

Work-in-progress

73,944

73,944

513,710

513,710

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

426

2,551

Directors' current accounts

2,600,524

1,966,605

Taxation recoverable

672,965

537,673

Prepayments and accrued income

14,874

14,874

3,288,789

2,521,703

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

6,176

Hire purchase contracts

13,023

13,023

Trade creditors

5

4

Corporation tax

600,745

203,181

Social security and other tax

87,686

63,894

Other creditors

1,953

984

Directors' current accounts

-

1,270

Accrued expenses

13,945

8,645

717,357

297,177

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans over 5 years

1,711,072

1,513,314

Loans

2,267,272

2,096,133

Hire purchase contracts

25,054

33,151

4,003,398

3,642,598

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans over 5 years

1,711,072

1,513,314

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdraft

-

6,176

Bank loans

1,711,072

1,513,314

Hire purchase contracts

38,077

46,174

1,749,149

1,565,664

The bank loans are secured by way of a fixed charge over specific investment properties held by the company.

The hire purchase debts are secured on the asset concerned.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2024 and the year ended 31 October 2023:

2024

2023

£

£

J H Garey

Balance outstanding at start of period

1,966,605

1,654,312

Amounts advanced

633,919

312,293

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

2,600,524

1,966,605