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Registered number: 02328857 GARLAND HOFF LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 SEPTEMBER 2025
GARLAND HOFF LIMITED REGISTERED NUMBER: 02328857 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 70,776 |  | 50,461
Tangible assets | 5 |  | 19,806 |  | 24,954
|  |  | 90,582 |  | 75,415
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1,744,410 |  | 1,609,651 |
Cash at bank and in hand | 7 | 204,049 |  | 179,075 |
|  | 1,948,459 |  | 1,788,726 |
Creditors: amounts falling due within one year | 8 | (1,334,641) |  | (1,202,390) |
Net current assets |  |  | 613,818 |  | 586,336
Total assets less current liabilities |  |  | 704,400 |  | 661,751
Creditors: amounts falling due after more than one year | 9 |  | (237,621) |  | (195,833)
Net assets |  |  | 466,779 |  | 465,918
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 93,334 |  | 93,334
Share premium account |  |  | 206,704 |  | 206,704
Profit and loss account |  |  | 166,741 |  | 165,880
|  |  | 466,779 |  | 465,918
Page 1
GARLAND HOFF LIMITED REGISTERED NUMBER: 02328857 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 SEPTEMBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2026.
M P Garland | M Hoff
Director | Director
The notes on pages 3 to 11 form part of these financial statements. Page 2
GARLAND HOFF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
The company is a private company limited by share capital, incorporated in England and Wales. The address of its registered office and place of business is Lynx House, Pynes Hill, Exeter, Devon, EX2 5JL. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
Company management and directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from signing of these financial statements. This is supported by the strong performance seen during the year 2025, which has seen a significant upside in demand. The Company has been well placed to meet and service the additional volume. As a result, and the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
GARLAND HOFF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents the Gross sales for holidays arrangements, recognised on the date of booking basis.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 4
GARLAND HOFF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 income.
| 2.12 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Development expenditure | - | 4 | years
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 5
GARLAND HOFF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 33% |
|  |  |  | Office equipment | - | 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.
| 2.16 | Creditors
Short-term creditors are measured at the 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.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 8 (2024 - 10).
Page 6
GARLAND HOFF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 1 October 2024 | 231,446
| Additions | 50,773
| At 30 September 2025 | 282,219
| Amortisation |
| At 1 October 2024 | 180,985
| Charge for the year on owned assets | 30,458
| At 30 September 2025 | 211,443
| Net book value |
| At 30 September 2025 | 70,776
| At 30 September 2024 | 50,461
Page 7
GARLAND HOFF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
5. | Tangible fixed assets
|  | Motor vehicles | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 October 2024 | 16,000 | 144,860 | 160,860
| Additions | - | 8,022 | 8,022
| At 30 September 2025 | 16,000 | 152,882 | 168,882
| Depreciation |  |  |
| At 1 October 2024 | 12,000 | 123,906 | 135,906
| Charge for the year on owned assets | 4,000 | 9,170 | 13,170
| At 30 September 2025 | 16,000 | 133,076 | 149,076
| Net book value |  |  |
| At 30 September 2025 | - | 19,806 | 19,806
| At 30 September 2024 | 4,000 | 20,954 | 24,954
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,222,623 | 1,180,021
| Amounts owed by group undertakings | - | 583
| Other debtors | 430,903 | 361,936
| Prepayments and accrued income | 90,884 | 67,111
|  | 1,744,410 | 1,609,651
Page 8
GARLAND HOFF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 204,049 | 179,075
|  | 204,049 | 179,075
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 73,975 | 50,000
| Trade creditors | 1,038,242 | 1,025,976
| Corporation tax | 71,547 | 22,547
| Other taxation and social security | 7,221 | 10,047
| Other creditors | 97,182 | 2,779
| Accruals and deferred income | 46,222 | 33,500
| Financial instruments | 252 | 57,541
|  | 1,334,641 | 1,202,390
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 237,621 | 195,833
|  | 237,621 | 195,833
Page 9
GARLAND HOFF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 73,975 | 50,000
|  | 73,975 | 50,000
| Amounts falling due 1-2 years |  |
| Bank loans | 237,621 | 195,833
|  | 237,621 | 195,833
|  | 311,596 | 245,833
| Bank loans include a bank loan from Company's bankers HSBC UK Bank Plc amounting to £250,000. The loan was drawn down in August 2024 payable over 5 years term at a fixed rate of 9.9%. This loan is secured by personal gurantees given by the directors of the company limited to £75,000. Bank loans also include a bank loan from Funding Circle amounting to £150,000. The loan was drawn down in June 2025 payable over 12 months term at a fixed rate of 26.82%.
11. | Contingent liabilities
At 30 September 2025, there were contingent liabilities outstanding in respect of counter indemnities given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of ABTOT travel bonds amounting to £112,500 (2024: £112,500).
12. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,521 (2024: £6,186). Contributions totalling £Nil (2024: £Nil) were payable to the fund at the reporting date. 13.Directors' personal guarantees The company has received a loan from HSBC UK Bank Plc amounting to £250,000. The directors of the company have given personal guarantees to the lender limited to £75,000. Page 10
GARLAND HOFF LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14. | Related party transactions
| Summary of transactions with directors As at balance sheet date the amount owed to the company by the directors was £140,280 (2024: £88,254).
15. | Post balance sheet events
There have been no significant events affecting the Company since the year end.
16. | Controlling party
In the opinion of the directors there is no ultimate controlling party.
Page 11