Garness Contracting Ltd

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Garness Contracting Ltd

(Registration number: 06742962)
Statement of Financial Position as at 30 November 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	197,544	153,183
Current assets
Stocks		76,790	56,441
Debtors	5	76,200	97,787
Cash at bank and in hand		52,662	39,391
		205,652	193,619
Creditors: Amounts falling due within one year	6	(268,634)	(192,469)
Net current (liabilities)/assets		(62,982)	1,150
Total assets less current liabilities		134,562	154,333
Provisions for liabilities		(37,375)	(38,075)
Net assets		97,187	116,258
Capital and reserves
Called up share capital		200	200
Profit and loss account		96,987	116,058
Shareholders' funds		97,187	116,258

For the financial year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 21 August 2026 and signed on its behalf by:
 

Garness Contracting Ltd

(Registration number: 06742962)
Statement of Financial Position as at 30 November 2025 (continued)

T Garness Director

Garness Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

1	General information

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

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is rope access work.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Garness Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Plant & Machinery	12.5% straight line

Garness Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

2	Accounting policies (continued)

Motor Vehicles	16.7% straight line
Short Leasehold Property	16.7% straight line

Garness Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Garness Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

4	Tangible assets

	Short leasehold land and buildings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2024	5,364	155,153	241,749	402,266
Additions	-	86,425	13,886	100,311
Disposals	-	(3,292)	-	(3,292)
At 30 November 2025	5,364	238,286	255,635	499,285
Depreciation
At 1 December 2024	5,364	82,563	161,156	249,083
Charge for the year	-	24,891	28,591	53,482
Eliminated on disposal	-	(824)	-	(824)
At 30 November 2025	5,364	106,630	189,747	301,741
Carrying amount
At 30 November 2025	-	131,656	65,888	197,544
At 30 November 2024	-	72,590	80,593	153,183

Garness Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

5

Debtors

	2025 £	2024 £
Trade debtors	48,110	86,152
Other debtors	40	40
Prepayments	16,870	11,595
Income tax asset	11,180	-
	76,200	97,787

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	39,258	18,505
Taxation and social security	41,807	38,930
Accruals and deferred income	24,502	8,155
Other creditors	163,067	126,879
	268,634	192,469

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8	Related party transactions

Transactions with directors

2025	At 1 December 2024 £	Advances to director £	Repayments by director £	At 30 November 2025 £
	(80,176)	98,811	(135,000)	(116,365)

Garness Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

8	Related party transactions (continued)

2024	At 1 December 2023 £	Advances to director £	Repayments by director £	At 30 November 2024 £
	15,906	10,672	(106,754)	(80,176)

The loan is repayable on demand and interest is charged at the official rate on overdrawn balances.