R & D Garnett Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05829417 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2019

for

R & D Garnett Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R M Garnett

REGISTERED OFFICE:

Lennox House

3 Pierrepont Street

Bath

Somerset

BA1 1LB

REGISTERED NUMBER:

05829417 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

113,927

126,277

113,927

126,277

CURRENT ASSETS

Stocks

6,290

5,349

Debtors

6

191,643

134,011

Cash at bank

45,968

60,539

243,901

199,899

CREDITORS

Amounts falling due within one year

7

281,738

238,948

NET CURRENT LIABILITIES

(37,837

)

(39,049

)

TOTAL ASSETS LESS CURRENT LIABILITIES

76,090

87,228

CREDITORS

Amounts falling due after more than one year

8

(27,952

)

(40,192

)

PROVISIONS FOR LIABILITIES

(13,085

)

(12,941

)

NET ASSETS

35,053

34,095

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

29,018

29,018

Retained earnings

5,935

4,977

35,053

34,095

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 28 August 2020 and were signed by:

R M Garnett - Director

1.	STATUTORY INFORMATION

R & D Garnett 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

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at

cost less any accumulated amortisation and any accumulated impairment losses.

Franchise fees are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on straight line basis and 20% on straight line basis

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Taxation

Taxation for the year 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 year 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 September 2018

and 31 August 2019

40,000

AMORTISATION

At 1 September 2018

and 31 August 2019

40,000

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2018

150,945

Additions

7,950

At 31 August 2019

158,895

DEPRECIATION

At 1 September 2018

24,668

Charge for year

20,300

At 31 August 2019

44,968

NET BOOK VALUE

At 31 August 2019

113,927

At 31 August 2018

126,277

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

151,118

94,654

Other debtors

40,525

39,357

191,643

134,011

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

12,239

13,728

Payments on account

37,006

31,558

Trade creditors

75,174

78,722

Taxation and social security

62,787

45,336

Other creditors

94,532

69,604

281,738

238,948

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

27,952

40,192

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

10,452

9.

RESERVES

Revaluation

reserve

£

At 1 September 2018

and 31 August 2019

29,018

10.	POST BALANCE SHEET EVENTS

Although the COVID-19 pandemic is expected to have a significant detrimental effect on the company's

financial performance during 2020, the Director is confident in the ongoing success of the company.