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Registered number: 01629191
GARTH CONSTRUCTION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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GARTH CONSTRUCTION LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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GARTH CONSTRUCTION LIMITED
REGISTERED NUMBER:01629191
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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 11 January 2021.
The notes on pages 2 to 7 form part of these financial statements.
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GARTH CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Garth Construction Limited is a limited liability company incorporated in England and Wales with its principal place of business and registered office at Whiteladies Park, Prince Albert Road, Ascot, Berkshire, SL5 8AQ.
The principal activity of the Company continued to be that of development and refurbishment of residential and commercial land and buildings. The Company is also a designated member of an LLP, the principal activity of which is property investment.
The Company's functional and presentational currency is £ Sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Directors have considered the impact of recent worldwide events in relation to the COVID-19 pandemic and are satisfied that the going concern basis continues to be appropriate.
Turnover comprises revenue recognised by the Company in respect of carrying out property refurbishments and the proceeds of properties sold, exclusive of Value Added Tax.
Revenue from property refurbishment is recognised when the service is provided. Property sales are recognised at the date of exchange of contracts. If completion is conditional upon an external event the sale is recognised at the time the transaction becomes unconditional.
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GARTH CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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.
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:
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.
Investments in associates are held at cost less impairment.
Investment in a Limited Liability Partnership (LLP) is stated at the cost of the Company's capital investment plus or less its share of the LLP's subsequent profits and losses less any capital repayments and impairment. The Company's share of profits and losses realised by the LLP is recognised in the Statement of Comprehensive Income within investment income.
Property acquired with a view to resale is identified as stock and valued at the lower of cost and net realisable value. Cost comprises the cost of acquisition including directly attributable fees and expenses, excluding finance costs which are written off to the Statement of Comprehensive Income.
Short term debtors are measured at the transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions.
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GARTH CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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 third parties and related parties, and investments.
Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
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.
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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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The average monthly number of employees, including directors, during the year was 2 (2019 - 2).
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GARTH CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Charge for the year on owned assets
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GARTH CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Investments in associates
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Other fixed asset investments
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Taxation and social security
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GARTH CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to other participating interests
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Taxation and social security
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Creditors: Amounts falling due after more than one year
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Allotted, called up and fully paid
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1,419,546 (2019 - 100) Ordinary shares of £1 each
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On 23 July 2019, 1,419,446 Ordinary shares were allotted as fully paid at par by way of conversion of part of the brought forward loan to share capital.
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Related party transactions
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The Company has taken advantage of the exemptions available under section 33.1A of FRS 102 not to disclose transactions entered into between two or more members of a group provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.
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With effect from 23 July 2019, the ultimate parent and controlling company is Power Investments Holdings Ltd, a company registered in England and Wales.
The auditors' report on the financial statements for the year ended 31 March 2020 was unqualified.
The audit report was signed on 11 January 2021 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
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