R & D Garnett Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05829417 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2023

for

R & D Garnett Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R M Garnett

Mrs D V 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

93,020

97,185

93,020

97,185

CURRENT ASSETS

Stocks

7,484

5,532

Debtors

6

98,473

59,788

Cash at bank and in hand

208,024

233,911

313,981

299,231

CREDITORS

Amounts falling due within one year

7

321,369

310,262

NET CURRENT LIABILITIES

(7,388

)

(11,031

)

TOTAL ASSETS LESS CURRENT LIABILITIES

85,632

86,154

CREDITORS

Amounts falling due after more than one year

8

(31,127

)

(44,814

)

PROVISIONS FOR LIABILITIES

(6,694

)

(7,769

)

NET ASSETS

47,811

33,571

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

27,583

28,544

Retained earnings

20,128

4,927

47,811

33,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 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 19 January 2024 and were signed on its behalf by:

R M Garnett - Director

Mrs D V 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.

Tangible fixed assets

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

Fixtures,Fittings and Office Equipment

-

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

Motor vehicles

-

33% on straight line basis

Displays

-

Straight line over 5 years

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 (2022 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Franchise

fees

£

COST

At 1 September 2022

and 31 August 2023

40,000

AMORTISATION

At 1 September 2022

and 31 August 2023

40,000

NET BOOK VALUE

At 31 August 2023

-

At 31 August 2022

-

5.	TANGIBLE FIXED ASSETS

Fixtures,Fittings

and

Office

Motor

Equipment

vehicles

Displays

Totals

£

£

£

£

COST

At 1 September 2022

114,596

26,513

62,083

203,192

Additions

583

-

7,481

8,064

At 31 August 2023

115,179

26,513

69,564

211,256

DEPRECIATION

At 1 September 2022

101,844

3,148

1,015

106,007

Charge for year

4,526

5,395

2,308

12,229

At 31 August 2023

106,370

8,543

3,323

118,236

NET BOOK VALUE

At 31 August 2023

8,809

17,970

66,241

93,020

At 31 August 2022

12,752

23,365

61,068

97,185

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

57,965

29,744

s455 tax debtor

3,058

3,058

Directors' current accounts

-

9,408

Prepayments and accrued income

37,450

17,578

98,473

59,788

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

9,808

9,375

Hire purchase contracts (see note 9)

3,446

3,446

Payments on account

116,984

162,918

Trade creditors

63,090

61,295

Tax

30,878

17,383

Social security and other taxes

1,396

1,581

VAT

37,000

40,900

Credit card

2,150

2,184

Pensions creditor

358

346

Directors' current accounts

22

-

Accruals and deferred income

56,237

10,834

321,369

310,262

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

9,808

9,375

Bank loans - 2-5 years

8,659

19,333

Hire purchase contracts (see note 9)

12,660

16,106

31,127

44,814

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

3,446

3,446

Between one and five years

12,660

16,106

16,106

19,552

Non-cancellable operating

leases

2023

2022

£

£

Within one year

32,796

27,000

Between one and five years

76,182

101,250

108,978

128,250

10.	SECURED DEBTS

Bank borrowings are secured via a fixed and floating charge in favour of HSBC plc over the assets and undertaking of the company.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022:

2023

2022

£

£

R M Garnett and Mrs D V Garnett

Balance outstanding at start of year

9,408

9,408

Amounts advanced

-

881

Amounts repaid

(9,430

)

(881

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(22

)

9,408