Garton Limited - Period Ending 2016-07-31

Registration number: 04153036

Garton Limited Unaudited Abbreviated Accounts for the Year Ended 31 July 2016

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

Garton Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 6

Garton Limited
(Registration number: 04153036)
Abbreviated Balance Sheet at 31 July 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					187,719			-
Tangible fixed assets					1,059,438			1,045,294
Investments					203			202
					1,247,360			1,045,496
Current assets
Stocks					487,871			423,083
Debtors					1,236,052			511,242
Cash at bank and in hand					579,706			1,130,781
					2,303,629			2,065,106
Creditors: Amounts falling due within one year					(575,930)			(258,690)
Net current assets					1,727,699			1,806,416
Total assets less current liabilities					2,975,059			2,851,912
Creditors: Amounts falling due after more than one year					(163,845)			(195,225)
Provisions for liabilities					(33,065)			(19,959)
Net assets					2,778,149			2,636,728
Capital and reserves
Called up share capital		4			145,000			145,000
Profit and loss account					2,633,149			2,491,728
Shareholders' funds					2,778,149			2,636,728

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

Garton Limited
(Registration number: 04153036)
Abbreviated Balance Sheet at 31 July 2016
......... continued

For the year ending 31 July 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 28 April 2017 and signed on its behalf by:

.........................................
Mr T A Garton
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

Garton Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost less any residual value over their expected useful economic lives.

Asset class	Amortisation method and rate
Goodwill	10% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings	2% straight line
Plant and machinery	10% reducing balance method
Motor vehicles	25% reducing balance method
Office equipment	15% reducing balance method
Computers	33% reducing balance method
Solar Panels	33% straight line method

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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Garton Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 August 2015		379,372			1,494,549			202			1,874,123
Additions		196,355			80,712			1			277,068
Disposals		-			(24,392)			-			(24,392)
At 31 July 2016		575,727			1,550,869			203			2,126,799
Depreciation
At 1 August 2015		379,372			449,255			-			828,627
Charge for the year		8,636			49,295			-			57,931
Eliminated on disposals		-			(7,119)			-			(7,119)
At 31 July 2016		388,008			491,431			-			879,439
Net book value
At 31 July 2016		187,719			1,059,438			203			1,247,360
At 31 July 2015		-			1,045,294			202			1,045,496

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Page 4

Garton Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Garton International Limited	England & Wales	Ordinary shares	100%	Dormant
Smith Bullough Limited	England & Wales	Ordinary shares	100%	Dormant
Thomas Smith Fasteners Ltd	England & Wales	Ordinary shares	100%	Dormant
Optimise Web Solutions Ltd	England & Wales	Ordinary shares	100%	Dormant
Boka Bolt Supplies Limited	England & Wales	Ordinary shares	100%	Dormant

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		17,147			17,147
Amounts falling due after more than one year		163,845			195,225
Total secured creditors		180,992			212,372

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		108,606			139,986

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		145,000			145,000			145,000			145,000

Page 5

Garton Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr T A Garton
Opening balance	(18,159)	-	49,105	-
Loans introduced	-	-	37,000	-
Loans advanced	(455,000)	-	(104,264)	-
Amounts paid on behalf of the director	(715)	-	-	-
Interest charged	(8,354)	-	-	-
	(482,228)	-	(18,159)	-

6	Going concern

The directors have reviewed the performance of the company since the end of the accounting period. The level of turnover remains consistent, there are sufficient cashflows to meet the ongoing liabilities and the company is continuing to generate a profit. Therefore, the directors are satisfied that there are no material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern.

Page 6