Registered Number 05085050

GARRETT COMMERCIALS LIMITED

Abbreviated Accounts

31 March 2014

GARRETT COMMERCIALS LIMITED Registered Number 05085050

Abbreviated Balance Sheet as at 31 March 2014

Notes 2014 2013
£ £
Called up share capital not paid - -
Fixed assets
Intangible assets - -
Tangible assets 2 56,791 69,022
Investments - -
56,791 69,022
Current assets
Stocks 223,529 211,195
Debtors 3 484,517 427,367
Investments - -
Cash at bank and in hand 223,375 293,502
931,421 932,064
Prepayments and accrued income - -
Creditors: amounts falling due within one year (140,196) (173,288)
Net current assets (liabilities) 791,225 758,776
Total assets less current liabilities 848,016 827,798
Creditors: amounts falling due after more than one year 0 0
Provisions for liabilities (8,163) (10,610)
Accruals and deferred income 0 0
Total net assets (liabilities) 839,853 817,188
Capital and reserves
Called up share capital 4 100 100
Share premium account 0 0
Revaluation reserve 0 0
Other reserves 0 0
Profit and loss account 839,753 817,088
Shareholders' funds 839,853 817,188
  • For the year ending 31 March 2014 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 26 November 2014

And signed on their behalf by:
Mr G Garrett, Director
Mr N Garrett, Director

GARRETT COMMERCIALS LIMITED Registered Number 05085050

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with applicable UK accounting standards.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20% reducing balance
Fixtures, fittings and equipment - 15% or 33% reducing balance
Motor vehicles - 25% reducing balance

Other accounting policies
Cash Flow Statement
The directors have taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from including a cash flow statement on the grounds that the company is small.
Fixed Assets
All fixed assets are initially recorded at cost.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
Operating Lease Arrangements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Deferred Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

2Tangible fixed assets
£
Cost
At 1 April 2013 199,972
Additions 12,083
Disposals (12,500)
Revaluations 0
Transfers 0
At 31 March 2014 199,555
Depreciation
At 1 April 2013 130,950
Charge for the year 14,939
On disposals (3,125)
At 31 March 2014 142,764
Net book values
At 31 March 2014 56,791
At 31 March 2013 69,022
3Debtors
2014
£
2013
£
Debtors include the following amounts due after more than one year 294,175 287,000

The amounts due after more than one year reflect the company's loan to Fernbrook Farm Limited, of which G Garrett and N Garrett are also directors.

4Called Up Share Capital
Allotted, called up and fully paid:
2014
£
2013
£
100 Ordinary shares of £1 each 100 100

5Transactions with directors

Name of director receiving advance or credit: G Garrett
Description of the transaction: Director's Loan
Balance at 1 April 2013: £ 32,861
Advances or credits made: £ 24,295
Advances or credits repaid: £ 37,304
Balance at 31 March 2014: £ 19,852

Name of director receiving advance or credit: N Garrett
Description of the transaction: Director's Loan
Balance at 1 April 2013: £ 34,402
Advances or credits made: £ 24,295
Advances or credits repaid: £ 37,814
Balance at 31 March 2014: £ 20,883

Name of director receiving advance or credit: G Garrett and N Garrett
Description of the transaction: Loan to Partnership
Balance at 1 April 2013: £ 1,140
Advances or credits made: £ 0
Advances or credits repaid: £ 1,140
Balance at 31 March 2014: £ 0

Name of director receiving advance or credit: G Garrett and N Garrett
Description of the transaction: Long-term Loan to Fernbrook Farm Limited
Balance at 1 April 2013: £ 287,000
Advances or credits made: £ 7,175
Advances or credits repaid: £ 0
Balance at 31 March 2014: £ 294,175

The company is controlled by its directors, G Garrett and N Garrett, by virtue of their majority interests in the issued share capital of the company.
During the accounting period the company maintained loan accounts with both directors and at the year end the company owed N Garrett £20,883 (2013: £34,402) and G Garrett £19,852 (2013: £32,861).
The company occupies a property controlled by the directors. Rent is paid on a commercial basis. Rent payable in the year was £40,000 (2013:£40,000). No amounts were outstanding at the year end. During the year G Garrett and N Garrett each received dividends of £24,000 (2013: £24,000).
The company also received repayment during the year from a loan of £1,140 from N Garrett and G Garrett. At the year end £nil was owing to the company (2013: £1,140).
The company also has a long-term loan of £294,175 (2013: £287,000) to another company, Fernbrook Farm Limited, of which G Garrett and N Garrett are also directors. This loan has no fixed repayment terms, but includes interest at 2.5%. The balance is shown within other debtors.