Registered Number 05085050

GARRETT COMMERCIALS LIMITED

Abbreviated Accounts

31 March 2015

GARRETT COMMERCIALS LIMITED Registered Number 05085050

Abbreviated Balance Sheet as at 31 March 2015

Notes 2015 2014
£ £
Called up share capital not paid - -
Fixed assets
Intangible assets - -
Tangible assets 2 85,736 56,791
Investments - -
85,736 56,791
Current assets
Stocks 244,147 223,529
Debtors 3 446,656 475,043
Investments - -
Cash at bank and in hand 293,076 223,375
983,879 921,947
Prepayments and accrued income 11,027 9,474
Creditors: amounts falling due within one year (140,868) (134,967)
Net current assets (liabilities) 854,038 796,454
Total assets less current liabilities 939,774 853,245
Creditors: amounts falling due after more than one year 0 0
Provisions for liabilities (13,953) (8,163)
Accruals and deferred income (4,089) (5,229)
Total net assets (liabilities) 921,732 839,853
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 921,632 839,753
Shareholders' funds 921,732 839,853
  • For the year ending 31 March 2015 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 12 October 2015

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

GARRETT COMMERCIALS LIMITED Registered Number 05085050

Notes to the Abbreviated Accounts for the period ended 31 March 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under thehistorical 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
All fixed assets are initially recorded at cost.

Depreciation is calculated so at 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
Stocks

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

2Tangible fixed assets
£
Cost
At 1 April 2014 199,555
Additions 53,196
Disposals (1,500)
Revaluations 0
Transfers 0
At 31 March 2015 251,251
Depreciation
At 1 April 2014 142,764
Charge for the year 24,139
On disposals (1,388)
At 31 March 2015 165,515
Net book values
At 31 March 2015 85,736
At 31 March 2014 56,791
3Debtors
2015
£
2014
£
Debtors include the following amounts due after more than one year 301,529 294,175

Debtors due after one year of £301,529 (2014: £294,175) reflect the company's loan to Fernbrook Farm Limited described in note 5.

4Called Up Share Capital
Allotted, called up and fully paid:
2015
£
2014
£
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 account transactions
Balance at 1 April 2014: £ 19,853
Advances or credits made: £ 24,300
Advances or credits repaid: £ 23,322
Balance at 31 March 2015: £ 20,831

Name of director receiving advance or credit: N Garrett
Description of the transaction: Director's loan account transactions
Balance at 1 April 2014: £ 20,883
Advances or credits made: £ 24,300
Advances or credits repaid: £ 23,324
Balance at 31 March 2015: £ 21,859

The company is controlled by its directors, G Garrett and N Garrett, by virtue of their interests in the issued share capital of the company.

The company owed the directors the following amounts on their loan accounts at the year end: G Garrett £20,831 (2014: £19,853) and N Garrett £21,859 (2014: £20,883).

The company occupies a property owned by the directors. Rent is paid on a commercial basis. Rent payable in the year was £40,000 (2014: £40,000). No amounts were outstanding at the year end. During the year, G Garrett and N Garrett each received dividends of £24,000 (2014: £24,000).

The company also has a long term loan of £301,529 (2014: £294,175) 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.