Registered Number 05085050

GARRETT COMMERCIALS LIMITED

Abbreviated Accounts

31 March 2016

GARRETT COMMERCIALS LIMITED Registered Number 05085050

Abbreviated Balance Sheet as at 31 March 2016

Notes 2016 2015
£ £
Called up share capital not paid - -
Fixed assets
Intangible assets - -
Tangible assets 2 104,070 85,736
Investments - -
104,070 85,736
Current assets
Stocks 175,212 244,147
Debtors 3 710,538 446,656
Investments - -
Cash at bank and in hand 127,384 293,076
1,013,134 983,879
Prepayments and accrued income 9,445 11,027
Creditors: amounts falling due within one year (180,887) (140,868)
Net current assets (liabilities) 841,692 854,038
Total assets less current liabilities 945,762 939,774
Creditors: amounts falling due after more than one year 0 0
Provisions for liabilities (17,619) (13,953)
Accruals and deferred income (3,574) (4,089)
Total net assets (liabilities) 924,569 921,732
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 924,469 921,632
Shareholders' funds 924,569 921,732
  • For the year ending 31 March 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 16 November 2016

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

GARRETT COMMERCIALS LIMITED Registered Number 05085050

Notes to the Abbreviated Accounts for the period ended 31 March 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss accounts 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 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
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 AGREEMENTS

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 2015 251,251
Additions 48,061
Disposals 0
Revaluations 0
Transfers 0
At 31 March 2016 299,312
Depreciation
At 1 April 2015 165,515
Charge for the year 29,727
On disposals 0
At 31 March 2016 195,242
Net book values
At 31 March 2016 104,070
At 31 March 2015 85,736
3Debtors
2016
£
2015
£
Debtors include the following amounts due after more than one year 506,037 301,529

Debtors due after more than one year reflect the company's loan to Fernbrook Farm Limited described in the Transactions with Directors note.

4Called Up Share Capital
Allotted, called up and fully paid:
2016
£
2015
£
100 Ordinary shares of £1 each 100 100

Allotted, called up, and fully paid.

5Transactions with directors

Name of director receiving advance or credit: Mr G B Garrett and Mr N J Garrett
Description of the transaction: Loan to Fernbrook Farm Limited
Balance at 1 April 2015: £ 301,529
Advances or credits made: £ 204,508
Advances or credits repaid: £ 0
Balance at 31 March 2016: £ 506,037

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.

The company occupies a property owned by the directors. Rent is paid on a commercial basis. Rent payable in the year was £40,000 (2015: £40,000). No amounts were outstanding at the year end. During the year, G Garrett and N Garrett each received dividends of £34,000 (2015: £24,000).

The company also has a long-term loan of £506,037 (2015: £301,529) 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.