Gardiff Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05169062 (England and Wales)

GARDIFF LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

S B Egan

C S Harris

SECRETARY:

S B Egan Jnr

REGISTERED OFFICE:

Unit 10 The Cam Centre

Wilbury Way

Hitchin

Hertfordshire

SG4 0TW

REGISTERED NUMBER:

05169062 (England and Wales)

ACCOUNTANTS:

Haines Watts (SEM) Limited

42 High Street

Flitwick

Bedfordshire

MK45 1DU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

117,071

146,909

117,071

146,909

CURRENT ASSETS

Stocks

6

184,959

152,444

Debtors

7

740,383

774,255

Cash at bank and in hand

170,743

25,329

1,096,085

952,028

CREDITORS

Amounts falling due within one year

8

443,729

387,116

NET CURRENT ASSETS

652,356

564,912

TOTAL ASSETS LESS CURRENT LIABILITIES

769,427

711,821

CREDITORS

Amounts falling due after more than one year

9

-

(19,678

)

PROVISIONS FOR LIABILITIES

10

(15,321

)

(21,452

)

NET ASSETS

754,106

670,691

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

753,106

669,691

SHAREHOLDERS' FUNDS

754,106

670,691

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 26 September 2018 and were signed on its behalf by:

S B Egan - Director

C S Harris - Director

1.	STATUTORY INFORMATION

Gardiff 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and have also been consistently applied within the same

accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Rental assets

-

25% on cost

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

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 13 (2016 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

100,000

AMORTISATION

At 1 January 2017

and 31 December 2017

100,000

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Rental

machinery

fittings

vehicles

assets

Totals

£

£

£

£

£

COST

At 1 January 2017

5,118

37,655

139,674

105,699

288,146

Additions

1,335

1,145

-

46,361

48,841

At 31 December 2017

6,453

38,800

139,674

152,060

336,987

DEPRECIATION

At 1 January 2017

2,365

27,816

55,809

55,247

141,237

Charge for year

1,613

4,133

34,918

38,015

78,679

At 31 December 2017

3,978

31,949

90,727

93,262

219,916

NET BOOK VALUE

At 31 December 2017

2,475

6,851

48,947

58,798

117,071

At 31 December 2016

2,753

9,839

83,865

50,452

146,909

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2017

74,340

Transfer to ownership

(9,220

)

At 31 December 2017

65,120

DEPRECIATION

At 1 January 2017

39,475

Charge for year

18,585

Transfer to ownership

(9,220

)

At 31 December 2017

48,840

NET BOOK VALUE

At 31 December 2017

16,280

At 31 December 2016

34,865

6.

STOCKS

2017

2016

£

£

Stocks

184,959

152,444

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

431,699

440,849

Amounts owed by participating interests

89,356

109,703

Other debtors

200,070

200,070

Staff loans

10,875

10,800

Sundry debtors

661

-

Prepayments

7,722

12,833

740,383

774,255

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

19,678

21,467

Trade creditors

237,163

224,510

Tax

27,403

14,544

Social security and other taxes

11,069

18,021

VAT

66,905

27,388

Other creditors

6,609

5,786

Other creditors - pension

72

173

Other creditors - deposits

6,261

1,857

Directors' current accounts

64,894

69,870

Accruals and deferred income

3,675

3,500

443,729

387,116

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

-

19,678

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

15,321

21,452

Deferred

tax

£

Balance at 1 January 2017

21,452

Movement

(6,131

)

Balance at 31 December 2017

15,321

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

£1

1,000

1,000

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors operate directors' current accounts. At the balance sheet date directors were owed £64,894 (2016:

£69,870) from the company. There are no terms relating to the payment of interest or the repayment of capital.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is S B Egan.