REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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GAYNOR GROUP LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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FOR |
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GAYNOR GROUP LIMITED |
GAYNOR GROUP LIMITED (REGISTERED NUMBER: 03488945) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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GAYNOR GROUP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Court House |
Court Road |
Bridgend |
CF31 1BE |
GAYNOR GROUP LIMITED (REGISTERED NUMBER: 03488945) |
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BALANCE SHEET |
29 FEBRUARY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 11 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
GAYNOR GROUP LIMITED (REGISTERED NUMBER: 03488945) |
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BALANCE SHEET - continued |
29 FEBRUARY 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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GAYNOR GROUP LIMITED (REGISTERED NUMBER: 03488945) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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1. | STATUTORY INFORMATION |
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Gaynor Group Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The accounts are prepared on the going concern basis. This basis is deemed appropriate due to the continuing support of the director. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised at the point of sale. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Investment property |
Investment property is included at fair value and any fair value adjustments are recognised in the income statement. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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GAYNOR GROUP LIMITED (REGISTERED NUMBER: 03488945) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 March 2019 |
and 29 February 2020 |
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AMORTISATION |
At 1 March 2019 |
and 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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GAYNOR GROUP LIMITED (REGISTERED NUMBER: 03488945) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2019 |
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Additions |
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Disposals |
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At 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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Eliminated on disposal |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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Included in cost or valuation of land and buildings is freehold land of £ 425,224 (2019 - £ 425,224 ) which is not depreciated. |
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Cost or valuation at 29 February 2020 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2006 | 415,871 | - | 415,871 |
Cost | 741,766 | 454,130 | 1,195,896 |
1,157,637 | 454,130 | 1,611,767 |
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If Freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 791,766 | 791,766 |
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Value of land in freehold land and buildings | 425,224 | 425,224 |
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Freehold land and buildings were valued on an open market basis on 29 February 2020 by the directors . |
GAYNOR GROUP LIMITED (REGISTERED NUMBER: 03488945) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST OR VALUATION |
At 1 March 2019 |
and 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 March 2019 |
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Disposals | ( |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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Fair value at 29 February 2020 is represented by: |
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Valuation in 2006 | 34,129 |
Cost | 210,871 |
245,000 |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 210,871 | 365,781 |
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Investment properties were valued on an open market basis on 29 February 2020 by the directors . |
GAYNOR GROUP LIMITED (REGISTERED NUMBER: 03488945) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts owed to associates | 2,593 | 78,228 |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | 131,799 | 213,736 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdraft |
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Bank loans |
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Hire purchase contracts | 31,639 | 63,925 |
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The bank overdraft and loan are secured by debenture with a fixed and floating charge against the assets of the company. |
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The hire-purchase creditors are secured against the related specific tangible fixed assets |
GAYNOR GROUP LIMITED (REGISTERED NUMBER: 03488945) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 March 2019 |
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Released on disposal | (200,000 | ) |
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At 29 February 2020 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 29 February 2020 and 28 February 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The directors loan was repaid in March 2020. |