REGISTERED NUMBER:
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GARDEN CITY SCIENTIFIC LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 30 APRIL 2021 TO 30 APRIL 2022 |
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REGISTERED NUMBER:
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GARDEN CITY SCIENTIFIC LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 30 APRIL 2021 TO 30 APRIL 2022 |
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GARDEN CITY SCIENTIFIC LIMITED (REGISTERED NUMBER: 13368369) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 30 APRIL 2021 TO 30 APRIL 2022 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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GARDEN CITY SCIENTIFIC LIMITED (REGISTERED NUMBER: 13368369) |
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BALANCE SHEET |
30 APRIL 2022 |
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Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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GARDEN CITY SCIENTIFIC LIMITED (REGISTERED NUMBER: 13368369) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 30 APRIL 2021 TO 30 APRIL 2022 |
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1. | STATUTORY INFORMATION |
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Garden City Scientific Limited is a
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Registered number: |
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Registered office: |
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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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Preparation of consolidated financial statements |
The financial statements contain information about Garden City Scientific Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty. |
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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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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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GARDEN CITY SCIENTIFIC LIMITED (REGISTERED NUMBER: 13368369) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 APRIL 2021 TO 30 APRIL 2022 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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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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 period 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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL. |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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On 5th May 2021 the company entered into an agreement to purchase technical research from North Herts Fitting Centre Holdings Limited, a company in which M Willis owns 50% of the share capital. The investment is being carried forward at cost which the director considers is a realistic valuation. |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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On 5th May 2021 the company entered into an agreement to purchase 100% of the shares in Azure Liquid Solutions Limited for £340,000. The agreement provided for £280,000 of the purchase price to be paid immediately with the balance due at a later date. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Called up share capital not paid |
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GARDEN CITY SCIENTIFIC LIMITED (REGISTERED NUMBER: 13368369) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 APRIL 2021 TO 30 APRIL 2022 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other creditors and accruals |
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8. | RELATED PARTY DISCLOSURES |
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Azure Liquid Solutions Limited |
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Azure Liquid Solutions Limited is in liquidation. The board of Garden City Scientific Limited is awaiting discussions with the liquidator of Azure Liquid Solutions Limited to resolve a way forward. |
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North Herts Fitting Centre Holdings Limited |
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The board recognises that this is a long term project and is involved in discussions with the company's accountants to bring about a suitable loan note to cover the £125,000. |