Company registration number 10742016 (England and Wales)
THE GARDEN PROJECT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
PAGES FOR FILING WITH REGISTRAR
THE GARDEN PROJECT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE GARDEN PROJECT LTD
BALANCE SHEET
AS AT 30 APRIL 2022
30 April 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,477
9,060
Current assets
Debtors
5
14,010
12,047
Cash at bank and in hand
8,196
9,026
22,206
21,073
Creditors: amounts falling due within one year
6
(26,228)
(34,818)
Net current liabilities
(4,022)
(13,745)
Total assets less current liabilities
3,455
(4,685)
Provisions for liabilities
7
(1,421)
(1,722)
Net assets/(liabilities)
2,034
(6,407)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
2,033
(6,408)
Total equity
2,034
(6,407)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 8 August 2022
Thomas Paul Martin
Director
Company Registration No. 10742016
THE GARDEN PROJECT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
- 2 -
1
Accounting policies
Company information
THE GARDEN PROJECT LTD is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value of services provided under contract to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Where a work has been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% Straight line
Fixtures and fittings
20% Straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
THE GARDEN PROJECT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
3
Employees
The average monthly number of person (including director) employed by the company during the year was:
2022
2021
Number
Number
Total
2
1
THE GARDEN PROJECT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2021
16,550
Additions
1,259
Disposals
(574)
At 30 April 2022
17,235
Depreciation and impairment
At 1 May 2021
7,490
Depreciation charged in the year
2,613
Eliminated in respect of disposals
(345)
At 30 April 2022
9,758
Carrying amount
At 30 April 2022
7,477
At 30 April 2021
9,060
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
11,313
9,890
Other debtors
2,697
2,157
14,010
12,047
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
409
12
Corporation tax
1,077
Other taxation and social security
3,103
Director's current account
19,364
33,233
Other creditors
2,275
1,573
26,228
34,818
THE GARDEN PROJECT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 5 -
7
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
1,421
1,722
8
Called up share capital
2022
2021
Ordinary share capital
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
9
Directors' transactions
Dividends totalling £10,000 (2021 - £0) were paid in the year in respect of shares held by the company's director.
10
Controlling party
The company was controlled throughout the current and previous year by the director by virtue of the fact that he owns the entire share capital.