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REGISTERED NUMBER: 11656315 (England and Wales)









REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

CHACEWATER GARDEN CENTRE LIMITED

CHACEWATER GARDEN CENTRE LIMITED (REGISTERED NUMBER: 11656315)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


CHACEWATER GARDEN CENTRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: E Scorse
C Finney
Mrs E R Finney





REGISTERED OFFICE: The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG





REGISTERED NUMBER: 11656315 (England and Wales)





ACCOUNTANTS: Lang Bennetts
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

CHACEWATER GARDEN CENTRE LIMITED (REGISTERED NUMBER: 11656315)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

E Scorse
C Finney
Mrs E R Finney

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





E Scorse - Director


2 September 2022

CHACEWATER GARDEN CENTRE LIMITED (REGISTERED NUMBER: 11656315)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 340,143 388,735
Tangible assets 5 1,314,035 890,182
Investment property 6 279,971 260,575
1,934,149 1,539,492

CURRENT ASSETS
Stocks 158,800 176,411
Debtors 7 17,134 12,286
Cash at bank and in hand 122,554 529,519
298,488 718,216
CREDITORS
Amounts falling due within one year 8 1,472,689 1,268,813
NET CURRENT LIABILITIES (1,174,201 ) (550,597 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

759,948

988,895

CREDITORS
Amounts falling due after more than one
year

9

(725,474

)

(933,489

)

PROVISIONS FOR LIABILITIES (17,748 ) (16,289 )
NET ASSETS 16,726 39,117

CAPITAL AND RESERVES
Called up share capital 102 102
Fair value reserve 16,200 16,200
Retained earnings 424 22,815
SHAREHOLDERS' FUNDS 16,726 39,117

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.

CHACEWATER GARDEN CENTRE LIMITED (REGISTERED NUMBER: 11656315)

BALANCE SHEET - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2022 and were signed on its behalf by:





E Scorse - Director


CHACEWATER GARDEN CENTRE LIMITED (REGISTERED NUMBER: 11656315)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Chacewater Garden Centre 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

As at the year-end the company had net current liabilities of £550,597 (2019- £736,156). This arises due to loans from Directors and other related parties who intend to maintain their support of the company. The Directors, having assessed projected performance for a period of 12 months consider it is appropriate to prepare the accounts on a going concern basis.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


CHACEWATER GARDEN CENTRE LIMITED (REGISTERED NUMBER: 11656315)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

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.

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
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 27 (2020 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 485,919
AMORTISATION
At 1 January 2021 97,184
Charge for year 48,592
At 31 December 2021 145,776
NET BOOK VALUE
At 31 December 2021 340,143
At 31 December 2020 388,735

CHACEWATER GARDEN CENTRE LIMITED (REGISTERED NUMBER: 11656315)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2021 848,222 88,487 936,709
Additions 439,307 18,743 458,050
At 31 December 2021 1,287,529 107,230 1,394,759
DEPRECIATION
At 1 January 2021 23,929 22,598 46,527
Charge for year 20,750 13,447 34,197
At 31 December 2021 44,679 36,045 80,724
NET BOOK VALUE
At 31 December 2021 1,242,850 71,185 1,314,035
At 31 December 2020 824,293 65,889 890,182

Included in cost of land and buildings is freehold land of £ 250,000 (2020 - £ 250,000 ) which is not depreciated.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2021 260,575
Additions 19,396
At 31 December 2021 279,971
NET BOOK VALUE
At 31 December 2021 279,971
At 31 December 2020 260,575

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 5,560 1,233
Other debtors 11,574 11,053
17,134 12,286

CHACEWATER GARDEN CENTRE LIMITED (REGISTERED NUMBER: 11656315)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 53,409 72,133
Trade creditors 117,779 108,115
Amounts owed to group undertakings 915,331 644,856
Taxation and social security 39,576 30,858
Other creditors 346,594 412,851
1,472,689 1,268,813

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 725,474 933,489

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 493,612 569,154

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 778,883 1,005,622

Loans are secured by means of a debenture comprising fixed and floating charges over all assets and undertakings of the company, including the freehold property known as Chacewater Garden Centre, Chacewater Hill, Chacewater. Also by means of a cross group guarantee in favour of the bank.