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Registration number: 09013413

Dixons Landscapes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Dixons Landscapes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Dixons Landscapes Limited

Company Information

Directors

Mr J Dixon

Mrs J Dixon

Registered office

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Dixons Landscapes Limited

(Registration number: 09013413)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

100,000

150,000

Tangible assets

5

180,601

149,218

 

280,601

299,218

Current assets

 

Stocks

6

2,107

6,483

Debtors

7

141,999

56,704

Cash at bank and in hand

 

190,322

335,007

 

334,428

398,194

Creditors: Amounts falling due within one year

8

(385,604)

(327,916)

Net current (liabilities)/assets

 

(51,176)

70,278

Total assets less current liabilities

 

229,425

369,496

Creditors: Amounts falling due after more than one year

8

(84,831)

(64,005)

Provisions for liabilities

(26,634)

(28,351)

Net assets

 

117,960

277,140

Capital and reserves

 

Called up share capital

100

100

Retained earnings

117,860

277,040

Shareholders' funds

 

117,960

277,140

For the financial year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Dixons Landscapes Limited

(Registration number: 09013413)
Balance Sheet as at 31 May 2022

Approved and authorised by the Board on 24 August 2022 and signed on its behalf by:
 

.........................................
Mr J Dixon
Director

.........................................
Mrs J Dixon
Director

 

Dixons Landscapes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD
United Kingdom

These financial statements were authorised for issue by the Board on 24 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Dixons Landscapes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Furniture, fittings and equipment

15% & 33% reducing balance basis

Motor vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Dixons Landscapes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Dixons Landscapes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2021 - 20).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2021

500,000

500,000

At 31 May 2022

500,000

500,000

Amortisation

At 1 June 2021

350,000

350,000

Amortisation charge

50,000

50,000

At 31 May 2022

400,000

400,000

Carrying amount

At 31 May 2022

100,000

100,000

At 31 May 2021

150,000

150,000

 

Dixons Landscapes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2021

70,826

254,211

14,650

339,687

Additions

781

89,595

1,744

92,120

Disposals

-

(3,000)

-

(3,000)

At 31 May 2022

71,607

340,806

16,394

428,807

Depreciation

At 1 June 2021

32,345

149,013

9,111

190,469

Charge for the year

7,005

52,240

1,092

60,337

Eliminated on disposal

-

(2,600)

-

(2,600)

At 31 May 2022

39,350

198,653

10,203

248,206

Carrying amount

At 31 May 2022

32,257

142,153

6,191

180,601

At 31 May 2021

38,481

105,198

5,539

149,218

6

Stocks

2022
£

2021
£

Other inventories

2,107

6,483

7

Debtors

Current

2022
£

2021
£

Trade debtors

141,192

56,704

Other debtors

807

-

 

141,999

56,704

 

Dixons Landscapes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

51,197

22,104

Trade creditors

 

118,273

96,681

Amounts owed to related parties

894

746

Taxation and social security

 

77,029

59,531

Accruals and deferred income

 

3,100

3,000

Other creditors

 

95,680

87,936

Corporation tax

 

39,431

57,918

 

385,604

327,916

Creditors due within one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £51,197 (2021 - £22,104).

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

84,831

64,005

Creditors due after more than one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £49,994 (2021 - £20,317).

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

34,837

43,688

Finance lease liabilities

49,994

20,317

84,831

64,005

 

Dixons Landscapes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

9,646

6,311

Finance lease liabilities

41,551

15,793

51,197

22,104

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £28,200 (2021 - £15,200).