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Registration number: 08407152

Cowell's Garden Centre Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Cowell's Garden Centre Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 9

 

Cowell's Garden Centre Limited

Company Information

Directors

J S Keating

K M Cowell

D L Woodmass

A Cowell

M F Cowell

Registered office

Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

Accountants

Azets
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

 

Cowell's Garden Centre Limited

(Registration number: 08407152)
Statement of Financial Position as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

3,299,125

3,318,800

 

3,299,126

3,318,801

Current assets

 

Stocks

6

771,657

730,135

Debtors

7

36,332

44,253

Cash at bank and in hand

 

991,203

1,456,462

 

1,799,192

2,230,850

Creditors: Amounts falling due within one year

8

(440,561)

(754,978)

Net current assets

 

1,358,631

1,475,872

Total assets less current liabilities

 

4,657,757

4,794,673

Creditors: Amounts falling due after more than one year

8

(1,763,554)

(2,045,864)

Provisions for liabilities

(173,208)

(178,080)

Net assets

 

2,720,995

2,570,729

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

2,720,993

2,570,727

Total equity

 

2,720,995

2,570,729

For the financial year ending 31 January 2023 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 financial statements 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 financial statements.

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.

 

Cowell's Garden Centre Limited

(Registration number: 08407152)
Statement of Financial Position as at 31 January 2023 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised for issue by the Board on 2 October 2023 and signed on its behalf by:
 

.........................................
D L Woodmass
Director

 

Cowell's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

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 Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LS.

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.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through cash generated from operations, shareholder funding and external borrowings. The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Cowell's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

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

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 statement of financial position 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

 

Land and buildings

2% straight line

 

Plant and machinery

20% reducing balance

 

Fixtures and fittings

20% reducing balance

 

Motor vehicles

25% reducing balance

Intangible assets

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.

 

Cowell's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

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

16.67% straight line

Intellectual property

Not amortised

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Cowell's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 50 (2022 - 48).

4

Intangible assets

Goodwill
 £

Intellectual property
 £

Total
£

Cost or valuation

At 1 February 2022

175,000

1

175,001

At 31 January 2023

175,000

1

175,001

Amortisation

At 1 February 2022

175,000

-

175,000

At 31 January 2023

175,000

-

175,000

Carrying amount

At 31 January 2023

-

1

1

At 31 January 2022

-

1

1

 

Cowell's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

3,007,471

118,194

367,737

26,279

3,519,681

Additions

-

11,086

50,026

-

61,112

Disposals

-

-

(11,619)

-

(11,619)

At 31 January 2023

3,007,471

129,280

406,144

26,279

3,569,174

Depreciation

At 1 February 2022

11,296

20,536

146,863

22,186

200,881

Charge for the year

8,651

20,405

48,289

1,023

78,368

Eliminated on disposal

-

-

(9,200)

-

(9,200)

At 31 January 2023

19,947

40,941

185,952

23,209

270,049

Carrying amount

At 31 January 2023

2,987,524

88,339

220,192

3,070

3,299,125

At 31 January 2022

2,996,175

97,658

220,874

4,093

3,318,800

6

Stocks

2023
£

2022
£

Other inventories

771,657

730,135

7

Debtors

2023
£

2022
£

Trade debtors

27,130

24,306

Prepayments

9,202

5,696

Other debtors

-

14,251

36,332

44,253

 

Cowell's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

105,697

103,164

Trade creditors

 

83,159

348,414

Taxation and social security

 

113,744

64,155

Accruals and deferred income

 

68,718

59,446

Other creditors

 

2,756

2,071

Corporation tax liability

 

66,487

177,728

 

440,561

754,978


Creditors include bank loans which are secured on the assets to which they relate.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

1,763,554

2,045,864


Creditors include bank loans which are secured on the assets to which they relate.

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

105,697

103,164

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,760,554

1,842,864

Directors loan accounts

3,000

203,000

1,763,554

2,045,864

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £1,057 (2022 - £6,760).