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COMPANY REGISTRATION NUMBER: 02658285
The Thetford Garden Centre Limited
Unaudited financial statements
31 January 2023
The Thetford Garden Centre Limited
Statement of financial position
31 January 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,853,963
1,879,729
Investments
6
333,518
359,199
-----------
-----------
2,187,481
2,238,928
Current assets
Stocks
728,100
653,926
Debtors
7
15,746
16,421
Cash at bank and in hand
477,643
840,541
-----------
-----------
1,221,489
1,510,888
Creditors: Amounts falling due within one year
8
( 735,270)
( 1,013,184)
-----------
-----------
Net current assets
486,219
497,704
-----------
-----------
Total assets less current liabilities
2,673,700
2,736,632
Creditors: Amounts falling due after more than one year
9
( 106,529)
( 97,500)
Provisions
Taxation including deferred tax
( 156,692)
( 87,215)
-----------
-----------
Net assets
2,410,479
2,551,917
-----------
-----------
Capital and reserves
Called up share capital
90,000
90,000
Revaluation reserve
415,639
450,142
Capital redemption reserve
121,995
121,995
Profit and loss account
1,782,845
1,889,780
-----------
-----------
Shareholders funds
2,410,479
2,551,917
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Thetford Garden Centre Limited
Statement of financial position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:
J H Nixon
Director
Company registration number: 02658285
The Thetford Garden Centre Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN. The company's trading address during the year was Kilverstone Road, Kilverstone, Thetford, Norfolk, IP24 2RL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investments
Investments are included at their market value at the balance sheet date.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Rental income is recognised on an accruals basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over period of lease, except drainage, office extension 5% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% - 33% straight line
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This is in accordance with the FRS 102 Section 1A which unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for by use of the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of employees during the year was 93 (2022: 84 ).
5. Tangible assets
Leasehold property
Investment property
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2022
1,842,433
325,000
76,791
1,305,725
3,549,949
Additions
35,066
57,937
95,429
188,432
Disposals
( 23,995)
( 23,995)
-----------
---------
---------
-----------
-----------
At 31 January 2023
1,877,499
325,000
110,733
1,401,154
3,714,386
-----------
---------
---------
-----------
-----------
Depreciation
At 1 February 2022
555,107
49,788
1,065,326
1,670,221
Charge for the year
70,702
10,860
127,036
208,598
Disposals
( 18,396)
( 18,396)
-----------
---------
---------
-----------
-----------
At 31 January 2023
625,809
42,252
1,192,362
1,860,423
-----------
---------
---------
-----------
-----------
Carrying amount
At 31 January 2023
1,251,690
325,000
68,481
208,792
1,853,963
-----------
---------
---------
-----------
-----------
At 31 January 2022
1,287,326
325,000
27,003
240,399
1,879,728
-----------
---------
---------
-----------
-----------
Tangible assets held at valuation
The investment property was revalued by the directors in 2022.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 January 2023
Aggregate cost
82,533
Aggregate depreciation
-------
Carrying value
82,533
-------
At 31 January 2022
Aggregate cost
82,533
Aggregate depreciation
-------
Carrying value
82,533
-------
6. Investments
Other investments other than loans
£
Cost
At 1 February 2022
359,199
Additions
161
Revaluations
( 25,842)
---------
At 31 January 2023
333,518
---------
Impairment
At 1 February 2022 and 31 January 2023
---------
Carrying amount
At 31 January 2023
333,518
---------
At 31 January 2022
359,199
---------
7. Debtors
2023
2022
£
£
Trade debtors
1,786
716
Other debtors
13,960
15,705
-------
-------
15,746
16,421
-------
-------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,000
30,000
Trade creditors
250,361
487,170
Social security and other taxes
111,774
156,195
Other creditors
343,135
339,819
---------
-----------
735,270
1,013,184
---------
-----------
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
67,500
97,500
Other creditors
39,029
---------
-------
106,529
97,500
---------
-------
10. Analysis of other comprehensive income
Revaluation reserve
Profit and loss account
Total
£
£
£
Year ended 31 January 2023
Revaluation of tangible assets
( 25,842)
( 25,842)
Reclassification from revaluation reserve to profit and loss account
25,842
25,842
Tax relating to components of other comprehensive income
( 8,661)
8,661
-------
-------
-------
( 34,503)
34,503
-------
-------
-------
Year ended 31 January 2022
Revaluation of tangible assets
25,695
25,695
Reclassification from revaluation reserve to profit and loss account
( 25,695)
( 25,695)
Tax relating to components of other comprehensive income
( 3,800)
3,800
-------
-------
-------
21,895
( 21,895)
-------
-------
-------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
77,412
57,412
Later than 1 year and not later than 5 years
264,547
227,094
Later than 5 years
1,309,840
1,363,856
-----------
-----------
1,651,799
1,648,362
-----------
-----------