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Registration number: 02066240

Birch Grove Garden Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Birch Grove Garden Centre Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 15

 

Birch Grove Garden Centre Limited

Company Information

Directors

Mr S Slinger

Mr G F Slinger

Mrs E C Slinger

Company secretary

Mr G F Slinger

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Birch Grove Garden Centre Limited

Directors' Report for the Year Ended 31 January 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr S Slinger

Mr G F Slinger - Company secretary and director

Mrs E C Slinger

Principal activity

The principal activity of the company is rent of business

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 19 September 2023 and signed on its behalf by:
 

.........................................
Mr G F Slinger
Company secretary and director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Birch Grove Garden Centre Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Birch Grove Garden Centre Limited for the year ended 31 January 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Birch Grove Garden Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Birch Grove Garden Centre Limited and state those matters that we have agreed to state to the Board of Directors of Birch Grove Garden Centre Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Birch Grove Garden Centre Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Birch Grove Garden Centre Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Birch Grove Garden Centre Limited. You consider that Birch Grove Garden Centre Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Birch Grove Garden Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

19 September 2023

 

Birch Grove Garden Centre Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 January 2023

Note

2023
£

2022
£

Turnover

 

637,862

1,300,749

Cost of sales

 

(493,111)

(1,015,091)

Gross profit

 

144,751

285,658

Administrative expenses

 

(116,989)

(178,612)

Other operating income

 

47,352

8,100

Operating profit

 

75,114

115,146

Other interest receivable and similar income

 

224

-

Interest payable and similar charges

 

(527)

(698)

 

(303)

(698)

Profit before tax

4

74,811

114,448

Taxation

 

(16,664)

(23,976)

Profit for the financial year

 

58,147

90,472

Retained earnings brought forward

 

158,781

72,309

Dividends paid

 

(4,000)

(4,000)

Retained earnings carried forward

 

212,928

158,781

 

Birch Grove Garden Centre Limited

(Registration number: 02066240)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

6

670,719

695,848

Current assets

 

Stocks

7

-

223,706

Debtors

8

352

22,742

Cash at bank and in hand

 

161,611

85,609

 

161,963

332,057

Creditors: Amounts falling due within one year

9

(169,447)

(383,658)

Net current liabilities

 

(7,484)

(51,601)

Total assets less current liabilities

 

663,235

644,247

Creditors: Amounts falling due after more than one year

9

-

(33,140)

Provisions for liabilities

(78,795)

(80,814)

Net assets

 

584,440

530,293

Capital and Reserves

 

Called up share capital

10

20

20

Revaluation reserve

371,492

371,492

Retained Earnings

212,928

158,781

Shareholders' funds

 

584,440

530,293

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 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.

Approved and authorised by the Board on 19 September 2023 and signed on its behalf by:
 

.........................................
Mr G F Slinger
Company secretary and director

 

Birch Grove Garden Centre Limited

Notes to the Unaudited 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:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the Board on 19 September 2023.

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.

Departure from requirements of FRS 102

No depreciation has been charged on freehold land, included within freehold land and buildings.

Management have concluded that the above departure does not affect the accounts from showing a true and fair view. Apart from this departure the company has complied with the relevant accounting standards and legislation.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Birch Grove Garden Centre Limited

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

2

Accounting policies (continued)

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.

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

Freehold property

0% - 4% straight line

Plant and machinery

10% straight line

Fixtures and fittings

33% straight line

Motor vehicles

20% straight line

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.

 

Birch Grove Garden Centre Limited

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

2

Accounting policies (continued)

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 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 profit and loss account 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.

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.

 

Birch Grove Garden Centre Limited

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

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 22).

 

Birch Grove Garden Centre Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

16,807

19,251

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

40,000

40,000

At 31 January 2023

40,000

40,000

Amortisation

At 1 February 2022

40,000

40,000

At 31 January 2023

40,000

40,000

Carrying amount

At 31 January 2023

-

-

 

Birch Grove Garden Centre Limited

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

6

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2022

928,631

43,117

14,000

197,038

1,182,786

Additions

-

378

-

2,500

2,878

Disposals

-

-

(14,000)

(5,250)

(19,250)

At 31 January 2023

928,631

43,495

-

194,288

1,166,414

Depreciation

At 1 February 2022

259,153

39,261

2,800

185,724

486,938

Charge for the year

13,004

1,941

-

1,862

16,807

Eliminated on disposal

-

-

(2,800)

(5,250)

(8,050)

At 31 January 2023

272,157

41,202

-

182,336

495,695

Carrying amount

At 31 January 2023

656,474

2,293

-

11,952

670,719

At 31 January 2022

669,478

3,856

11,200

11,314

695,848

Included within the net book value of land and buildings above is £656,474 (2022 - £669,478) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land was revalued on 1 February 2015. An independent valuer was not involved.
The basis of this valuation was open market value.
This class of assets has a current value of £567,627.00 (2022 - £567,627.00).
The directors have reviewed this valuation as at 31 January 2023 and feel that it is still appropriate
.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2022 - £Nil).

7

Stocks

2023
£

2022
£

Other inventories

-

223,706

8

Debtors

 

Birch Grove Garden Centre Limited

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

8

Debtors (continued)

Current

2023
£

2022
£

Trade Debtors

-

22,742

Other debtors

352

-

 

352

22,742

 

Birch Grove Garden Centre Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

-

11,347

Trade Creditors

 

3,371

69,582

Taxation and social security

 

20,269

27,943

Accruals and deferred income

 

3,675

3,500

Other creditors

 

142,132

271,286

 

169,447

383,658

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

-

33,140

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £0.10 each

100

10

100

10

Ordinary B of £1 each

10

10

10

10

 

110

20

110

20

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

33,140

 

Birch Grove Garden Centre Limited

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

11

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

11,347

12

Related party transactions

 

Birch Grove Garden Centre Limited

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

12

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

26,000

25,420

Contributions paid to money purchase schemes

16,000

15,500

42,000

40,920