Company registration number 02930180 (England and Wales)
GARDEN HOUSE ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
GARDEN HOUSE ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GARDEN HOUSE ENTERPRISES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
286
Current assets
Stocks
7,452
5,305
Debtors
5
2,203
Cash at bank and in hand
91,728
92,311
101,383
97,616
Creditors: amounts falling due within one year
6
(19,781)
(13,965)
Net current assets
81,602
83,651
Total assets less current liabilities
81,602
83,937
Creditors: amounts falling due after more than one year
7
(35,841)
(41,355)
Net assets
45,761
42,582
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
45,759
42,580
Total equity
45,761
42,582
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GARDEN HOUSE ENTERPRISES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2023 and are signed on its behalf by:
Mr M Brunsdon
Director
Company Registration No. 02930180
GARDEN HOUSE ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Garden House Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Garden House, Buckland Monachorum, Yelverton, Devon, PL20 7LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% per annum on cost
Computers
25% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Deferred tax
Deferred taxation would normally be recognised on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. However, deferred tax assets and liabilities are not recognised as the Company has a policy to eliminate taxable profits by making Gift Aid payments and therefore no asset or liability is likely to arise.
GARDEN HOUSE ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.7
Gift Aid donations are made to the parent undertaking, The Fortescue Garden Trust. The estimate of Gift Aid payable is the lesser of the Company’s taxable profits for the period and the balance of the Company’s reserves which is available for distribution. The Company paid the Gift Aid in respect of the year to 31 January 2023 within 9 months of the year end.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
8
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
7,853
7,251
Tax relief in respect of Gift Aid
(7,853)
(7,251)
Total UK current tax
GARDEN HOUSE ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 and 31 January 2023
9,274
Depreciation and impairment
At 1 February 2022
8,988
Depreciation charged in the year
286
At 31 January 2023
9,274
Carrying amount
At 31 January 2023
At 31 January 2022
286
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,203
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,514
5,514
Trade creditors
3,956
3,971
Amounts owed to group undertakings
2,311
375
Taxation and social security
2,777
1,379
Other creditors
5,223
2,726
19,781
13,965
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,841
41,355
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
13,785
19,299
GARDEN HOUSE ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Garden House Enterprises Limited generates income for its parent charity The Fortescue Garden Trust (FGT) by the running of a café, plant and shop sales and garden events. During the year, costs of £250,215 have been paid by the Charity on behalf of the limited company and the limited company has made repayments of £248,279 to the charity. At the balance sheet date, the amount due to FGT was £2,311 (2022: £375).
After the balance sheet date, the company made a donation to FGT of £41,329 (2022: £38,162). This donation was made within 9 months of the year end. Gift Aid donations are included within administrative expenses.
9
Parent company
The company is wholly owned by The Fortescue Garden Trust, a charity registered with the Charity Commission in England and Wales. The principal office of the charity is located at The Garden House, Buckland Monachorum, Yelverton, Devon PL20 7LQ.