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Registration number: 03452666

Hillcrest Nurseries Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Hillcrest Nurseries Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Hillcrest Nurseries Limited

Company Information

Director

Miss Kathleen June Fulcher

Company secretary

Mrs Nikki Orton

Registered office

Barningham Road
Stanton
Bury St Edmunds
Suffolk
IP31 2DU

Accountants

Jacobs Allen Limited
Chartered Accountants and Chartered Tax advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

Hillcrest Nurseries Limited

(Registration number: 03452666)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

116,513

109,429

Current assets

 

Stocks

53,250

54,500

Debtors

5

66,867

80,057

Cash at bank and in hand

 

16,834

74,788

 

136,951

209,345

Creditors: Amounts falling due within one year

6

(139,960)

(133,232)

Net current (liabilities)/assets

 

(3,009)

76,113

Total assets less current liabilities

 

113,504

185,542

Creditors: Amounts falling due after more than one year

6

(35,155)

(49,707)

Provisions for liabilities

(10,341)

(16,137)

Net assets

 

68,008

119,698

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

67,908

119,598

Shareholders' funds

 

68,008

119,698

 

Hillcrest Nurseries Limited

(Registration number: 03452666)
Balance Sheet as at 31 January 2023

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.

Director's 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 director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 October 2023
 

.........................................
Miss Kathleen June Fulcher
Director

 

Hillcrest Nurseries 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:
Barningham Road
Stanton
Bury St Edmunds
Suffolk
IP31 2DU

These financial statements were authorised for issue by the director on 18 October 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.

Going concern

Although the company had a small amount of net current liabilities at the year end, the director is confident that debts will be paid as they fall due and hence 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.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the costs for which the grant is intended to compensate are recognised. A grant that is received as compensation for expenses already incurred or for the purpose of giving immediate financial support with no future related costs is 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.

 

Hillcrest Nurseries Limited

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

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

Improvements to Property

10% Straight Line & 15% Reducing Balance

Plant & equipment

15% Reducing Balance

Motor Vehicle

20% Reducing Balance

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.

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.

 

Hillcrest Nurseries Limited

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

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.

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.

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. The 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. 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.

 

Hillcrest Nurseries Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 22 (2022 - 21).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

176,878

174,403

18,095

369,376

Additions

14,996

9,399

3,619

28,014

At 31 January 2023

191,874

183,802

21,714

397,390

Depreciation

At 1 February 2022

142,617

113,710

3,619

259,946

Charge for the year

6,798

10,514

3,619

20,931

At 31 January 2023

149,415

124,224

7,238

280,877

Carrying amount

At 31 January 2023

42,459

59,578

14,476

116,513

At 31 January 2022

34,260

60,693

14,476

109,429

Included within the net book value of land and buildings above is £42,459 (2022 - £34,260) in respect of short leasehold land and buildings.
 

5

Debtors

 

Hillcrest Nurseries Limited

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

Current

2023
£

2022
£

Trade debtors

15,138

14,390

Prepayments

5,770

5,396

Other debtors

45,959

60,271

 

66,867

80,057

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

31,652

18,466

Trade creditors

 

66,779

66,494

Taxation and social security

 

24,200

24,772

Accruals and deferred income

 

15,533

8,992

Other creditors

 

1,796

14,508

 

139,960

133,232

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets concerned of £6,405 (2022 - £8,466), also a bank overdraft of £15,942 (2022 nil) secured by a fixed and floating charge.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

35,155

49,707

Loans and borrowings include net obligations under finance lease and hire purchase contracts which are secured on the assets concerned of £11,822 (2022 - £16,470).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Hillcrest Nurseries Limited

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,333

33,237

Finance lease liabilities

11,822

16,470

35,155

49,707

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

15,247

-

Finance lease liabilities

6,405

8,466

31,652

18,466

9

Related party transactions

Transactions with the director

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Miss Kathleen June Fulcher

Loan account repayable on demand. Interest has been charged on the loan at 2%. The loan was repaid within 9 months of the year end.

43,877

69,671

(84,125)

29,423

         
       

 

2022

At 1 February 2021
£

Advances to director
£

At 31 January 2022
£

Miss Kathleen June Fulcher

Loan account repayable on demand. Interest has been charged on the loan at 2%. The loan was repaid within 9 months of the year end.

-

43,877

43,877

       
     

 

Summary of transactions with other related parties

Shareholders (excluding the director) were provided with loan advances of £11,776. The loans were repayable on demand and interest has been charged at 2% per annum.