Company registration number 04932857 (England and Wales)
THE GARDEN BUSINESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
THE GARDEN BUSINESS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
THE GARDEN BUSINESS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr C Liversidge
Mrs A L Liversidge
Company number
04932857
Registered office
30-31 St James Place
Mangotsfield
Bristol
South Glos.
England
BS16 9JB
Accountants
TC Group
30-31 St James Place
Mangotsfield
Bristol
South Glos.
England
BS16 9JB
THE GARDEN BUSINESS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,400
Tangible assets
4
121,962
128,934
121,962
132,334
Current assets
Stocks
17,800
16,000
Debtors
5
73,182
71,084
Cash at bank and in hand
61,432
13,230
152,414
100,314
Creditors: amounts falling due within one year
6
(100,913)
(75,267)
Net current assets
51,501
25,047
Total assets less current liabilities
173,463
157,381
Creditors: amounts falling due after more than one year
7
(51,760)
(72,723)
Provisions for liabilities
(23,173)
(24,465)
Net assets
98,530
60,193
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
98,430
60,093
Total equity
98,530
60,193
THE GARDEN BUSINESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 3 -
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.
The financial statements were approved by the board of directors and authorised for issue on 18 October 2023 and are signed on its behalf by:
Mr C Liversidge
Mrs A L Liversidge
Director
Director
Company Registration No. 04932857
THE GARDEN BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information
The Garden Business Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30-31 St James Place, Mangotsfield, Bristol, South Glos., England, BS16 9JB.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
THE GARDEN BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
THE GARDEN BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
34,000
Amortisation and impairment
At 1 February 2022
30,600
Amortisation charged for the year
3,400
At 31 January 2023
34,000
Carrying amount
At 31 January 2023
At 31 January 2022
3,400
THE GARDEN BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2022
102,290
12,098
8,574
132,216
255,178
Additions
12,455
15,000
27,455
At 31 January 2023
114,745
12,098
8,574
147,216
282,633
Depreciation and impairment
At 1 February 2022
49,427
9,972
5,464
61,381
126,244
Depreciation charged in the year
14,781
532
779
18,335
34,427
At 31 January 2023
64,208
10,504
6,243
79,716
160,671
Carrying amount
At 31 January 2023
50,537
1,594
2,331
67,500
121,962
At 31 January 2022
52,863
2,126
3,110
70,835
128,934
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
31,216
42,831
Other debtors
41,966
28,253
73,182
71,084
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,689
10,649
Trade creditors
46,598
37,555
Taxation and social security
19,173
1,587
Other creditors
25,453
25,476
100,913
75,267
THE GARDEN BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
29,098
37,685
Other creditors
22,662
35,038
51,760
72,723