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Registration number: 02857721

Somerset Landscapes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Somerset Landscapes Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Somerset Landscapes Limited

Company Information

Director

D M Wright

Company secretary

N Winter

Registered office

Unit 5 Bardel Court
Edward Close
Houndstone Business Park
Yeovil
Somerset
BA22 8RU

Accountants

Gilbie Roberts Limited
Chartered Certified Accountants
1 Church Terrace
Yeovil
Somerset
BA20 1HX

 

Somerset Landscapes Limited

(Registration number: 02857721)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

224,135

198,124

Current assets

 

Stocks

5

65,000

85,000

Debtors

6

457,057

403,869

 

522,057

488,869

Creditors: Amounts falling due within one year

7

(336,243)

(345,848)

Net current assets

 

185,814

143,021

Total assets less current liabilities

 

409,949

341,145

Creditors: Amounts falling due after more than one year

7

(56,611)

(60,359)

Provisions for liabilities

(42,585)

(37,644)

Net assets

 

310,753

243,142

Capital and reserves

 

Called up share capital

10,002

10,002

Retained earnings

300,751

233,140

Shareholders' funds

 

310,753

243,142

For the financial year ending 31 July 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 his 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 26 October 2023
 

.........................................
D M Wright
Director

 

Somerset Landscapes Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 5 Bardel Court
Edward Close
Houndstone Business Park
Yeovil
Somerset
BA22 8RU

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

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.

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.

 

Somerset Landscapes Limited

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

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

Plant and machinery

20% reducing balance

Motor Vehicles

25% reducing balance

Fixtures and fittings

25% 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.

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.

 

Somerset Landscapes Limited

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

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. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding 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.

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.

 

Somerset Landscapes Limited

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

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 33 (2022 - 30).

 

Somerset Landscapes Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

53,531

125,342

850,118

1,028,991

Additions

8,930

4,500

79,059

92,489

Disposals

-

-

(17,831)

(17,831)

At 31 July 2023

62,461

129,842

911,346

1,103,649

Depreciation

At 1 August 2022

40,805

105,702

684,361

830,868

Charge for the year

5,904

6,035

47,569

59,508

Eliminated on disposal

-

-

(10,862)

(10,862)

At 31 July 2023

46,709

111,737

721,068

879,514

Carrying amount

At 31 July 2023

15,752

18,105

190,278

224,135

At 31 July 2022

12,727

19,640

165,757

198,124

5

Stocks

2023
£

2022
£

Other inventories

65,000

85,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

428,649

370,667

Prepayments

9,562

13,624

Other debtors

18,846

19,578

 

457,057

403,869

7

Creditors

Creditors: amounts falling due within one year

 

Somerset Landscapes Limited

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

77,056

59,329

Trade creditors

 

171,380

180,489

Taxation and social security

 

66,168

63,440

Accruals and deferred income

 

14,319

13,270

Other creditors

 

7,320

29,320

 

336,243

345,848

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

56,611

60,359

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,395

29,064

Hire purchase contracts

38,216

31,295

56,611

60,359

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

31,056

5,046

Hire purchase contracts

36,000

36,000

Other borrowings

-

8,283

77,056

59,329

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £110,378 (2022 - £145,474).

 

Somerset Landscapes Limited

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

10

Related party transactions

 

Somerset Landscapes Limited

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

Transactions with the director

2022

At 1 August 2021
£

Repayments by director
£

At 31 July 2022
£

D M Wright

Loan

41,799

(41,799)

-