Company registration number 08284577 (England and Wales)
WESTCOUNTRY WATER GARDENS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
WESTCOUNTRY WATER GARDENS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WESTCOUNTRY WATER GARDENS LTD
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,311,446
1,258,516
Current assets
Stocks
354,129
301,617
Debtors
5
7,247
8,775
Investments
6
1,000
Cash at bank and in hand
316,448
403,035
678,824
713,427
Creditors: amounts falling due within one year
7
(527,365)
(424,181)
Net current assets
151,459
289,246
Total assets less current liabilities
1,462,905
1,547,762
Creditors: amounts falling due after more than one year
8
(720,783)
(935,370)
Provisions for liabilities
(43,493)
(30,089)
Net assets
698,629
582,303
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
698,627
582,301
Total equity
698,629
582,303
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
WESTCOUNTRY WATER GARDENS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
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 24 October 2023 and are signed on its behalf by:
Mr D F Tucker
Mrs M E Tucker
Director
Director
Company Registration No. 08284577
WESTCOUNTRY WATER GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Westcountry Water Gardens Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Westcountry Water Gardens, Bow Aquatic And Garden Centre, Bow, Crediton, Devon, EX17 6LA.
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially 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:
Land and buildings Freehold
2% per annum on cost of buildings (no depreciation on land)
Plant and machinery
20-30% per annum on cost
Motor vehicles
20% per annum on book value
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.
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.
WESTCOUNTRY WATER GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
44
39
WESTCOUNTRY WATER GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
65,128
41,833
106,961
Amortisation and impairment
At 1 February 2022 and 31 January 2023
65,128
41,833
106,961
Carrying amount
At 31 January 2023
At 31 January 2022
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2022
1,359,012
257,096
16,995
1,633,103
Additions
24,355
87,571
111,926
At 31 January 2023
1,383,367
344,667
16,995
1,745,029
Depreciation and impairment
At 1 February 2022
127,748
235,412
11,427
374,587
Depreciation charged in the year
27,716
30,166
1,114
58,996
At 31 January 2023
155,464
265,578
12,541
433,583
Carrying amount
At 31 January 2023
1,227,903
79,089
4,454
1,311,446
At 31 January 2022
1,231,264
21,684
5,568
1,258,516
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,101
4,214
Other debtors
3,447
3,458
Prepayments and accrued income
1,699
1,103
7,247
8,775
WESTCOUNTRY WATER GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
6
Current asset investments
2023
2022
£
£
Other investments
1,000
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
29,163
33,302
Obligations under finance leases
3,079
Trade creditors
140,078
175,044
Corporation tax
21,087
40,124
Other taxation and social security
63,559
42,168
Other creditors
120,853
108,214
Accruals and deferred income
152,625
22,250
527,365
424,181
Included within other creditors is £0 (2022 - £3,079) with respect of obligations under hire purchase contracts, secured by fixed charges on the assets to which they relate.
Bank loans and overdrafts are secured by fixed and floating charges over the assets of the company.
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
359,311
384,334
Other borrowings
361,472
551,036
720,783
935,370
Bank loans and overdrafts are secured by fixed and floating charges over the assets of the company.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
43,493
30,089
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
WESTCOUNTRY WATER GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
10
Called up share capital
2023
2022
£
£
(Continued)
- 7 -