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Registered number: 02773151


BURFORD GARDEN CENTRE LIMITED








AUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
BURFORD GARDEN CENTRE LIMITED
 
 
COMPANY INFORMATION


Directors
Mr N Johnson 
Mrs C L Johnson 
Mr P Gingell 
Ms M Cassens 
Mr G Sheldrake (resigned 23 January 2023)
Ms E Day 




Company secretary
Mr P Gingell



Registered number
02773151



Registered office
8 King Edward Street

Oxford

OX1 4HL




Trading Address
Shilton Road

Burford

Oxon

OX18 4PA






Independent auditors
Wellers
Accountants & Statutory Auditors

8 King Edward Street

Oxford

OX1 4HL




Solicitors
Bower & Bailey
Willow House

2 Heynes Place

Station Lane

Witney

Oxon

OX28 4YN





 
BURFORD GARDEN CENTRE LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10 - 11
Statement of changes in equity
12 - 13
Statement of cash flows
14 - 15
Analysis of net debt
16
 
17 - 40


 
BURFORD GARDEN CENTRE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

Introduction
 
The results and the financial position of the Company for the year to 31 January 2023 are shown in the attached accounts.

Business review
 
The principal activity of the company is the operation of a garden centre and associated retailing activities, from its premises in Burford, Oxfordshire. The garden centre sells a vast range of products and specialises in vintage goods, and also operates a cafe from its premises. The directors strategic plan is to continue to drive sales growth while maintaining margins and continue to enhance the profitability of the business.
The Directors consider that the business faces no specific risk in the forthcoming period other than the general risks associated with retail activities and those relating to wider economic trends. Where risks can be identified, they will be addressed and actions taken, where possible, to control them.
The Directors will continue to pursue their policy of ensuring the future growth of the business.

Financial key performance indicators
 
Turnover for the year was £16,940,097, a decrease on last year of approximately 6.2% (2022: £18,068.692).
Overall gross profit increased to £6,754,731 (2022: £7,601,565), however the gross profit margin did fall slightly to 39.9% from 42.1%.
Profit before tax amounted to £1,388,312 (2022: £2,762,445), being a 49.7% decrease on last year.
The net asset position of the company has improved from £15,882,235 as at 31 January 2022 to £15,795,125 as at 31 January 2023.

Other key performance indicators
 
The directors use other performance indicators when assessing the company's performance, such as monitoring of budgets and comparing to actual events, review of cash flow forecasts compared to actual cash generated, and analysing monthly management accounts to look at areas of the business where performance is not as expected.

Page 1

 
BURFORD GARDEN CENTRE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Principal risks and uncertainties
 
1. Market and competition risk
The Company competes with other garden centres and online retail. The Company manages this risk by maintaining a wide customer base and offering a wide product range to customers. There is enhanced focused to grow it's e-commerce platform, with online retail experience very large growth over the last number of years.
2. Currency risk
The Company purchases some of its stock items in Euros. In order to manage the resultant currency risk the Company holds a Euro bank account. All of the Company's sales are currently denominated in Sterling.

3. Interest rate risk 
The Company ensures it has sufficient cash resources available to cover any additional liabilities arising from 
interest rate rises. The Directors frequently monitor and review relevant interest rates in order to ensure that the Company is able to quickly respond to any sudden fluctuations.
4. Liquidity risk 
The Company's policy is to finance working capital through retained earnings and bank borrowing at prevailing 
market interest rates. The Directors ensure that sufficient funds are available to meet amounts due and also 
negotiate extended credit terms with suppliers where necessary. 
Bank loan interest is fixed and, as such, monthly repayments are not subject to change. The Company protects 
its liquidity by ensuring there are adequate funds available to meet repayments. 
5. Weather
Due to the company's operations, the weather can heavily impact customer footfall and spend during cyclical seasonal events. In order to mitigate this risk, the company offers a very diverse range of products.


This report was approved by the board and signed on its behalf.



................................................
Mr P Gingell
Director

Date: 27 October 2023

Page 2

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,211,336 (2022 - £2,196,737).

All dividends proposed in the year were approved by the Board and paid by the end of the reporting period. In total, dividends declared and paid in the year amount to £820,000.

Directors

The directors who served during the year were:

Mr N Johnson 
Mrs C L Johnson 
Mr P Gingell 
Ms M Cassens 
Mr G Sheldrake (resigned 23 January 2023)
Ms E Day 

Future developments

The Company continues to persue sales grwoth from its retail premises but recognises the need grow its e-commerce platform after investment in the Company's website within the year. The Company will continue to to strive to deliver the Burford experience to drive sales growth.

Page 3

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Financial instruments

The Company's principal financial instruments comprise bank balances, bank overdrafts, trade receivables, trade payables and loans to the Company. The principal risks are detailed in the strategic report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Wellers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
Mr P Gingell
Director

Date: 27 October 2023

Page 4

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF BURFORD GARDEN CENTRE LIMITED
 

Opinion


We have audited the financial statements of Burford Garden Centre Limited (the 'Company') for the year ended 31 January 2023, which comprise the statement of comprehensive income, the statement of financial position, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF BURFORD GARDEN CENTRE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF BURFORD GARDEN CENTRE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and  enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Health & Safety regulations, Employment Law, Retail Law, Tax and Pensions legislation. 
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Page 7

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF BURFORD GARDEN CENTRE LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




James Tillotson, FCA (senior statutory auditor)
for and on behalf of 
Wellers
8 King Edward Street
Oxford
OX1 4HL

27 October 2023
Page 8

 
BURFORD GARDEN CENTRE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME INCORPORATING PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
                                                                                                                      Note
£
£

  

Turnover
 4 
16,940,097
18,068,692

Cost of sales
  
(10,185,366)
(10,467,127)

Gross profit
  
6,754,731
7,601,565

Administrative expenses
  
(5,355,290)
(4,948,973)

Other operating income
 5 
131,202
222,517

Operating profit
 6 
1,530,643
2,875,109

Interest receivable and similar income
 10 
2,736
2,889

Interest payable and similar expenses
 11 
(145,067)
(115,553)

Profit before tax
  
1,388,312
2,762,445

Tax on profit
  
(176,976)
(565,708)

Profit for the financial year
  
1,211,336
2,196,737

Other comprehensive income for the year
  

Depreciation of revalued assets
  
(10,932)
(4,528)

Deferred tax on revalued assets
  
6,221
(639,683)

Other comprehensive income for the year
  
(4,711)
(644,211)

Total comprehensive income for the year
  
1,206,625
1,552,526

The notes on pages 17 to 40 form part of these financial statements.

Page 9

 
BURFORD GARDEN CENTRE LIMITED
REGISTERED NUMBER: 02773151

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
£
£

Fixed assets
  

Intangible assets
 14 
113,253
-

Tangible assets
 15 
20,648,620
20,492,539

Investments
 16 
294,602
294,602

  
21,056,475
20,787,141

Current assets
  

Stocks
 17 
2,680,574
3,599,443

Debtors: amounts falling due within one year
 18 
212,446
339,357

Cash at bank and in hand
 19 
608,471
1,330,037

  
3,501,491
5,268,837

Creditors: amounts falling due within one year
 20 
(2,930,645)
(4,314,208)

Net current assets
  
 
 
570,846
 
 
954,629

Total assets less current liabilities
  
21,627,321
21,741,770

Creditors: amounts falling due after more than one year
 21 
(3,002,740)
(3,490,761)

Provisions for liabilities
  

Deferred tax
 25 
(2,742,346)
(2,755,399)

  
 
 
(2,742,346)
 
 
(2,755,399)

Net assets
  
15,882,235
15,495,610


Capital and reserves
  

Called up share capital 
 26 
100,000
100,000

Revaluation reserve
 27 
10,708,457
10,713,168

Profit and loss account
 27 
5,073,778
4,682,442

  
15,882,235
15,495,610


Page 10

 
BURFORD GARDEN CENTRE LIMITED
REGISTERED NUMBER: 02773151
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr P Gingell
................................................
Mr N Johnson
Director
Director


Date: 27 October 2023
Date:27 October 2023

The notes on pages 17 to 40 form part of these financial statements.

Page 11

 
BURFORD GARDEN CENTRE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 February 2022
100,000
10,713,168
4,682,442
15,495,610


Comprehensive income for the year

Profit for the year

-
-
1,211,336
1,211,336

Deferred tax on revalued assets
-
(10,932)
-
(10,932)

Deferred tax on revalued assets
-
6,221
-
6,221


Other comprehensive income for the year
-
(4,711)
-
(4,711)


Total comprehensive income for the year
-
(4,711)
1,211,336
1,206,625


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(820,000)
(820,000)


Total transactions with owners
-
-
(820,000)
(820,000)


At 31 January 2023
100,000
10,708,457
5,073,778
15,882,235


The notes on pages 17 to 40 form part of these financial statements.

Page 12

 
BURFORD GARDEN CENTRE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 February 2021
100,000
11,357,379
3,321,705
14,779,084


Comprehensive income for the year

Profit for the year

-
-
2,196,737
2,196,737

Deferred tax on revalued assets
-
(4,528)
-
(4,528)

Deferred tax on revalued assets
-
(639,683)
-
(639,683)


Other comprehensive income for the year
-
(644,211)
-
(644,211)


Total comprehensive income for the year
-
(644,211)
2,196,737
1,552,526


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(836,000)
(836,000)


Total transactions with owners
-
-
(836,000)
(836,000)


At 31 January 2022
100,000
10,713,168
4,682,442
15,495,610


The notes on pages 17 to 40 form part of these financial statements.

Page 13

 
BURFORD GARDEN CENTRE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,211,336
2,196,737

Adjustments for:

Amortisation of intangible assets
8,089
-

Depreciation of tangible assets
74,774
87,433

Government grants
-
(95,698)

Interest paid
145,067
115,553

Interest received
(2,736)
(2,889)

Taxation charge
176,976
565,708

Decrease/(increase) in stocks
918,869
(1,391,758)

Decrease/(increase) in debtors
126,911
(54,459)

(Decrease)/increase in creditors
(913,551)
897,170

Corporation tax (paid)
(604,957)
(378,826)

Net cash generated from operating activities

1,140,778
1,938,971

Cash flows from investing activities

Purchase of intangible fixed assets
(121,342)
-

Purchase of tangible fixed assets
(292,484)
(580,901)

Sale of tangible fixed assets
50,697
-

Government grants received
-
95,698

Interest received
2,736
2,889

HP interest paid
(1,296)
(1,296)

Net cash from investing activities

(361,689)
(483,610)

Cash flows from financing activities

Repayment of loans
(533,015)
(463,104)

Repayment of/new finance leases
(3,869)
(4,339)

Dividends paid
(820,000)
(836,000)

Interest paid
(143,771)
(114,257)

Net cash used in financing activities
(1,500,655)
(1,417,700)

Net (decrease)/increase in cash and cash equivalents
(721,566)
37,661
Page 14

 
BURFORD GARDEN CENTRE LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023


2023
2022

£
£



Cash and cash equivalents at beginning of year
1,330,037
1,292,376

Cash and cash equivalents at the end of year
608,471
1,330,037


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
608,471
1,330,037

608,471
1,330,037


Page 15

 
BURFORD GARDEN CENTRE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023




At 1 February 2022
Cash flows
At 31 January 2023
£

£

£

Cash at bank and in hand

1,330,037

(721,566)

608,471

Debt due after 1 year

(3,469,444)

484,152

(2,985,292)

Debt due within 1 year

(535,793)

48,863

(486,930)

Finance leases

(25,656)

3,869

(21,787)


(2,700,856)
(184,682)
(2,885,538)

The notes on pages 17 to 40 form part of these financial statements.

Page 16

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Burford Garden Centre Limited is a limited liability Company registered in England and Wales.
The registered address of the Company is 8 King Edward Street, Oxford, OX1 4HL and the principal place of business is Shilton Road, Burford, Oxfordshire, OX18 4PA.
The Company's registered number is 02773151. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

In preparing the financial statements, a rounding difference of £5 has been used, in accordance with Company policy and in line with the previous year.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

Page 17

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 18

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 19

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.12

Pensions

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.14

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website
-
5 years

Page 20

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold buildings
-
0.05% reducing balance
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment and website
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.16

Revaluation of tangible fixed assets

During the year ended 31 January 2015 the company took advantage of the transitional arrangements under FRS 102 to use a revaluation of its freehold property as its deemed cost moving forwards.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 21

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.22

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.23

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the statement of financial position.

Page 22

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.24

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.25

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 23

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Property, plant and equipment and intangible assets:
   
Property, plant and equipment and intangible assets are depreciated over their useful life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually. In assessing the residual values, the remaining life of the asset, its projected disposal value and future market conditions are taken into account.
Inventory provisions:
   
Inventory provisions include obsolescence and write-downs and represent the expected write-down between the estimated net realisable value and the original cost. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. The requirement for inventory provisions is assessed by reviewing the aged stock listing, together with the slow moving stock reports and post balance sheet date sales reports, to identify any particular stock items that would have been expected to sell through. As the Company specialises in one off antiques, art-work and vintage pieces, significant judgment is required on the turnover cycle of these particular stock lines.


4.


Turnover

The amount included in turnover is wholly attributable to retail sales.

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
62,455
60,250

Net rents receivable
68,747
66,569

CJRS grants
-
95,698

131,202
222,517



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
25,380
15,496

Other operating lease rentals
38,051
31,127

Page 24

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,000
10,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,541,963
3,315,333

Social security costs
264,619
260,374

Cost of defined contribution scheme
109,350
90,489

3,915,932
3,666,196


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
6
6



Employees
177
171

183
177

Page 25

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
609,065
769,555

Company contributions to defined contribution pension schemes
15,812
53,763

624,877
823,318


During the year retirement benefits were accruing to 6 directors (2022 - 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £220,107 (2022 - £254,234).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,673 (2022 - £12,120).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
2,736
2,889

2,736
2,889


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
143,771
114,257

Finance leases and hire purchase contracts
1,296
1,296

145,067
115,553

Page 26

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
183,808
521,496

Adjustments in respect of previous periods
-
63


183,808
521,559


Total current tax
183,808
521,559

Deferred tax


Origination and reversal of timing differences
(6,832)
44,149

Total deferred tax
(6,832)
44,149


Tax on profit
176,976
565,708
Page 27

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,388,312
2,762,445


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
263,779
524,865

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(7,495)
2,041

Capital allowances for year in excess of depreciation
(45,023)
(25,859)

Other timing differences leading to an increase (decrease) in taxation
(12,853)
20,512

Changes in provisions leading to an increase (decrease) in the tax charge
(21,432)
44,149

Total tax charge for the year
176,976
565,708


Factors that may affect future tax charges

The Main rate (companies with profits over £250,000) for Corporation Tax increased from 19% to 25% from 1st April 2023.


13.


Dividends

2023
2022
£
£


Dividends
820,000
836,000

820,000
836,000

Page 28

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

14.


Intangible assets




Website

£



Cost


Additions
121,342



At 31 January 2023

121,342



Amortisation


Charge for the year on owned assets
8,089



At 31 January 2023

8,089



Net book value



At 31 January 2023
113,253



At 31 January 2022
-


The individual intangible assets consist solely of website costs which are material to the financial statements.


Page 29

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

15.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 February 2022
20,088,805
1,901,594
112,680
295,596
22,398,675


Additions
146,970
145,514
-
-
292,484


Disposals
-
-
-
(140,833)
(140,833)



At 31 January 2023

20,235,775
2,047,108
112,680
154,763
22,550,326



Depreciation


At 1 February 2022
55,127
1,564,445
43,860
242,704
1,906,136


Charge for the year on owned assets
13,479
40,225
29,807
2,195
85,706


Disposals
-
-
-
(90,136)
(90,136)



At 31 January 2023

68,606
1,604,670
73,667
154,763
1,901,706



Net book value



At 31 January 2023
20,167,169
442,438
39,013
-
20,648,620



At 31 January 2022
20,033,678
337,150
68,819
52,892
20,492,539




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
20,167,169
20,033,678

20,167,169
20,033,678


Page 30

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

           15.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
18,682
24,909

18,682
24,909

Cost or valuation at 31 January 2023 is as follows:

Land and buildings
£


At cost
6,839,719
At valuation:

During the year ended 31 January 2015 the company took advantage of the transitional arrangements under FRS 102 to use a revaluation of its freehold property as its deemed cost moving forwards.
13,396,057



20,235,776

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
6,839,719
6,692,748

Accumulated depreciation
(52,824)
(49,429)

Net book value
6,786,895
6,643,319

Page 31

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

16.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 February 2022
274,602
20,000
294,602



At 31 January 2023
274,602
20,000
294,602





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Treasures of Tenbury Limited (Dormant)
Ordinary £1
-
95%
-

The aggregate of the share capital and reserves as at 31 January 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Treasures of Tenbury Limited (Dormant)
303,671
-

Page 32

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

17.


Stocks

2023
2022
£
£

Prepaid stocks
-
29,754

Finished goods and goods for resale
2,680,574
3,569,689

2,680,574
3,599,443





18.


Debtors

2023
2022
£
£


Trade debtors
167,248
280,838

Other debtors
7,408
37,161

Prepayments and accrued income
37,790
21,358

212,446
339,357



19.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
608,471
1,330,037

608,471
1,330,037


Page 33

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

20.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
486,930
535,793

Trade creditors
1,128,802
1,976,987

Amounts owed to group undertakings
303,188
303,188

Corporation tax
100,347
521,496

Other taxation and social security
615,435
346,186

Obligations under finance lease and hire purchase contracts
4,339
4,339

Other creditors
33,046
58,943

Accruals and deferred income
258,558
567,276

2,930,645
4,314,208


2023
2022
£
£

Other taxation and social security

PAYE/NI control
73,297
61,198

VAT control
542,138
284,988

615,435
346,186


The following liabilities were secured:

2023
2022
£
£



Bank loans
486,930
535,793

Net obligations under finance lease and hire purchase contracts
4,339
4,339

491,269
540,132

Details of security provided:

The finance lease and hire purchase liabilities shown above have been secured against the underlying assets.
All bank loans and overdrafts are secured by a fixed charge over freehold land created on 1 November 1993 and by a fixed and floating charge over the assets of the company created on 18 November 1993, both in favour of Barclays Bank PLC. 
A fixed and floating charge was created on 14 January 2019 in favour of Barclays Bank PLC covering all the property and undertakings of the company.
A limited guarentee was given by the Department for Business and Trade (formerly Department for Business, Energy and Industrial Strategy) on 27 May 2020.
Page 34

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


21.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,985,292
3,469,444

Net obligations under finance leases and hire purchase contracts
17,448
21,317

3,002,740
3,490,761


The following liabilities were secured:

2023
2022
£
£



Bank loans
2,985,292
3,469,444

Net obligations under finance leases and hire purchase contracts
17,448
21,317

3,002,740
3,490,761

Details of security provided:

The finance lease and hire purchase liabilities shown above have been secured against the underlying assets.
All bank loans and overdrafts are secured by a fixed charge over freehold land created on 1 November 1993 and by a fixed and floating charge over the assets of the company created on 18 November 1993, both in favour of Barclays Bank PLC. 
A fixed and floating charge was created on 14 January 2019 in favour of Barclays Bank PLC covering all the property and undertakings of the company. 
A limited guarentee was given by the Department for Business and Trade (formerly Department for Business, Energy and Industrial Strategy) on 27 May 2020.

Page 35

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

22.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
486,930
535,793


486,930
535,793

Amounts falling due 1-2 years

Bank loans
516,191
548,520


516,191
548,520

Amounts falling due 2-5 years

Bank loans
2,469,100
2,920,923


2,469,100
2,920,923


3,472,221
4,005,236





23.


Hire purchase and finance leases


2023
2022
£
£


Within one year
4,339
4,339

Between 1-5 years
17,448
21,317

21,787
25,656

The hire purchase finance is secured against the underlying asset.

Page 36

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

24.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
20,000
20,000

Financial assets that are debt instruments measured at amortised cost
886,588
1,668,036

906,588
1,688,036


Financial liabilities


Financial liabilities measured at amortised cost
(4,914,412)
(6,609,098)


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise overdrafts, loans, trade creditors, accruals and hire purchase agreements.


25.


Deferred taxation




2023


£






At beginning of year
(2,755,399)


Charged to profit or loss
6,832


Charged to other comprehensive income
6,221



At end of year
(2,742,346)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(71,435)
(84,488)

Deferred tax on revalued assets
(2,670,911)
(2,670,911)

(2,742,346)
(2,755,399)

Page 37

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

26.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



90,000 (2022 - 90,000) "A" Ordinary shares of £1.00 each
90,000
90,000
10,000 (2022 - 10,000) "B" Ordinary shares of £1.00 each
10,000
10,000

100,000

100,000

"A" Ordinary shares have full voting, dividend and capital distribution rights (including on winding up) attached.
"B" Ordinary shares have the same voting rights as apply to fractions of 'Ordinary' shares, such fractions to be determined by reference to the value of the Company.



27.


Reserves

Revaluation reserve

The revaluation reserve relates to the revaluation of the company's freehold property,  fixtures, fittings and  machinery. Upon transition to FRS102 the valuation completed by Savills (UK) Limited Chartered Surveyors was used as the fair value of the property and became the deemed cost of the asset.
Deferred tax provisions on the revaluation gain are recognised within the revaluation reserve.
The revaluation reserve is not distributable.

Profit & loss account

The profit & loss account includes all current and prior period retained profits and losses and is distributable.


28.


Pension commitments

The Company contributes to defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £109,345 (2022 - £90,489). Contributions totaling £15,787 were outstanding at the reporting date (2022 - £47,479).

Page 38

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

29.


Commitments under operating leases

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
85,004
87,674

Later than 1 year and not later than 5 years
38,415
116,913

123,419
204,587


30.


Related party transactions

Within other debtors is an amount owed from Mr N Johnson and Mrs C L Johnson, both Directors of the Company. The amount outstanding as at 31 January 2023 was £149 (2022 - £1,324). The loan is repayable on demand. Interest is charged on an overdrawn loan balance at HMRC's official rate of interest.
As at the 31 January 2023, the Company owed £303,188 to Treasures of Tenbury Limited (2022: £303,188). 
During the year, the Company transacted with the following related parties:-
- Miss E Johnson, Daughter of N & C Johnson - a balance of £12,000 was owed at 31 January 2023.
- Mr D Johnson, Brother of N Johnson.
- M Gould, Brother of C Johnson.
- A Gould, Sister of C Johnson.
- S Johnson, Son of N & C Johnson
Details of transactions during the period are set out below: 


2023
2022
£
£

Creative services charged to the Company by Miss E Johnson
36,000
36,000
Construction services charged to the Company by M Gould
21,843
23,787
Consultancy services provided by A Gould
15,600
14,000
Net movement on N & C Johnson loan account
1,175
239,498
Production services charged to the Company by S Johnson
12,000
20,800
-
-
-
-
Balance owed to Treasures of Tenbury Limited
303,188
303,188
389,806
637,273

Page 39

 
BURFORD GARDEN CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

31.


Controlling party

The ultimate controlling party in the year as well as the prior year is Mr N Johnson, by virtue of his directorship and majority shareholding in Burford Garden Centre Limited.

 
Page 40