Company registration number 01895690 (England and Wales)
OAKLEA NURSERIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
OAKLEA NURSERIES LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
OAKLEA NURSERIES LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
638,638
712,405
Current assets
Stocks
13,784
14,785
Debtors
5
53,622
106,885
67,406
121,670
Creditors: amounts falling due within one year
6
(940,641)
(973,881)
Net current liabilities
(873,235)
(852,211)
Total assets less current liabilities
(234,597)
(139,806)
Creditors: amounts falling due after more than one year
7
(137,058)
(219,259)
Net liabilities
(371,655)
(359,065)
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
(373,655)
(361,065)
Total equity
(371,655)
(359,065)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on .........................
2023-09-11
..............................
Mr P Wilson
Director
Company Registration No. 01895690
OAKLEA NURSERIES LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Oaklea Nurseries Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Howden Road, Holme on Spalding Moor, York, YO43 4DT. The company registration number is 01895690.
2.1
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.
2.2
Going concern
The accounts have been prepared on a going concern basis due to the company continuing to meet its ongoing working capital requirment's, together with the support of the director.true
2.3
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 discounts and of vat.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.4
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.
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:
Freehold property
No depreciation
Long leasehold property
10% straight line
Plant and equipment
15% reducing balance
Motor vehicles
25% 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.
OAKLEA NURSERIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Accounting policies
(Continued)
- 3 -
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.6
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.
2.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.9
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.
2.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
OAKLEA NURSERIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Accounting policies
(Continued)
- 4 -
2.11
Leases
Assets held under higher purchase are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum hire purchase payments. The related liability is included in the statement of financial position as a higher purchase obligation. Higher purchase 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.
2.12
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2021 - 4).
2022
2021
Number
Number
Total
4
4
4
Tangible fixed assets
Freehold property
Long leasehold property
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2022 and 31 December 2022
230,774
842,565
1,504,438
26,902
2,604,679
Depreciation and impairment
At 1 January 2022
213,268
780,918
877,688
20,400
1,892,274
Depreciation charged in the year
15,183
58,400
184
73,767
At 31 December 2022
213,268
796,101
936,088
20,584
1,966,041
Carrying amount
At 31 December 2022
17,506
46,464
568,350
6,318
638,638
At 31 December 2021
17,506
61,647
626,750
6,502
712,405
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
38,482
88,327
Other debtors
15,140
18,558
53,622
106,885
OAKLEA NURSERIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
209,411
214,536
Trade creditors
31,126
60,439
Taxation and social security
534
4,765
Other creditors
699,570
694,141
940,641
973,881
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
122,991
140,906
Other creditors
14,067
78,353
137,058
219,259
8
Directors' transactions
Advances or credits have been granted by the company to its director as follows:
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
619,508
40,000
(43,931)
615,577
619,508
40,000
(43,931)
615,577