Cottage Garden Limited 05331160 false 2022-02-27 2023-02-26 2023-02-26 The principal activity of the company is property letting Digita Accounts Production Advanced 6.30.9574.0 true 05331160 2022-02-27 2023-02-26 05331160 2023-02-26 05331160 core:RetainedEarningsAccumulatedLosses 2023-02-26 05331160 core:ShareCapital 2023-02-26 05331160 core:CurrentFinancialInstruments 2023-02-26 05331160 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-26 05331160 core:Non-currentFinancialInstruments 2023-02-26 05331160 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-26 05331160 core:MoreThanFiveYears 1 2023-02-26 05331160 core:FurnitureFittingsToolsEquipment 2023-02-26 05331160 bus:SmallEntities 2022-02-27 2023-02-26 05331160 bus:AuditExemptWithAccountantsReport 2022-02-27 2023-02-26 05331160 bus:FullAccounts 2022-02-27 2023-02-26 05331160 bus:SmallCompaniesRegimeForAccounts 2022-02-27 2023-02-26 05331160 bus:Director1 2022-02-27 2023-02-26 05331160 bus:PrivateLimitedCompanyLtd 2022-02-27 2023-02-26 05331160 bus:Agent1 2022-02-27 2023-02-26 05331160 core:OtherMiscellaneousReserve 2022-02-27 2023-02-26 05331160 core:FurnitureFittingsToolsEquipment 2022-02-27 2023-02-26 05331160 countries:EnglandWales 2022-02-27 2023-02-26 05331160 2022-02-26 05331160 core:FurnitureFittingsToolsEquipment 2022-02-26 05331160 2021-02-27 2022-02-26 05331160 2022-02-26 05331160 core:RetainedEarningsAccumulatedLosses 2022-02-26 05331160 core:ShareCapital 2022-02-26 05331160 core:CurrentFinancialInstruments 2022-02-26 05331160 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-26 05331160 core:Non-currentFinancialInstruments 2022-02-26 05331160 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-26 05331160 core:MoreThanFiveYears 1 2022-02-26 05331160 core:FurnitureFittingsToolsEquipment 2022-02-26 iso4217:GBP xbrli:pure

REGISTRAR OF COMPANIES

Registration number: 05331160

Cottage Garden Limited

Unaudited Financial Statements

26 February 2023

image-name

 

Cottage Garden Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cottage Garden Limited
for the Year Ended 26 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cottage Garden Limited for the year ended 26 February 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cottage Garden Limited, as a body, in accordance with the terms of our engagement letter dated 19 February 2020. Our work has been undertaken solely to prepare for your approval the accounts of Cottage Garden Limited and state those matters that we have agreed to state to the Board of Directors of Cottage Garden Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cottage Garden Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cottage Garden Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cottage Garden Limited. You consider that Cottage Garden Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cottage Garden Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

15 November 2023

 

Cottage Garden Limited

(Registration number: 05331160)
Balance Sheet as at 26 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

782

869

Investment property

5

155,000

200,000

 

155,782

200,869

Current assets

 

Cash at bank and in hand

 

818

190

Creditors: Amounts falling due within one year

6

(43,211)

(37,684)

Net current liabilities

 

(42,393)

(37,494)

Total assets less current liabilities

 

113,389

163,375

Creditors: Amounts falling due after more than one year

6

(15,792)

(20,470)

Provisions for liabilities

(148)

(165)

Net assets

 

97,449

142,740

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Non-distributable reserve

 

33,529

78,529

Profit and loss account

63,918

64,209

Total equity

 

97,449

142,740

 

Cottage Garden Limited

(Registration number: 05331160)
Balance Sheet as at 26 February 2023 (continued)

For the financial year ending 26 February 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 her 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 Board on 15 November 2023
 

.........................................

J A Jarman

Director

 

Cottage Garden Limited

Notes to the Unaudited Financial Statements for the Year Ended 26 February 2023

1

General information

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

The principal place of business is:
26 Market Place
COCKERMOUTH
CA13 9NQ

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has net current liabilities at 26 February 2023 and meets its day to day working capital requirements through support from the director by way of short term loans. On the basis of this support, the director considers it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its directors, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.

 

Cottage Garden Limited

Notes to the Unaudited Financial Statements for the Year Ended 26 February 2023 (continued)

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.

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

Furniture, fittings and office equipment

10% reducing balance


Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Changes in fair value are recognised in the profit or loss.

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

 

Cottage Garden Limited

Notes to the Unaudited Financial Statements for the Year Ended 26 February 2023 (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 27 February 2022

5,484

5,484

At 26 February 2023

5,484

5,484

Depreciation

At 27 February 2022

4,615

4,615

Charge for the year

87

87

At 26 February 2023

4,702

4,702

Carrying amount

At 26 February 2023

782

782

At 26 February 2022

869

869

 

Cottage Garden Limited

Notes to the Unaudited Financial Statements for the Year Ended 26 February 2023 (continued)

5

Investment properties

£

At 27 February 2022

200,000

Fair value adjustments

(45,000)

At 26 February 2023

155,000

26 and 26a Market Place have been valued on 26 February 2023 by the director; the basis of the valuation being open market valuation.

 

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

39,484

33,535

Trade creditors

 

441

405

Corporation tax liability

 

1,192

1,548

Other creditors

 

2,094

2,196

 

43,211

37,684

Due after one year

 

Loans and borrowings

8

15,792

20,470

2023
£

2022
£

After more than five years by instalments

-

17

-

17

7

Reserves

A reconciliation of the opening and closing non-distributable reserve for the current year is as follows:

Non-distributable reserve
£

Brought forward

78,529

Transfer

(45,000)

Other movement

-

Deferred tax

-

Carried forward

33,529

 

Cottage Garden Limited

Notes to the Unaudited Financial Statements for the Year Ended 26 February 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,962

4,612

Other borrowings

34,522

28,923

39,484

33,535

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

4,962

4,612

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,792

20,470

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

15,792

20,470

Bank borrowings are secured by fixed and floating charges over the company's assets.