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Company registration number: 07155215
Cherry Hill Garden & Landscape Centre Limited
Unaudited filleted financial statements
28 February 2023
Cherry Hill Garden & Landscape Centre Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Cherry Hill Garden & Landscape Centre Limited
Directors and other information
Directors Mr T M Wilkinson
Mr J P Wilkinson
Company number 07155215
Registered office Exchange Building
66 Church Street
Hartlepool
TS24 7DN
Business address Stokesley Road
Middlesbrough
Cleveland
TS8 9DY
Accountants Censis
Exchange Building
66 Church Street
Hartlepool
TS24 7DN
Cherry Hill Garden & Landscape Centre Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Cherry Hill Garden & Landscape Centre Limited
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cherry Hill Garden & Landscape Centre Limited for the year ended 28 February 2023 which comprise the statement of financial position and related notes 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 /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Cherry Hill Garden & Landscape Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cherry Hill Garden & Landscape Centre Limited and state those matters that we have agreed to state to the board of directors of Cherry Hill Garden & Landscape Centre 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 Cherry Hill Garden & Landscape Centre Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Cherry Hill Garden & Landscape Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cherry Hill Garden & Landscape Centre Limited. You consider that Cherry Hill Garden & Landscape Centre 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 financial statements of Cherry Hill Garden & Landscape Centre 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 financial statements.
Censis
Chartered Accountants
Exchange Building
66 Church Street
Hartlepool
TS24 7DN
23 November 2023
Cherry Hill Garden & Landscape Centre Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 1 1
Tangible assets 6 153,708 150,114
_______ _______
153,709 150,115
Current assets
Stocks 212,680 310,579
Debtors 7 456,137 537,800
Cash at bank and in hand 812,549 871,785
_______ _______
1,481,366 1,720,164
Creditors: amounts falling due
within one year 8 ( 412,948) ( 859,071)
_______ _______
Net current assets 1,068,418 861,093
_______ _______
Total assets less current liabilities 1,222,127 1,011,208
Provisions for liabilities ( 7,983) ( 5,384)
_______ _______
Net assets 1,214,144 1,005,824
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 1,214,134 1,005,814
_______ _______
Shareholders funds 1,214,144 1,005,824
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
Mr T M Wilkinson
Director
Company registration number: 07155215
Cherry Hill Garden & Landscape Centre Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Exchange Building, 66 Church Street, Hartlepool, TS24 7DN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2022: 34 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2022 and 28 February 2023 137,500 137,500
_______ _______
Amortisation
At 1 March 2022 and 28 February 2023 137,499 137,499
_______ _______
Carrying amount
At 28 February 2023 1 1
_______ _______
At 28 February 2022 1 1
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 March 2022 121,774 44,445 234,945 29,702 430,866
Additions - - 3,717 13,153 16,870
_______ _______ _______ _______ _______
At 28 February 2023 121,774 44,445 238,662 42,855 447,736
_______ _______ _______ _______ _______
Depreciation
At 1 March 2022 - 43,569 216,220 20,963 280,752
Charge for the year - 749 9,127 3,400 13,276
_______ _______ _______ _______ _______
At 28 February 2023 - 44,318 225,347 24,363 294,028
_______ _______ _______ _______ _______
Carrying amount
At 28 February 2023 121,774 127 13,315 18,492 153,708
_______ _______ _______ _______ _______
At 28 February 2022 121,774 876 18,725 8,739 150,114
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 9,803 13,221
Other debtors 446,334 524,579
_______ _______
456,137 537,800
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 133,278 552,015
Corporation tax 47,490 58,359
Social security and other taxes 41,804 7,043
Other creditors 190,376 241,654
_______ _______
412,948 859,071
_______ _______
9. Government grants
The amounts recognised in the for government grants are as follows:
2023 2022
£ £
Recognised in other operating income:
Government grants recognised directly in income - 33,153
_______ _______