6 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 15,000 13,000 500 13,500 1,500 2,000 xbrli:pure xbrli:shares iso4217:GBP 04664987 2022-03-01 2023-02-28 04664987 2023-02-28 04664987 2022-02-28 04664987 2021-03-01 2022-02-28 04664987 2022-02-28 04664987 core:NetGoodwill 2022-03-01 2023-02-28 04664987 core:LandBuildings core:LongLeaseholdAssets 2022-03-01 2023-02-28 04664987 core:PlantMachinery 2022-03-01 2023-02-28 04664987 core:MotorVehicles 2022-03-01 2023-02-28 04664987 bus:Director3 2022-03-01 2023-02-28 04664987 core:NetGoodwill 2022-02-28 04664987 core:NetGoodwill 2023-02-28 04664987 core:LandBuildings 2022-02-28 04664987 core:PlantMachinery 2022-02-28 04664987 core:MotorVehicles 2022-02-28 04664987 core:LandBuildings 2023-02-28 04664987 core:PlantMachinery 2023-02-28 04664987 core:MotorVehicles 2023-02-28 04664987 core:LandBuildings 2022-03-01 2023-02-28 04664987 core:WithinOneYear 2023-02-28 04664987 core:WithinOneYear 2022-02-28 04664987 core:ShareCapital 2023-02-28 04664987 core:ShareCapital 2022-02-28 04664987 core:RetainedEarningsAccumulatedLosses 2023-02-28 04664987 core:RetainedEarningsAccumulatedLosses 2022-02-28 04664987 core:NetGoodwill 2022-02-28 04664987 core:LandBuildings 2022-02-28 04664987 core:PlantMachinery 2022-02-28 04664987 core:MotorVehicles 2022-02-28 04664987 bus:SmallEntities 2022-03-01 2023-02-28 04664987 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 04664987 bus:FullAccounts 2022-03-01 2023-02-28 04664987 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 04664987 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 04664987
OAKHURST GARDEN CENTRE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
OAKHURST GARDEN CENTRE LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
1,500
2,000
Tangible assets
6
50,013
28,402
----------
----------
51,513
30,402
CURRENT ASSETS
Stocks
46,350
44,500
Debtors
7
7,280
7,746
Cash at bank and in hand
222,630
208,103
-----------
-----------
276,260
260,349
CREDITORS: amounts falling due within one year
8
151,924
153,465
-----------
-----------
NET CURRENT ASSETS
124,336
106,884
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
175,849
137,286
PROVISIONS
Taxation including deferred tax
7,995
-----------
-----------
NET ASSETS
167,854
137,286
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
167,754
137,186
-----------
-----------
SHAREHOLDERS FUNDS
167,854
137,286
-----------
-----------
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 income and retained earnings has not been delivered.
OAKHURST GARDEN CENTRE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
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.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:
Mrs N Dolderson
Director
Company registration number: 04664987
OAKHURST GARDEN 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 Unit 7B, Lakeland Business Park, Cockermouth, Cumbria, CA13 OQT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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
-
5% 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Leasehold Property
-
10% reducing balance
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 as a finance cost 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 6 (2022: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
15,000
----------
Amortisation
At 1 March 2022
13,000
Charge for the year
500
----------
At 28 February 2023
13,500
----------
Carrying amount
At 28 February 2023
1,500
----------
At 28 February 2022
2,000
----------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022
20,974
26,775
26,500
74,249
Additions
30,547
30,547
----------
----------
----------
-----------
At 28 February 2023
20,974
57,322
26,500
104,796
----------
----------
----------
-----------
Depreciation
At 1 March 2022
12,157
17,895
15,795
45,847
Charge for the year
881
5,914
2,141
8,936
----------
----------
----------
-----------
At 28 February 2023
13,038
23,809
17,936
54,783
----------
----------
----------
-----------
Carrying amount
At 28 February 2023
7,936
33,513
8,564
50,013
----------
----------
----------
-----------
At 28 February 2022
8,817
8,880
10,705
28,402
----------
----------
----------
-----------
7. Debtors
2023
2022
£
£
Trade debtors
1,950
787
Other debtors
5,330
6,959
--------
--------
7,280
7,746
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
78,597
84,344
Social security and other taxes
25,241
20,615
Net wages creditor
219
Other creditors
48,086
48,287
-----------
-----------
151,924
153,465
-----------
-----------