Company registration number 03319430 (England and Wales)
GARDEN & PLANT CENTRE DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
GARDEN & PLANT CENTRE DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GARDEN & PLANT CENTRE DEVELOPMENTS LTD (REGISTERED NUMBER: 03319430)
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,089,351
942,421
Current assets
Stocks
422,691
531,685
Debtors
4
46,654
111,738
Cash at bank and in hand
1,324,196
1,070,063
1,793,541
1,713,486
Creditors: amounts falling due within one year
5
(574,119)
(384,009)
Net current assets
1,219,422
1,329,477
Total assets less current liabilities
2,308,773
2,271,898
Creditors: amounts falling due after more than one year
6
(145,576)
(288,232)
Net assets
2,163,197
1,983,666
Capital and reserves
Called up share capital
490,000
490,000
Share premium account
190,000
190,000
Profit and loss reserves
1,483,197
1,303,666
Total equity
2,163,197
1,983,666
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
GARDEN & PLANT CENTRE DEVELOPMENTS LTD (REGISTERED NUMBER: 03319430)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
D J Novell
Director
GARDEN & PLANT CENTRE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Garden & Plant Centre Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Greenhouse Garden Centre, Birchen Grove, Kingsbury, London, NW9 8RY.
1.1
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 £1.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
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 land and buildings
25 years straight line basis
Leasehold land and buildings
35 years straight line basis
Plant and equipment
20% straight line basis
Motor vehicles
33% straight line basis
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
GARDEN & PLANT CENTRE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease 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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
29
23
GARDEN & PLANT CENTRE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
368,579
996,884
682,566
64,131
2,112,160
Additions
6,870
175,392
82,259
264,521
At 30 June 2023
375,449
1,172,276
764,825
64,131
2,376,681
Depreciation and impairment
At 1 July 2022
167,708
464,240
512,234
25,557
1,169,739
Depreciation charged in the year
8,665
30,090
66,993
11,843
117,591
At 30 June 2023
176,373
494,330
579,227
37,400
1,287,330
Carrying amount
At 30 June 2023
199,076
677,946
185,598
26,731
1,089,351
At 30 June 2022
200,871
532,644
170,332
38,574
942,421
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,119
5,356
Other debtors
29,535
106,382
46,654
111,738
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
21,582
23,730
Trade creditors
152,382
107,116
Taxation and social security
174,752
202,194
Other creditors
225,403
50,969
574,119
384,009
GARDEN & PLANT CENTRE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
145,576
166,057
Other creditors
122,175
145,576
288,232
7
Related party transactions
At the year end a balance of £174,746 (2022: £122,175) was owed to Polhill Garden Centre Ltd,
a company in which Mr D J Novell is a director.