Registration number:
The Federation of Garden & Leisure Manufacturers Limited
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Brebners
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The Federation of Garden & Leisure Manufacturers Limited
Statement of Financial Position as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Other financial assets |
- |
4,200 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Reserves |
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Retained earnings |
129,968 |
476,467 |
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Surplus |
129,968 |
476,467 |
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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
.........................................
A Sizer Barrett MBE
Director
Company registration number: 00706025
The Federation of Garden & Leisure Manufacturers Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
The address of its registered office is:
The principal activity of the company is that of the promotion of exporters of Garden & Leisure products and services.
Audit Report |
Accounting policies |
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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Consolidation
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.
The Federation of Garden & Leisure Manufacturers Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Going concern
The company made a loss for the year ended 30 June 2023 but had net assets at that date of £129,968 including cash at bank of £66,305.
Subsequent to 30 June 2023 the company has sold their freehold property for an amount considerably in excess of the carrying value which will provide the required cashflow to allow the business to continue in operation for the foreseeable future and for at least a period of 12 months from the approval of the financial statements. The directors do however continue to evaluate the future business strategies.
On the basis of the above and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence at least the next 12 months. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net value added tax, returns, rebates and discounts.
The company recognises revenue from exhibition support on the date of the event, revenue from subscriptions (which is not coterminous with the company's year end) is recognised evenly over the period of the subscription. Revenue from other services is recognised based upon the stage of delivery,
Government grants
Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive 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 statement of financial position 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:
The Federation of Garden & Leisure Manufacturers Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Asset class |
Depreciation method and rate |
Furniture, Fixtures & Equipment |
25% reducing balance |
Freehold buildings |
2% on cost |
Freehold buildings are depreciated based upon cost less estimated residual value. The estimated residual value is such that no material depreciation provision arises.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
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 income statement 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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year was
The Federation of Garden & Leisure Manufacturers Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Tangible assets |
Freehold Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Additions |
- |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
- |
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Charge for the year |
- |
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At 30 June 2023 |
- |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Other financial assets (non-current) |
2023 |
2022 |
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Non-current financial assets |
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Financial assets at fair value through profit and loss |
- |
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The Federation of Garden & Leisure Manufacturers Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Loans and borrowings |
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29,167 |
The Federation of Garden & Leisure Manufacturers Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank loans |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank loans |
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Current bank loans includes an amount of £233,705 which is secured by a fixed charge over the freehold property shown in note 6 and a fixed and floating charge over the assets and undertakings of the company.
Transactions with directors |
At 30 June 2023 an amount of £887 (2022: £6,250) was due from a director. Advances of £2,912 and repayments of £8,275 were made in the year. Interest of £Nil (2022: £196) has been charged in the year. There are no set terms in place.
Non adjusting events after the financial period |
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