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COMPANY REGISTRATION NUMBER: 01130538
G-Scapes of Lichfield Ltd
Filleted Unaudited Financial Statements
31 December 2023
G-Scapes of Lichfield Ltd
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Daniel Gee
Robert Gee HND HORT
Business review
Our controlled growth plan continued in 2023 and enabled us to see the fruits from our labours over the past few years as intended in the 2022 Directors' Report.
Turnover increased by 34%. Gross profit increased by 50% arising from both a volume increase and greater efficiencies resulting in an improved gross profit percentage.
Overheads have risen to provide the infrastructure needed to support this growth.
Profit before taxation has been tripled in the year.
Capital expenditure of over £152K has been incurred to further support and improve the efficiency of our growth.
Profitability and carefully managed working capital provided the funding to reduce net borrowings by over £236K.
We operate with a keen sense of risk management in all it's forms.
We thank our staff, customers, suppliers, financiers and other contributors for their assistance and support throughout the past 12 months.
We look forward to the coming year with enthusiasm.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 1 March 2024 and signed on behalf of the board by:
Daniel Gee
Robert Gee HND HORT
Director
Director
Registered office:
Fullbrook Nursery
Watery Lane
Curborough
Lichfield
Staffs
England
WS13 8EP
G-Scapes of Lichfield Ltd
Statement of Financial Position
31 December 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Tangible assets
5
674,180
647,354
Current assets
Stocks
452,106
464,404
Debtors
6
548,032
396,544
Cash at bank and in hand
43,801
2,001
------------
---------
1,043,939
862,949
Creditors: amounts falling due within one year
7
1,123,471
883,770
------------
---------
Net current liabilities
79,532
20,821
---------
---------
Total assets less current liabilities
594,648
626,533
Creditors: amounts falling due after more than one year
8
271,931
397,420
Provisions
52,912
54,640
---------
---------
Net assets
269,805
174,473
---------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
269,705
174,373
---------
---------
Shareholders funds
269,805
174,473
---------
---------
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.
For the year ending 31 December 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 .
G-Scapes of Lichfield Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 1 March 2024 , and are signed on behalf of the board by:
Daniel Gee
Robert Gee HND HORT
Director
Director
Company registration number: 01130538
G-Scapes of Lichfield Ltd
Notes to the Financial Statements
Year ended 31 December 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 Fullbrook Nursery, Watery Lane, Curborough, Lichfield, Staffs, WS13 8EP, England.
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.
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.
Income 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
Freehold property
-
25% straight line
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Motor vehicles
-
25% straight line
Equipment
-
15% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial 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 35 (2022: 32 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023 (as restated)
530,564
230,946
93,565
247,445
47,063
1,149,583
Additions
98,899
13,690
10,289
24,490
4,923
152,291
Disposals
( 8,040)
( 8,040)
---------
---------
---------
---------
--------
------------
At 31 Dec 2023
629,463
244,636
103,854
271,935
43,946
1,293,834
---------
---------
---------
---------
--------
------------
Depreciation
At 1 Jan 2023
101,773
147,015
77,537
160,284
15,620
502,229
Charge for the year
65,161
17,089
10,774
17,409
6,992
117,425
---------
---------
---------
---------
--------
------------
At 31 Dec 2023
166,934
164,104
88,311
177,693
22,612
619,654
---------
---------
---------
---------
--------
------------
Carrying amount
At 31 Dec 2023
462,529
80,532
15,543
94,242
21,334
674,180
---------
---------
---------
---------
--------
------------
At 31 Dec 2022
428,791
83,931
16,028
87,161
31,443
647,354
---------
---------
---------
---------
--------
------------
6. Debtors
2023
2022
(restated)
£
£
Trade debtors
535,789
372,458
Prepayments and accrued income
12,243
4,547
Corporation tax repayable
18,818
Other debtors
721
---------
---------
548,032
396,544
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
96,377
168,884
Trade creditors
545,285
437,204
Accruals and deferred income
141,114
136,992
Corporation tax
54,988
Social security and other taxes
171,440
101,484
Obligations under finance leases and hire purchase contracts
32,318
28,904
Director loan accounts
78,312
7,721
Other creditors
3,637
2,581
------------
---------
1,123,471
883,770
------------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
191,897
289,205
Obligations under finance leases and hire purchase contracts
80,034
108,215
---------
---------
271,931
397,420
---------
---------
9. Prior period errors
A prior period adjustment has been entered for £54,640 to introduce the provision for deferred tax liabilities which represents the mathematical difference in the net book value and tax written down value of fixed assets qualifying for capital allowances. This had not been previously reserved for in the accounts, and has the effect of reducing the opening retained earnings by the same amount.
10. Called up share capital
Issued, called up and fully paid
2023
2022
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----