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Registration number: 05708411

Flowervision East Anglia Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Flowervision East Anglia Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Flowervision East Anglia Ltd

Company Information

Directors

Mr D Minns

G P D Mooij

T D Mooij

Mr N Waddell

Company secretary

T D Mooij

Registered office

29/32 Francis Way
Bowthorpe
Norwich
Norfolk
NR5 9JA

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Flowervision East Anglia Ltd

(Registration number: 05708411)
Statement of financial position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

11,703

12,726

Tangible assets

5

150,236

214,935

 

161,939

227,661

Current assets

 

Stocks

6

204,733

194,424

Debtors

7

968,540

1,024,549

Cash at bank and in hand

 

1,305,260

716,404

 

2,478,533

1,935,377

Creditors: Amounts falling due within one year

8

(1,005,157)

(786,225)

Net current assets

 

1,473,376

1,149,152

Total assets less current liabilities

 

1,635,315

1,376,813

Creditors: Amounts falling due after more than one year

8

(142,925)

(142,925)

Provisions for liabilities

(21,198)

(29,646)

Net assets

 

1,471,192

1,204,242

Capital and reserves

 

Called up share capital

9

5

5

Retained earnings

1,471,187

1,204,237

Shareholders' funds

 

1,471,192

1,204,242

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

 

Flowervision East Anglia Ltd

(Registration number: 05708411)
Statement of financial position as at 31 December 2023

.........................................
Mr D Minns
Director

 

Flowervision East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
29/32 Francis Way
Bowthorpe
Norwich
Norfolk
NR5 9JA

These financial statements were authorised for issue by the Board on 20 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Flowervision East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:

Asset class

Depreciation method and rate

Long Leasehold Improvements

4% straight line

Plant & Machinery

20% reducing balance

Fixtures, fittings and equipment

30% reducing balance

Motor Vehicles

50% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully amortised

Webshop

10% straight line

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.

 

Flowervision East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2022 - 30).

 

Flowervision East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Webshop
 £

Total
£

Cost or valuation

At 1 January 2023

45,000

23,914

68,914

At 31 December 2023

45,000

23,914

68,914

Amortisation

At 1 January 2023

45,000

11,188

56,188

Amortisation charge

-

1,023

1,023

At 31 December 2023

45,000

12,211

57,211

Carrying amount

At 31 December 2023

-

11,703

11,703

At 31 December 2022

-

12,726

12,726

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

60,031

124,612

77,171

444,687

Additions

-

7,443

-

26,000

Disposals

-

(4,461)

-

(69,683)

At 31 December 2023

60,031

127,594

77,171

401,004

Depreciation

At 1 January 2023

11,265

108,898

61,883

309,520

Charge for the year

2,253

9,238

3,058

77,621

Eliminated on disposal

-

(4,417)

-

(63,755)

At 31 December 2023

13,518

113,719

64,941

323,386

Carrying amount

At 31 December 2023

46,513

13,875

12,230

77,618

At 31 December 2022

48,766

15,714

15,288

135,167

 

Flowervision East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Total
£

Cost or valuation

At 1 January 2023

706,501

Additions

33,443

Disposals

(74,144)

At 31 December 2023

665,800

Depreciation

At 1 January 2023

491,566

Charge for the year

92,170

Eliminated on disposal

(68,172)

At 31 December 2023

515,564

Carrying amount

At 31 December 2023

150,236

At 31 December 2022

214,935

 

Flowervision East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

204,733

194,424

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

405,812

518,079

Amounts owed by related parties

10

366,967

315,117

Prepayments

 

89,561

89,353

Other debtors

 

106,200

102,000

   

968,540

1,024,549

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

188,103

56,198

Amounts due to related parties

10

385,887

377,887

Social security and other taxes

 

106,859

88,149

Other payables

 

-

19,551

Accruals

 

1,760

26,360

Tax liability

263,548

159,080

Dividends payable

59,000

59,000

 

1,005,157

786,225

Due after one year

 

Other non-current financial liabilities

 

142,925

142,925

 

Flowervision East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

2

2

2

2

Ordinary B Shares of £1 each

1

1

1

1

Ordinary C Shares of £1 each

1

1

1

1

Ordinary D Shares of £1 each

1

1

1

1

 

5

5

5

5

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

 

Flowervision East Anglia Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Summary of transactions with other related parties

Van Duyvenvoorde were paid £5,041,343 (2022: 5,435,868) for purchases, £556,086 (2022: £570,197) for freight, and £44,118 (2022: £38,125) for computer expenses in the year. De Mooij Flower Export BV were paid £49,200 in the year for management charges (2022: £49,200). Van Duyvenvoorde were owed £171,098 (2022 : £10,818) at the end of the year, shown in creditors due within one year, and De Mooij Flower Export BV were owed £142,925 (2022: £142,925) which is shown within loans due after one year. T De Mooij and G De Mooij are also directors of De Mooij Flower Export BV, a company registered in Holland.

The company were owed £366,967 (2022: £315,117) from Property Vision (Norwich) Ltd at the year end, shown in debtors due within one year. Property Vision (Norwich) Ltd have the same shareholders and directors as Flowervision East Anglia Ltd.