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Registration number: 00706025

The Federation of Garden & Leisure Manufacturers Limited

Financial Statements

for the Year Ended 30 June 2023

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

The Federation of Garden & Leisure Manufacturers Limited

Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

414,428

414,313

Investments

6

1

1

Other financial assets

7

-

4,200

 

414,429

418,514

Current assets

 

Debtors

8

137,552

198,995

Cash at bank and in hand

 

66,305

114,039

 

203,857

313,034

Creditors: Amounts falling due within one year

9

(459,254)

(225,914)

Net current (liabilities)/assets

 

(255,397)

87,120

Total assets less current liabilities

 

159,032

505,634

Creditors: Amounts falling due after more than one year

9

(29,064)

(29,167)

Net assets

 

129,968

476,467

Reserves

 

Retained earnings

129,968

476,467

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 Board on 1 March 2024 and signed on its behalf by:
 

.........................................

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

1

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 White House
High Street
Brasted
Nr Westerham
Kent
TN16 1JE

The principal activity of the company is that of the promotion of exporters of Garden & Leisure products and services.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 1 March 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3

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.

4

Staff numbers

The average number of persons employed by the company during the year was 12 (2022 - 11).

 

The Federation of Garden & Leisure Manufacturers Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Freehold Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

412,144

51,027

463,171

Additions

-

871

871

At 30 June 2023

412,144

51,898

464,042

Depreciation

At 1 July 2022

-

48,858

48,858

Charge for the year

-

756

756

At 30 June 2023

-

49,614

49,614

Carrying amount

At 30 June 2023

412,144

2,284

414,428

At 30 June 2022

412,144

2,169

414,313

6

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

7

Other financial assets (non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at fair value through profit and loss

-

4,200

 

The Federation of Garden & Leisure Manufacturers Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

8

Debtors

2023
£

2022
£

Trade debtors

103,258

160,690

Other debtors

34,294

38,305

137,552

198,995

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

10

237,437

10,000

Trade creditors

 

7,283

20,768

Taxation and social security

 

47,722

43,173

Accruals and deferred income

 

164,740

149,671

Other creditors

 

2,072

2,302

 

459,254

225,914

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

10

29,064

29,167

 

The Federation of Garden & Leisure Manufacturers Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loans

237,437

10,000

2023
£

2022
£

Non-current loans and borrowings

Bank loans

29,064

29,167

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.

11

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.

12

Non adjusting events after the financial period

Subsequent to 30 June 2023 the freehold property was sold for £800,000 plus a share of future contingent profit made by the purchaser from future development. The bank loans shown in Note 11 were repaid.