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GARDEN BEST BUYS LIMITED

Registered Number
07251414
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

GARDEN BEST BUYS LIMITED
Company Information
for the year from 1 October 2022 to 30 September 2023

Directors

CARTER, Tina Michelle
HIRST, John Edward

Registered Address

3rd Floor 10 South Parade
Leeds
LS1 5QS

Registered Number

07251414 (England and Wales)
GARDEN BEST BUYS LIMITED
Statement of Financial Position
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets347,52755,951
47,52755,951
Current assets
Stocks4100,25084,387
Debtors5105,80716,473
Cash at bank and on hand231,622161,338
437,679262,198
Creditors amounts falling due within one year6(100,068)(99,092)
Net current assets (liabilities)337,611163,106
Total assets less current liabilities385,138219,057
Creditors amounts falling due after one year7(17,195)(44,947)
Provisions for liabilities8(11,882)(10,631)
Net assets356,061163,479
Capital and reserves
Called up share capital9090
Profit and loss account355,971163,389
Shareholders' funds356,061163,479
The financial statements were approved and authorised for issue by the Board of Directors on 24 July 2024, and are signed on its behalf by:
CARTER, Tina Michelle
Director
Registered Company No. 07251414
GARDEN BEST BUYS LIMITED
Notes to the Financial Statements
for the year ended 30 September 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery15-
Fixtures and fittings-10
Office Equipment-5
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 October 2272,7655,32678,091
At 30 September 2372,7655,32678,091
Depreciation and impairment
At 01 October 2217,1295,01122,140
Charge for year8,345798,424
At 30 September 2325,4745,09030,564
Net book value
At 30 September 2347,29123647,527
At 30 September 2255,63631555,951
4.Stocks
Short term debtors are measured at transaction price (which is usually the invoice price). less any impairments losses for bad and doubtful debts. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

2023

2022

££
Finished goods100,25084,387
Total100,25084,387
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables26,01516,383
Other debtors79,79290
Total105,80716,473
Short term debtors are measured at transaction price (which is usually the invoice price). Less any impairment losses for bad and doubtful debts. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables9,7396,365
Bank borrowings and overdrafts27,75227,752
Taxation and social security57,45832,527
Other creditors-27,094
Accrued liabilities and deferred income5,1195,354
Total100,06899,092
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. . Bank loans within one year: 2023 £27,752. (2022: £27,752). The bank loans are secured by a charge over the assets of the company.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts17,19544,947
Total17,19544,947
The bank loans are secured by a charge over the assets of the company.
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)11,88210,631
Total11,88210,631
9.Related party transactions
An amount was due from ETL Developments Limited (a company under the control of the directors) £75,308 ( 2022 £27,094 creditor) and management charge paid £72,500 ( 2022 £17,500) to them.