Your Local Garden Centre Group Ltd
Registered number: 09112017
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 7,989,144 7,655,463
Current assets
Stocks 1,257,844 1,325,260
Debtors 5 480,922 467,659
Cash at bank and in hand 390,879 301,946
2,129,645 2,094,865
Creditors: amounts falling due within one year 6 (1,252,597) (945,903)
Net current assets 877,048 1,148,962
Total assets less current liabilities 8,866,192 8,804,425
Creditors: amounts falling due after more than one year 7 (5,827,953) (5,882,376)
Provisions for liabilities (57,566) (57,883)
Net assets 2,980,673 2,864,166
Capital and reserves
Called up share capital 1,901,000 1,901,000
Profit and loss account 1,079,673 963,166
Shareholders' funds 2,980,673 2,864,166
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P O Richards
Director
Approved by the board on 6 August 2024
Your Local Garden Centre Group Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
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 from 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings over 50 years
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 120 60
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 125,000
At 31 December 2023 125,000
Amortisation
At 1 January 2023 125,000
At 31 December 2023 125,000
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 6,728,509 1,970,113 8,698,622
Additions 239,295 578,459 817,754
At 31 December 2023 6,967,804 2,548,572 9,516,376
Depreciation
At 1 January 2023 211,134 832,025 1,043,159
Charge for the year 140,764 343,309 484,073
At 31 December 2023 351,898 1,175,334 1,527,232
Net book value
At 31 December 2023 6,615,906 1,373,238 7,989,144
At 31 December 2022 6,517,375 1,138,088 7,655,463
5 Debtors 2023 2022
£ £
Trade debtors 39,433 41,451
Other debtors 441,489 426,208
480,922 467,659
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 46,000 46,000
Obligations under finance lease and hire purchase contracts 186,203 -
Trade creditors 535,240 587,931
Corporation tax (26,736) (27,053)
Other taxes and social security costs 121,117 123,487
Other creditors 390,773 215,538
1,252,597 945,903
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 82,222 126,526
Obligations under finance lease and hire purchase contracts 171,635 285,369
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,139,000 1,425,295
Other creditors 3,435,096 4,045,186
5,827,953 5,882,376
8 Related party transactions
Mr P O Richards has assisted the company to develop a new garden centre by way of loaning the company £3,418,737. The loan is interest free and will not be repaid until the trade at that centre has been established. Consideration is being given to capitalizing part of this loan as share capital in the near future.
9 Controlling party
The ultimate controlling party is Garden Centre Holdings Limited who owns 100% of the issued share capital.
10 Other information
Your Local Garden Centre Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
397 Christchurch Road
West Parley
Ferndown
Dorset
BH22 8SJ
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