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REGISTERED NUMBER: 02988917 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHAPEL COTTAGE PLANTS LIMITED

CHAPEL COTTAGE PLANTS LIMITED (REGISTERED NUMBER: 02988917)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


CHAPEL COTTAGE PLANTS LIMITED (REGISTERED NUMBER: 02988917)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,371,094 660,957
1,371,094 660,957

CURRENT ASSETS
Stocks 2,189,774 2,202,419
Debtors 6 119,913 68,597
Cash in hand 943 1,349
2,310,630 2,272,365
CREDITORS
Amounts falling due within one year 7 1,128,501 1,255,373
NET CURRENT ASSETS 1,182,129 1,016,992
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,553,223

1,677,949

CREDITORS
Amounts falling due after more than one
year

8

(582,049

)

(24,793

)

PROVISIONS FOR LIABILITIES 11 (319,929 ) (107,919 )
NET ASSETS 1,651,245 1,545,237

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 1,651,145 1,545,137
SHAREHOLDERS' FUNDS 1,651,245 1,545,237

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CHAPEL COTTAGE PLANTS LIMITED (REGISTERED NUMBER: 02988917)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:




Mr D J Green - Director



Mrs A Green - Director


CHAPEL COTTAGE PLANTS LIMITED (REGISTERED NUMBER: 02988917)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Chapel Cottage Plants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02988917

Registered office: Meadow Barn
Hook Road
Wimblington
March
Cambridgeshire
PE15 0QL

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
" the Company has transferred the significant risks and rewards of ownership to the buyer;
" the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
" the amount of revenue can be measured reliably;
" it is probable that the Company will receive the consideration due under the transaction; and
" the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

CHAPEL COTTAGE PLANTS LIMITED (REGISTERED NUMBER: 02988917)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as stated below.

Land and buildings - 2.5% straight line
Plant and machinery - 20% reducing balance & 10% straight line
Motor vehicles - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Computer equipment - 25% straight line

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.


CHAPEL COTTAGE PLANTS LIMITED (REGISTERED NUMBER: 02988917)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 31 ) .

CHAPEL COTTAGE PLANTS LIMITED (REGISTERED NUMBER: 02988917)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 60,000
AMORTISATION
At 1 January 2023
and 31 December 2023 60,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 180,807 1,013,239 956,761
Additions - 17,500 836,834
Disposals - (107,046 ) (5,267 )
At 31 December 2023 180,807 923,693 1,788,328
DEPRECIATION
At 1 January 2023 35,255 741,171 737,151
Charge for year 2,760 71,556 66,316
Eliminated on disposal - (105,442 ) (4,915 )
At 31 December 2023 38,015 707,285 798,552
NET BOOK VALUE
At 31 December 2023 142,792 216,408 989,776
At 31 December 2022 145,552 272,068 219,610

CHAPEL COTTAGE PLANTS LIMITED (REGISTERED NUMBER: 02988917)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 28,957 77,850 2,257,614
Additions - 5,771 860,105
Disposals (1,300 ) - (113,613 )
At 31 December 2023 27,657 83,621 3,004,106
DEPRECIATION
At 1 January 2023 19,205 63,875 1,596,657
Charge for year 2,353 4,686 147,671
Eliminated on disposal (959 ) - (111,316 )
At 31 December 2023 20,599 68,561 1,633,012
NET BOOK VALUE
At 31 December 2023 7,058 15,060 1,371,094
At 31 December 2022 9,752 13,975 660,957

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023 87,946
Transfer to ownership (19,741 )
At 31 December 2023 68,205
DEPRECIATION
At 1 January 2023 25,515
Charge for year 11,477
Transfer to ownership (13,348 )
At 31 December 2023 23,644
NET BOOK VALUE
At 31 December 2023 44,561
At 31 December 2022 62,431

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,088 14,077
Other debtors 105,825 54,520
119,913 68,597

CHAPEL COTTAGE PLANTS LIMITED (REGISTERED NUMBER: 02988917)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 833,387 1,092,425
Hire purchase contracts (see note 9) 8,041 8,929
Trade creditors 186,864 84,856
Taxation and social security 14,197 9,768
Other creditors 86,012 59,395
1,128,501 1,255,373

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 565,297 -
Hire purchase contracts (see note 9) 16,752 24,793
582,049 24,793

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 365,909 -

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 8,041 8,929
Between one and five years 16,752 24,793
24,793 33,722

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 2,466

CHAPEL COTTAGE PLANTS LIMITED (REGISTERED NUMBER: 02988917)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 600,000 -
Hire purchase contracts 24,793 33,722
624,793 33,722

Secured debts are secured via a fixed and floating charge on the company's assets or on the specific asset to which they relate.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 319,929 107,919

Deferred
tax
£   
Balance at 1 January 2023 107,919
Accelerated capital allowances 177,930
Change of tax rate adjustment 34,080
Balance at 31 December 2023 319,929

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
80 Ordinary A Shares £1 80 80
20 Ordinary B Shares £1 20 20
100 100

13. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £19,521 (2022 - £17,611). Contributions totalling £4,334 (2022 - £3,530) were payable to the fund at the balance sheet date and are included in creditors.

14. RELATED PARTY DISCLOSURES

During the year, total dividends of £140,022 (2022 - £141,521) were paid to the directors .

CHAPEL COTTAGE PLANTS LIMITED (REGISTERED NUMBER: 02988917)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. RELATED PARTY DISCLOSURES - continued

Included in creditors falling due within one year are loans from the directors to the company amounting to £386 (2022 - £386). These loans are interest free and repayable on demand.

During the year, the Company occupied land owned by directors of the Company at no cost. The annual rent payable for the land on a normal commercial basis would be in the region of £25,000 per annum (2022 - £25,000 per annum).