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REGISTERED NUMBER: 04972042 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

EASTFIELD GARDEN CENTRE LIMITED

EASTFIELD GARDEN CENTRE LIMITED (REGISTERED NUMBER: 04972042)

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










Page

Company Information 1

Chartered Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


EASTFIELD GARDEN CENTRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: B J Stephenson
Mrs J E Stephenson
M J Stephenson
S B Stephenson





SECRETARY: B J Stephenson





REGISTERED OFFICE: Wandale Farm
Woldgate
Bridlington
East Yorkshire
YO16 4XE





REGISTERED NUMBER: 04972042 (England and Wales)





ACCOUNTANTS: Bradbury & Co
Chartered Tax Advisers and Accountants
Driffield

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
EASTFIELD GARDEN CENTRE LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Eastfield Garden Centre Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Eastfield Garden Centre Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Eastfield Garden Centre Limited and state those matters that we have agreed to state to the Board of Directors of Eastfield Garden Centre Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Eastfield Garden Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Eastfield Garden Centre Limited. You consider that Eastfield Garden Centre Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Eastfield Garden Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bradbury & Co
Chartered Tax Advisers and Accountants
Driffield


5 September 2024

EASTFIELD GARDEN CENTRE LIMITED (REGISTERED NUMBER: 04972042)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 24,893 29,873
Tangible assets 5 6,447,899 6,407,063
6,472,792 6,436,936

CURRENT ASSETS
Stocks 1,087,605 1,100,170
Debtors 6 710,646 433,768
Cash at bank 18,335 17,475
1,816,586 1,551,413
CREDITORS
Amounts falling due within one year 7 (1,410,588 ) (1,249,110 )
NET CURRENT ASSETS 405,998 302,303
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,878,790

6,739,239

CREDITORS
Amounts falling due after more than one
year

8

(3,744,006

)

(3,941,960

)

PROVISIONS FOR LIABILITIES (294,300 ) (278,182 )
NET ASSETS 2,840,484 2,519,097

CAPITAL AND RESERVES
Called up share capital 900 900
Share premium 599,200 599,200
Retained earnings 2,240,384 1,918,997
SHAREHOLDERS' FUNDS 2,840,484 2,519,097

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.

EASTFIELD GARDEN CENTRE LIMITED (REGISTERED NUMBER: 04972042)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:




B J Stephenson - Director



M J Stephenson - Director


EASTFIELD GARDEN CENTRE LIMITED (REGISTERED NUMBER: 04972042)

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


1. STATUTORY INFORMATION

Eastfield Garden Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company in the year under review was that of a garden centre.

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 directors have considered all factors, including in the wider economy, as part of their assessment of going concern. Although the current economic climate creates both cash flow and profitability risks for the company, the directors believe on balance that they have sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements, on the basis of information currently available to them as at the point of approving these financial statements. Accordingly, these financial statements have been prepared on the going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its remaining useful economic life of 9 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.

Entitlements are being amortised evenly over their estimated useful life of ten years.

Depreciation
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on reducing balance
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Freehold land is not depreciated.

EASTFIELD GARDEN CENTRE LIMITED (REGISTERED NUMBER: 04972042)

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


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are valued at the lower of cost and net estimated selling price less selling costs, after making allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets including trade and other receivables, cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

Basic financial liabilities including trade and other payables and bank loans are initially recognised at transaction price and subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 11 ) .

EASTFIELD GARDEN CENTRE LIMITED (REGISTERED NUMBER: 04972042)

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


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 100,000 9,793 109,793
AMORTISATION
At 1 January 2023 76,000 3,920 79,920
Charge for year 4,000 980 4,980
At 31 December 2023 80,000 4,900 84,900
NET BOOK VALUE
At 31 December 2023 20,000 4,893 24,893
At 31 December 2022 24,000 5,873 29,873

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 5,847,874 2,482,175 8,330,049
Additions 29,170 227,685 256,855
Disposals - (7,413 ) (7,413 )
At 31 December 2023 5,877,044 2,702,447 8,579,491
DEPRECIATION
At 1 January 2023 493,740 1,429,246 1,922,986
Charge for year 52,814 160,981 213,795
Eliminated on disposal - (5,189 ) (5,189 )
At 31 December 2023 546,554 1,585,038 2,131,592
NET BOOK VALUE
At 31 December 2023 5,330,490 1,117,409 6,447,899
At 31 December 2022 5,354,134 1,052,929 6,407,063

Included in cost of land and buildings is freehold land of £ 2,742,449 (2022 - £ 2,742,449 ) which is not depreciated.

EASTFIELD GARDEN CENTRE LIMITED (REGISTERED NUMBER: 04972042)

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


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 636,320
Additions 42,350
Transfer to ownership (216,000 )
At 31 December 2023 462,670
DEPRECIATION
At 1 January 2023 226,543
Charge for year 67,819
Transfer to ownership (120,160 )
At 31 December 2023 174,202
NET BOOK VALUE
At 31 December 2023 288,468
At 31 December 2022 409,777

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 62,514 47,216
Amounts owed by group undertakings 480 -
Other debtors 647,652 386,552
710,646 433,768

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 610,489 542,764
Hire purchase contracts (see note 9) 78,368 111,364
Trade creditors 320,292 229,686
Taxation and social security 186,458 191,788
Other creditors 214,981 173,508
1,410,588 1,249,110

EASTFIELD GARDEN CENTRE LIMITED (REGISTERED NUMBER: 04972042)

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


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 3,661,025 3,811,736
Hire purchase contracts (see note 9) 82,981 130,224
3,744,006 3,941,960

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments 2,571,425 2,679,858
2,571,425 2,679,858

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 78,368 111,364
Between one and five years 82,981 130,224
161,349 241,588

Non-cancellable operating leases
2023 2022
£    £   
Within one year 40,537 34,813
Between one and five years 30,289 56,162
70,826 90,975

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 361,698 280,146
Bank loans 3,909,816 4,074,354
Hire purchase contracts 161,349 241,588
4,432,863 4,596,088

EASTFIELD GARDEN CENTRE LIMITED (REGISTERED NUMBER: 04972042)

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


11. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 193,856

12. ULTIMATE CONTROLLING PARTY

The company is held under the control of its directors Mr B J Stephenson and Mrs J E Stephenson.