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REGISTERED NUMBER: NI632100 (Northern Ireland)












Colemans Garden Centre Ltd

Unaudited Financial Statements

for the Period 24th December 2022 to 31st December 2023






Colemans Garden Centre Ltd (Registered number: NI632100)






Contents of the Financial Statements
for the period 24th December 2022 to 31st December 2023




Page

Balance sheet 1

Notes to the financial statements 3


Colemans Garden Centre Ltd (Registered number: NI632100)

Balance Sheet
31st December 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 308,364 344,674
308,364 344,674

Current assets
Stocks 6 647,369 570,936
Debtors 7 117,335 162,334
Cash at bank 195,704 181,935
960,408 915,205
Creditors
Amounts falling due within one year 8 (561,135 ) (620,029 )
Net current assets 399,273 295,176
Total assets less current liabilities 707,637 639,850

Creditors
Amounts falling due after more than one
year

9

(32,303

)

(24,581

)
Net assets 675,334 615,269

Capital and reserves
Called up share capital 12 505,000 505,000
Retained earnings 170,334 110,269
Shareholders' funds 675,334 615,269

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31st 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.

Colemans Garden Centre Ltd (Registered number: NI632100)

Balance Sheet - continued
31st 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 19th September 2024 and were signed on its behalf by:





Mr R J Davis - Director


Colemans Garden Centre Ltd (Registered number: NI632100)

Notes to the Financial Statements
for the period 24th December 2022 to 31st December 2023

1. Statutory information

Colemans Garden Centre Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address are as below:

Registered number: NI632100

Registered office: 6 Old Ballyclare Road
Templepatrick
Antrim
BT39 0BJ

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

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.

Licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
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.
Catering equipment - 15% Straight line
Plant and machinery - 15% Straight line
Fixtures and fittings - 10% Straight line
Motor vehicles - 25% Straight line
Computer equipment - 25% Straight line

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

Colemans Garden Centre Ltd (Registered number: NI632100)

Notes to the Financial Statements - continued
for the period 24th December 2022 to 31st December 2023

2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the period 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.


Colemans Garden Centre Ltd (Registered number: NI632100)

Notes to the Financial Statements - continued
for the period 24th December 2022 to 31st December 2023

2. Accounting policies - continued
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 period 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
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.

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.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Colemans Garden Centre Ltd (Registered number: NI632100)

Notes to the Financial Statements - continued
for the period 24th December 2022 to 31st December 2023

2. Accounting policies - continued

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 Profit and Loss Account 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.

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.

3. Employees and directors

The average number of employees during the period was 69 (2022 - 68 ) .

4. Intangible fixed assets
Licences
£   
Cost
At 24th December 2022
and 31st December 2023 11,219
Amortisation
At 24th December 2022
and 31st December 2023 11,219
Net book value
At 31st December 2023 -
At 23rd December 2022 -

Colemans Garden Centre Ltd (Registered number: NI632100)

Notes to the Financial Statements - continued
for the period 24th December 2022 to 31st December 2023

5. Tangible fixed assets
Fixtures
Catering Plant and and
equipment machinery fittings
£    £    £   
Cost
At 24th December 2022 127,556 134,366 445,092
Additions 3,748 - 6,667
At 31st December 2023 131,304 134,366 451,759
Depreciation
At 24th December 2022 85,843 73,457 205,052
Charge for period 19,279 10,442 44,785
At 31st December 2023 105,122 83,899 249,837
Net book value
At 31st December 2023 26,182 50,467 201,922
At 23rd December 2022 41,713 60,909 240,040

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 24th December 2022 14,680 22,933 744,627
Additions 24,688 6,209 41,312
At 31st December 2023 39,368 29,142 785,939
Depreciation
At 24th December 2022 14,405 21,196 399,953
Charge for period 1,818 1,298 77,622
At 31st December 2023 16,223 22,494 477,575
Net book value
At 31st December 2023 23,145 6,648 308,364
At 23rd December 2022 275 1,737 344,674

6. Stocks
2023 2022
£    £   
Finished goods 647,369 570,936

Colemans Garden Centre Ltd (Registered number: NI632100)

Notes to the Financial Statements - continued
for the period 24th December 2022 to 31st December 2023

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 35,686 53,699
Other debtors 11,840 5,000
Prepayments and accrued income 44,157 39,772
Prepayments 25,652 63,863
117,335 162,334

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 10,000 10,000
Hire purchase contracts 6,125 -
Trade creditors 316,286 414,127
Corporation tax 7,103 -
Social security and other taxes 22,791 344
Pensions payable 4,342 -
VAT 92,478 99,697
Other creditors 81,894 76,543
Directors' current accounts 5,807 8,631
Accrued expenses 14,309 10,687
561,135 620,029

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 10) 14,949 24,581
Hire purchase contracts 17,354 -
32,303 24,581

10. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 4,949 14,581

Colemans Garden Centre Ltd (Registered number: NI632100)

Notes to the Financial Statements - continued
for the period 24th December 2022 to 31st December 2023

11. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 24,949 34,581

Bank loans are secured by a charge over the company assets.

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
505,000 Ordinary £1 505,000 505,000