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COMPANY REGISTRATION NUMBER: 05037211
The Indian Garden Company Limited
Filleted Unaudited Financial Statements
31 December 2023
The Indian Garden Company Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Indian Garden Company Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,723
1,231
Investments
6
2
2
-------
-------
1,725
1,233
Current assets
Stocks
15,882
33,686
Debtors
7
11,303
1,776
Cash at bank and in hand
3,830
9,809
--------
--------
31,015
45,271
Creditors: amounts falling due within one year
8
81,709
89,848
--------
--------
Net current liabilities
50,694
44,577
--------
--------
Total assets less current liabilities
( 48,969)
( 43,344)
Creditors: amounts falling due after more than one year
9
9,306
10,972
--------
--------
Net liabilities
( 58,275)
( 54,316)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 58,277)
( 54,318)
--------
--------
Shareholders deficit
( 58,275)
( 54,316)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Indian Garden Company Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Ms B O'Farrell
Director
Company registration number: 05037211
The Indian Garden Company Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared under the going concern basis as the director has confirmed that she will continue to support the company for the next 12 months.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
25% straight line
Computer equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
1,800
4,700
10,918
17,418
Additions
1,523
1,523
-------
-------
--------
--------
At 31 December 2023
1,800
4,700
12,441
18,941
-------
-------
--------
--------
Depreciation
At 1 January 2023
1,080
4,603
10,504
16,187
Charge for the year
360
97
574
1,031
-------
-------
--------
--------
At 31 December 2023
1,440
4,700
11,078
17,218
-------
-------
--------
--------
Carrying amount
At 31 December 2023
360
1,363
1,723
-------
-------
--------
--------
At 31 December 2022
720
97
414
1,231
-------
-------
--------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
2
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
2
----
At 31 December 2022
2
----
7. Debtors
2023
2022
£
£
Trade debtors
13
486
Other debtors
11,290
1,290
--------
-------
11,303
1,776
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,667
1,667
Trade creditors
13,688
21,234
Other creditors
66,354
66,947
--------
--------
81,709
89,848
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,306
10,972
-------
--------
10. Related party transactions
At the year end the company owed the director £63,332 (2022: £64,736).