Company registration number 04263400 (England and Wales)
SEFTON MEADOWS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SEFTON MEADOWS LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
SEFTON MEADOWS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of a retail garden centre.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M Withers
Mrs L Bool
Mr T Withers
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr M Withers
Director
20 September 2024
SEFTON MEADOWS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
7,284
4,326
Tangible assets
5
1,444,027
1,417,319
Investments
6
1
1
1,451,312
1,421,646
Current assets
Stocks
247,081
282,277
Debtors
7
37,682
18,136
Cash at bank and in hand
5,027
6,234
289,790
306,647
Creditors: amounts falling due within one year
8
(523,740)
(443,314)
Net current liabilities
(233,950)
(136,667)
Total assets less current liabilities
1,217,362
1,284,979
Creditors: amounts falling due after more than one year
9
(1,237,565)
(1,313,304)
Net liabilities
(20,203)
(28,325)
Capital and reserves
Called up share capital
10
95
95
Revaluation reserve
11
80,096
81,837
Capital redemption reserve
5
5
Profit and loss reserves
(100,399)
(110,262)
Total equity
(20,203)
(28,325)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SEFTON MEADOWS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr M Withers
Director
Company Registration No. 04263400
SEFTON MEADOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Sefton Meadows Limited is a private company limited by shares incorporated in England and Wales. The registered office is Transcon House, Unit 4, Amy Johnson Way, Blackpool.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Prior period error
As per notes 4 and 5 a prior period adjustment has been undertaken to reclassify computer software, with a net book value of £4,326 as at 31 December 2022, from fixtures and fittings. This only affects note 4 and 5 in the accounts. A profit reconciliation for the prior period adjustment has been included in note 14.
1.3
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future, with the support of connected companies and director. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods sold, less returns received, in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
25% Straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SEFTON MEADOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% straight line
Plant and machinery
10% reducing balance
Fixtures, fittings & equipment
10% reducing balance or 25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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 legally 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.
SEFTON MEADOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and 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 the 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 and loans from connected companies 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 receipts 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.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
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.
SEFTON MEADOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
25
25
4
Intangible fixed assets
Software
as restated
£
Cost
At 1 January 2023
29,017
Additions - internally developed
5,000
At 31 December 2023
34,017
Amortisation and impairment
At 1 January 2023
24,691
Amortisation charged for the year
2,042
At 31 December 2023
26,733
Carrying amount
At 31 December 2023
7,284
At 31 December 2022
4,326
SEFTON MEADOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
as restated
£
£
£
£
£
Cost or valuation
At 1 January 2023
1,178,178
29,977
508,185
3,500
1,719,840
Additions
72,700
8,820
81,520
At 31 December 2023
1,250,878
29,977
517,005
3,500
1,801,360
Depreciation and impairment
At 1 January 2023
91,653
22,789
184,579
3,500
302,521
Depreciation charged in the year
20,468
719
33,625
54,812
At 31 December 2023
112,121
23,508
218,204
3,500
357,333
Carrying amount
At 31 December 2023
1,138,757
6,469
298,801
1,444,027
At 31 December 2022
1,086,525
7,188
323,606
1,417,319
Land and buildings were valued based on an independent value obtained from Christie & Co in 2018. The directors still believe this valuation to be accurate.
Historic cost
2023
2022
£
£
Cost
1,178,178
1,178,178
Accumulated depreciation
(197,058)
(197,058)
Carrying value
981,120
981,120
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
37,682
18,136
SEFTON MEADOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,140
9,890
Trade creditors
65,647
101,465
Taxation and social security
66,033
33,550
Other creditors
381,920
298,409
523,740
443,314
Bank loans and overdraft were secured by way of a first legal mortgage over the property of Sefton Meadows Limited known as Sefton meadows Garden Centre, Sefton Lane, Liverpool.
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,827
24,959
Other creditors
1,222,738
1,288,345
1,237,565
1,313,304
Bank loans and overdraft were secured by way of a first legal mortgage over the property of Sefton Meadows Limited known as Sefton meadows Garden Centre, Sefton Lane, Liverpool.
10
Called up share capital
2023
2022
Ordinary share capital
Issued and fully paid
95 Ordinary Shares of £1 each
95
95
11
Revaluation reserve
2023
2022
£
£
At the beginning of the year
81,837
83,578
Transfer to retained earnings
(1,741)
(1,741)
At the end of the year
80,096
81,837
12
Financial commitments, guarantees and contingent liabilities
The company has issued an unlimited cross guarantee in favour of HSBC Bank Plc in respect of amounts owed by Trans-Continental Group Limited. At the year end the potential liability amounted to £1,301,782 (2022: £1,994,465).
SEFTON MEADOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
13
Related party transactions
At the year end, related party loans payable totalled £1,222,738 (2022: £1,288,265). There is no interest accruing on this loan. The loans due to connected companies are related by the directors of Sefton Meadows Limited.
14
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
4,774
Profit as adjusted
4,774
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