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REGISTERED NUMBER: 04021712 (England and Wales)















GARDENSCAPE DIRECT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






GARDENSCAPE DIRECT LIMITED (REGISTERED NUMBER: 04021712)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GARDENSCAPE DIRECT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P J Bourne
J Bourne
J Mozley





REGISTERED OFFICE: The Wharf
Rye Road
Newenden
Kent
TN18 5QG





REGISTERED NUMBER: 04021712 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
89 King Street
Maidstone
Kent
ME14 1BG

GARDENSCAPE DIRECT LIMITED (REGISTERED NUMBER: 04021712)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 642,329 720,264

CURRENT ASSETS
Stocks 261,570 234,186
Debtors 6 311,327 41,178
Cash at bank and in hand 103,305 13,020
676,202 288,384
CREDITORS
Amounts falling due within one year 7 356,996 259,308
NET CURRENT ASSETS 319,206 29,076
TOTAL ASSETS LESS CURRENT
LIABILITIES

961,535

749,340

CREDITORS
Amounts falling due after more than one
year

8

(907,160

)

(577,069

)

PROVISIONS FOR LIABILITIES (117,910 ) (132,454 )
NET (LIABILITIES)/ASSETS (63,535 ) 39,817

CAPITAL AND RESERVES
Called up share capital 11 685 685
Capital redemption reserve 1,265 1,265
Retained earnings (65,485 ) 37,867
SHAREHOLDERS' FUNDS (63,535 ) 39,817

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.

GARDENSCAPE DIRECT LIMITED (REGISTERED NUMBER: 04021712)

STATEMENT OF FINANCIAL POSITION - 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 25 September 2024 and were signed on its behalf by:





P J Bourne - Director


GARDENSCAPE DIRECT LIMITED (REGISTERED NUMBER: 04021712)

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

1. STATUTORY INFORMATION

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The company meets its day to day working capital requirements through the support of the directors and they have pledged their continuing support. They therefore consider it appropriate to prepare accounts on the going concern basis. These financial statements do not include any adjustments that would result from a withdrawal of this support.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - 10% on cost
Plant & machinery - 25% on reducing balance
Vehicles - 25% on reducing balance
Fixtures & Fittings - 20% on reducing balance

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

GARDENSCAPE DIRECT LIMITED (REGISTERED NUMBER: 04021712)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand.

c) Impairment of financial assets
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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, 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 financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.


GARDENSCAPE DIRECT LIMITED (REGISTERED NUMBER: 04021712)

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

3. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

GARDENSCAPE DIRECT LIMITED (REGISTERED NUMBER: 04021712)

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 17 ) .

5. TANGIBLE FIXED ASSETS
Leasehold Plant & Fixtures
property machinery Vehicles & Fittings Totals
£    £    £    £    £   
COST
At 1 January 2023 259,970 56,109 859,246 6,856 1,182,181
Additions 17,840 16,971 3,225 - 38,036
Reclassification/transfer 11,849 (11,849 ) - - -
At 31 December 2023 289,659 61,231 862,471 6,856 1,220,217
DEPRECIATION
At 1 January 2023 114,453 31,130 310,498 5,836 461,917
Charge for year 25,007 7,448 82,796 720 115,971
Reclassification/transfer 7,547 (7,547 ) - - -
At 31 December 2023 147,007 31,031 393,294 6,556 577,888
NET BOOK VALUE
At 31 December 2023 142,652 30,200 469,177 300 642,329
At 31 December 2022 145,517 24,979 548,748 1,020 720,264

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant &
machinery Vehicles Totals
£    £    £   
COST
Additions - 2,640 2,640
Reclassification/transfer 16,750 369,856 386,606
At 31 December 2023 16,750 372,496 389,246
DEPRECIATION
Charge for year 3,315 52,196 55,511
Reclassification/transfer 3,490 24,522 28,012
At 31 December 2023 6,805 76,718 83,523
NET BOOK VALUE
At 31 December 2023 9,945 295,778 305,723

GARDENSCAPE DIRECT LIMITED (REGISTERED NUMBER: 04021712)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 23,466 15,049
Other debtors 287,743 15,652
Prepayments 118 10,477
311,327 41,178

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,029 9,819
Hire purchase contracts (see note 9) 72,190 85,248
Trade creditors 104,833 122,023
Other taxes and PAYE taxes 31,941 22,886
Other creditors 67,230 -
Directors' Current Accounts 23 23
Accruals and deferred income 70,750 19,309
356,996 259,308

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 10,243 10,029
Bank loans - 2-5 years 8,802 19,044
Other loans - 1-2 years - 5,000
Hire purchase contracts (see note 9) 170,150 242,340
Other creditors 717,965 300,656
907,160 577,069

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 72,190 85,248
Between one and five years 170,150 242,340
242,340 327,588

GARDENSCAPE DIRECT LIMITED (REGISTERED NUMBER: 04021712)

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

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 30,625 27,478
Between one and five years 30,625 27,478
61,250 54,956

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 242,340 327,588

The company has a bank overdraft facility which is secured by a fixed and floating charge over the undertaking and all property and assets, present and future.
Obligations under finance leases or hire purchase agreements are secured on the assets which they finance.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
685 Ordinary £1 685 685