DERWEN GARDEN CENTRE LIMITED
Company registration number 08595670 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
DERWEN GARDEN CENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DERWEN GARDEN CENTRE LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,550
752
Tangible assets
4
700,423
627,697
705,973
628,449
Current assets
Stocks
387,600
357,537
Debtors
5
58,255
67,199
Cash at bank and in hand
596,403
607,136
1,042,258
1,031,872
Creditors: amounts falling due within one year
6
(294,641)
(317,762)
Net current assets
747,617
714,110
Total assets less current liabilities
1,453,590
1,342,559
Creditors: amounts falling due after more than one year
7
(221,915)
(227,891)
Provisions for liabilities
(36,690)
(30,807)
Net assets
1,194,985
1,083,861
Capital and reserves
Called up share capital
8
103
103
Share premium account
3,497
3,497
Profit and loss reserves
1,191,385
1,080,261
Total equity
1,194,985
1,083,861
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 29 February 2024 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.
DERWEN GARDEN CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mrs K Joseph
Director
Company registration number 08595670 (England and Wales)
DERWEN GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Derwen Garden Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is Derwen Garden Centre, Guilsfield, Welshpool, Powys, SY21 9PH.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
1.3
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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
1.4
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.
DERWEN GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
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:
Land and Buildings Freehold
Not depreciated
Leasehold Improvements
15% Straight Line
Plant and Machinery
15% Straight Line
Fixtures, Fittings & Equipment
15% Straight Line
Motor Vehicles
15% Reducing Balance
Freehold land and buildings are not depreciated as carrying value is deemed to be less than the market value.
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.
1.5
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).
1.6
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
1.9
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.
DERWEN GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
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.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company was:
2024
2023
Number
Number
Total
44
43
DERWEN GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 1 March 2023
1,900
Additions
5,752
At 29 February 2024
7,652
Amortisation and impairment
At 1 March 2023
1,148
Amortisation charged for the year
954
At 29 February 2024
2,102
Carrying amount
At 29 February 2024
5,550
At 28 February 2023
752
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2023
609,700
206,238
815,938
Additions
71,020
29,074
100,094
At 29 February 2024
680,720
235,312
916,032
Depreciation and impairment
At 1 March 2023
91,925
96,316
188,241
Depreciation charged in the year
27,368
27,368
At 29 February 2024
91,925
123,684
215,609
Carrying amount
At 29 February 2024
588,795
111,628
700,423
At 28 February 2023
517,775
109,922
627,697
DERWEN GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,361
563
Amounts owed by group undertakings
10,000
10,000
Other debtors
46,894
56,636
58,255
67,199
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
167,250
198,853
Taxation and social security
97,101
95,990
Other creditors
30,290
22,919
294,641
317,762
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
221,915
227,891
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
70
70
70
70
Ordinary B shares of £1 each
30
30
30
30
Ordinary C shares of £1 each
3
3
3
3
103
103
103
103
The ordinary A, B and C shares have attached to them full voting and capital distribution (including on winding up) rights. They shall have the right to a dividend as declared from time to time for that class of share but so that all classes of ordinary shares shall not rank pari passu for dividend entitlement purposes. The ordinary A, B and C shares are not redeemable.
DERWEN GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
9
Related party transactions
In the previous year the company provided a £10,000 interest free loan to Derwen Farm Shop Ltd, a company owned by one of the Directors. The loan remains outstanding at the year end.
During the year the company paid rent of £10,315 (2023: £10,000) to Ms R H Joseph (director) for the occupation of the land and buildings used by the company.