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COMPANY REGISTRATION NUMBER: 04457592
NEW HOLLYBECK NURSERIES LIMITED
Filleted Unaudited Financial Statements
31 January 2024
NEW HOLLYBECK NURSERIES LIMITED
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
2
2
Tangible assets
6
161,012
146,202
Investments
7
100
100
---------
---------
161,114
146,304
Current assets
Stocks
145,000
135,000
Debtors
8
513,276
464,073
Cash at bank and in hand
114,921
50,018
---------
---------
773,197
649,091
Prepayments and accrued income
4,765
6,055
Creditors: amounts falling due within one year
9
262,542
208,303
---------
---------
Net current assets
515,420
446,843
---------
---------
Total assets less current liabilities
676,534
593,147
Creditors: amounts falling due after more than one year
10
36,714
56,409
Provisions
Taxation including deferred tax
29,482
19,666
---------
---------
Net assets
610,338
517,072
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
610,336
517,070
---------
---------
Shareholder funds
610,338
517,072
---------
---------
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.
NEW HOLLYBECK NURSERIES LIMITED
Statement of Financial Position (continued)
31 January 2024
For the year ending 31st January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 July 2024 , and are signed on behalf of the board by:
Mr C I Orme
Director
Company registration number: 04457592
NEW HOLLYBECK NURSERIES LIMITED
Notes to the Financial Statements
Year ended 31st January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Newstead Grove, NOTTINGHAM, NOTTINGHAMSHIRE, NG1 4GZ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover is derived from the sale of plants and related garden products to third parties after deducting discounts and VAT. Turnover is recognised at the point at sale.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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 etc
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Land is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 39 (2023: 37 ).
5. Intangible assets
Goodwill
£
Cost
At 1st February 2023 and 31st January 2024
2
----
Amortisation
At 1st February 2023 and 31st January 2024
----
Carrying amount
At 31st January 2024
2
----
At 31st January 2023
2
----
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1st February 2023
16,607
317,549
78,358
412,514
Additions
12,933
43,687
56,620
Disposals
( 16,875)
( 16,875)
--------
---------
---------
---------
At 31st January 2024
16,607
330,482
105,170
452,259
--------
---------
---------
---------
Depreciation
At 1st February 2023
228,585
37,727
266,312
Charge for the year
25,065
16,618
41,683
Disposals
( 16,748)
( 16,748)
--------
---------
---------
---------
At 31st January 2024
253,650
37,597
291,247
--------
---------
---------
---------
Carrying amount
At 31st January 2024
16,607
76,832
67,573
161,012
--------
---------
---------
---------
At 31st January 2023
16,607
88,964
40,631
146,202
--------
---------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31st January 2024
26,895
--------
At 31st January 2023
35,860
--------
7. Investments
Other investments other than loans
£
Cost
At 1st February 2023 and 31st January 2024
100
----
Impairment
At 1st February 2023 and 31st January 2024
----
Carrying amount
At 31st January 2024
100
----
At 31st January 2023
100
----
The company owns 100% of the issued share capital of Hollybeck Nurseries Limited a dormant company. The above £100 represents aggregate capital and reserves of the company.
8. Debtors
2024
2023
£
£
Trade debtors
15,094
Amounts owed by group undertakings and undertakings in which the company has a participating interest
496,030
462,132
Other debtors
2,152
1,941
---------
---------
513,276
464,073
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,648
10,648
Trade creditors
114,042
107,704
Corporation tax
28,405
3,303
Social security and other taxes
35,634
26,294
Other creditors
73,813
60,354
---------
---------
262,542
208,303
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,622
27,431
Other creditors
19,092
28,978
--------
--------
36,714
56,409
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
80,000
80,000
Later than 1 year and not later than 5 years
320,000
320,000
Later than 5 years
802,849
882,849
------------
------------
1,202,849
1,282,849
------------
------------
12. Other financial commitments
The company has given a debenture comprising a fixed and floating charge over all its assets in respect of banks loans of its parent company Greycat Garden Centres Limited.
13. Controlling party
The name of the parent undertaking is Greycat Garden Centres Limited a company registered in England and Wales .Registered Office 17 Newstead Grove, Nottingham NG1 4GZ