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Filleted

Registration number: 04642943

Robert's Garden Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Robert's Garden Centre Limited

Contents

Company Information

1

Balance Sheet

2 to 3

 

Robert's Garden Centre Limited

Company Information

Director

Robert Burley Jones

Registered office

Robert's Garden Centre Limited
Barley Mow
Lampeter
Ceredigion
SA48 7BY

 

Robert's Garden Centre Limited

(Registration number: 04642943)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,160

21,450

Current assets

 

Stocks

5

112,734

147,994

Cash at bank and in hand

 

48,747

52,114

 

161,481

200,108

Creditors: Amounts falling due within one year

6

(54,913)

(78,462)

Net current assets

 

106,568

121,646

Total assets less current liabilities

 

123,728

143,096

Creditors: Amounts falling due after more than one year

6

(11,350)

(46,103)

Provisions for liabilities

(3,260)

(4,089)

Net assets

 

109,118

92,904

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

109,018

92,804

Total equity

 

109,118

92,904

For the financial year ending 31 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Robert's Garden Centre Limited

(Registration number: 04642943)
Balance Sheet as at 31 January 2024

Approved and authorised by the director on 31 May 2024
 

.........................................
Robert Burley Jones
Director

   
     
 

Robert's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Robert's Garden Centre Limited
Barley Mow
Lampeter
Ceredigion
SA48 7BY

These financial statements were authorised for issue by the director on 31 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Robert's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probably that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Office equipment

20% reducing balance

Motor vehicles

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method and after making due allowance for obsolete and slow moving items.

 

Robert's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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.

 

Robert's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

31,488

689

31,598

63,775

At 31 January 2024

31,488

689

31,598

63,775

Depreciation

At 1 February 2023

25,966

248

16,111

42,325

Charge for the year

1,105

88

3,097

4,290

At 31 January 2024

27,071

336

19,208

46,615

Carrying amount

At 31 January 2024

4,417

353

12,390

17,160

At 31 January 2023

5,522

441

15,487

21,450

5

Stocks

2024
£

2023
£

Other inventories

112,734

147,994

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

8,730

13,826

Trade creditors

 

25,169

34,455

Taxation and social security

 

991

708

Other related parties

 

3,388

12,538

Outstanding defined contribution pension costs

 

-

90

Corporation tax liability

 

9,307

9,468

Other creditors

 

7,328

7,377

 

54,913

78,462

 

Robert's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

11,350

46,103

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

7,912

38,915

HP and finance lease liabilities

3,438

7,188

11,350

46,103

2024
£

2023
£

Current loans and borrowings

Bank borrowings

4,980

10,076

HP and finance lease liabilities

3,750

3,750

8,730

13,826

9

Related party transactions

The loan from the director is interest free and repayable on demand.

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Robert Burley Jones

Loan from director

(12,538)

41,734

(32,584)

(3,388)

         
       

 

 

Robert's Garden Centre Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Robert Burley Jones

Loan from director

(17,179)

36,027

(31,386)

(12,538)