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Rowan Garden Centre Limited
Filleted accounts
31 January 2024
Company registration number: 06371827
Rowan Garden Centre Limited
Directors and other information
Directors C C Veys
A Pao
Company number 06371827
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Rowan Garden Centre Limited
Balance sheet
31st January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 717,004 661,022
_______ _______
717,004 661,022
Current assets
Stocks 304,189 260,234
Debtors 6 17,975 9,345
Cash at bank and in hand 97,302 13,446
_______ _______
419,466 283,025
Creditors: amounts falling due
within one year 7 ( 533,946) ( 448,696)
_______ _______
Net current liabilities ( 114,480) ( 165,671)
_______ _______
Total assets less current liabilities 602,524 495,351
Creditors: amounts falling due
after more than one year 8 ( 45,476) ( 62,068)
Provisions for liabilities 9 ( 36,449) ( 21,824)
_______ _______
Net assets 520,599 411,459
_______ _______
Capital and reserves
Called up share capital 11 100 100
Profit and loss account 520,499 411,359
_______ _______
Shareholders funds 520,599 411,459
_______ _______
For the 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.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
C C Veys
Director
Company registration number: 06371827
Rowan Garden Centre 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 & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be a nursery and garden centre.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - Reducing balance basis at 10%-20% per annum
Motor vehicles - Reducing balance basis at 20% per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Freehold property
Depreciation has not been provided in respect of freehold buildings. The company adopts a policy of fully maintaining it's buildings and as such net book value is not expected to fall below costs. Freehold property includes a mobile home which is depreciated at 10% on a reducing balance basis.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2023: 34 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st February 2023 497,766 377,953 46,475 922,194
Additions 28,586 69,686 - 98,272
_______ _______ _______ _______
At 31st January 2024 526,352 447,639 46,475 1,020,466
_______ _______ _______ _______
Depreciation
At 1st February 2023 10,700 240,618 9,854 261,172
Charge for the year 530 34,436 7,324 42,290
_______ _______ _______ _______
At 31st January 2024 11,230 275,054 17,178 303,462
_______ _______ _______ _______
Carrying amount
At 31st January 2024 515,122 172,585 29,297 717,004
_______ _______ _______ _______
At 31st January 2023 487,066 137,335 36,621 661,022
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 1,060 542
Other debtors 16,915 8,803
_______ _______
17,975 9,345
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loan 10,000 10,000
Trade creditors 65,841 79,295
Social security and other taxes 53,466 37,989
Other creditors 404,639 321,412
_______ _______
533,946 448,696
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loan 20,833 30,833
Other creditors 24,643 31,235
_______ _______
45,476 62,068
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1st February 2023 21,824 21,824
Additions 14,625 14,625
_______ _______
At 31st January 2024 36,449 36,449
_______ _______
10. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 9) 36,449 21,824
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 36,449 30,838
Unused tax losses - ( 9,014)
_______ _______
36,449 21,824
_______ _______
11. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______