Company registration number SC306843 (Scotland)
Parkhill Nurseries & Garden Centre Ltd.
Unaudited financial statements
for the year ended 31 January 2024
Pages for filing with registrar
Parkhill Nurseries & Garden Centre Ltd.
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Parkhill Nurseries & Garden Centre Ltd.
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parkhill Nurseries & Garden Centre Ltd. for the year ended 31 January 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Parkhill Nurseries & Garden Centre Ltd., as a body, in accordance with the terms of our engagement letter dated 21 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Parkhill Nurseries & Garden Centre Ltd. and state those matters that we have agreed to state to the Board of Directors of Parkhill Nurseries & Garden Centre Ltd., as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parkhill Nurseries & Garden Centre Ltd. and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Parkhill Nurseries & Garden Centre Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Parkhill Nurseries & Garden Centre Ltd. You consider that Parkhill Nurseries & Garden Centre Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Parkhill Nurseries & Garden Centre Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
22 October 2024
Parkhill Nurseries & Garden Centre Ltd.
Statement of financial position
as at 31 January 2024
31 January 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
150,500
172,000
Tangible assets
4
389,490
307,488
539,990
479,488
Current assets
Stocks
189,990
140,905
Debtors
79,043
114,375
Cash at bank and in hand
738,831
47,723
1,007,864
303,003
Creditors: amounts falling due within one year
(510,755)
(617,635)
Net current assets/(liabilities)
497,109
(314,632)
Total assets less current liabilities
1,037,099
164,856
Provisions for liabilities
(30,039)
(9,095)
Net assets
1,007,060
155,761
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,006,060
154,761
Total equity
1,007,060
155,761
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 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.
Parkhill Nurseries & Garden Centre Ltd.
Statement of financial position (continued)
as at 31 January 2024
31 January 2024
3
The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
Barry G. McGillivray
Director
Company registration number SC306843 (Scotland)
Parkhill Nurseries & Garden Centre Ltd.
Notes to the financial statements
for the year ended 31 January 2024
4
1
Accounting policies
Company information
Parkhill Nurseries & Garden Centre Ltd. is a private company limited by shares incorporated in Scotland. The registered office is Parkhill Nurseries, Parkhill, Dyce, Aberdeen, AB21 7AT.
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.
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 and services 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.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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.
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:
Freehold land and buildings
no depreciation is provided on land, 10% straight line on property
Property improvements
10% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% reducing balance and 20% & 33.3% straight line
Motor vehicles
25% straight line
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.
Parkhill Nurseries & Garden Centre Ltd.
Notes to the financial statements (continued)
for the year ended 31 January 2024
1
Accounting policies (continued)
5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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
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 income statement 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Parkhill Nurseries & Garden Centre Ltd.
Notes to the financial statements (continued)
for the year ended 31 January 2024
1
Accounting policies (continued)
6
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
49
44
3
Intangible fixed assets
Total
£
Cost
At 1 February 2023 and 31 January 2024
215,000
Amortisation and impairment
At 1 February 2023
43,000
Amortisation charged for the year
21,500
At 31 January 2024
64,500
Carrying amount
At 31 January 2024
150,500
At 31 January 2023
172,000
Parkhill Nurseries & Garden Centre Ltd.
Notes to the financial statements (continued)
for the year ended 31 January 2024
7
4
Tangible fixed assets
Total
£
Cost
At 1 February 2023
1,142,182
Additions
153,499
Disposals
(47,126)
At 31 January 2024
1,248,555
Depreciation and impairment
At 1 February 2023
834,694
Depreciation charged in the year
67,219
Eliminated in respect of disposals
(42,848)
At 31 January 2024
859,065
Carrying amount
At 31 January 2024
389,490
At 31 January 2023
307,488
5
Operating lease commitments
Lessee
At 31 January 2024 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £247 (2023 - £1,026).
6
Directors' transactions
During the year the following directors entered into advances and credits with the company:
Description
Opening debit balance
Amounts advanced
Amounts credited
Closing credit balance
£
£
£
£
Barry G. McGillivray - director's loan
(8,855)
(4,184)
19,500
6,461
(8,855)
(4,184)
19,500
6,461