REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 January 2024 |
for |
Victoria Farm Garden Centre Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 January 2024 |
for |
Victoria Farm Garden Centre Ltd |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
Victoria Farm Garden Centre Ltd |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Equinox House |
Clifton Park |
Shipton Road |
York |
Yorkshire |
YO30 5PA |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Strategic Report |
for the Year Ended 31 January 2024 |
The directors present their strategic report for the year ended 31 January 2024. |
REVIEW OF BUSINESS |
Victoria Farm Garden Centre Ltd operate two garden centres, each having an onsite café/restaurant, as well as cottages and a caravan park. This is the first year in which the business has been required to complete and audit for their accounts. The directors are satisfied with the company's results this year - the loss was expected due to transactions made during the financial year. Total turnover for the year is on par with last year, with the increase being under 1%. Directors have decreased stock held within the business by 30%. Debtors have significantly decreased, now at a third of the previous year's figure. Creditors have stayed constant, however, long term creditors have decreased to a quarter of last year's figure. |
PRINCIPAL RISKS AND UNCERTAINTIES |
A potential risk to us would have to be the uncertainty of the possible claim against us by Network Rail following the landslip at Airy Hill Caravan Park and the withholding of the money set aside for such matter. Our Insurers are dealing with this on our behalf however we do not know when to expect an outcome at this time. |
On another point would be in respect of our new Labour Government introducing any new taxes, regulations etc that we need to adhere to. These could be in relation to ourselves as Directors and to our employees. |
ON BEHALF OF THE BOARD: |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the operation of garden centres with restaurant facilities. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
£10,000 | - 31 July 2023 |
£30,000 | - 31 January 2024 |
£ |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 January 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
The matters required in the Directors Report are covered in the Strategic Report as the Directors consider them to be of strategic significance. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Report of the Directors |
for the Year Ended 31 January 2024 |
AUDITORS |
The auditors, Fortus Audit LLP (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Victoria Farm Garden Centre Ltd |
Opinion |
We have audited the financial statements of Victoria Farm Garden Centre Ltd (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Victoria Farm Garden Centre Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect to irregularities including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK. |
We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance. |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets. |
Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above. |
We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Victoria Farm Garden Centre Ltd |
Other matters which we are required to address |
The previous years accounts were not audited, with this being the first year in which they are required to have an audit. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Equinox House |
Clifton Park |
Shipton Road |
York |
Yorkshire |
YO30 5PA |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Income Statement |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(147,738 | ) | 428,698 |
Other operating income |
OPERATING (LOSS)/PROFIT | 5 | ( |
) |
Interest receivable and similar income |
(136,748 | ) | 431,454 |
Interest payable and similar expenses | 7 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 8 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Other Comprehensive Income |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Statement of Changes in Equity |
for the Year Ended 31 January 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 January 2024 |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Cash Flow Statement |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 40,000 | 357,795 |
Amount withdrawn by directors | (28,540 | ) | (41,000 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
979,833 |
Cash and cash equivalents at end of year | 2 | 1,545,645 | 1,588,949 |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Notes to the Cash Flow Statement |
for the Year Ended 31 January 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.1.24 | 31.1.23 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 24,065 | 21,032 |
Finance income | (10,897 | ) | (1,518 | ) |
125,698 | 677,725 |
Decrease in stocks |
Decrease in trade and other debtors |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 1,545,645 | 1,588,949 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 1,588,949 | 979,833 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,588,949 | (43,304 | ) | 1,545,645 |
1,588,949 | ( |
) | 1,545,645 |
Debt |
Debts falling due within 1 year | (177,778 | ) | - | (177,778 | ) |
Debts falling due after 1 year | (239,221 | ) | 178,314 | (60,907 | ) |
(416,999 | ) | 178,314 | (238,685 | ) |
Total | 1,171,950 | 135,010 | 1,306,960 |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Victoria Farm Garden Centre Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have considered the financial position of the company and its trading projections and have a |
reasonable expectation that the company has adequate resources to continue trade into the foreseeable future. |
The company therefore continues to adopt the going concern basis in preparing the financial statements. |
Significant judgements and estimates |
The preparation of financial statements require management to make estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The directors are of the opinion that there are no areas of estimation uncertainty and critical judgements that affect materially the accounting policies and the reported amounts of assets, liabilities, income and expenses in the current year or prior year. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
There are no Intangible Assets other than Goodwill. |
Tangible fixed assets |
Tangible fixed assets held for the company’s own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation is provided at the following rates in order to write off each asset over its estimated life: |
Property & Property Improvements = 2% Straight Line |
Fixtures & Fittings = 10% Reducing Balance |
Motor Vehicles = 20% Reducing Balance |
Office Equipment = 33% Straight Line |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
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. |
Financial instruments |
All company financial assets and liabilities are basic financial instruments measured at amortised costs. |
3. | TURNOVER |
The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
31.1.24 | 31.1.23 |
£ | £ |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
4. | EMPLOYEES AND DIRECTORS |
31.1.24 | 31.1.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.1.24 | 31.1.23 |
Directors | 3 | 3 |
Other staff | 62 | 65 |
The directors are the key management personnel of the entity. |
31.1.24 | 31.1.23 |
£ | £ |
Directors' remuneration |
The Directors remuneration stated above relates to the total salaries paid to the three Directors. |
Two of the Directors had pension contributions paid by the company during the year. The total Directors pension contributions paid during the year was £318,600. Last year, two directors had total pension contributions of £9,531. |
5. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging: |
31.1.24 | 31.1.23 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill amortisation |
6. | AUDITORS' REMUNERATION |
31.1.24 | 31.1.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.1.24 | 31.1.23 |
£ | £ |
Bank loan interest |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
8. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
31.1.24 | 31.1.23 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax | 1,844 | (12,818 | ) |
Tax on (loss)/profit | ( |
) |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.1.24 | 31.1.23 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Depreciation in excess of capital allowances |
Deferred tax movement | ( |
) |
Total tax (credit)/charge | (2,282 | ) | 105,281 |
9. | DIVIDENDS |
31.1.24 | 31.1.23 |
£ | £ |
Ordinary A shares of 1 each |
Interim |
10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
Amortisation for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
11. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
12. | STOCKS |
31.1.24 | 31.1.23 |
£ | £ |
Stock |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Other debtors |
Tax refund debtor | 4,126 | - |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
Pension control | 1,834 | - |
Net wages control | 352 | - |
VAT | 78,088 | 71,799 |
Other creditors |
Directors' current accounts | 14,425 | 2,965 |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans (see note 16) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
31.1.24 | 31.1.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.1.24 | 31.1.23 |
£ | £ |
Within one year |
The operating lease figure comprises of annual storage costs of £30,000. The storage costs are expected to stay the same next year. |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans |
There is a Legal Mortgage held by the Clydesdale Bank PLC over Airy Hill Caravan Park and Cottages, |
Whitby, North Yorkshire and a fixed and floating charge over the undertaking and all its assets. |
19. | FINANCIAL INSTRUMENTS |
The company uses various financial instruments in order to ensure sufficient working capital for the business, and to allow the ongoing operation of all sites. These include cash at bank, cash held at premises and bank loan borrowing. |
The existence of these financial instruments exposes the company to a number of financial risks. |
The company manages these risks by use of fixed rate borrowing, and by maintaining careful control of the cash flows of the business. Cash held on the premises is kept at a level which is deemed appropriate for a float for the tills, and cash to be banked is kept secure until such point that it is deposited into the bank. |
20. | PROVISIONS FOR LIABILITIES |
31.1.24 | 31.1.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances | ( |
) |
Deferred tax | 165,106 | 177,924 |
166,950 | 165,106 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Charge to Income Statement during year |
Balance at 31 January 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary A | 1 | 4 | 4 |
Victoria Farm Garden Centre Ltd (Registered number: 04917198) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
22. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 31 January 2024 |
23. | CAPITAL COMMITMENTS |
31.1.24 | 31.1.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
As at 31st January 2024, the company had contracted to complete installation of Solar Panels amounting to £24,000. |