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REGISTERED NUMBER: 04917198 (England and Wales)















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: Mr P R Noble
Mr M W Noble
Mrs J M Noble





REGISTERED OFFICE: Victoria Farm Garden Centre
Guisborough Road
Whitby
North Yorkshire
YO21 1TL





REGISTERED NUMBER: 04917198 (England and Wales)





INDEPENDENT AUDITORS: Fortus Audit LLP (Statutory Auditor)
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:





Mr M W Noble - Director


25 October 2024

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
£40,000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2024 will be £ 40,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

Mr P R Noble
Mr M W Noble
Mrs J M Noble

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:





Mr M W Noble - Director


25 October 2024

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.




Frances Howard FCA (Senior Statutory Auditor)
for and on behalf of Fortus Audit LLP (Statutory Auditor)
Equinox House
Clifton Park
Shipton Road
York
Yorkshire
YO30 5PA

25 October 2024

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 3,690,379 3,683,460

Cost of sales 1,675,717 1,552,115
GROSS PROFIT 2,014,662 2,131,345

Administrative expenses 2,162,400 1,702,647
(147,738 ) 428,698

Other operating income 93 1,238
OPERATING (LOSS)/PROFIT 5 (147,645 ) 429,936

Interest receivable and similar income 10,897 1,518
(136,748 ) 431,454

Interest payable and similar expenses 7 24,065 21,032
(LOSS)/PROFIT BEFORE TAXATION (160,813 ) 410,422

Tax on (loss)/profit 8 (2,282 ) 105,281
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(158,531

)

305,141

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 (158,531 ) 305,141


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(158,531

)

305,141

Victoria Farm Garden Centre Ltd (Registered number: 04917198)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 214,375 275,625
Tangible assets 11 4,512,085 4,587,375
4,726,460 4,863,000

CURRENT ASSETS
Stocks 12 480,759 661,652
Debtors 13 13,798 30,147
Cash at bank and in hand 1,545,645 1,588,949
2,040,202 2,280,748
CREDITORS
Amounts falling due within one year 14 561,647 563,732
NET CURRENT ASSETS 1,478,555 1,717,016
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,205,015

6,580,016

CREDITORS
Amounts falling due after more than one
year

15

(60,907

)

(239,221

)

PROVISIONS FOR LIABILITIES 20 (166,950 ) (165,106 )
NET ASSETS 5,977,158 6,175,689

CAPITAL AND RESERVES
Called up share capital 21 4 4
Retained earnings 22 5,977,154 6,175,685
SHAREHOLDERS' FUNDS 5,977,158 6,175,689

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:




Mr M W Noble - Director Mrs J M Noble - Director




Mr P R Noble - Director


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 4 5,914,544 5,914,548

Changes in equity
Dividends - (44,000 ) (44,000 )
Total comprehensive income - 305,141 305,141
Balance at 31 January 2023 4 6,175,685 6,175,689

Changes in equity
Dividends - (40,000 ) (40,000 )
Total comprehensive income - (158,531 ) (158,531 )
Balance at 31 January 2024 4 5,977,154 5,977,158

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 1 427,494 600,650
Interest paid (24,065 ) (21,032 )
Tax paid (113,973 ) (21,648 )
Net cash from operating activities 289,456 557,970

Cash flows from investing activities
Purchase of tangible fixed assets (136,804 ) (46,158 )
Interest received 10,897 1,518
Net cash from investing activities (125,907 ) (44,640 )

Cash flows from financing activities
Loan repayments in year (178,313 ) (177,009 )
Amount introduced by directors 40,000 357,795
Amount withdrawn by directors (28,540 ) (41,000 )
Equity dividends paid (40,000 ) (44,000 )
Net cash from financing activities (206,853 ) 95,786

(Decrease)/increase in cash and cash equivalents (43,304 ) 609,116
Cash and cash equivalents at beginning of
year

2

1,588,949

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 (160,813 ) 410,422
Depreciation charges 249,626 247,789
Loss on disposal of fixed assets 23,717 -
Finance costs 24,065 21,032
Finance income (10,897 ) (1,518 )
125,698 677,725
Decrease in stocks 180,893 9,298
Decrease in trade and other debtors 16,349 2,615
Increase/(decrease) in trade and other creditors 104,554 (88,988 )
Cash generated from operations 427,494 600,650

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 (43,304 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

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
£    £   
Whitby Garden Centre 597,525 633,776
Selby Garden Centre 1,202,530 1,347,681
Whitby Café 495,525 425,374
Selby Restaurant 1,147,996 1,017,721
Caravan rents 78,224 69,337
Caravan electric/shower tokens 2,306 5,885
Holiday Cottages 155,697 174,855
Commission on vouchers 7,876 6,231
Own consumption 2,700 2,600
3,690,379 3,683,460

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 1,263,667 821,173
Social security costs 57,355 45,203
Other pension costs 11,482 20,455
1,332,504 886,831

The average number of employees during the year was as follows:
31.1.24 31.1.23

Directors 3 3
Other staff 62 65
65 68

The directors are the key management personnel of the entity.

31.1.24 31.1.23
£    £   
Directors' remuneration 103,290 82,770

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 14,993 5,552
Other operating leases 30,000 35,535
Depreciation - owned assets 188,377 186,540
Loss on disposal of fixed assets 23,717 -
Goodwill amortisation 61,250 61,250

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

8,000

-

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.1.24 31.1.23
£    £   
Bank loan interest 24,065 21,032

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 (4,126 ) 118,099

Deferred tax 1,844 (12,818 )
Tax on (loss)/profit (2,282 ) 105,281

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 (160,813 ) 410,422
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19% (2023 - 19%)

(30,554

)

77,980

Effects of:
Depreciation in excess of capital allowances 26,428 40,119
Deferred tax movement 1,844 (12,818 )
Total tax (credit)/charge (2,282 ) 105,281

9. DIVIDENDS
31.1.24 31.1.23
£    £   
Ordinary A shares of 1 each
Interim 40,000 44,000

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 662,500
AMORTISATION
At 1 February 2023 386,875
Amortisation for year 61,250
At 31 January 2024 448,125
NET BOOK VALUE
At 31 January 2024 214,375
At 31 January 2023 275,625

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 2,701,313 1,673,895 1,268,862
Additions - 2,558 133,871
Disposals - - (80,310 )
At 31 January 2024 2,701,313 1,676,453 1,322,423
DEPRECIATION
At 1 February 2023 558,333 98,478 428,993
Charge for year 54,027 33,529 95,115
Eliminated on disposal - - (57,796 )
At 31 January 2024 612,360 132,007 466,312
NET BOOK VALUE
At 31 January 2024 2,088,953 1,544,446 856,111
At 31 January 2023 2,142,980 1,575,417 839,869

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 82,110 - 5,726,180
Additions - 375 136,804
Disposals (8,292 ) - (88,602 )
At 31 January 2024 73,818 375 5,774,382
DEPRECIATION
At 1 February 2023 53,001 - 1,138,805
Charge for year 5,582 124 188,377
Eliminated on disposal (7,089 ) - (64,885 )
At 31 January 2024 51,494 124 1,262,297
NET BOOK VALUE
At 31 January 2024 22,324 251 4,512,085
At 31 January 2023 29,109 - 4,587,375

12. STOCKS
31.1.24 31.1.23
£    £   
Stock 480,759 661,652

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 1,811 11,893
Other debtors 2,359 12,209
Tax refund debtor 4,126 -
Prepayments 5,502 6,045
13,798 30,147

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts (see note 16) 177,778 177,778
Trade creditors 237,220 154,164
Tax - 118,099
Social security and other taxes 9,819 12,439
Pension control 1,834 -
Net wages control 352 -
VAT 78,088 71,799
Other creditors 888 2,500
Directors' current accounts 14,425 2,965
Accrued expenses 41,243 23,988
561,647 563,732

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans (see note 16) 60,907 239,221

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 177,778 177,778

Amounts falling due between one and two years:
Bank loans - 1-2 years 60,907 177,778

Amounts falling due between two and five years:
Bank loans - 2-5 years - 61,443

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 30,000 -

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 238,685 -

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 1,844 (12,818 )
Deferred tax 165,106 177,924
166,950 165,106

Deferred
tax
£   
Balance at 1 February 2023 165,106
Charge to Income Statement during year 1,844
Balance at 31 January 2024 166,950

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
4 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 6,175,685
Deficit for the year (158,531 )
Dividends (40,000 )
At 31 January 2024 5,977,154

23. CAPITAL COMMITMENTS
31.1.24 31.1.23
£    £   
Contracted but not provided for in the
financial statements 24,000 -

As at 31st January 2024, the company had contracted to complete installation of Solar Panels amounting to £24,000.