Registered number
08844482
PRESTBURY PLANT & GARDEN LTD
Filleted Accounts
31 January 2024
PRESTBURY PLANT & GARDEN LTD
Registered number: 08844482
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 33,974 45,080
Current assets
Stocks 65,029 74,502
Debtors 4 4,544 3,938
Cash at bank and in hand 89,270 93,386
158,843 171,826
Creditors: amounts falling due within one year 5 (101,573) (108,939)
Net current assets 57,270 62,887
Total assets less current liabilities 91,244 107,967
Provisions for liabilities (6,455) (8,565)
Net assets 84,789 99,402
Capital and reserves
Called up share capital 600 600
Profit and loss account 84,189 98,802
Shareholders' funds 84,789 99,402
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C J Wellavize
Director
Approved by the board on 28 March 2024
PRESTBURY PLANT & GARDEN LTD
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 25% per annum reducing balance basis
Motor vehicles 25% per annum reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 12
(inclusive of directors)
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 69,156 19,894 89,050
Additions 220 - 220
At 31 January 2024 69,376 19,894 89,270
Depreciation
At 1 February 2023 34,334 9,636 43,970
Charge for the year 8,761 2,565 11,326
At 31 January 2024 43,095 12,201 55,296
Net book value
At 31 January 2024 26,281 7,693 33,974
At 31 January 2023 34,822 10,258 45,080
4 Debtors 2024 2023
£ £
Trade debtors and prepayments 2,587 1,723
Other debtors 1,957 2,215
4,544 3,938
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors and accruals 71,463 93,661
Corporation tax 17,903 11,514
Other taxes and social security costs - 540
Other creditors - directors' loan accounts 12,207 3,224
101,573 108,939
6 Events after the reporting date
There were no events after the reporting date which would affect the user's understanding of these accounts.
7 Contingent liabilities
There were no contingent liabilities in existence at the year end.
8 Controlling party
The company is controlled by Mr and Mrs C J Wellavize.
9 Other information
PRESTBURY PLANT & GARDEN LTD is a private company limited by shares and incorporated in England. Its registered office is:
24 Oswald Road
Chorlton Cum Hardy
Manchester
M21 9LP
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