1 August 2023 v2024.58.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP103210992023-08-012024-07-31103210992024-07-31103210992023-07-3110321099core:WithinOneYear2024-07-3110321099core:WithinOneYear2023-07-3110321099core:AfterOneYear2024-07-3110321099core:AfterOneYear2023-07-3110321099core:ShareCapital2024-07-3110321099core:ShareCapital2023-07-3110321099core:RetainedEarningsAccumulatedLosses2024-07-3110321099core:RetainedEarningsAccumulatedLosses2023-07-3110321099bus:Director12023-08-012024-07-3110321099bus:Director22023-08-012024-07-3110321099bus:RegisteredOffice2023-08-012024-07-3110321099core:MotorVehicles2023-08-012024-07-3110321099core:OfficeEquipment2023-08-012024-07-3110321099core:FurnitureFittings2023-08-012024-07-31103210992022-08-012023-07-31103210992023-08-011032109912023-08-012024-07-3110321099countries:EnglandWales2023-08-012024-07-3110321099bus:AuditExemptWithAccountantsReport2023-08-012024-07-3110321099bus:PrivateLimitedCompanyLtd2023-08-012024-07-3110321099bus:SmallEntities2023-08-012024-07-3110321099bus:AbridgedAccounts2023-08-012024-07-31
Company registration number:
10321099
Horticultural Ltd
Unaudited Filleted Abridged Financial Statements for the year ended
31 July 2024
Horticultural Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Horticultural Ltd
Year ended
31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
abridged financial statements
of
Horticultural Ltd
for the year ended
31 July 2024
which comprise the abridged income statement, abridged statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com/​.
This report is made solely to the Board of Directors of
Horticultural Ltd
, as a body, in accordance with the terms of our engagement letter dated 21 December 2010. Our work has been undertaken solely to prepare for your approval the
abridged financial statements
of
Horticultural Ltd
and state those matters that we have agreed to state to the Board of Directors of
Horticultural Ltd
, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com/​. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Horticultural Ltd
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Horticultural Ltd
has kept adequate accounting records and to prepare statutory
abridged financial statements
that give a true and fair view of the assets, liabilities, financial position and loss of
Horticultural Ltd
. You consider that
Horticultural 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 abridged financial statements of Horticultural 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 abridged financial statements.
Switch Accounting
Chartered Management Accountants
Enterprise House
Ocean Way
Southampton
Hampshire
SO14 3XB
United Kingdom
Date:
15 November 2024
Horticultural Ltd
Abridged Statement of Financial Position
31 July 2024
20242023
Note££
Fixed assets    
Tangible assets 5
7,483
 
49,091
 
Current assets    
Stocks
130,827
 
177,416
 
Debtors -  
20,810
 
Cash at bank and in hand
2,594
 
598
 
133,421
 
198,824
 
Creditors: amounts falling due within one year
(861,784
)
(814,144
)
Net current liabilities
(728,363
)
(615,320
)
Total assets less current liabilities (720,880 ) (566,229 )
Creditors: amounts falling due after more than one year
(16,280
)
(26,928
)
Net liabilities
(737,160
)
(593,157
)
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(737,260
)
(593,257
)
Shareholders deficit
(737,160
)
(593,157
)
For the year ending
31 July 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 abridged 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 abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position and the abridged income statement for the year ended
31 July 2024
in accordance with Section 444(2A) of the Companies Act 2006.
These
abridged financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
abridged financial statements
were approved by the board of directors and authorised for issue on
15 November 2024
, and are signed on behalf of the board by:
S Baker
A Duck
DirectorDirector
Company registration number:
10321099
Horticultural Ltd
Notes to the Abridged Financial Statements
Year ended
31 July 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
The Garden Society Allington Lane
,
Fair Oak
,
Eastleigh
,
SO50 7DE
, England.

2 Statement of compliance

These
abridged financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
abridged financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
abridged financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The business continued to run at loss again this year and the company is funding the day to day working capital requirements via bank facilities and the continued support of its creditors and lenders.
So far the banks have been unwilling to lend any further, and the withdrawal of overdraft facilities poses a risk that they must mitigate. Currently the business is still reliant on borrowing and the director's have gone down the route of the hybrid financial services (and with it the much higher rates of interest) and by transferring funds from other businesses under their control.
As such the going concern basis of preparation of these accounts assumes the continued support of the creditors and lenders with a view to the business achieving profitable trading results in the next 12 months.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
25% straight line
Office equipment
20% straight line
Fixtures and fittings
20% straight line

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
22
(2023:
19.00
).

5 Fixed assets

Tangible assets
£
Cost  
At
1 August 2023
270,076
 
Additions
7,393
 
At
31 July 2024
277,469
 
Depreciation  
At
1 August 2023
220,985
 
Charge
49,001
 
At
31 July 2024
269,986
 
Carrying amount  
At
31 July 2024
7,483
 
At 31 July 2023
49,091