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COMPANY REGISTRATION NUMBER: 01005558
Scratby Garden Centre Limited
Unaudited financial statements
31 March 2024
Scratby Garden Centre Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
195,886
159,629
Current assets
Stocks
198,391
196,528
Cash at bank and in hand
12,999
6,861
---------
---------
211,390
203,389
Creditors: Amounts falling due within one year
6
( 391,787)
( 373,045)
---------
---------
Net current liabilities
( 180,397)
( 169,656)
---------
---------
Total assets less current liabilities
15,489
( 10,027)
Creditors: Amounts falling due after more than one year
7
( 16,983)
( 26,667)
-------
-------
Net liabilities
( 1,494)
( 36,694)
-------
-------
Capital and reserves
Called up share capital
4,500
4,500
Profit and loss account
( 5,994)
( 41,194)
------
-------
Shareholders deficit
( 1,494)
( 36,694)
------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Miss S J Lawson
Director
Company registration number: 01005558
Scratby Garden Centre Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hall Farm, Scratby, Great Yarmouth, Norfolk, NR29 3AJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has the continued support of the directors and other creditors. The directors therefore expect the company will be able to trade for the foreseeable future and the accounts have therefore been prepared under a going concern basis. Should this basis not be appropriate it may prove necessary to write assets down to their net recoverable value and to provide for additional liabilities that may arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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 recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Fixtures
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
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 stock to its present location and condition.
4. Employee numbers
The average number of employees during the year was 14 (2023: 13 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
92,901
127,862
46,749
267,512
Additions
28,338
24,290
52,628
-------
---------
-------
---------
At 31 March 2024
92,901
156,200
71,039
320,140
-------
---------
-------
---------
Depreciation
At 1 April 2023
66,425
41,458
107,883
Charge for the year
8,975
7,396
16,371
-------
---------
-------
---------
At 31 March 2024
75,400
48,854
124,254
-------
---------
-------
---------
Carrying amount
At 31 March 2024
92,901
80,800
22,185
195,886
-------
---------
-------
---------
At 31 March 2023
92,901
61,437
5,291
159,629
-------
---------
-------
---------
6. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
18,524
Trade creditors
103,094
94,157
Social security and other taxes
37,750
35,028
Other creditors
240,943
225,336
---------
---------
391,787
373,045
---------
---------
Bank loans and overdrafts are secured on the assets owned.
7. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,983
26,667
-------
-------
Bank loans and overdrafts are secured on the assets owned.
8. Directors' advances, credits and guarantees
During the year, the company operated interest free loans with the directors. At 31 March 2024, the directors owed the company £2,139 (2023: the company owed the directors £6,848).