Year Ended
Registration number:
Homeleigh Garden Centre Limited
Contents
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Statement of Income and Retained Earnings |
|
Balance Sheet |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Homeleigh Garden Centre Limited
Strategic Report for the Year Ended 29 February 2024
The directors present their strategic report for the year ended 29 February 2024.
Principal activity
The principal activity of the company is the operation of garden centres in the South West of the United Kingdom, with two located in Cornwall (Launceston and Bude) and one in Devon (Crediton).
Fair review of the business
This year (23/24), we experienced a significant increase in sales, reaching £13.1 million, up from £10.6 million in 22/23. This 23% growth in turnover is primarily attributed to the opening of our new store in Crediton, Devon, at the end of the 22/23 financial year.
The Crediton store represented a major financial investment for the Company, and it has been greatly supported by the local community since its inception. This robust community support is reflected in the strong sales figures reported in this year’s accounts.
Profit before tax rose to £759k in 23/24, compared to £737k in 22/23, representing 6% and 7% of turnover, respectively. The slight decline in profit before tax as a percentage of turnover is primarily due to increased costs in wages and utilities. Wage expenses grew by 37% in 23/24, and utility costs rose by over £200k during the same period.
The increase in salary costs is due to the expanded team at our new Crediton store, along with the increase in the national wage rates. We are also committed to retaining and rewarding our staff with our above-national-minimum-wage policy, which applies to all staff members. We see excellent staff retention, which we believe is attributed to our strong reputation in the local communities and competitive compensation packages.
Looking ahead, we are reviewing several strategic investments for the 24/25 financial year as part of our ongoing efforts to enhance our offerings.
Principal risks and uncertainties
We acknowledge the impact of the significant rise in wage and energy expenses.
To mitigate some of these challenges, we have installed solar panels on our new Crediton store and continue to benefit from the extensive number of panels installed at our Launceston store.
We remain committed to keeping our costs reasonable while supporting the local community through fair wages, employment opportunities, and the utilisation of local suppliers and contractors whenever feasible. Our strong workforce makes us a key employer in the towns where our garden centres are located.
In conclusion, we are optimistic about the future of our garden centres and are confident that our continued focus on customer satisfaction, strategic investments, and community engagement will contribute to our long-term success.
The Directors are satisfied that the company will remain a going concern, supported by the financial data of post year end trading and projections for future accounting periods.
Approved and authorised by the
......................................... |
Homeleigh Garden Centre Limited
Directors' Report for the Year Ended 29 February 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company’s operations are exposed to interest rate fluctuations. The company has a mixture of fixed and variable loans to mitigate this risk. Additionally, management monitors and takes action to mitigate the company’s price, credit and liquidity risk.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
The company is at risk of volatility in prices of raw materials. The company mitigates its risk to this volatility by working to anticipate a contingency in price setting before orders are quoted.
Credit risk
The company works to mitigate credit risk by running a credit application process before taking on a new customer. Outstanding debt is actively monitored, and credit terms are updated when necessary.
Liquidity risk
There is a risk that the company could over trade and have insufficient funds available to pay debts as they fall due. The risk is mitigated by the fact that stock holdings are carefully managed and rapidly turned over, any outstanding debts are actively chased, and good relationships are maintained with suppliers.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Homeleigh Garden Centre Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
Homeleigh Garden Centre Limited
Independent Auditor's Report to the Members of Homeleigh Garden Centre Limited
Opinion
We have audited the financial statements of Homeleigh Garden Centre Limited (the 'company') for the year ended 29 February 2024, which comprise the Statement of Income and Retained Earnings, Balance Sheet, Statement of Cash Flows, and 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 29 February 2024 and of its profit 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Homeleigh Garden Centre Limited
Independent Auditor's Report to the Members of Homeleigh Garden Centre Limited
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 3, 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 is 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.
Auditor 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 an auditor’s report 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 of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Homeleigh Garden Centre Limited
Independent Auditor's Report to the Members of Homeleigh Garden Centre Limited
We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK.
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Reviewing legal and professional costs to identify legal costs in respect of non compliance; and
• Making enquiries with management whether there have been any known instances, allegations or suspicions of fraud or non-compliance with laws and regulations.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting. Our procedures involved the following:
• Reviewing nominal journal entries for reasonableness;
• Reviewing significant accounting estimates for bias; and
• Reviewing inventories for evidence of impairment.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
......................................
Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
Homeleigh Garden Centre Limited
Statement of Income and Retained Earnings
Year Ended 29 February 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
(267,624) |
(145,866) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
5,038,581 |
4,456,501 |
|
Dividends paid |
( |
- |
|
Retained earnings carried forward |
5,472,878 |
5,038,581 |
Homeleigh Garden Centre Limited
Balance Sheet
29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
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|
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Tangible assets |
|
|
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Investment property |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
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Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
......................................... |
Company Registration Number: 04622982
Homeleigh Garden Centre Limited
Statement of Cash Flows
Year Ended 29 February 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
(Profit)/loss on disposal of tangible assets |
( |
|
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease/(increase) in trade debtors |
|
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
- |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of investment properties |
- |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
- |
|
|
Repayment of bank borrowing |
( |
( |
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
- |
|
Net cash flows from financing activities |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 March |
|
|
|
Cash and cash equivalents at 29 February |
474,246 |
533,685 |
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Accounting estimates and assumptions
Stock Provision
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in proft and loss. The provision at the end of the year was £215k (2023 - £215k). Reversals of impairment losses are also recognised in profit and loss.
Revenue recognition
Turnover represents net invoiced sales of goods to customers during the period, excluding value added tax.
i) Sale of goods - garden centre transactions
Turnover arising from cash and credit sales made within the garden centres is recognised at the point of sale.
ii) Sale of goods - internet based transactions
The company sells goods via its website for delivery to the customer. Turnover is recognised when the risks and rewards of the inventory is passed to the customer on dispatch of the goods. Transactions are settled by credit or payment card.
(iii) Hairdressing income
The company provides hairdressing services on the premises. Revenue is recognised in the accounting period in which the service takes place with payment arising on the same day. Payments are settled by cash or payment card.
(iv) Farm income
Turnover from farm sales is recognised on the date of sale, measured at the fair value of the consideration received or receivable, excluding discounts and rebates.
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Government grants
Government grants are accounted for based on the accrual model. Grants relating to revenue are recognised in income in the periods in which they become receivable.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
20% and 4% straight line, land is not depreciated |
Motor vehicles |
20% reducing balance |
Plant and machinery |
15% reducing balance |
Investment property
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Stocks
Garden centre stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
Farm stock is split between cattle, sheep and produce and are all valued at cost. Where cost cannot be determined they are valued at their fair value.
The cost formula used in measuring all stock is FIFO.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Turnover |
The analysis of the company's turnover for the year by class of business is as follows:
2024 |
2023 |
|
Garden centre |
|
|
Hairdressing |
|
|
Farm |
|
|
|
|
The analysis of the company's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Sub lease rental income |
|
|
Miscellaneous other operating income |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Farming |
|
|
Administration and support |
|
|
Garden centre |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
88,800 |
64,006 |
Auditor's remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
- |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of revenues exempt from taxation |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
UK deferred tax expense relating to changes in tax rates or laws |
|
|
Decrease from effect of tax incentives |
( |
( |
Total tax charge |
|
|
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Fixed asset timing differences |
- |
|
Short term timing differences |
|
- |
|
|
2023 |
Asset |
Liability |
Fixed asset timing differences |
- |
|
Tax losses carried forward |
|
- |
Short term timing differences |
|
- |
|
|
Intangible assets |
Goodwill |
|
Cost or valuation |
|
At 1 March 2023 |
|
At 29 February 2024 |
|
Amortisation |
|
At 1 March 2023 |
|
Amortisation charge |
|
At 29 February 2024 |
|
Carrying amount |
|
At 29 February 2024 |
|
At 28 February 2023 |
|
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Tangible assets |
Land and buildings |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 March 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
( |
- |
( |
At 29 February 2024 |
|
|
|
|
Depreciation |
||||
At 1 March 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
( |
- |
( |
At 29 February 2024 |
|
|
|
|
Carrying amount |
||||
At 29 February 2024 |
|
|
|
|
At 28 February 2023 |
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Plant and machinery |
126,406 |
76,305 |
Included within the net book value of land and buildings above is £7,019,770 (2023 - £6,760,501) in respect of freehold land and buildings.
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Investment properties |
2024 |
|
At 1 March |
|
At 29 February |
|
The investment property (Epcott House) was independently valued by Stags on 29th February 2020. The directors are of the opinion that this is not materially different and continues to reflect the current open market value.
Crediton bungalow was transferred to investment property at the directors best estimate of the cost which the directors consider is not materially different from the open market value as at 28th February 2021.
Willow bungalow was purchased during 2023 and brought in to investment properties at its purchase price as the best estimate of fair value at the year end.
If investment property had not been revalued it would have been included at historical cost of £1,310,375 (2023 - £1,310,375).
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
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|
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Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Bank overdrafts |
( |
( |
Cash and cash equivalents in statement of cash flows |
474,246 |
533,685 |
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
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Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Corporation tax |
121,950 |
- |
|
|
|
||
Due after one year |
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Loans and borrowings |
|
|
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Loans and borrowings |
2024 |
2023 |
|
Non-current loans and borrowings |
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Bank borrowings |
|
|
Hire purchase contracts |
|
- |
|
|
2024 |
2023 |
|
Current loans and borrowings |
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Bank borrowings |
|
|
Bank overdrafts |
|
|
Hire purchase contracts |
|
- |
|
|
Bank borrowings
|
The NatWest loans are secured by a personal guarantee from the shareholders supported by legal charges over freehold land. |
Included in the loans and borrowings are the following amounts due after more than five years:
2024 |
2023 |
|
After more than five years by instalments |
|
|
- |
- |
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 March 2023 |
|
|
Increase in existing provisions |
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At 29 February 2024 |
|
|
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Homeleigh Garden Centre Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Analysis of changes in net debt |
At 1 March 2023 |
Financing cash flows |
Other non-cash changes |
At 29 February 2024 |
|
Cash and cash equivalents |
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Cash |
534,731 |
(58,121) |
- |
476,610 |
Overdrafts |
(1,046) |
(1,318) |
- |
(2,364) |
533,685 |
(59,439) |
- |
474,246 |
|
Borrowings |
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Long term borrowings |
(4,708,449) |
- |
236,867 |
(4,471,582) |
Short term borrowings |
(137,864) |
203,519 |
(236,867) |
(171,212) |
Lease liabilities |
- |
15,849 |
(121,029) |
(105,180) |
(4,846,313) |
219,368 |
(121,029) |
(4,747,974) |
|
( |
|
( |
( |
|
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Related party transactions |
Income and receivables from related parties
2024 |
Key management |
Receipt of services |
|
|
2023 |
Key management |
Receipt of services |
|
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Expenditure with and payables to related parties
2024 |
Key management |
Rendering of services |
|
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2023 |
Key management |
Rendering of services |
|
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Parent and ultimate parent undertaking |
The ultimate controlling parties are