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REGISTERED NUMBER: 01242176 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Milton Ernest Garden Centre Limited

Milton Ernest Garden Centre Limited (Registered number: 01242176)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Milton Ernest Garden Centre Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: R J Catlin
Mrs M A Catlin





REGISTERED OFFICE: Milton Ernest Garden Centre
Radwell Road
Milton Ernest
Bedford
MK44 1SH





REGISTERED NUMBER: 01242176 (England and Wales)





ACCOUNTANTS: Willsons
Chartered Accountants
Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW

Milton Ernest Garden Centre Limited (Registered number: 01242176)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 29,606 -
Tangible assets 5 47,399 49,698
77,005 49,698

CURRENT ASSETS
Stocks 229,654 185,106
Debtors 6 34,362 24,788
Cash at bank and in hand 442,990 462,844
707,006 672,738
CREDITORS
Amounts falling due within one year 7 262,061 203,410
NET CURRENT ASSETS 444,945 469,328
TOTAL ASSETS LESS CURRENT
LIABILITIES

521,950

519,026

PROVISIONS FOR LIABILITIES 8,186 6,423
NET ASSETS 513,764 512,603

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 513,664 512,503
SHAREHOLDERS' FUNDS 513,764 512,603

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Milton Ernest Garden Centre Limited (Registered number: 01242176)

Balance Sheet - continued
31 July 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Mrs M A Catlin - Director


Milton Ernest Garden Centre Limited (Registered number: 01242176)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Milton Ernest Garden Centre Limited 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. The turnover is recognised at the point of sale and represents the net amount, excluding VAT, of cash sales / invoices to customers less credit notes for goods returned less loyalty discount.

Intangible assets - goodwill
Goodwill represents the acquisition of a business in 2023. This goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is five years. Provision is made for any impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 5% on cost
Fixtures and fittings - at variable rates on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.


Milton Ernest Garden Centre Limited (Registered number: 01242176)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account as they are invoiced over the period of the lease.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 37,008
At 31 July 2024 37,008
AMORTISATION
Amortisation for year 7,402
At 31 July 2024 7,402
NET BOOK VALUE
At 31 July 2024 29,606

Milton Ernest Garden Centre Limited (Registered number: 01242176)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2023 29,260 378,170 8,833 416,263
Additions - 9,415 - 9,415
At 31 July 2024 29,260 387,585 8,833 425,678
DEPRECIATION
At 1 August 2023 19,679 338,803 8,083 366,565
Charge for year 1,463 10,063 188 11,714
At 31 July 2024 21,142 348,866 8,271 378,279
NET BOOK VALUE
At 31 July 2024 8,118 38,719 562 47,399
At 31 July 2023 9,581 39,367 750 49,698

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 8,776 2,130
Prepayments 25,586 22,658
34,362 24,788

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 151,794 48,831
Corporation Tax 37,799 49,300
VAT 62,831 62,390
Other creditors 4,034 1,004
Directors' current accounts 2,524 2,524
Accrued expenses 3,079 39,361
262,061 203,410

Milton Ernest Garden Centre Limited (Registered number: 01242176)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.24 31.7.23
£    £   
Within one year 103,975 98,100
Between one and five years 415,900 415,900
In more than five years 831,025 935,000
1,350,900 1,449,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1 100 100