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REGISTERED NUMBER: 01901871 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SUNDOWN PETS GARDEN LIMITED

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


SUNDOWN PETS GARDEN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs G S Corr
Mrs D Griffin
S Malvern



SECRETARY: Mrs D Griffin



REGISTERED OFFICE: Treswell Road
Rampton
Retford
Nottinghamshire
DN22 0HX



REGISTERED NUMBER: 01901871 (England and Wales)



SENIOR STATUTORY AUDITOR: Raza Effendi MBA FCA



AUDITORS: KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The principal activity of the company for the year under review was that of operating an adventure theme park for younger children, which trades under the name of "Sundown Adventureland".

REVIEW OF BUSINESS
The company enjoyed another successful year’s trading in 2023, although there were various pressures on the company’s profitability.

Turnover increased by 7.5% compared to 2022, principally arising due to additional accommodation being available for customers at Wild Acre Village, the holiday accommodation immediately adjacent to the theme park.

Operating profit decreased slightly, from £728,235 to £667,113. This was principally due to an increase in depreciation charges arising from the continued investment in Sundown’s operations in earlier years.

Profit before tax decreased from £439,877 to £188,710, the further reduction in profits being due to the impact of interest rate rises on the company’s bank loans.

Profit after tax for the year amounted to £70,082 compared to a profit of £301,547 in 2022. Notwithstanding the downturn in profit, the directors consider the underlying profitability of the company, especially the EBITDA, to be very strong. They are therefore satisfied with the performance of the company and anticipate an improved trading performance in 2024.

Net assets total £7,475,133 compared to £7,405,051, which the directors consider to be a very satisfactory state of affairs.

The directors keep a close eye on key performance indicators including visitor numbers, visitor spend, etc but these are not considered necessary for a full understanding of the accounts.

PRINCIPAL RISKS AND UNCERTAINTIES
In normal times, the company considers that the principal risk and uncertainty of the business is the weather. As a major visitor attraction, the visitor and revenue figures are very much dependent on the weather, especially at key times such as Easter and Christmas. The company has mitigated these risks as far as possible by having invested substantially in indoor attractions.

Although it would appear that the risks from Covid are now behind us, but it cannot be ruled out that a similar problem could arise in the future. It would also be true to recognise that we are all living in increasingly uncertain times, which could also adversely impact on visitor numbers and spend in the future.

Nevertheless, the directors consider the current financial strength of the company to be very strong as shown by its long history of successful trading and the company should be well placed to withstand further disruption, even though it would be very unwelcome.

ON BEHALF OF THE BOARD:





Mrs G S Corr - Director


27 November 2024

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of operating an adventure theme park for younger children.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors during the year under review were:

Mrs G S Corr
Mrs D Griffin
S Malvern

The beneficial interests of the directors holding office on 31 December 2023 in the issued share capital of the company were as follows:
31.12.23 1.1.23
Ordinary £1 shares

Mrs G S Corr 600 600
Mrs D Griffin - -
S Malvern - -

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, KJA Kilner Johnson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs G S Corr - Director


27 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUNDOWN PETS GARDEN LIMITED

Opinion
We have audited the financial statements of Sundown Pets Garden Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 December 2023 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 Auditors' 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 directors' 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 financial statements are 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUNDOWN PETS GARDEN LIMITED


Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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 three, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

While planning our audit, we have enquired of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage.

We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements in addition to this, there has been no suspected fraud or irregularities reported to us.
While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities.

The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that require additional reporting.

These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUNDOWN PETS GARDEN LIMITED


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 a Report of the Auditors 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.




Raza Effendi MBA FCA (Senior Statutory Auditor)
for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

27 November 2024

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 3 5,766,565 5,363,689

Cost of sales 2,727,485 2,577,562
GROSS PROFIT 3,039,080 2,786,127

Administrative expenses 2,391,525 2,249,525
647,555 536,602

Other operating income 19,558 191,633
OPERATING PROFIT 5 667,113 728,235

Interest receivable and similar income 784 577
667,897 728,812

Interest payable and similar expenses 6 479,187 288,935
PROFIT BEFORE TAXATION 188,710 439,877

Tax on profit 7 118,628 138,330
PROFIT FOR THE FINANCIAL YEAR 70,082 301,547

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 70,082 301,547


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

70,082

301,547
Note
Prior year adjustment 8 (208,665 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(138,583

)

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 13,510,289 13,651,699
13,510,289 13,651,699

CURRENT ASSETS
Stocks 11 423,933 269,462
Debtors 12 231,478 255,549
Cash at bank and in hand 558,628 351,176
1,214,039 876,187
CREDITORS
Amounts falling due within one year 13 879,197 962,044
NET CURRENT ASSETS/(LIABILITIES) 334,842 (85,857 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,845,131

13,565,842

CREDITORS
Amounts falling due after more than one
year

14

(5,381,933

)

(5,291,354

)

PROVISIONS FOR LIABILITIES 18 (988,065 ) (869,437 )
NET ASSETS 7,475,133 7,405,051

CAPITAL AND RESERVES
Called up share capital 19 600 600
Capital redemption reserve 20 400 400
Capital contribution reserve 20 769,760 769,760
Retained earnings 20 6,704,373 6,634,291
SHAREHOLDERS' FUNDS 7,475,133 7,405,051

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





Mrs G S Corr - Director


SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital Capital
share Retained redemption contribution Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 600 6,332,744 400 769,760 7,103,504

Changes in equity
Total comprehensive income - 510,212 - - 510,212
Balance at 31 December 2022 600 6,842,956 400 769,760 7,613,716
Prior year adjustment - (208,665 ) - - (208,665 )
As restated 600 6,634,291 400 769,760 7,405,051

Changes in equity
Total comprehensive income - 70,082 - - 70,082
Balance at 31 December 2023 600 6,704,373 400 769,760 7,475,133

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,255,897 1,415,437
Interest paid (430,491 ) (256,196 )
Interest element of hire purchase payments
paid

(48,696

)

(32,739

)
Tax paid - (19,215 )
Taxation refund - 39,216
Net cash from operating activities 776,710 1,146,503

Cash flows from investing activities
Purchase of tangible fixed assets (671,660 ) (2,954,426 )
Interest received 784 577
Net cash from investing activities (670,876 ) (2,953,849 )

Cash flows from financing activities
New loans in year 250,000 -
Loan repayments in year (242,004 ) (159,532 )
New hire purchase loans 200,000 97,000
Hire purchase repayments in year (43,279 ) (26,396 )
Amount withdrawn by directors (63,099 ) (207,582 )
Net cash from financing activities 101,618 (296,510 )

Increase/(decrease) in cash and cash equivalents 207,452 (2,103,856 )
Cash and cash equivalents at beginning of
year

2

351,176

2,455,032

Cash and cash equivalents at end of year 2 558,628 351,176

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.23 31.12.22
£    £   
Profit before taxation 188,710 439,877
Depreciation charges 813,070 600,562
Finance costs 479,187 288,935
Finance income (784 ) (577 )
1,480,183 1,328,797
Increase in stocks (154,471 ) (34,122 )
Decrease/(increase) in trade and other debtors 69,125 (162,023 )
(Decrease)/increase in trade and other creditors (138,940 ) 282,785
Cash generated from operations 1,255,897 1,415,437

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 558,628 351,176
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 351,176 2,455,032


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 351,176 207,452 558,628
351,176 207,452 558,628
Debt
Finance leases (470,253 ) (156,721 ) (626,974 )
Debts falling due within 1 year (214,820 ) (56,079 ) (270,899 )
Debts falling due after 1 year (4,849,333 ) 48,085 (4,801,248 )
(5,534,406 ) (164,715 ) (5,699,121 )
Total (5,183,230 ) 42,737 (5,140,493 )

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Sundown Pets Garden 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.


Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is written off evenly over its useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Improvements to property - 5% on reducing balance
Plant and machinery - 25% on reducing balance and 10% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Freehold property and certain other assets are not depreciated for the reasons set out in Note 8 to the accounts.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Gifts of assets
Gifts of assets to the company are recorded at fair value. Deferred taxation is provided in instances where the company has taken over a tax liability where holdover relief has been claimed.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,990,782 1,762,842
Social security costs 141,374 125,565
Other pension costs 27,854 18,041
2,160,010 1,906,448

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 3 3
Park and support staff 107 97
110 100

The above numbers of employees include part-time and seasonal staff.

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS - continued

31.12.23 31.12.22
£    £   
Directors' remuneration 135,560 103,460

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Hire & haulage 11,410 10,552
Depreciation - owned assets 762,246 587,854
Depreciation - assets on hire purchase contracts 50,824 12,706
Auditors' remuneration 10,000 3,700

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 389,886 239,891
Interest on overdue taxation - (1 )
Loan 40,605 16,306
Hire purchase 48,696 32,739
479,187 288,935

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
Adjustment re previous year - (19,904 )

Deferred tax 118,628 158,234
Tax on profit 118,628 138,330

UK corporation tax has been charged at 23.50% (2022 - 19%).

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 188,710 439,877
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

44,347

83,577

Effects of:
Expenses not deductible for tax purposes 56 44
Capital allowances in excess of depreciation - (153,956 )
Depreciation in excess of capital allowances 74,225 -
Increase in corporation tax rate for deferred taxation - 208,665
Total tax charge 118,628 138,330

8. PRIOR YEAR ADJUSTMENT

The provision for deferred taxation as at 31.12.22 has been re-stated to reflect the increase in the corporation tax rate from 19% to 25%.

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 5,500
AMORTISATION
At 1 January 2023
and 31 December 2023 5,500
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 4,745,038 7,566,990 13,246,227
Additions - 484,147 8,160
At 31 December 2023 4,745,038 8,051,137 13,254,387
DEPRECIATION
At 1 January 2023 - 2,244,587 10,414,582
Charge for year - 360,940 317,123
At 31 December 2023 - 2,605,527 10,731,705
NET BOOK VALUE
At 31 December 2023 4,745,038 5,445,610 2,522,682
At 31 December 2022 4,745,038 5,322,403 2,831,645

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 1,432,007 27,886 207,154 27,225,302
Additions 141,106 4,100 34,147 671,660
At 31 December 2023 1,573,113 31,986 241,301 27,896,962
DEPRECIATION
At 1 January 2023 812,920 17,735 83,779 13,573,603
Charge for year 88,693 2,235 44,079 813,070
At 31 December 2023 901,613 19,970 127,858 14,386,673
NET BOOK VALUE
At 31 December 2023 671,500 12,016 113,443 13,510,289
At 31 December 2022 619,087 10,151 123,375 13,651,699

Freehold property comprises purchased land and buildings. No depreciation has been shown on certain purchased buildings because in the opinion of the directors, any such depreciation is immaterial. Other assets are only depreciated when they are brought into use.

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Improvements
to
property
£   
COST
At 1 January 2023
and 31 December 2023 1,016,460
DEPRECIATION
At 1 January 2023 12,706
Charge for year 50,824
At 31 December 2023 63,530
NET BOOK VALUE
At 31 December 2023 952,930
At 31 December 2022 1,003,754

11. STOCKS
31.12.23 31.12.22
£    £   
Goods for resale 423,933 269,462

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 3,954 17,771
Staff loan 2,034 4,058
Other debtors 179,779 179,779
Taxation 19,215 19,215
Directors' loan accounts 15,000 -
Prepayments 11,496 34,726
231,478 255,549

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 15) 176,601 162,188
Other loans (see note 15) 94,298 52,632
Hire purchase contracts (see note 16) 46,289 28,232
Trade creditors 84,629 263,919
Social security and other taxes 54,402 31,572
VAT 163,692 63,391
Directors' loan accounts 76,149 124,248
Accruals 183,137 235,862
879,197 962,044

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 15) 4,551,431 4,730,911
Other loans (see note 15) 249,817 118,422
Hire purchase contracts (see note 16) 580,685 442,021
5,381,933 5,291,354

15. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 176,601 162,188
Other loans 94,298 52,632
270,899 214,820

Amounts falling due between one and two years:
Bank loans - 1-2 years 176,601 160,378
Other loans - 1-2 years 94,298 52,632
270,899 213,010

Amounts falling due between two and five years:
Bank loans - 2-5 years 4,374,830 4,570,533
Other loans - 2-5 years 138,158 65,790
4,512,988 4,636,323

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 17,361 -

The company's bank loan has an interest rate of 3.45% over base and is repayable by 2027. However, the loan repayments are calculated as though the loan was repaid over a 15 year term.
Other loans have interest rates between 8% and 19.9% and are repayable by 2025 & 2029.

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 46,289 28,232
Between one and five years 185,156 112,930
In more than five years 395,529 329,091
626,974 470,253

17. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 4,728,032 4,893,099
Other loans 344,115 171,054
Hire purchase contracts 626,974 470,253
5,699,121 5,534,406

Bank loans are secured by a first charge against the company's freehold property.

One other loan is secured by a debenture (subject to the bank loan) and the personal guarantee of Mrs G Corr, a director.Another loan is unsecured.

Hire purchase liabilities are secured on the assets to which they relate and the personal guarantee of Mrs G Corr.

18. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Other timing differences 99,000 99,000
Accelerated capital allowances 889,065 770,437
988,065 869,437

Deferred
tax
£   
Balance at 1 January 2023 869,437
Provided during year 118,628
Balance at 31 December 2023 988,065

SUNDOWN PETS GARDEN LIMITED (REGISTERED NUMBER: 01901871)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 600 600

20. RESERVES
Capital Capital
Retained redemption contribution
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 6,842,956 400 769,760 7,613,116
Prior year adjustment (208,665 ) (208,665 )
6,634,291 7,404,451
Profit for the year 70,082 70,082
At 31 December 2023 6,704,373 400 769,760 7,474,533

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mrs D Griffin
Balance outstanding at start of year - -
Amounts advanced 15,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,000 -

The loan is subject to interest at the official rate.

Ms D Griffin & Mr S Malvern each paid £2,600 (2022 - £2,600) rent in relation to properties owned by the company.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs G Corr.