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Registration number: 01280116

FT Gearing Landscape Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

FT Gearing Landscape Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

FT Gearing Landscape Services Limited

Company Information

Directors

F T Gearing

C M Gearing

Company secretary

C M Gearing

Registered office

Crompton Road Depot
Stevenage
Hertfordshire
SG1 2EE

Accountants

Goodridge Accountants Limited
Chartered CertifiedSuite 3 109 Bancroft
Hitchin
Herts
SG5 1NB

 

FT Gearing Landscape Services Limited

(Registration number: 01280116)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,218,474

528,168

Current assets

 

Stocks

5

20,405

24,408

Debtors

6

89,083

60,458

Investments

7

755

4,586

Cash at bank and in hand

 

304,325

345,522

 

414,568

434,974

Creditors: Amounts falling due within one year

8

(69,206)

(52,998)

Net current assets

 

345,362

381,976

Total assets less current liabilities

 

1,563,836

910,144

Provisions for liabilities

(188,750)

-

Net assets

 

1,375,086

910,144

Capital and reserves

 

Called up share capital

9

50,736

50,736

Capital redemption reserve

8,952

8,952

Revaluation reserve

466,250

-

Retained earnings

849,148

850,456

Shareholders' funds

 

1,375,086

910,144

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

.........................................
F T Gearing
Director

 

FT Gearing Landscape Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Crompton Road Depot
Stevenage
Hertfordshire
SG1 2EE

These financial statements were authorised for issue by the Board on 15 January 2025.

2

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling , which is the functional currency of the company.
Monetary a mounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants received have been accounted for on an accruals basis and recognised as income on a systematic basis over the period in which the related costs have been recognised for which the grant was intended to compensate.

Tax

The tax expense for the period comprises current 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.

 

FT Gearing Landscape Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The current income 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 liabilities are generally recognised for all timing differences and deferred tax assets are
recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax
liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing
difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction
that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period
when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss
account, except when it relates to items charged or credited directly to equity, in which case the deferred
tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally
enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate
to taxes levied by the same tax authority.

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

Freehold land and buildings

Not depreciated

Plant and equipment

20% straight line

Motor Vehicles

25% straight line

Property Improvements

20% straight line

No depreciation has been provided in respect of freehold land and buildings, with a carrying value of £500,000. In the opinion of the directors, this is necessary to give a true and fair view. The building is maintained to a level to ensure that the value of the property is equal or in excess of the net book value. The directors feel that this valuation remains appropriate at the balance sheet date.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

FT Gearing Landscape Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowingsare subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement ofthe liability for at least twelve months after the reporting date.

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.

 

FT Gearing Landscape Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demostrably committed to terminate the employment of an employee or to provide termination benefits.

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.

Financial instruments

Classification
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.
 Recognition and measurement
The financial Instruments are recognised in the company balance sheet when the company becomes party to the contractural provisions of the instrument.

Financial assets and liabilities are offset, with net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is and intention to settle on a net basis or realise the asset and settle the liability simultaneously.

 Impairment
Financial assets other than those held at fair value, which are dealt with through the profit and loss, are assessed for indicators of impairment at each reporting end date.

Long term employee benefits

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 15).

 

FT Gearing Landscape Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Improvements to property
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

500,000

89,690

519,302

1,108,992

Revaluations

655,000

-

-

655,000

Additions

-

-

57,663

57,663

At 30 April 2024

1,155,000

89,690

576,965

1,821,655

Depreciation

At 1 May 2023

-

89,115

491,709

580,824

Charge for the year

-

215

22,142

22,357

At 30 April 2024

-

89,330

513,851

603,181

Carrying amount

At 30 April 2024

1,155,000

360

63,114

1,218,474

At 30 April 2023

500,000

575

27,593

528,168

Included within the net book value of land and buildings above is £1,155,000 (2023 - £500,000) in respect of freehold land and buildings.

Land and buildings were revalued by an independant valuations expert on 11/01/2024 and was based on recent market transactions on arm's length terms for similar properties.
 

5

Stocks

2024
£

2023
£

Work in progress

5,907

8,901

Other inventories

14,498

15,507

20,405

24,408

6

Debtors

Current

2024
£

2023
£

Trade debtors

68,165

38,399

Prepayments

20,918

22,059

 

89,083

60,458

 

FT Gearing Landscape Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Current asset investments

2024
£

2023
£

Other investments

755

4,586

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

28,700

31,173

Taxation and social security

23,165

12,024

Accruals and deferred income

2,000

2,000

Other creditors

15,341

7,801

69,206

52,998

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

50,736

50,736

50,736

50,736

       

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

466,250

466,250

On 30 April 2017. £471,396 was transferred from a Revaluation Reserve to Retained Earnings. These
reserves are not distributable.