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Company No: 07694694 (England and Wales)

WILLOWBROOK NURSERY & GARDEN CENTRE LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

WILLOWBROOK NURSERY & GARDEN CENTRE LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

WILLOWBROOK NURSERY & GARDEN CENTRE LIMITED

BALANCE SHEET

As at 31 August 2024
WILLOWBROOK NURSERY & GARDEN CENTRE LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 142,579 129,668
142,579 129,668
Current assets
Stocks 373,960 405,372
Debtors 5 16,786 2,175
Cash at bank and in hand 23,769 18,247
414,515 425,794
Creditors: amounts falling due within one year 6 ( 396,751) ( 259,092)
Net current assets 17,764 166,702
Total assets less current liabilities 160,343 296,370
Provision for liabilities 0 ( 18,133)
Net assets 160,343 278,237
Capital and reserves
Called-up share capital 99 99
Profit and loss account 160,244 278,138
Total shareholders' funds 160,343 278,237

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Willowbrook Nursery & Garden Centre Limited (registered number: 07694694) were approved and authorised for issue by the Board of Directors on 16 January 2025. They were signed on its behalf by:

S Grabham
Director
C Grabham
Director
WILLOWBROOK NURSERY & GARDEN CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
WILLOWBROOK NURSERY & GARDEN CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Willowbrook Nursery & Garden Centre Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is West Buckland, Wellington, Taunton, TA21 9HX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the amounts received or receivable for the sale of growing media and complementary goods net of VAT. Turnover is recognised at the point of sale of these products.

The company recognises revenue with:
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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 2 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 45 45

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2023 90,000 90,000
At 31 August 2024 90,000 90,000
Accumulated amortisation
At 01 September 2023 90,000 90,000
At 31 August 2024 90,000 90,000
Net book value
At 31 August 2024 0 0
At 31 August 2023 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 September 2023 71,582 9,201 163,724 244,507
Additions 0 26,290 0 26,290
Disposals 0 ( 3,500) 0 ( 3,500)
At 31 August 2024 71,582 31,991 163,724 267,297
Accumulated depreciation
At 01 September 2023 9,051 5,804 99,984 114,839
Charge for the financial year 1,251 2,404 9,561 13,216
Disposals 0 ( 3,337) 0 ( 3,337)
At 31 August 2024 10,302 4,871 109,545 124,718
Net book value
At 31 August 2024 61,280 27,120 54,179 142,579
At 31 August 2023 62,531 3,397 63,740 129,668

5. Debtors

2024 2023
£ £
Deferred tax asset 8,971 0
Other debtors 7,815 2,175
16,786 2,175

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 134,470 0
Trade creditors 63,286 96,700
Taxation and social security 64,445 48,563
Other creditors 134,550 113,829
396,751 259,092

7. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £10,614. The company holds lease agreements in respect of commercial equipment rentals. At the balance sheet date, the amount due within one year was £3,860 and the amount due after one year was £ 6,754.