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Registered number: SC132469
Forth Valley Garden Centre Limited
Financial Statements
For The Year Ended 30 April 2024
Khokhar McAdam Ltd
Chartered Accountants
1 Eagle Street
Glasgow
G4 9XA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC132469
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 81,743 82,775
Investment Properties 6 540,000 540,000
621,743 622,775
CURRENT ASSETS
Stocks 7 305,160 351,410
Debtors 8 1,263 3,648
Cash at bank and in hand 264,066 315,475
570,489 670,533
Creditors: Amounts Falling Due Within One Year 9 (188,146 ) (442,527 )
NET CURRENT ASSETS (LIABILITIES) 382,343 228,006
TOTAL ASSETS LESS CURRENT LIABILITIES 1,004,086 850,781
PROVISIONS FOR LIABILITIES
Deferred Taxation (67,190 ) (66,047 )
NET ASSETS 936,896 784,734
CAPITAL AND RESERVES
Called up share capital 10 80 80
Capital redemption reserve 40 40
Fair value reserve 11 345,721 345,721
Profit and Loss Account 591,055 438,893
SHAREHOLDERS' FUNDS 936,896 784,734
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mohammed Aslam Sheikh
Director
17 December 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Forth Valley Garden Centre Limited is a private company, limited by shares, incorporated in Scotland, registered number SC132469 . The registered office is 18 Cauldcoats, Linlithgow, EH49 7LY,.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on cost
Plant & Machinery 10% on reducind balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 10% on reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 16)
16 16
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 25,000
As at 30 April 2024 25,000
Amortisation
As at 1 May 2023 25,000
As at 30 April 2024 25,000
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
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5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2023 138,108 28,890 394,472 561,470
Additions - - 8,806 8,806
As at 30 April 2024 138,108 28,890 403,278 570,276
Depreciation
As at 1 May 2023 138,108 24,357 316,230 478,695
Provided during the period - 1,133 8,705 9,838
As at 30 April 2024 138,108 25,490 324,935 488,533
Net Book Value
As at 30 April 2024 - 3,400 78,343 81,743
As at 1 May 2023 - 4,533 78,242 82,775
6. Investment Property
2024
£
Fair Value
As at 1 May 2023 and 30 April 2024 540,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 194,279 194,279
7. Stocks
2024 2023
£ £
Finished goods 305,160 351,410
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Page 6
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 148 148
Other debtors 1,115 3,500
1,263 3,648
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 55,888 64,719
Bank loans and overdrafts 1,940 9,922
Other creditors 38,628 286,369
Taxation and social security 91,690 81,517
188,146 442,527
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 80 80
11. Reserves
Fair Value Reserve
£
As at 1 May 2023 345,721
As at 30 April 2024 345,721
12. Related Party Transactions
The land and buildings are leased from the Firm of Roukenglen Garden Centre at a rent of £nil. The directors/shareholders of the company are partner in the Firm.
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