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Park Garden Centre Limited

Annual Report and Financial Statements
Year Ended 31 August 2024

Registration number: 02489833

 

Park Garden Centre Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 22

 

Park Garden Centre Limited

Company Information

Directors

P J Hodges

G K Cairns

A K Hodges

Registered office

Almondsbury Garden Centre
Over Lane
Almondsbury
Bristol
BS32 4BP

Auditors

PKF Francis Clark
Statutory Auditor
90 Victoria St
Redcliffe
Bristol
BS1 6DP

 

Park Garden Centre Limited

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

P J Hodges

G K Cairns

A K Hodges

Auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of PKF Francis Clark as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
P J Hodges
Director

 

Park Garden Centre Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Park Garden Centre Limited

Independent Auditor's Report to the Members of Park Garden Centre Limited

Opinion

We have audited the financial statements of Park Garden Centre Limited (the 'company') for the year ended 31 August 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 August 2024 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Park Garden Centre Limited

Independent Auditor's Report to the Members of Park Garden Centre Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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.

the directors were not entitled to take advantage of the small companies' exemption in preparing the directors report and from the requirements to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, 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 is 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.

Auditor 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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Park Garden Centre Limited

Independent Auditor's Report to the Members of Park Garden Centre Limited


• discussions with directors and other management, or from our commercial knowledge, experience of the UK garden centre sector and by reviewing the company website and commercial terms and conditions;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Corporation Tax Act 2010, Food Safety Act 1990, employment, and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

We also evaluated management's incentives and opportunities for management bias, override of controls and manipulation of the financial statements. The key incentive identified is to manipulate profit through the manipulation of key areas of judgement or estimate, such as the level of stock provision. To address the risk, we:

• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Park Garden Centre Limited

Independent Auditor's Report to the Members of Park Garden Centre 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 an auditor’s report 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.

......................................
Paul Putnam (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

90 Victoria St
Redcliffe
Bristol
BS1 6DP

5 February 2025

 

Park Garden Centre Limited

Profit and Loss Account

Year Ended 31 August 2024

Note

2024
£ 000

2023
£ 000

Turnover

3

6,537

5,761

Cost of sales

 

(4,837)

(4,199)

Gross profit

 

1,700

1,562

Administrative expenses

 

(1,437)

(1,375)

Other operating income

4

4

11

Operating profit

5

267

198

Other interest receivable and similar income

8

4

1

Interest payable and similar expenses

9

(41)

(42)

   

(37)

(41)

Profit before tax

 

230

157

Tax on profit

10

(92)

(64)

Profit for the financial year

 

138

93

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Park Garden Centre Limited

Balance Sheet

31 August 2024

Note

2024
£ 000

2023
£ 000

Fixed assets

 

Tangible assets

11

4,687

4,762

Current assets

 

Stocks

12

1,089

1,030

Debtors

13

113

171

Cash at bank and in hand

 

1,288

1,161

 

2,490

2,362

Creditors: Amounts falling due within one year

14

(746)

(872)

Net current assets

 

1,744

1,490

Total assets less current liabilities

 

6,431

6,252

Creditors: Amounts falling due after more than one year

14

(920)

(920)

Provisions for liabilities

16

(271)

(230)

Net assets

 

5,240

5,102

Capital and reserves

 

Profit and loss account

23

5,240

5,102

Shareholders' funds

 

5,240

5,102

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
P J Hodges
Director

Company Registration Number: 02489833

 

Park Garden Centre Limited

Statement of Changes in Equity

Year Ended 31 August 2024

Profit and loss account
£ 000

Total
£ 000

At 1 September 2023

5,102

5,102

Profit for the year

138

138

At 31 August 2024

5,240

5,240

Profit and loss account
£ 000

Total
£ 000

At 1 September 2022

5,009

5,009

Profit for the year

93

93

At 31 August 2023

5,102

5,102

 

Park Garden Centre Limited

Statement of Cash Flows

Year Ended 31 August 2024

Note

2024
£ 000

2023
£ 000

Cash flows from operating activities

Profit for the year

 

138

93

Adjustments to cash flows from non-cash items

 

Depreciation

5

226

208

Loss/(profit) on disposal of tangible assets

2

(5)

Finance income

8

(4)

(1)

Finance costs

9

41

42

Income tax expense

10

92

64

 

495

401

Working capital adjustments

 

(Increase)/decrease in stocks

12

(59)

21

Decrease/(increase) in trade debtors

13

58

(99)

(Decrease)/increase in trade creditors

14

(175)

151

Cash generated from operations

 

319

474

Income taxes paid

10

-

(62)

Net cash flow from operating activities

 

319

412

Cash flows from investing activities

 

Interest received

8

4

1

Acquisitions of tangible assets

(152)

(499)

Proceeds from sale of tangible assets

 

-

14

Net cash flows from investing activities

 

(148)

(484)

Cash flows from financing activities

 

Interest paid

9

(44)

(42)

Net increase/(decrease) in cash and cash equivalents

 

127

(114)

Cash and cash equivalents at 1 September

 

1,161

1,275

Cash and cash equivalents at 31 August

 

1,288

1,161

 

Park Garden Centre Limited

Notes to the Financial Statements

Year Ended 31 August 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:
Almondsbury Garden Centre
Over Lane
Almondsbury
Bristol
BS32 4BP
UK

These financial statements were authorised for issue by the Board on 30 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There were no material departures from FRS 102.

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.

 

Park Garden Centre Limited

Notes to the Financial Statements

Year Ended 31 August 2024

Key sources of estimation uncertainty and accounting judgements

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from estimates.

The estimates and underlying assumptions are viewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgement that has a significant effect on the financial statements is in respect of going concern. The disclosure within the accounting policies describes the processes undertaken around this judgement in more detail.

The key estimates that have a significant effect on the financial statements are the level of inventory provisioning, depreciation rates and the useful economic life of tangible fixed assets.


Going concern

The directors have considered what circumstances would need to occur to have a significant impact on the ability of the entity to trade for the foreseeable future. The factors included were:
- significantly lower monthly sales against current forecasts
- re-occurrence of Covid restrictions and in the worst case scenario total lockdown (which is considered highly unlikely)
- a significant increase in prices that could not be passed on in full or at least in part to customers.

The directors have considered the impact on the business of the likely possible impact of the above scenarios, the current financial position of the entity and post year end trading results. As a result, the Directors have concluded that no material uncertainty exists in relation to the garden centres ability to continue as a going concern. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.


Inventory Provisioning

The directors have assessed the recoverable amount for the inventory held and have determined where provisions are required. Changes to these assumptions and estimates in future periods reflecting the information available at that point in time may result in outcomes that are materially different. During the year, a provision for impairment of £51k (2023 - £51k) was recognised. The carrying amount of inventory is £1,089k (2023 - £1,030k).


Depreciation and useful economic life of tangible fixed assets

The directors have assessed the carrying value and useful lives of the assets, and have determined no provisions are required. Changes to these assumptions and estimates in future periods reflecting the information avaliable at that point in time may result in outcomes that are materially different. The carrying amount of tangible fixed assets is £4,687k (2023 - £4,762k).

 

Park Garden Centre Limited

Notes to the Financial Statements

Year Ended 31 August 2024

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 value added tax, returns, rebates and discounts.

The company recognises revenue when:
- at the point of sale for goods sold at the garden centre or the cafe
- at the point of delivery for goods sold online
- at the point of delivery to the customer for items despatched by the supplier directly to the customer.

Finance income and costs policy

Interest payable is recognised using the effective interest method.

Foreign currency transactions and balances

Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the profit and loss account.

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.

The current corporation 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 is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

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.

 

Park Garden Centre Limited

Notes to the Financial Statements

Year Ended 31 August 2024

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

2-25% per annum

Plant and machinery

2-25% per annum

Stocks

The company holds a stock of plants and other products. Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for slow moving stock.

Leases

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged against profits represents the contributions payable to the scheme in respect of the year.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loans and borrowings; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for loans and borrowings, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans and borrowings are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

 

Park Garden Centre Limited

Notes to the Financial Statements

Year Ended 31 August 2024

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£ 000

2023
£ 000

Sale of goods

6,537

5,761

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£ 000

2023
£ 000

Rental income

4

11

5

Operating profit

Arrived at after charging/(crediting)

2024
£ 000

2023
£ 000

Depreciation expense

226

209

Foreign exchange losses/(gains)

1

(1)

Loss/(profit) on disposal of property, plant and equipment

2

(5)

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£ 000

2023
£ 000

Wages and salaries

1,297

1,128

Social security costs

109

91

Pension costs, defined contribution scheme

33

26

1,439

1,245

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Directors

3

3

Shop and office staff

58

45

61

48

 

Park Garden Centre Limited

Notes to the Financial Statements

Year Ended 31 August 2024

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£ 000

2023
£ 000

Remuneration

216

215

Contributions paid to money purchase schemes

12

12

228

227

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

In respect of the highest paid director:

2024
£ 000

2023
£ 000

Remuneration

179

179

Company contributions to money purchase pension schemes

12

12

8

Other interest receivable and similar income

2024
£ 000

2023
£ 000

Interest income on bank deposits

4

1

9

Interest payable and similar expenses

2024
£ 000

2023
£ 000

Other interest

41

42

 

Park Garden Centre Limited

Notes to the Financial Statements

Year Ended 31 August 2024

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£ 000

2023
£ 000

Current taxation

UK corporation tax

51

-

Deferred taxation

Arising from origination and reversal of timing differences

38

64

Arising from adjustment for prior periods

3

-

Total deferred taxation

41

64

Tax expense in the income statement

92

64

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 21.5%).

The differences are reconciled below:

2024
£ 000

2023
£ 000

Profit before tax

230

157

Corporation tax at standard rate

58

34

Tax increase from effect of capital allowances and depreciation

32

21

Deferred tax expense relating to changes in tax rates or laws

-

9

Tax increase from other tax effects

2

-

Total tax charge

92

64

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£ 000

Liability
£ 000

Fixed asset timing differences

-

273

Short term timing differences

2

-

2

273

2023

Asset
£ 000

Liability
£ 000

Fixed asset timing differences

-

252

Losses and other deductions

20

-

Short term timing differences

2

-

22

252

 

Park Garden Centre Limited

Notes to the Financial Statements

Year Ended 31 August 2024

11

Tangible assets

Land and buildings
£ 000

Plant and machinery
£ 000

Total
£ 000

Cost or valuation

At 1 September 2023

6,337

1,162

7,499

Additions

42

111

153

Disposals

-

(246)

(246)

At 31 August 2024

6,379

1,027

7,406

Depreciation

At 1 September 2023

1,832

905

2,737

Charge for the year

149

77

226

Eliminated on disposal

-

(244)

(244)

At 31 August 2024

1,981

738

2,719

Carrying amount

At 31 August 2024

4,398

289

4,687

At 31 August 2023

4,505

257

4,762

Included within the net book value of land and buildings above is £4,398k (2023 - £4,505k) in respect of freehold land and buildings.

12

Stocks

2024
£ 000

2023
£ 000

Finished goods and goods for resale

1,089

1,030

Changes in goods for resale recognised in the statement of comprehensive income in the year amounts to £3,706k (2023 - £3,209k). The write-down of stocks to net realisable value amounts to £51k (2023 - £51k)

 

Park Garden Centre Limited

Notes to the Financial Statements

Year Ended 31 August 2024

13

Debtors

2024
£ 000

2023
£ 000

Trade debtors

-

29

Prepayments

64

142

Accrued income

49

-

113

171

14

Creditors

Note

2024
£ 000

2023
£ 000

Due within one year

 

Trade creditors

 

384

592

Social security and other taxes

 

217

140

Other creditors

 

32

29

Accruals

 

50

107

Corporation tax

10

51

-

Deferred income

 

12

4

 

746

872

Due after one year

 

Loans and borrowings

15

920

920

15

Loans and borrowings

Non-current loans and borrowings

2024
£ 000

2023
£ 000

Other borrowings

920

920

The other loan relate to loans made by directors' spouses of £920k (2023 - £920k). Interest is paid at 4.5%. Repayment has been deferred for at least 12 months.

 

Park Garden Centre Limited

Notes to the Financial Statements

Year Ended 31 August 2024

16

Provisions for liabilities

Deferred tax
£ 000

Total
£ 000

At 1 September 2023

230

230

Increase in existing provisions

41

41

At 31 August 2024

271

271

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

40 Ordinary Shares of £1 each of £1 each

40

40

40

40

       

18

Commitments

Capital commitments

There were capital commitments for the company at year-end in respect of building development and renovation.
The total amount contracted for but not provided in the financial statements was £45,830 (2023 - £Nil).

19

Analysis of changes in net debt

 

At 1 September 2023

Cash flow

At 31 August 2024

£'000

£'000

£'000

Cash at bank and on hand

1,161

127

1,288

Other borrowings

(920)

-

(920)

Net debt

241

127

368

20

Parent and ultimate parent undertaking

The ultimate controlling party is Mr P J Hodges.

 

Park Garden Centre Limited

Notes to the Financial Statements

Year Ended 31 August 2024

21

Pension and other schemes

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £33k (2023 - £26k).

22

Related party transactions

As at year end loans from directors' spouses amounting £920k (2023 - £920k) was still outstanding. Interest was paid to the directors' spouses of £41k (2023 - £42k) during the year and repayment of the loan has been deferred for at least 12 months.
 

23

Reserves

The company's capital and reserves are as follows:

Called up share capital

Called up share capital represents the nominal value of the shares issued.

Capital redemption reserve

The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.

 

2024
£

2023
£

Capital redemption reserve

60

60

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends paid and other adjustments.