Company registration number SC285408 (Scotland)
MILESTONE GARDEN & LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
MILESTONE GARDEN & LEISURE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
MILESTONE GARDEN & LEISURE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
5,255,325
3,695,985
Current assets
Inventories
521,075
571,744
Trade and other receivables
5
208,111
577,859
Cash and cash equivalents
4,479
52,556
733,665
1,202,159
Current liabilities
6
(713,868)
(622,425)
Net current assets
19,797
579,734
Total assets less current liabilities
5,275,122
4,275,719
Non-current liabilities
7
(2,560,395)
(1,737,144)
Provisions for liabilities
(136,489)
(36,285)
Net assets
2,578,238
2,502,290
Equity
Called up share capital
8
175,500
168,750
Share premium account
559,500
466,250
Revaluation reserve
1,092,785
1,092,785
Retained earnings
750,453
774,505
Total equity
2,578,238
2,502,290
MILESTONE GARDEN & LEISURE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 12 February 2025 and are signed on its behalf by:
Ross G Allan
Director
Company registration number SC285408 (Scotland)
MILESTONE GARDEN & LEISURE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Share capital
Share premium account
Revaluation reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
135,000
930,965
675,078
1,741,043
Year ended 31 July 2023:
Profit
-
-
-
188,427
188,427
Other comprehensive income:
Revaluation of property, plant and equipment
-
-
161,820
-
161,820
Total comprehensive income
-
-
161,820
188,427
350,247
Issue of share capital
8
168,750
466,250
-
-
635,000
Dividends
-
-
-
(89,000)
(89,000)
Other movements
(135,000)
-
-
-
(135,000)
Balance at 31 July 2023
168,750
466,250
1,092,785
774,505
2,502,290
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
-
56,491
56,491
Issue of share capital
8
6,750
93,250
-
-
100,000
Dividends
-
-
-
(80,543)
(80,543)
Balance at 31 July 2024
175,500
559,500
1,092,785
750,453
2,578,238
MILESTONE GARDEN & LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
Milestone Garden & Leisure Limited is a private company limited by shares incorporated in Scotland. The registered office is Newtown St Boswells, MELROSE, Scottish Borders, TD6 0PL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
The effect of Covid-19 has eased, however along with the Cost of Living Crisis which is having an impact on the economy as a whole and will have an effect on the company. The directors are making all the necessary business decisions to safeguard the company and its ability to continue as a going concern. The current situation is is being monitored very closely over the next year to 31 July 2025 and beyond.
1.3
Revenue
Revenue represents amounts received from the sale of garden centre related goods, food and drink products, various other products, income from the cafe etc. are shown net of value added tax,
Revenue from the sale of garden centre related goods, food and drink products, various other products, income from the cafe are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% on cost
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
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.
MILESTONE GARDEN & LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.
1.7
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 current liabilities.
1.8
Financial instruments
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 of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
MILESTONE GARDEN & LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
MILESTONE GARDEN & LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax
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 income statement, 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.
1.11
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 the cost of stock or non-current 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 demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
MILESTONE GARDEN & LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
53
49
4
Property, plant and equipment
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 August 2023
3,361,135
313,503
301,196
81,615
150,310
4,207,759
Additions
1,326,792
97,689
230,707
62,609
43,224
1,761,021
Disposals
(7,929)
(96,252)
(104,181)
At 31 July 2024
4,687,927
403,263
531,903
144,224
97,282
5,864,599
Depreciation and impairment
At 1 August 2023
111,251
203,818
105,194
55,351
36,160
511,774
Depreciation charged in the year
24,759
30,291
33,801
17,986
20,120
126,957
Eliminated in respect of disposals
(7,389)
(22,068)
(29,457)
At 31 July 2024
136,010
226,720
138,995
73,337
34,212
609,274
Carrying amount
At 31 July 2024
4,551,917
176,543
392,908
70,887
63,070
5,255,325
At 31 July 2023
3,249,884
109,685
196,002
26,264
114,150
3,695,985
Freehold land and buildings with a carrying amount of £4,551,917 (2023 - £3,249,884) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
MILESTONE GARDEN & LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
4
Property, plant and equipment
(Continued)
- 9 -
Land & Buildings were revalued in March 2023 . The land, Garden Centre and Cafe at St Boswells was revalued by external valuers Christie & Co, Chartered Surveyors at a valuation of £3,350,000.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £2,157,099 (2023 - £2,146,746) being cost £2,268,350 (2023 - £2,233,238) and depreciation £111,251 (2023 - £86,492).
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
158
245
Other receivables
107,941
577,614
108,099
577,859
2024
2023
Amounts falling due after more than one year:
£
£
Other receivables
100,012
Total debtors
208,111
577,859
6
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
130,593
119,833
Trade payables
215,202
158,553
Taxation and social security
119,423
179,751
Other payables
248,650
164,288
713,868
622,425
The company has aggregate debts falling due within one year relating to bank overdraft, bank loan and hire purchase contracts amounting to £147,707 (2023 - £143,798). These debts are secured by a fixed charged over the freehold land and buildings and over other assets concerned.
MILESTONE GARDEN & LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
7
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
2,219,341
1,610,165
Other payables
341,054
126,979
2,560,395
1,737,144
The company has aggregate debts falling due after one year relating to a bank loan and hire purchase contracts amounting to £2,165,365 (2023 - £1,579,082). These debts are secured by a fixed charged over the freehold land and buildings and over other assets concerned.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary A Shares of 10p each
1,350,000
1,350,000
135,000
135,000
Ordinary B Shares of 10p each
405,000
337,500
40,500
33,750
1,755,000
1,687,500
175,500
168,750
Issued and fully paid
Ordinary A Shares of 10p each
1,350,000
1,350,000
135,000
135,000
Ordinary B Shares of 10p each
405,000
337,500
40,500
33,750
1,755,000
1,687,500
175,500
168,750
During the year the company increased its authorised share capital by 67,500 B Ordinary shares of £0.10 each and issued these shares as part of a purchase by a shareholder.
9
Related party transactions
Remuneration of key management personnel
Mr Gavin Yuill received £6,000 in directors fees for services to the company during the year.
10
Directors' transactions
Dividends totalling £80,543 (2023 - £89,000) were paid in the year in respect of shares held by the company director.
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