28 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 9,907 410 1,899 2,309 7,598 9,497 xbrli:pure xbrli:shares iso4217:GBP 13867020 2023-04-01 2024-03-31 13867020 2024-03-31 13867020 2023-03-31 13867020 2022-01-24 2023-03-31 13867020 2023-03-31 13867020 2022-01-23 13867020 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13867020 core:PlantMachinery 2023-04-01 2024-03-31 13867020 core:MotorVehicles 2023-04-01 2024-03-31 13867020 bus:Director1 2023-04-01 2024-03-31 13867020 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 13867020 core:PlantMachinery 2023-03-31 13867020 core:MotorVehicles 2023-03-31 13867020 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 13867020 core:PlantMachinery 2024-03-31 13867020 core:MotorVehicles 2024-03-31 13867020 core:WithinOneYear 2024-03-31 13867020 core:WithinOneYear 2023-03-31 13867020 core:AfterOneYear 2024-03-31 13867020 core:AfterOneYear 2023-03-31 13867020 core:ShareCapital 2024-03-31 13867020 core:ShareCapital 2023-03-31 13867020 core:RetainedEarningsAccumulatedLosses 2024-03-31 13867020 core:RetainedEarningsAccumulatedLosses 2023-03-31 13867020 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 13867020 core:PlantMachinery 2023-03-31 13867020 core:MotorVehicles 2023-03-31 13867020 bus:SmallEntities 2023-04-01 2024-03-31 13867020 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13867020 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13867020 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13867020 bus:FullAccounts 2023-04-01 2024-03-31 13867020 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 13867020 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 13867020 core:IntangibleAssetsOtherThanGoodwill 2024-03-31 13867020 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 13867020 core:FurnitureFittingsToolsEquipment 2023-03-31 13867020 core:FurnitureFittingsToolsEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 13867020
WHISBY GARDEN CENTRE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
WHISBY GARDEN CENTRE LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Intangible assets
5
7,598
9,497
Tangible assets
6
2,794,998
1,904,907
-------------
-------------
2,802,596
1,914,404
CURRENT ASSETS
Stocks
345,000
345,000
Debtors
7
335,953
318,231
Cash at bank and in hand
245,477
169,799
----------
----------
926,430
833,030
CREDITORS: amounts falling due within one year
8
( 668,754)
( 521,460)
----------
----------
NET CURRENT ASSETS
257,676
311,570
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,060,272
2,225,974
CREDITORS: amounts falling due after more than one year
9
( 1,134,570)
( 552,343)
PROVISIONS
( 20,601)
-------------
-------------
NET ASSETS
1,905,101
1,673,631
-------------
-------------
CAPITAL AND RESERVES
Called up share capital
1,661,705
1,661,705
Profit and loss account
243,396
11,926
-------------
-------------
SHAREHOLDERS FUNDS
1,905,101
1,673,631
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WHISBY GARDEN CENTRE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 1 February 2025 , and are signed on behalf of the board by:
J Mcguire
Director
Company registration number: 13867020
WHISBY GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Whisby Garden Centre, Whisby Road, Lincoln, LN6 9BY, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset over the useful economic life of that asset as follows:
Website
-
20% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2023: 32 ).
5. Intangible assets
Website
£
Cost
At 1 April 2023 and 31 March 2024
9,907
-------
Amortisation
At 1 April 2023
410
Charge for the year
1,899
-------
At 31 March 2024
2,309
-------
Carrying amount
At 31 March 2024
7,598
-------
At 31 March 2023
9,497
-------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
1,846,323
23,969
20,794
25,022
1,916,108
Additions
917,555
917,555
-------------
---------
---------
---------
-------------
At 31 March 2024
2,763,878
23,969
20,794
25,022
2,833,663
-------------
---------
---------
---------
-------------
Depreciation
At 1 April 2023
1,287
3,193
3,464
3,257
11,201
Charge for the year
14,623
4,155
4,333
4,353
27,464
-------------
---------
---------
---------
-------------
At 31 March 2024
15,910
7,348
7,797
7,610
38,665
-------------
---------
---------
---------
-------------
Carrying amount
At 31 March 2024
2,747,968
16,621
12,997
17,412
2,794,998
-------------
---------
---------
---------
-------------
At 31 March 2023
1,845,036
20,776
17,330
21,765
1,904,907
-------------
---------
---------
---------
-------------
7. Debtors
2024
2023
£
£
Trade debtors
47
5,927
Amounts owed by group undertakings and undertakings in which the company has a participating interest
318,129
171,820
Other debtors
17,777
140,484
----------
----------
335,953
318,231
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
162,858
60,488
Trade creditors
165,655
230,939
Amounts owed to group undertakings and undertakings in which the company has a participating interest
211,082
149,808
Corporation tax
24,687
7,126
Social security and other taxes
42,810
36,505
Other creditors
61,662
36,594
----------
----------
668,754
521,460
----------
----------
Bank loans are secured by means of a fixed and floating charge covering all property of the company.
Hire purchase liabilities of £45,058 (2023 - £15,821) included within other creditors are secured on the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
962,912
538,250
Other creditors
171,658
14,093
-------------
----------
1,134,570
552,343
-------------
----------
Bank loans are secured by means of a fixed and floating charge covering all property of the company.
Hire purchase liabilities of £171,658 (2023 - £14,093) included within other creditors are secured on the assets to which they relate.
10. Related party transactions
There are no related party transactions to be disclosed under FRS 102 Section 1A.
11. Controlling party
The parent company is Whisby Holdings Limited and is under the control of the directors.