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Registration number: 06886591

Greenacres Outdoors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Greenacres Outdoors Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Greenacres Outdoors Limited

Company Information

Director

Mr Matthew Gilliver

Registered office

Greenacres Garden Centre
Ashby Road
Stapleton
Leicester
LE9 8JE

 

Greenacres Outdoors Limited

(Registration number: 06886591)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

795,707

789,508

Current assets

 

Stocks

6

162,650

134,000

Debtors

7

46,835

63,779

Cash at bank and in hand

 

60

211

 

209,545

197,990

Creditors: Amounts falling due within one year

8

(591,474)

(563,479)

Net current liabilities

 

(381,929)

(365,489)

Total assets less current liabilities

 

413,778

424,019

Creditors: Amounts falling due after more than one year

8

(274,426)

(328,963)

Net assets

 

139,352

95,056

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

139,252

94,956

Shareholders' funds

 

139,352

95,056

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 February 2025
 

.........................................
Mr Matthew Gilliver
Director

 

Greenacres Outdoors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Greenacres Garden Centre
Ashby Road
Stapleton
Leicester
LE9 8JE
England

These financial statements were authorised for issue by the director on 20 February 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
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.

Tax

The tax expense for the period comprises current 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 income 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.

 

Greenacres Outdoors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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

Plant & machinery

20% reducing balance

Fixtures & fittings

25% reducing balance

Office equipment

3 years straight line

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Greenacres Outdoors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Greenacres Outdoors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

150,000

150,000

At 31 May 2024

150,000

150,000

Amortisation

At 1 June 2023

150,000

150,000

At 31 May 2024

150,000

150,000

Carrying amount

At 31 May 2024

-

-

 

Greenacres Outdoors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 June 2023

783,135

47,358

16,640

3,611

Additions

7,747

-

-

-

At 31 May 2024

790,882

47,358

16,640

3,611

Depreciation

At 1 June 2023

-

43,340

14,951

3,559

Charge for the year

-

1,004

338

52

At 31 May 2024

-

44,344

15,289

3,611

Carrying amount

At 31 May 2024

790,882

3,014

1,351

-

At 31 May 2023

783,135

4,018

1,689

52

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

2,583

853,327

Additions

-

7,747

At 31 May 2024

2,583

861,074

Depreciation

At 1 June 2023

1,969

63,819

Charge for the year

154

1,548

At 31 May 2024

2,123

65,367

Carrying amount

At 31 May 2024

460

795,707

At 31 May 2023

614

789,508

Included within the net book value of land and buildings above is £790,882 (2023 - £783,135) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

162,650

134,000

 

Greenacres Outdoors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

11

40,246

37,572

Prepayments

 

187

178

Other debtors

 

6,402

26,029

   

46,835

63,779

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

78,633

81,688

Trade creditors

 

72,803

95,437

Taxation and social security

 

11,118

15,266

Accruals and deferred income

 

730

4,532

Other creditors

 

428,190

366,556

 

591,474

563,479

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

274,426

328,963

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share class 1 of £1 each

98

98

98

98

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

1

1

1

1

 

100

100

100

100

 

Greenacres Outdoors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

274,426

328,963

2024
£

2023
£

Current loans and borrowings

Bank borrowings

54,412

52,265

Bank overdrafts

24,221

29,423

78,633

81,688

Bank borrowings

Mortgage is denominated in with a nominal interest rate of %, and the final instalment is due on . The carrying amount at year end is £303,524 (2023 - £345,789).

The amount is secured by way of a mortgage registered on 6 June 2009 in favour of Lloyds TSB Bank plc over the freehold property Greenacres Nursery, Ashby Road, Stapleton, Leicestershire, LE9 8JE and a Fixed and Floating Debenture registered on 19 May 2009 over any property held by the company, including book debts and all other debts, stocks, copywrites, goodwill and rights owned currently or in future by the company.

Other borrowings

The carrying amount of Directors Loan account at year end is £440,320 (2023 - £380,999).

The other borrowings and Directors Loan are secured by way of a Fixed and Floating Debenture registered on 5 July 2011 over the company assets.

11

Related party transactions

 

Greenacres Outdoors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Loans to related Parties
Greenacres Garden Cafe Limited
During the year the company advanced funds totalling £Nil (2022: £211) to and received funds totalling £Nil (2023:£Nil) from Greenacres Garden Cafe Limited, a company connected by virtue of a common director. At
the end of the year £37,572 was outstanding (2023: £37,572) in relation to this balance.

Havana Trading Co Ltd
During the year the company advanced funds totalling £Nil (2023: £86) to and received funds totalling £Nil (2027: £) from Havana Trading Co Ltd, a company connected by virtue of a common director. At the end of
the year £359 was outstanding (2023: £359) in relation to this balance.