OXFORD GARDEN DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
Company Registration Number: 08091549
OXFORD GARDEN DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
OXFORD GARDEN DESIGN LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024
DIRECTORS
Mr P Marsh
Mrs S M Marsh
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
47a High Street
Witney
Oxfordshire
England
OX28 6JA
COMPANY REGISTRATION NUMBER
08091549 England and Wales
OXFORD GARDEN DESIGN LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Intangible assets 270 -
Tangible assets 5 78,144 101,579
78,414 101,579
CURRENT ASSETS
Stock 2,500 2,500
Debtors 6 148,738 132,121
Cash at bank and in hand 27,710 3,634
178,948 138,255
CREDITORS: Amounts falling due within one year 7 583,698 383,153
NET CURRENT LIABILITIES (404,750) (244,898)
CURRENT LIABILITIES LESS TOTAL ASSETS (326,336) (143,319)
CREDITORS: Amounts falling due after more than one year 8 114,120 161,427
Provisions for liabilities and charges 12,887 6,390
NET LIABILITIES (453,343) (311,136)
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account (453,443) (311,236)
SHAREHOLDERS' DEFICIT (453,343) (311,136)
OXFORD GARDEN DESIGN LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mr P Marsh
Director
Date approved by the board: 26 February 2025
OXFORD GARDEN DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1 GENERAL INFORMATION
Oxford Garden Design Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
47a High Street
Witney
Oxfordshire
England
OX28 6JA
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis following the Directors' assessment of the company’s ability to trade for at least 12 months from the date these accounts have been approved. In conclusion, whilst there is some uncertainty, the directors' do not believe there is a material uncertainty which casts significant doubt on the company’s ability to continue to trade.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Revenue from contracts for the provision of garden design services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered., stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
OXFORD GARDEN DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Intangible fixed assets
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life.
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 expectations.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Office equipment 33% straight line
Computer equipment 25% straight line
Motor cars 25% reducing balance
Plant and machinery 25% reducing balance
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
OXFORD GARDEN DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
OXFORD GARDEN DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
OXFORD GARDEN DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 24 29
5 TANGIBLE ASSETS
Office equipment Computer equipment Motor cars Plant and machinery Total
£ £ £ £ £
Cost
At 1 June 2023 10,699 13,263 216,085 19,949 259,996
Additions - 95 - 4,722 4,817
Disposals - - - (50) (50)
At 31 May 2024 10,699 13,358 216,085 24,621 264,763
Accumulated depreciation
At 1 June 2023 7,453 10,041 129,175 11,748 158,417
Charge for year 1,999 2,169 21,727 2,320 28,215
Disposals - - - (13) (13)
At 31 May 2024 9,452 12,210 150,902 14,055 186,619
Net book value
At 1 June 2023 3,246 3,222 86,910 8,201 101,579
At 31 May 2024 1,247 1,148 65,183 10,566 78,144
Included in the above are assets held under finance leases and hire purchase contracts as follows:
Office equipment Computer equipment Motor cars Plant and machinery Total
£ £ £ £ £
Depreciation and impairments charge for year - - 13,077 - 13,077
Net book value
At 1 June 2023 - - 52,308 - 52,308
At 31 May 2024 - - 39,231 - 39,231
The finance for assets held under finance leases is secured against the assets to which they relate.
OXFORD GARDEN DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
6 DEBTORS
2024 2023
£ £
Trade debtors 88,738 78,369
Prepayments and accrued income 7,974 3,629
Other debtors 52,026 50,123
148,738 132,121
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 51,865 34,288
Trade creditors 111,390 152,139
Taxation and social security 224,560 116,895
Hire purchase contracts and finance leases 11,288 14,767
Accruals and deferred income 94,473 4,535
Other creditors 90,122 60,529
583,698 383,153
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 90,468 126,486
Hire purchase contracts and finance leases 23,652 34,941
114,120 161,427
9 SECURED DEBTS
The hire purchase contracts and finance leases are secured on the assets concerned.
OXFORD GARDEN DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
10 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2024 2023
£ £
In less than one year 23,258 26,767
In more than one but less than five years 23,652 46,940
46,910 73,707
11 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year
Balance at 1 June 2023 Amounts advanced Amounts repaid Balance at 31 May 2024
£ £ £ £
Directors' loan account 33,936 12,450 46,386 -
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
12 RELATED PARTY TRANSACTIONS
The company has a loan from its pension scheme, Oxford Garden Design Directors' Pension Scheme. The initial loan was for £100,000, repayable over 5 years. Interest is charged at 5% per annum and accrues daily. At the year end, £36,931 (2023 - £58,547) was outstanding. The company did not meet the repayment terms in the previous years, and therefore the full liability is shown as due within one year in both the current and previous period. The company has increased its monthly contributions to ensure they catch up with the capital and interest payments going forward.
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