Petals For Plants Limited 04806263 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is running a garden centre. Digita Accounts Production Advanced 6.30.9574.0 true 04806263 2023-08-01 2024-07-31 04806263 2024-07-31 04806263 core:RetainedEarningsAccumulatedLosses 2024-07-31 04806263 core:ShareCapital 2024-07-31 04806263 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 04806263 core:CurrentFinancialInstruments 2024-07-31 04806263 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 04806263 core:Non-currentFinancialInstruments 2024-07-31 04806263 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 04806263 core:FurnitureFittingsToolsEquipment 2024-07-31 04806263 core:LandBuildings 2024-07-31 04806263 core:MotorVehicles 2024-07-31 04806263 core:OtherPropertyPlantEquipment 2024-07-31 04806263 bus:SmallEntities 2023-08-01 2024-07-31 04806263 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 04806263 bus:FilletedAccounts 2023-08-01 2024-07-31 04806263 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 04806263 bus:RegisteredOffice 2023-08-01 2024-07-31 04806263 bus:CompanySecretaryDirector1 2023-08-01 2024-07-31 04806263 bus:Director2 2023-08-01 2024-07-31 04806263 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04806263 core:Buildings 2023-08-01 2024-07-31 04806263 core:FurnitureFittings 2023-08-01 2024-07-31 04806263 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 04806263 core:LandBuildings 2023-08-01 2024-07-31 04806263 core:MotorVehicles 2023-08-01 2024-07-31 04806263 core:OfficeEquipment 2023-08-01 2024-07-31 04806263 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 04806263 core:PlantMachinery 2023-08-01 2024-07-31 04806263 core:Vehicles 2023-08-01 2024-07-31 04806263 countries:England 2023-08-01 2024-07-31 04806263 2023-07-31 04806263 core:FurnitureFittingsToolsEquipment 2023-07-31 04806263 core:LandBuildings 2023-07-31 04806263 core:MotorVehicles 2023-07-31 04806263 core:OtherPropertyPlantEquipment 2023-07-31 04806263 2022-08-01 2023-07-31 04806263 2023-07-31 04806263 core:RetainedEarningsAccumulatedLosses 2023-07-31 04806263 core:ShareCapital 2023-07-31 04806263 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 04806263 core:CurrentFinancialInstruments 2023-07-31 04806263 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 04806263 core:Non-currentFinancialInstruments 2023-07-31 04806263 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 04806263 core:FurnitureFittingsToolsEquipment 2023-07-31 04806263 core:LandBuildings 2023-07-31 04806263 core:MotorVehicles 2023-07-31 04806263 core:OtherPropertyPlantEquipment 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 04806263

Petals For Plants Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Petals For Plants Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Petals For Plants Limited

Company Information

Directors

D P East

D C East

Company secretary

D P East

Registered office

Petals For Plants
Burwash Road
Broad Oak
Heathfield
East Sussex
TN21 8XG

Accountants

Manningtons
8 High Street
Heathfield
East Sussex
TN21 8LS

 

Petals For Plants Limited

(Registration number: 04806263)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

385,454

344,131

Current assets

 

Stocks

5

279,000

271,000

Debtors

6

5,582

5,809

Cash at bank and in hand

 

258,788

307,619

 

543,370

584,428

Creditors: Amounts falling due within one year

7

(720,476)

(750,620)

Net current liabilities

 

(177,106)

(166,192)

Total assets less current liabilities

 

208,348

177,939

Creditors: Amounts falling due after more than one year

7

(20,833)

(45,833)

Net assets

 

187,515

132,106

Capital and reserves

 

Called up share capital

100

100

Retained earnings

187,415

132,006

Shareholders' funds

 

187,515

132,106

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

 

Petals For Plants Limited

(Registration number: 04806263)
Balance Sheet as at 31 July 2024

.........................................
D P East
Company secretary and director

 

Petals For Plants Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Petals For Plants
Burwash Road
Broad Oak
Heathfield
East Sussex
TN21 8XG

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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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.

 

Petals For Plants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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

Plant & Machinery

10% reducing balance

Office Equipment

20% reducing balance

Furniture & Fittings

20% reducing balance

Motor Vehicles

20% reducing balance

Freehold Land & Buildings

5% 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 at the transaction price, 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.

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 at the transaction price.

Borrowings

 

Petals For Plants Limited

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

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 23).

 

Petals For Plants Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

28,094

117,273

25,990

1,032,627

1,203,984

Additions

54,293

2,918

-

25,230

82,441

At 31 July 2024

82,387

120,191

25,990

1,057,857

1,286,425

Depreciation

At 1 August 2023

3,871

99,013

19,891

737,078

859,853

Charge for the year

3,579

4,240

1,220

32,079

41,118

At 31 July 2024

7,450

103,253

21,111

769,157

900,971

Carrying amount

At 31 July 2024

74,937

16,938

4,879

288,700

385,454

At 31 July 2023

24,223

18,260

6,099

295,549

344,131

Included within the net book value of land and buildings above is £74,937 (2023 - £24,223) in respect of freehold land and buildings.
 

 

Petals For Plants Limited

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

5

Stocks

2024
£

2023
£

Other inventories

279,000

271,000

6

Debtors

2024
£

2023
£

Trade debtors

864

-

Prepayments

1,593

809

Other debtors

3,125

5,000

5,582

5,809

 

Petals For Plants Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

25,000

25,741

Trade creditors

 

29,035

48,918

Taxation and social security

 

54,635

51,646

Accruals and deferred income

 

5,400

6,100

Other creditors

 

958

942

Director loan account

 

605,448

617,273

 

720,476

750,620

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

20,833

45,833

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

20,833

45,833

Current loans and borrowings

2024
£

2023
£

Bank borrowings

25,000

25,000

Hire purchase contracts

-

741

25,000

25,741