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Flora Earth Ltd
Filleted accounts
30 June 2024
Company registration number: 08114695
Flora Earth Ltd
Directors and other information
Director B J Pollard
Company number 08114695
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Flora Earth Ltd
Balance sheet
30th June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 33,021 39,440
_______ _______
33,021 39,440
Current assets
Stocks 51,664 44,905
Debtors 6 70,370 61,348
Investments 7 237,254 307,153
Cash at bank and in hand 8,179 22,572
_______ _______
367,467 435,978
Creditors: amounts falling due
within one year 8 ( 43,042) ( 86,435)
_______ _______
Net current assets 324,425 349,543
_______ _______
Total assets less current liabilities 357,446 388,983
Creditors: amounts falling due
after more than one year 9 ( 31,591) ( 45,590)
Provisions for liabilities 10 ( 6,274) ( 7,494)
_______ _______
Net assets 319,581 335,899
_______ _______
Capital and reserves
Called up share capital 12 100 100
Profit and loss account 319,481 335,799
_______ _______
Shareholders funds 319,581 335,899
_______ _______
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act 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 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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
B J Pollard
Director
Company registration number: 08114695
Flora Earth Ltd
Notes to the financial statements
Year ended 30th June 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be that of consultants to the horticultural industry .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - Straight line basis over 3 years
Other equipment - Reducing balance basis at 25% per annum
Motor vehicles - Reducing balance basis at 25% per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
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 Balance sheet 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 in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Equipment Motor vehicles Total
£ £ £
Cost
At 1st July 2023 20,943 36,495 57,438
Additions 4,100 - 4,100
_______ _______ _______
At 30th June 2024 25,043 36,495 61,538
_______ _______ _______
Depreciation
At 1st July 2023 13,193 4,805 17,998
Charge for the year 2,596 7,923 10,519
_______ _______ _______
At 30th June 2024 15,789 12,728 28,517
_______ _______ _______
Carrying amount
At 30th June 2024 9,254 23,767 33,021
_______ _______ _______
At 30th June 2023 7,750 31,690 39,440
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 46,526 26,622
Other debtors 23,844 34,726
_______ _______
70,370 61,348
_______ _______
7. Investments
2024 2023
£ £
Other investments 237,254 307,153
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans 10,204 9,944
Trade creditors 13,024 27,760
Social security and other taxes 9,084 15,914
Other creditors 10,730 32,817
_______ _______
43,042 86,435
_______ _______
Other creditors includes £5,260 (2023: £6,000) which is secured on the company's assets.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 11,370 21,590
Other creditors 20,221 24,000
_______ _______
31,591 45,590
_______ _______
Other creditors are secured on the company's assets.
10. Provisions
Deferred tax (note 11) Total
£ £
At 1st July 2023 7,494 7,494
Additions ( 1,220) ( 1,220)
_______ _______
At 30th June 2024 6,274 6,274
_______ _______
11. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 10) 6,274 7,494
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 6,274 7,494
_______ _______
12. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
13. Controlling party
The company is under the control of B J Pollard who owns 100% of the issued share capital.