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Company No: 03810644 (England and Wales)

FAKENHAM GARDEN CENTRE LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

FAKENHAM GARDEN CENTRE LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

FAKENHAM GARDEN CENTRE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
FAKENHAM GARDEN CENTRE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 231,227 139,899
Investments 5 50 50
231,277 139,949
Current assets
Stocks 720,343 729,087
Debtors 6 117,494 127,732
Cash at bank and in hand 268,885 329,269
1,106,722 1,186,088
Creditors: amounts falling due within one year 7 ( 561,960) ( 625,880)
Net current assets 544,762 560,208
Total assets less current liabilities 776,039 700,157
Creditors: amounts falling due after more than one year 8 ( 77,275) ( 87,835)
Provision for liabilities ( 51,885) ( 30,400)
Net assets 646,879 581,922
Capital and reserves
Called-up share capital 104 104
Capital redemption reserve 20 20
Other reserves 159,576 159,576
Profit and loss account 487,179 422,222
Total shareholders' funds 646,879 581,922

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Fakenham Garden Centre Limited (registered number: 03810644) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M J Turner
Director
G W Turner
Director

28 March 2025

FAKENHAM GARDEN CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
FAKENHAM GARDEN CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fakenham Garden Centre Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Mill Road, Hempton, Fakenham, NR21 7LH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 - 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Income Statement. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Holiday Pay Accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This Is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 53 47

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2023 ( 51,659) ( 51,659)
At 31 August 2024 ( 51,659) ( 51,659)
Accumulated amortisation
At 01 September 2023 ( 51,659) ( 51,659)
At 31 August 2024 ( 51,659) ( 51,659)
Net book value
At 31 August 2024 0 0
At 31 August 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 September 2023 75,742 73,428 408,885 558,055
Additions 0 83,939 54,444 138,383
At 31 August 2024 75,742 157,367 463,329 696,438
Accumulated depreciation
At 01 September 2023 75,742 51,710 290,704 418,156
Charge for the financial year 0 23,763 23,292 47,055
At 31 August 2024 75,742 75,473 313,996 465,211
Net book value
At 31 August 2024 0 81,894 149,333 231,227
At 31 August 2023 0 21,718 118,181 139,899

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 September 2023 50 50
At 31 August 2024 50 50
Carrying value at 31 August 2024 50 50
Carrying value at 31 August 2023 50 50

6. Debtors

2024 2023
£ £
Trade debtors 86,478 103,002
Amounts owed by directors 2,129 0
Prepayments 28,862 23,583
Other debtors 25 1,147
117,494 127,732

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 50,000 50,000
Trade creditors 274,318 364,490
Amounts owed to directors 2,060 882
Accruals 24,481 19,385
Taxation and social security 116,972 102,784
Obligations under finance leases and hire purchase contracts 18,653 7,038
Other creditors 75,476 81,301
561,960 625,880

Net obligations under hire purchase contracts are secured upon the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 37,500 87,500
Obligations under finance leases and hire purchase contracts 39,775 335
77,275 87,835

Net obligations under hire purchase contracts are secured upon the assets to which they relate.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 6,746 3,198

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 5,930 8,202

10. Related party transactions

At the year end, M J Turner, who has an interest as a director, was owed by the company £36 (2023 - £2,182 owed to the company). G W Turner & Mrs B M Turner, who have an interest as a directors, owed the company £104 (2023 - £3,064 owed by the company). No fixed repayment terms are in place.