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Registration number: 09840854

North Devon Christmas Trees Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

North Devon Christmas Trees Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

North Devon Christmas Trees Ltd

Company Information

Directors

Mr P J Gillard

Mrs S E Gillard

Registered office

Broady House
1 Broady Strap
Fremington
Barnstaple
Devon
EX31 2NP

Accountants

PGD Accountants
Certified Accountants26 Spinney Close
Roundswell
Barnstaple
Devon
EX31 3RT

 

North Devon Christmas Trees Ltd

(Registration number: 09840854)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

95,955

88,954

Current assets

 

Stocks

5

25,725

24,500

Debtors

6

228

-

Cash at bank and in hand

 

17,373

24,177

 

43,326

48,677

Creditors: Amounts falling due within one year

7

(14,049)

(27,830)

Net current assets

 

29,277

20,847

Total assets less current liabilities

 

125,232

109,801

Creditors: Amounts falling due after more than one year

7

(49,690)

(55,734)

Provisions for liabilities

(2,970)

(2,223)

Net assets

 

72,572

51,844

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

72,570

51,842

Shareholders' funds

 

72,572

51,844

For the financial year ending 31 October 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 and 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 2 April 2025 and signed on its behalf by:
 

.........................................
Mr P J Gillard
Director

 

North Devon Christmas Trees Ltd

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

1

General information

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

The address of its registered office is:
Broady House
1 Broady Strap
Fremington
Barnstaple
Devon
EX31 2NP

These financial statements were authorised for issue by the Board on 2 April 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.

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 and deferred 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.

 

North Devon Christmas Trees Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Freehold property

10% reducing balance

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.

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.

 

North Devon Christmas Trees Ltd

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

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.

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 2 (2023 - 2).

 

North Devon Christmas Trees Ltd

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

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

77,254

9,000

13,624

99,878

Additions

3,409

-

8,158

11,567

At 31 October 2024

80,663

9,000

21,782

111,445

Depreciation

At 1 November 2023

-

3,938

6,986

10,924

Charge for the year

341

1,266

2,959

4,566

At 31 October 2024

341

5,204

9,945

15,490

Carrying amount

At 31 October 2024

80,322

3,796

11,837

95,955

At 31 October 2023

77,254

5,062

6,638

88,954

Included within the net book value of land and buildings above is £80,322 (2023 - £77,254) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

25,725

24,500

6

Debtors

Current

2024
£

2023
£

Other debtors

228

-

 

228

-

 

North Devon Christmas Trees Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

8,845

23,095

Trade creditors

 

139

870

Taxation and social security

 

4,195

3,025

Accruals and deferred income

 

870

840

 

14,049

27,830

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

49,690

55,734

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share class 1 of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

49,690

55,734

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,058

6,140

Other borrowings

2,787

16,955

8,845

23,095

 

North Devon Christmas Trees Ltd

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

10

Dividends

2024

2023

£

£

 

 

11

Related party transactions

 

North Devon Christmas Trees Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

6,751

1,156