REGISTERED NUMBER: SC289387 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

GEMMELL'S GARDEN CENTRE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C A Gemmell

REGISTERED OFFICE:

Trabboch Road

Mauchline

Ayrshire

KA5 5JD

REGISTERED NUMBER:

SC289387 (Scotland)

ACCOUNTANTS:

Galbraith Pritchards

20 Barns Street

Ayr

Ayrshire

KA7 1XA

FIXED ASSETS

Tangible assets

4

350,452

410,981

CURRENT ASSETS

Stocks

277,120

281,804

Debtors

5

43,080

21,863

Cash in hand

1,752

1,752

321,952

305,419

CREDITORS

Amounts falling due within one year

6

383,528

372,785

NET CURRENT LIABILITIES

(61,576

)

(67,366

)

TOTAL ASSETS LESS CURRENT LIABILITIES

288,876

343,615

CREDITORS

Amounts falling due after more than one year

7

(179,606

)

(223,268

)

PROVISIONS FOR LIABILITIES

(77,262

)

(92,398

)

NET ASSETS

32,008

27,949

CAPITAL AND RESERVES

Called up share capital

1,044

1,044

Share premium

10,337

10,337

Retained earnings

20,627

16,568

32,008

27,949

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 March 2025 and were signed by:

C A Gemmell - Director

1.	STATUTORY INFORMATION

GEMMELL'S GARDEN CENTRE LTD is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance and at variable rates on 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 the asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2023

1,343,074

Additions

69,295

Disposals

(41,278

)

At 31 August 2024

1,371,091

DEPRECIATION

At 1 September 2023

932,093

Charge for year

95,819

Eliminated on disposal

(7,273

)

At 31 August 2024

1,020,639

NET BOOK VALUE

At 31 August 2024

350,452

At 31 August 2023

410,981

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/24

31/8/23

£

£

Trade debtors

39,427

20,239

Other debtors

3,653

1,624

43,080

21,863

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/24

31/8/23

£

£

Bank loans and overdrafts

59,654

96,048

Hire purchase contracts

53,166

70,855

Trade creditors

125,166

105,998

Taxation and social security

83,727

46,757

Other creditors

61,815

53,127

383,528

372,785

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/8/24

31/8/23

£

£

Bank loans

94,449

113,553

Hire purchase contracts

85,157

109,715

179,606

223,268

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/8/24

31/8/23

£

£

Bank loans

113,420

132,524

Hire purchase contracts

138,323

180,570

251,743

313,094

HP Liabilities are secured against assets they were used to purchase.

The loan is secured over the property and assets by way of a bond and floating charge.