Company registration number 01296122 (England and Wales)
REDFIELDS GARDEN NURSERY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
REDFIELDS GARDEN NURSERY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
REDFIELDS GARDEN NURSERY LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,580
Investment property
5
13,000,000
10,034,955
13,001,580
10,034,955
Current assets
Debtors
6
276,189
231,569
Cash at bank and in hand
345,182
223,672
621,371
455,241
Creditors: amounts falling due within one year
7
(1,521,821)
(1,622,034)
Net current liabilities
(900,450)
(1,166,793)
Total assets less current liabilities
12,101,130
8,868,162
Creditors: amounts falling due after more than one year
8
(2,430,172)
(2,648,712)
Provisions for liabilities
9
(1,306,199)
(564,938)
Net assets
8,364,759
5,654,512
Capital and reserves
Called up share capital
10
104
104
Capital redemption reserve
3,500
3,500
Profit and loss reserves
8,361,155
5,650,908
Total equity
8,364,759
5,654,512
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
Mr M Goater
Director
Company Registration No. 01296122
REDFIELDS GARDEN NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Redfields Garden Nursery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashcombe Court, Woolsack Way, Godalming, Surrey, United Kingdom, GU7 1LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net current liabilities of £true900,450 (2023 - £1,166,793). The company continues to rely on the support of related companies and shareholders, and the directors are not aware of any circumstances arising which would lead to their support being withdrawn. A director has also indicated his willingness to continue to support the company for the foreseeable future.
The company has a long term agreement to lease the site which generates a rental income stream into the future which, in the directors’ view, will be sufficient to generate a profit.
Given this, in the directors opinion the accounts have been correctly prepared on a going concern basis as sufficient funds will be available to support its activities in the future.
1.3
Turnover
Turnover represents rental income and management fees receivable, excluding value added tax.
Rental income is recognised on an accruals basis. Income arising on the sale of investment property is recognised on legal exchange of contracts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% on cost
Computers
25% on cost
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.
1.5
Investment properties
The investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
REDFIELDS GARDEN NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
REDFIELDS GARDEN NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The company recognises an accrual for accumulated annual leave accrued by employees as a result of services rendered in the current period for which employees can carry forward and use within the next year. The accrual is measured at the salary cost of the respective employee in relation to the period of absence.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
REDFIELDS GARDEN NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investment properties
Investment properties are held at value and are valued by management on a sufficiently regular basis to ensure that the carrying amount does not differ materially from that which would be determined using fair value. They are valued using a rental yield methodology on EBITDA based on the returns investors are currently seeking from similar properties. There is an inevitable degree of judgement involved in that the property is unique and value can only ultimately be reliably tested in the market itself.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
REDFIELDS GARDEN NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
38,189
5,640
43,829
Additions
1,663
1,663
At 30 April 2024
38,189
7,303
45,492
Depreciation and impairment
At 1 May 2023
38,189
5,640
43,829
Depreciation charged in the year
83
83
At 30 April 2024
38,189
5,723
43,912
Carrying amount
At 30 April 2024
1,580
1,580
At 30 April 2023
REDFIELDS GARDEN NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 May 2023
10,034,955
Revaluations
2,965,045
At 30 April 2024
13,000,000
Investment property was valued on an open market value basis on 30 April 2024 by the directors.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
5,918,753
5,918,753
Accumulated depreciation
(1,925,505)
(1,807,877)
Carrying amount
3,993,248
4,110,876
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
276,189
231,569
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
225,045
223,410
Trade creditors
8,454
12,159
Corporation tax
192,172
128,978
Other taxation and social security
73,799
49,449
Other creditors
1,022,351
1,208,038
1,521,821
1,622,034
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,430,172
2,648,712
REDFIELDS GARDEN NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets and individual legal charges over the company's investment property.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
1,437,682
1,666,129
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,306,199
564,938
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of 10p each
560
560
56
56
Ordinary 'B' shares of 10p each
480
480
48
48
1,040
1,040
104
104
The different share classes rank pari passu.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Robert Southey
Statutory Auditor:
Azets Audit Services
REDFIELDS GARDEN NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
12
Related party transactions
Included within other creditors are amounts owed to companies or LLPs under common control of £827,559 (2023 - £1,012,759).
Included within other creditors are amounts owed to shareholders £10,472 (2023 - £10,472).
13
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr R Jones -
119,852
123,310
(121,589)
121,573
Mr M Goater -
74,972
127,223
(78,664)
123,531
194,824
250,533
(200,253)
245,104
These balances are included in other debtors and no interest is charged on them.