12 01/01/2024 31/12/2024 2024-12-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2024-01-01 Sage Accounts Production 24.0 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 4851348 2024-01-01 2024-12-31 4851348 2024-12-31 4851348 2023-12-31 4851348 2023-01-01 2023-12-31 4851348 2023-12-31 4851348 2022-12-31 4851348 core:NetGoodwill 2024-01-01 2024-12-31 4851348 core:PlantMachinery 2024-01-01 2024-12-31 4851348 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 4851348 core:MotorVehicles 2024-01-01 2024-12-31 4851348 bus:Director1 2024-01-01 2024-12-31 4851348 core:NetGoodwill 2024-12-31 4851348 core:PlantMachinery 2023-12-31 4851348 core:FurnitureFittingsToolsEquipment 2023-12-31 4851348 core:MotorVehicles 2023-12-31 4851348 core:PlantMachinery 2024-12-31 4851348 core:FurnitureFittingsToolsEquipment 2024-12-31 4851348 core:MotorVehicles 2024-12-31 4851348 core:WithinOneYear 2024-12-31 4851348 core:WithinOneYear 2023-12-31 4851348 core:AfterOneYear 2024-12-31 4851348 core:AfterOneYear 2023-12-31 4851348 core:ShareCapital 2024-12-31 4851348 core:ShareCapital 2023-12-31 4851348 core:RetainedEarningsAccumulatedLosses 2024-12-31 4851348 core:RetainedEarningsAccumulatedLosses 2023-12-31 4851348 core:NetGoodwill 2023-12-31 4851348 core:PlantMachinery 2023-12-31 4851348 core:FurnitureFittingsToolsEquipment 2023-12-31 4851348 core:MotorVehicles 2023-12-31 4851348 bus:SmallEntities 2024-01-01 2024-12-31 4851348 bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 4851348 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 4851348 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 4851348 bus:FullAccounts 2024-01-01 2024-12-31
Company registration number: 4851348
Twin Locks Garden Centre Ltd
Unaudited filleted financial statements
31 December 2024
Twin Locks Garden Centre Ltd
Contents
Statement of financial position
Notes to the financial statements
Twin Locks Garden Centre Ltd
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 14,536 18,374
_______ _______
14,536 18,374
Current assets
Stocks 108,204 117,281
Debtors 7 4,984 4,123
Cash at bank and in hand 13,091 36,614
_______ _______
126,279 158,018
Creditors: amounts falling due
within one year 8 ( 120,268) ( 115,638)
_______ _______
Net current assets 6,011 42,380
_______ _______
Total assets less current liabilities 20,547 60,754
Creditors: amounts falling due
after more than one year 9 ( 6,667) ( 16,667)
Provisions for liabilities ( 2,448) ( 2,432)
_______ _______
Net assets 11,432 41,655
_______ _______
Capital and reserves
Called up share capital 4 4
Profit and loss account 11,428 41,651
_______ _______
Shareholders funds 11,432 41,655
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 April 2025 , and are signed on behalf of the board by:
Mr M P Twiss
Director
Company registration number: 4851348
Twin Locks Garden Centre Ltd
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Twin Locks Garden Centre, Gargrave, Skipton, Yorkshire, BD23 3NB.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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.
Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 5 % straight line
Motor vehicles - 25 % reducing balance
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.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2024 and 31 December 2024 100,000 100,000
_______ _______
Amortisation
At 1 January 2024 and 31 December 2024 100,000 100,000
_______ _______
Carrying amount
At 31 December 2024 - -
_______ _______
At 31 December 2023 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 and 31 December 2024 95,267 38,033 18,695 151,995
_______ _______ _______ _______
Depreciation
At 1 January 2024 90,880 33,028 9,713 133,621
Charge for the year 876 716 2,246 3,838
_______ _______ _______ _______
At 31 December 2024 91,756 33,744 11,959 137,459
_______ _______ _______ _______
Carrying amount
At 31 December 2024 3,511 4,289 6,736 14,536
_______ _______ _______ _______
At 31 December 2023 4,387 5,005 8,982 18,374
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Other debtors 4,984 4,123
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 38,728 67,123
Corporation tax 14,194 6,519
Social security and other taxes 23,274 11,298
Other creditors 34,072 20,698
_______ _______
120,268 115,638
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 6,667 16,667
_______ _______