Registration number:
Kings Garden and Leisure Ltd
for the Year Ended 30 September 2024
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Contents
Company Information |
|
Strategic Report |
|
Financial KPI's |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Company Information
Directors |
Mr R D King Mrs N King |
Company secretary |
Mrs N King |
Registered office |
|
Solicitors |
|
Auditors |
|
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Strategic Report for the Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
Principal activity
The principal activity of the company is that associated with garden centres and onsite coffee shops.
Fair review of the business
The directors consider that the key financial performance indicators are those that communicate the financial performance and position of the company as a whole, these being turnover and profit margins.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£,000 |
5,700 |
5,566 |
Turnover growth |
% |
2 |
3 |
Gross profit margin |
% |
57 |
55 |
Operating profit |
£,000 |
879 |
1,194 |
Shareholder funds |
£,000 |
7,131 |
6,649 |
Principal risks and uncertainties
The company continues to monitor weekly sales and monthly management information to ensure that working capital is effectively controlled.
Approved and authorised by the
......................................... |
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise the bank balances and trade creditors. The main purpose of these instruments is to finance the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the company, there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below:
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Future developments
The company intends to continue to grow sales and develop new markets.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Independent Auditor's Report to the Members of Kings Garden and Leisure Ltd
Opinion
We have audited the financial statements of Kings Garden and Leisure Ltd (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Independent Auditor's Report to the Members of Kings Garden and Leisure Ltd
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Independent Auditor's Report to the Members of Kings Garden and Leisure Ltd
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• |
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
• |
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the garden retail and hospitality sectors; |
• |
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, fire safety, food safety and hygiene, and health and safety legislation; |
• |
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of legal correspondence; and |
• |
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• |
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
• |
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
• |
performed analytical procedures to identify any unusual or unexpected relationships; |
• |
tested journal entries to identify unusual transactions; |
• |
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
• |
investigated the rationale behind significant or unusual transactions. |
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Independent Auditor's Report to the Members of Kings Garden and Leisure Ltd
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• |
agreeing financial statement disclosures to underlying supporting documentation; |
• |
reading the minutes of meetings of those charged with governance; |
• |
enquiring of management as to actual and potential litigation and claims; and |
• |
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
28 Alexandra Terrace
Devon
EX8 1BD
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Profit and Loss Account for the Year Ended 30 September 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
- |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Statement of Comprehensive Income for Year Ended 30 September 2024
2024 |
2023 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
......................................... |
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Statement of Changes in Equity for the Year Ended 30 September 2024
Share capital |
Retained earnings |
Total |
|
At 1 October 2023 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 September 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 October 2022 |
|
|
|
Profit for the year |
- |
|
|
At 30 September 2023 |
100 |
6,648,717 |
6,648,817 |
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Statement of Cash Flows for the Year Ended 30 September 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
Profit from sales of investment properties |
( |
- |
|
Finance income |
( |
( |
|
Finance costs |
- |
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
Decrease in trade debtors |
|
|
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Proceeds from sale of investment properties |
|
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
- |
( |
|
Repayment of bank borrowing |
- |
( |
|
Dividends paid |
( |
- |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 October |
|
|
|
Cash and cash equivalents at 30 September |
3,186,790 |
3,017,288 |
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Higher Hulham Road
Exmouth
Devon
EX8 5DZ
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Going concern
The financial statements have been prepared on a going concern basis.
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
Judgements
The company carries its investment properties at fair value, with changes in fair value being recognised in profit or loss. The properties were valued on 30 September 2024 by the directors. The methodology of this valuation was based on market values of similar properties and rental yields. The value of investment properties at the year end is £400,000 (2023: £767,320) with the carrying amount at historical cost being £295,169 (2023: £662,489). The current year amounts are after a disposal during the year of investment property valued at £367,320 with a historical cost of £367,320. |
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property, plant and equipment, and note 2 for the useful economic lives and depreciation rates applied for each class of assets..
Revenue recognition
Retail 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.
Rental income is recognised over the period for which the land and buildings are occupied by the customer and on a time apportionment basis.
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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
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 |
Freehold buildings |
2% straight line |
Plant and machinery |
10-20% reducing balance |
Motor vehicles |
20% reducing balance |
Tractors |
20% reducing balance |
Investment property
Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
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.
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
The analysis of the company's Turnover for the year by class of business is as follows:
2024 |
2023 |
|
Garden centre sales |
|
|
Coffee shop sales |
|
|
|
|
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Sub lease rental income |
|
|
Miscellaneous other operating income |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
(Loss)/gain on disposal of Tangible assets |
( |
|
Gain from sales of investment properties |
|
- |
(5,590) |
8,230 |
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Other finance income |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
- |
|
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Directors |
|
|
Administration and support |
|
|
Garden Centre |
|
|
Coffee Shop |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
- |
221,492 |
24,082 |
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
Deferred tax credit from unrecognised temporary difference from a prior period |
- |
( |
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
Tax (decrease)/increase from other tax effects |
( |
|
Total tax charge |
|
|
As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. The company's previous financial period straddled this date and a blended corporation tax rate was applied in the previous year.
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Other timing differences |
- |
( |
Revaluation of investment property |
- |
|
- |
|
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Other timing differences |
- |
( |
Revaluation of investment property |
- |
|
- |
|
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
Tangible assets |
Land and buildings |
Plant and machinery |
Motor vehicles |
Tractors |
Total |
|
Cost or valuation |
|||||
At 1 October 2023 |
|
|
|
|
|
Additions |
|
|
|
- |
|
Disposals |
- |
- |
( |
- |
( |
At 30 September 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 October 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 30 September 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 30 September 2024 |
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £3,400,422 (2023 - £3,011,230) in respect of freehold land and buildings.
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
Investment properties |
2024 |
|
At 1 October |
|
Disposals |
( |
At 30 September |
|
There has been no valuation of investment property by an independent valuer in the current period.
Stocks |
2024 |
2023 |
|
Other stocks |
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
Total current trade and other debtors |
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
Creditors |
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Outstanding defined contribution pension costs |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
Analysis of changes in net debt |
At 1 October 2023 |
Financing cash flows |
At 30 September 2024 |
|
Cash and cash equivalents |
|||
Cash |
3,017,288 |
169,502 |
3,186,790 |
|
|
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 October 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 September 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Rights, preferences and restrictions
Ordinary have the following rights, preferences and restrictions: |
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £ |
|
- |
||
Related party transactions |
Transactions with directors |
2024 |
At 1 October 2023 |
Advances to director |
Repayments by director |
At 30 September 2024 |
Director 1 - interest free loan repayable on demand |
( |
|
( |
( |
Director 2 - interest free loan repayable on demand |
( |
|
( |
( |
2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
At 30 September 2023 |
Director 1 - interest free loan repayable on demand |
( |
|
( |
( |
Director 2 - interest free loan repayable on demand |
( |
|
( |
( |
Kings Garden and Leisure Ltd
(Registration number: 05147580)
Notes to the Financial Statements for the Year Ended 30 September 2024
Other transactions with directors |
Summary of transactions with other related parties
Other related parties comprise close family members of the directors, who were employed by the company during the period on commercial terms. Total remuneration, including the cash value of taxable beneifts in kind, for the year ended 30 September 2024 amounted to £302,871 (2023: £137,558).
In addition to remuneration and taxable benefits in kind disclosed above, an investment property was sold to an other related party at market value during the year for consideration of £375,000.
Controlling party |
The ultimate controlling parties are R & N King who own the entirety of the share capital.