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Registration number: 02937554

Loxston Groundcare Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Loxston Groundcare Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Loxston Groundcare Limited

Company Information

Directors

Mr P W Loxston

Mr M J Hawtin

Mrs D A Loxston

Company secretary

Mrs D A Loxston

Registered office

New Road
Seavington St Mary
Ilminster
Somerset
TA19 0QU

Accountants

Mitchams Chartered Accountants 1 Cornhill
Ilminster
Somerset
TA19 0AD

 

Loxston Groundcare Limited

(Registration number: 02937554)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

77,138

159,416

Current assets

 

Stocks

5

447,890

385,513

Debtors

6

109,045

144,946

Cash at bank and in hand

 

42,046

25,141

 

598,981

555,600

Creditors: Amounts falling due within one year

7

(209,491)

(204,633)

Net current assets

 

389,490

350,967

Total assets less current liabilities

 

466,628

510,383

Creditors: Amounts falling due after more than one year

7

-

(5,258)

Provisions for liabilities

(18,375)

(38,886)

Net assets

 

448,253

466,239

Capital and reserves

 

Called up share capital

200

200

Retained earnings

448,053

466,039

Shareholders' funds

 

448,253

466,239

 

Loxston Groundcare Limited

(Registration number: 02937554)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 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 10 June 2025 and signed on its behalf by:
 

.........................................
Mr P W Loxston
Director

 

Loxston Groundcare Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

1

General information

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

The address of its registered office is:
New Road
Seavington St Mary
Ilminster
Somerset
TA19 0QU

These financial statements were authorised for issue by the Board on 10 June 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.

 

Loxston Groundcare Limited

Notes to the Financial Statements for the Year Ended 30 November 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

Land and buildings

10% reducing balance

Furniture, fittings and equipment

25% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% 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.

 

Loxston Groundcare Limited

Notes to the Financial Statements for the Year Ended 30 November 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Loxston Groundcare Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2023

2,124

15,455

88,289

210,177

316,045

Additions

-

-

-

9,181

9,181

Disposals

-

-

-

(91,088)

(91,088)

At 30 November 2024

2,124

15,455

88,289

128,270

234,138

Depreciation

At 1 December 2023

1,749

12,285

50,674

91,921

156,629

Charge for the year

37

793

9,404

15,404

25,638

Eliminated on disposal

-

-

-

(25,267)

(25,267)

At 30 November 2024

1,786

13,078

60,078

82,058

157,000

Carrying amount

At 30 November 2024

338

2,377

28,211

46,212

77,138

At 30 November 2023

375

3,170

37,615

118,256

159,416

 

Loxston Groundcare Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

5

Stocks

2024
£

2023
£

Raw materials and consumables

445,224

377,417

Work in progress

2,666

8,096

447,890

385,513

6

Debtors

2024
£

2023
£

Trade debtors

106,120

142,809

Prepayments

2,925

2,137

109,045

144,946

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,258

10,516

Trade creditors

 

110,610

122,458

Taxation and social security

 

87,193

64,952

Accruals and deferred income

 

5,190

5,467

Other creditors

 

1,240

1,240

 

209,491

204,633

Creditors due within one year include net obligations under hire purchase contracts which are secured of £5,258 (2023 - £5,258). Creditors due after more than one year include net obligations under hire purchase contracts which are secured of £nil (2023 - £5,258).

 

Loxston Groundcare Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

-

5,258

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

5,258

10,516