GARDEN BEST BUYS LIMITED


Directors	CARTER, Tina Michelle
	HIRST, John Edward
	HIRST, Scott Anthony


Registered Address	3rd Floor 10 South Parade
	Leeds
	LS1 5QS


Registered Number	07251414 (England and Wales)

Statement of Financial Position
31 December 2024

	Notes	31 Dec 2024		30 Sep 2023
		£	£	£	£
Fixed assets
Tangible assets	3		39,429		47,527
			39,429		47,527
Current assets
Stocks	4	59,892		100,250
Debtors	5	434,534		105,807
Cash at bank and on hand		111,113		231,622
		605,539		437,679
Creditors amounts falling due within one year	6	(78,252)		(100,068)
Net current assets (liabilities)			527,287		337,611
Total assets less current liabilities			566,716		385,138
Creditors amounts falling due after one year	7		-		(17,195)
Provisions for liabilities	8		(9,857)		(11,882)
Net assets			556,859		356,061
Capital and reserves
Called up share capital			90		90
Profit and loss account			556,769		355,971
Shareholders' funds			556,859		356,061

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 23 September 2025, and are signed on its behalf by:

CARTER, Tina Michelle
Director
Registered Company No. 07251414

GARDEN BEST BUYS LIMITED

Notes to the Financial Statements
for the period ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	15	-
Fixtures and fittings	-	10
Office Equipment	-	5

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	2		2

3.	Tangible fixed assets

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 October 23	72,765	5,326	78,091
Additions	-	1,119	1,119
At 31 December 24	72,765	6,445	79,210
Depreciation and impairment
At 01 October 23	25,475	5,089	30,564
Charge for year	8,867	350	9,217
At 31 December 24	34,342	5,439	39,781
Net book value
At 31 December 24	38,423	1,006	39,429
At 30 September 23	47,290	237	47,527

4.	Stocks
	Short term debtors are measured at transaction price (which is usually the invoice price). less any impairments losses for bad and doubtful debts. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	2024	2023
	£	£
Finished goods	59,892	100,250
Total	59,892	100,250

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	86,441	26,015
Other debtors	348,093	79,792
Total	434,534	105,807


	Short term debtors are measured at transaction price (which is usually the invoice price). Less any impairment losses for bad and doubtful debts. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	17,076	9,739
Bank borrowings and overdrafts	7,745	27,752
Taxation and social security	47,644	57,458
Accrued liabilities and deferred income	5,787	5,119
Total	78,252	100,068


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. . Bank loans within one year: 2024 £7,745. (2023: £27,752). The bank loans are secured by a charge over the assets of the company.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
.
Bank loans within one year: 2024 £7,745. (2023: £27,752). The bank loans are secured by a charge over the assets of the company.

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	-	17,195
Total	-	17,195


	The bank loans are secured by a charge over the assets of the company.

8.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	9,857	11,882
Total	9,857	11,882

9.	Related party transactions
	An amount was due from ETL Developments Limited (a company under the control of the directors) £311,582 ( 2023 £75,308 ) and management charge paid £103,333 ( 2023 £72,500) to them.