Castle Gardens Sherborne Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02074878 (England and Wales)

Financial Statements for the Year Ended 31 December 2018

for

Castle Gardens Sherborne Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M D Burks

Mr H L Burks

SECRETARY:

Humphries Kirk

REGISTERED OFFICE:

40 High West Street

Dorchester

Dorset

DT1 1UR

REGISTERED NUMBER:

02074878 (England and Wales)

ACCOUNTANTS:

A J Shone & Co Limited

Chartered Accountants

Ashley House

Unit 3, Brickfields Business Park

Gillingham

Dorset

SP8 4PX

FIXED ASSETS

Tangible assets

4

593,237

589,280

CURRENT ASSETS

Stocks

376,749

343,537

Debtors

5

3,421,687

3,229,555

Cash at bank

68,914

65,709

3,867,350

3,638,801

CREDITORS

Amounts falling due within one year

6

1,872,550

1,701,520

NET CURRENT ASSETS

1,994,800

1,937,281

TOTAL ASSETS LESS CURRENT LIABILITIES

2,588,037

2,526,561

CREDITORS

Amounts falling due after more than one year

7

(10,247

)

(17,055

)

PROVISIONS FOR LIABILITIES

(23,005

)

(19,755

)

NET ASSETS

2,554,785

2,489,751

CAPITAL AND RESERVES

Called up share capital

50,300

50,300

Share premium

400

400

Revaluation reserve

9

75,719

77,821

Retained earnings

2,428,366

2,361,230

SHAREHOLDERS' FUNDS

2,554,785

2,489,751

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9 September 2019 and were signed on its behalf by:

Mr M D Burks - Director

1.	STATUTORY INFORMATION

Castle Gardens Sherborne Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings leasehold

-

Over the term of the lease

Plant and machinery

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

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 group after deducting all of its liabilities.

Government grants

Government grants are recognised when there is reasonable assurance that the company will comply with the

conditions attaching to them and the grants will be received. Grants related to the purchase of assets are treated

as deferred income and allocated to the profit and loss account over the useful lives of the related assets, while

grants related to expenses are treated as other income in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 69 (2017 - 65 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 January 2018

1,360,018

380,334

1,740,352

Additions

906

34,677

35,583

At 31 December 2018

1,360,924

415,011

1,775,935

DEPRECIATION

At 1 January 2018

835,852

315,220

1,151,072

Charge for year

11,668

19,958

31,626

At 31 December 2018

847,520

335,178

1,182,698

NET BOOK VALUE

At 31 December 2018

513,404

79,833

593,237

At 31 December 2017

524,166

65,114

589,280

On transition to FRS 102, leasehold land and buildings that had previously been revalued on 21 July 1999, at

£700,000 were transferred (along with subsequent additions) at deemed cost.

On an historic cost basis, land and buildings would have been included at a cost of £980,978, accumulated

depreciation of £560,047 and a net book value of £420,931. The depreciation charge for the year would have

been £9,566.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

24,853

28,733

Amounts owed by group undertakings

3,347,402

3,145,551

Other debtors

49,432

55,271

3,421,687

3,229,555

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Finance leases (see note 8)

-

27,687

Trade creditors

294,069

306,583

Amounts owed to group undertakings

1,351,567

1,112,092

Taxation and social security

180,422

180,008

Other creditors

46,492

75,150

1,872,550

1,701,520

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

10,247

17,055

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

2,000

2,000

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2018

2017

£

£

Net obligations repayable:

Within one year

-

27,687

Non-cancellable operating

leases

2018

2017

£

£

Within one year

78,750

78,750

Between one and five years

315,000

315,000

In more than five years

3,071,250

3,150,000

3,465,000

3,543,750

9.

RESERVES

Revaluation

reserve

£

At 1 January 2018

77,821

Transfer to profit and loss

(2,102

)

At 31 December 2018

75,719

10.	CONTINGENT LIABILITIES

A guarantee exists in favour of Lloyds TSB Bank plc in respect of The Gardens Group Limited, Poundbury

Gardens Limited and Brimsmore Gardens Limited.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under Section 33 of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

The ultimate controlling party is The Gardens Group Limited.