Kevock Garden Plants Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC541515 (Scotland)

Financial Statements for the Year Ended 30 September 2019

for

KEVOCK GARDEN PLANTS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

Fixed assets

Tangible assets

4

49,401

40,430

Investments

5

1

1

49,402

40,431

Current assets

Stocks

91,490

97,850

Debtors

6

11,524

30,569

Cash at bank and in hand

19,951

16,361

122,965

144,780

Creditors

Amounts falling due within one year

7

195,774

190,289

Net current liabilities

(72,809

)

(45,509

)

Total assets less current liabilities

(23,407

)

(5,078

)

Reserves

Income and expenditure account

(23,407

)

(5,078

)

(23,407

)

(5,078

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 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 surplus or deficit 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 6 March 2020 and were signed on its behalf by:

Mrs E A Strang - Director

1.	Statutory information

Kevock Garden Plants Limited is a private company, limited by guarantee , registered in Scotland. The

company's registered number and registered office address are as below:

Registered number:

SC541515

Registered office:

Kevock Garden Plants

Kevock Road

Lasswade

EH18 1HX

The presentation currency of the financial statements is the Pound Sterling (£).

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 statement have been prepared on a going concern basis

under the historical cost convention.

Going concern

The company meets its day to day working capital requirements through financial support from its directors. On

the basis of the projected cash flow information the director considers that the company will operate within the

agreed support and therefore the financial statements have been prepared on a going concern basis. The

financial statements do not include any adjustment that would result from a withdrawal of the support.

Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of horticultural supplies is recognised when significant risks and rewards of ownership of

the good have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the

economic benefits associated with the transaction will flow to the company and the costs incurred in respect of

the transaction can be measured reliably. This is usually on the the dispatch of goods or point of sale.

Interest receivable

Interest income is recognised using the effective interest method as the company's right to receive payment is

established.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable

assurance that the company will comply with conditions attaching to them and the grants will be received using

the accrual model.

Tangible fixed assets

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

Property

-

5% on cost

Garden equipment

-

15% on reducing balance

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating

unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable

amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where

the impairment loss is a revaluation decrease.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated 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 stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

Work in progress

Work in progress has been valued at the lower of cost and estimated selling price less costs to sell where the

cost includes a relevant proportion of overheads according to the stage of completion.

Taxation

Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss)

for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the

taxation rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation represents the future taxation consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing differences, with

certain exceptions. Timing differences are differences between taxable profits and total comprehensive income

as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in

periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses

and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered

against the reversal of deferred taxation liabilities or other future taxable profits.

Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively

enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Pension costs and other post-retirement benefits

The company operates money purchase (defined contribution) pension scheme. Contributions are charged

against profits on the amounts payable for the year.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight

line basis over the period of the lease.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Bank and cash

Cash at bank and in hand includes cash and short term highly liquid investments with a short

maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

3.	Employees and directors

The average number of employees during the year was 5 (2018 - 6 ) .

4.	Tangible fixed assets

Garden

Property

equipment

Totals

£

£

£

Cost

At 1 October 2018

41,004

4,408

45,412

Additions

-

13,200

13,200

At 30 September 2019

41,004

17,608

58,612

Depreciation

At 1 October 2018

4,100

882

4,982

Charge for year

2,050

2,179

4,229

At 30 September 2019

6,150

3,061

9,211

Net book value

At 30 September 2019

34,854

14,547

49,401

At 30 September 2018

36,904

3,526

40,430

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 October 2018

and 30 September 2019

1

Net book value

At 30 September 2019

1

At 30 September 2018

1

6.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

10,924

29,969

Other debtors

600

600

11,524

30,569

7.

Creditors: amounts falling due within one year

2019

2018

£

£

Trade creditors

6,886

13,481

Amounts owed to group undertakings

160,395

160,395

Taxation and social security

618

634

Other creditors

27,875

15,779

195,774

190,289