Out of Eden Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03178081 (England and Wales)

Financial Statements for the Year Ended 30 November 2019

for

OUT OF EDEN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N I Hartley

J A Hartley

J Andrew BSc FCA

M J Gannon

SECRETARY:

N I Hartley

REGISTERED OFFICE:

Home Farm Buildings

Home Farm

Kirkby Stephen

Cumbria

CA17 4AP

REGISTERED NUMBER:

03178081 (England and Wales)

SENIOR STATUTORY AUDITOR:

Graham Atkinson

AUDITORS:

Walter Dawson & Son

11 Victoria Road

Elland

West Yorkshire

HX5 0AE

BANKERS:

Barclays Bank plc

Barclays House

Oxenholme Road

Kendal

Cumbria

LA9 7RL

FIXED ASSETS

Intangible assets

4

2,641

5,283

Property, plant and equipment

5

544,881

439,759

547,522

445,042

CURRENT ASSETS

Inventories

1,555,726

1,397,123

Debtors

6

1,210,571

1,056,722

Cash at bank and in hand

1,613,916

1,714,262

4,380,213

4,168,107

CREDITORS

Amounts falling due within one year

7

722,990

884,950

NET CURRENT ASSETS

3,657,223

3,283,157

TOTAL ASSETS LESS CURRENT LIABILITIES

4,204,745

3,728,199

CREDITORS

Amounts falling due after more than one year

8

-

(46,071

)

PROVISIONS FOR LIABILITIES

(44,273

)

(41,695

)

NET ASSETS

4,160,472

3,640,433

CAPITAL AND RESERVES

Called up share capital

6,291

6,166

Share premium

165,310

142,185

Retained earnings

3,988,871

3,492,082

SHAREHOLDERS' FUNDS

4,160,472

3,640,433

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 Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 August 2020 and were signed on its behalf by:

N I Hartley - Director

M J Gannon - Director

1.	STATUTORY INFORMATION

Out of Eden 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.

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

The financial statements have been prepared on the basis that the company will continue as a going concern for

the foreseeable future. Turnover has been adversely affected by the impact of COVID-19 on the UK leisure and

private sectors, this is expected to significantly reduce profitability in the current year but at the time of

approving the financial statements it has not negatively affected the Directors' assessment that the business

remains a going concern.

Turnover

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

value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods

have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably,

it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be

incurred in respect of the transactions can be measured reliably.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is

recognised only to the extent that expenses recognised are recoverable.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in the years 2000 and 2009, the

Net Book Value at 1 December 2015 is being amortised evenly over five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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

-

in accordance with the property

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

York Fixtures and Fittings are depreciated over the term of the lease.

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation

and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date

of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive

income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset

previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is

recognised in other comprehensive income to the extent of any previously recognised revaluation increase

accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation

gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Stocks

Inventories 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual

provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a

financing transaction, where it is recognised at the present value of the future payments discounted at a market

rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an

asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which

case the asset is measured at the present value of the future payments discounted at a market rate of interest for a

similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or

loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at

the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in

profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant,

these are assessed individually for impairment. Other financial assets or either assessed individually or grouped

on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not

result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the

impairment not previously been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 89 (2018 - 80 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2018

and 30 November 2019

36,450

AMORTISATION

At 1 December 2018

31,167

Charge for year

2,642

At 30 November 2019

33,809

NET BOOK VALUE

At 30 November 2019

2,641

At 30 November 2018

5,283

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 December 2018

273,801

897,426

1,171,227

Additions

85,991

120,862

206,853

At 30 November 2019

359,792

1,018,288

1,378,080

DEPRECIATION

At 1 December 2018

133,284

598,184

731,468

Charge for year

15,051

86,680

101,731

At 30 November 2019

148,335

684,864

833,199

NET BOOK VALUE

At 30 November 2019

211,457

333,424

544,881

At 30 November 2018

140,517

299,242

439,759

6.

DEBTORS

30/11/19

30/11/18

£

£

Amounts falling due within one year:

Trade debtors

475,287

542,093

Amounts owed by group undertakings

26,172

-

Other debtors

270,758

41,049

772,217

583,142

30/11/19

30/11/18

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

438,354

473,580

Aggregate amounts

1,210,571

1,056,722

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/19

30/11/18

£

£

Bank loans and overdrafts

46,071

46,071

Trade creditors

355,149

214,716

Amounts owed to group undertakings

20,000

17,495

Taxation and social security

149,588

261,300

Other creditors

152,182

345,368

722,990

884,950

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/11/19

30/11/18

£

£

Bank loans

-

46,071

9.	SECURED DEBTS

The following secured debts are included within creditors:

30/11/19

30/11/18

£

£

Bank loans

46,071

92,142

The bank loan is secured by a fixed charge on the freehold property owned by the parent company Merrygill

Limited.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Atkinson (Senior Statutory Auditor)

for and on behalf of Walter Dawson & Son

11.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of

£600,860, (2018 - £292,305)

12.	ULTIMATE CONTROLLING PARTY

The controlling parties are Mr N I Hartley and Mrs J A Hartley by virtue of their joint ownership of all the share

capital in the parent company.

13.	ULTIMATE PARENT COMPANY

Merrygill Limited (incorporated in England & Wales) is regarded by the directors as being the company's

ultimate parent company.

Groups accounts available from:

Companies House

Crown Way

Cardiff

CF14 3UZ