New Hollybeck Nurseries Limited Filleted accounts for Companies House (small and micro)

New Hollybeck Nurseries Limited Filleted accounts for Companies House (small and micro)

NEW HOLLYBECK NURSERIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04457592
NEW HOLLYBECK NURSERIES LIMITED
Filleted Unaudited Financial Statements
31 January 2020
NEW HOLLYBECK NURSERIES LIMITED
Statement of Financial Position
31 January 2020
2020
2019
Note
£
£
£
Fixed assets
Intangible assets
5
2
2
Tangible assets
6
72,650
376,914
Investments
7
100
100
--------
---------
72,752
377,016
Current assets
Stocks
115,850
114,940
Debtors
8
384,697
193,313
Cash at bank and in hand
20,043
25,346
---------
---------
520,590
333,599
Prepayments and accrued income
51,289
2,954
Creditors: amounts falling due within one year
9
259,856
251,897
---------
---------
Net current assets
312,023
84,656
---------
---------
Total assets less current liabilities
384,775
461,672
Creditors: amounts falling due after more than one year
10
28,362
106,974
Provisions
Taxation including deferred tax
12,190
9,901
---------
---------
Net assets
344,223
344,797
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
344,221
344,795
---------
---------
Shareholder funds
344,223
344,797
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
NEW HOLLYBECK NURSERIES LIMITED
Statement of Financial Position (continued)
31 January 2020
For the year ending 31st January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 November 2020 , and are signed on behalf of the board by:
Mr C I Orme
Director
Company registration number: 04457592
NEW HOLLYBECK NURSERIES LIMITED
Notes to the Financial Statements
Year ended 31st January 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Newstead Grove, NOTTINGHAM, NOTTINGHAMSHIRE, NG1 4GZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover is derived from the sale of plants and related garden products to third parties after deducting discounts and VAT. Turnover is recognised at the point at sale.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery etc
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Land is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 42 (2019: 38 ).
5. Intangible assets
Goodwill
£
Cost
At 1st February 2019 and 31st January 2020
2
----
Amortisation
At 1st February 2019 and 31st January 2020
–
----
Carrying amount
At 31st January 2020
2
----
At 31st January 2019
2
----
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1st February 2019
445,818
221,575
48,778
716,171
Additions
–
33,370
–
33,370
Disposals
( 437,328)
–
–
( 437,328)
---------
---------
--------
---------
At 31st January 2020
8,490
254,945
48,778
312,213
---------
---------
--------
---------
Depreciation
At 1st February 2019
121,028
175,924
42,305
339,257
Charge for the year
–
19,716
1,618
21,334
Disposals
( 121,028)
–
–
( 121,028)
---------
---------
--------
---------
At 31st January 2020
–
195,640
43,923
239,563
---------
---------
--------
---------
Carrying amount
At 31st January 2020
8,490
59,305
4,855
72,650
---------
---------
--------
---------
At 31st January 2019
324,790
45,651
6,473
376,914
---------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31st January 2020
29,937
--------
At 31st January 2019
11,888
--------
7. Investments
Other investments other than loans
£
Cost
At 1st February 2019 and 31st January 2020
100
----
Impairment
At 1st February 2019 and 31st January 2020
–
----
Carrying amount
At 31st January 2020
100
----
At 31st January 2019
100
----
The company owns 100% of the issued share capital of Hollybeck Nurseries Limited a dormant company. The above £100 represents aggregate capital and reserves of the company.
8. Debtors
2020
2019
£
£
Other debtors
384,697
193,313
---------
---------
9. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
25,177
41,059
Trade creditors
161,588
88,574
Corporation tax
–
34,709
Social security and other taxes
39,020
55,892
Other creditors
34,071
31,663
---------
---------
259,856
251,897
---------
---------
10. Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
–
94,401
Other creditors
28,362
12,573
--------
---------
28,362
106,974
--------
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2019: £34,833) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020
2019
£
£
Not later than 1 year
85,688
284
Later than 1 year and not later than 5 years
328,536
–
Later than 5 years
1,122,849
–
------------
----
1,537,073
284
------------
----
12. Other financial commitments
The company has given a debenture comprising a fixed and floating charge over all its assets in respect of banks loans of its parent company Greycat Garden Centres Limited.
13. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2020
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs T R Orme
133,260
–
( 133,260)
–
Mr C I Orme
6,679
34,404
( 42,000)
( 917)
---------
--------
---------
----
139,939
34,404
( 175,260)
( 917)
---------
--------
---------
----
2019
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs T R Orme
52,896
80,364
–
133,260
Mr C I Orme
4,779
1,900
–
6,679
--------
--------
----
---------
57,675
82,264
–
139,939
--------
--------
----
---------
14. Controlling party
The name of the parent undertaking is Greycat Garden Centres Limited a company registered in England and Wales .Registered Office 17 Newstead Grove, Nottingham NG1 4GZ