Booths Garden Studios Limited,Ltd - AccountsLtd - Accounts

BOOTHS GARDEN STUDIOS LIMITED - Company Information

Print Friendly Version

Booths Garden Studios Limited

Registered Number:07197460

For the year ended 31 March 2020

England and Wales

Unaudited Report and Financial Statements

Registered Number :

07197460

As at 31 March 2020

Booths Garden Studios Limited

Statement of Financial Position

2019

2020

Notes

Fixed assets

Property, plant and equipment

52,755

44,473

396,827

Investment property

449,582

441,300

Current assets

Inventories

266,137

138,380

Trade and other receivables

41,049

42,961

146,522

Cash and cash equivalents

454,876

636,217

453,708

Trade and other payables: amounts falling due within one year

(395,797)

(406,513)

57,911

229,704

Net current assets

Total assets less current liabilities

679,286

499,211

Trade and other payables: amounts falling due after more than one

year

(37,097)

(36,465)

(10,023)

(8,450)

Provisions for liabilities

632,798

Net assets

453,664

Capital and reserves

Called up share capital

100

Retained earnings

632,698

453,564

632,798

453,664

Shareholders' funds

For the year ended 31 March 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006

The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section 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.

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

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

1 of 6

Registered Number :

07197460

For the year ended 31 March 2020

Booths Garden Studios Limited

Statement of Financial Position Continued

A Booth Director

I Wetherell Director

These financial statements were approved and authorised for issue by the Board on 17 December 2020 and were signed by:

The notes form part of these financial statements

2 of 6

For the year ended 31 March 2020

Booths Garden Studios Limited

Notes to the Financial Statements

Statutory Information

Booths Garden Studios Limited is a private limited company, limited by shares, domiciled in England and Wales, registration

number 07197460.

Registered address:

The Airfield Building

Weldon Road

Upper Benefield

PE8 5AS

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as modified by the revaluation of certain assets.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.

Research and development

Research and development expenditure is charged to the profit and loss account in the period in which it is incurred.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of 5 years.

Intangible assets

Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Property, plant and equipment

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Plant and machinery

15% Reducing balance

33% Reducing balance

Computer equipment

25% Reducing balance

Motor vehicles

20% Reducing balance

Fixtures and fittings

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Inventories

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

3 of 6

For the year ended 31 March 2020

Booths Garden Studios Limited

Notes to the Financial Statements Continued

Hire purchase and leasing commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid

investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank

overdrafts are shown within borrowings or current liabilities.

Short term debtors and creditors

Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from

impairment are recognised in profit and loss account.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable

that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

2. Intangible fixed assets

Goodwill

Cost or valuation

At 01 April 2019

60,000

At 31 March 2020

60,000

Amortisation

At 01 April 2019

60,000

At 31 March 2020

60,000

Net book value

At 31 March 2020

At 31 March 2019

Goodwill is being written off over 5 years.

4 of 6

For the year ended 31 March 2020

Booths Garden Studios Limited

Notes to the Financial Statements Continued

3. Property, plant and equipment

Total

Computer

equipment

Fixtures and

fittings

Motor vehicles

Plant and

machinery

Cost or valuation

At 01 April 2019

78,153

3,454

8,080

14,745

51,874

18,297

274

18,023

Additions

At 31 March 2020

14,745

8,080

3,728

96,450

69,897

Provision for depreciation and impairment

At 01 April 2019

33,680

2,678

4,880

12,237

13,885

Charge for year

10,015

346

640

627

8,402

At 31 March 2020

43,695

3,024

5,520

12,864

22,287

At 31 March 2020

Net book value

47,610

1,881

2,560

704

52,755

At 31 March 2019

37,989

2,508

3,200

776

44,473

4. Investment property

Total

Fair value

At 01 April 2019

396,827

At 31 March 2020

396,827

Net book value

At 31 March 2020

396,827

At 31 March 2019

396,827

5. Inventories

2019

2020

Stocks

138,380

266,137

6. Trade and other receivables

2019

2020

Trade debtors

42,961

41,049

5 of 6

For the year ended 31 March 2020

Booths Garden Studios Limited

Notes to the Financial Statements Continued

7. Trade and other payables: amounts falling due within one year

2019

2020

Trade creditors

197,583

307,448

Taxation and social security

196,583

72,197

Other creditors

12,347

16,152

406,513

395,797

8. Trade and other payables: amounts falling due after more than one year

2019

2020

Other creditors

36,465

37,097

9. Guarantees and other financial commitments

The company operates a defined contribution pension scheme in respect of employees automatically enrolled into a work place

pension. The assets of the scheme are held separately from those of the company in an independently administered fund.

Pension commitments

10. Average number of persons employed

During the year the average number of employees was 16 (2019 : 11)

6 of 6