Cameron Landscapes Limited 31/08/2020 iXBRL

Cameron Landscapes Limited 31/08/2020 iXBRL

CAMERON LANDSCAPES LIMITED - Company Information

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Company registration number: NI008655
Cameron Landscapes Limited
Unaudited filleted financial statements
31 August 2020
Cameron Landscapes Limited
Contents
Directors and other information
Directors' report
Accountants' report
Balance sheet
Notes to the financial statements
Cameron Landscapes Limited
Directors and other information
Directors Mr Geoffrey Cameron
Mrs Kathryn Wilson
Mrs Patricia Cameron
Secretary Mrs Patricia Cameron
Company number NI008655
Registered office 148 Ballylesson Road
Belfast
BT8 8SU
Business address 148 Ballylesson Road
Belfast
BT8 8SU
Accountants Jones Peters
Chartered Accountants
Hughes House
6 Church Street
Banbridge
BT32 4AA
Bankers Danske Bank Limited
Benmore House
353 Lisburn Road
Belfast
BT9 7GP
Solicitors King & Gowdy
298 Upper Newtownards Road
Belfast
BT4 3EJ
Cameron Landscapes Limited
Directors report
Year ended 31 August 2020
The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2020.
Directors
The directors who served the company during the year were as follows:
Mr Geoffrey Cameron
Mrs Kathryn Wilson
Mrs Patricia Cameron
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 18 January 2021 and signed on behalf of the board by:
Mrs Patricia Cameron
Director
Cameron Landscapes Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Cameron Landscapes Limited
Year ended 31 August 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cameron Landscapes Limited for the year ended 31 August 2020 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Cameron Landscapes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cameron Landscapes Limited and state those matters that we have agreed to state to the board of directors of Cameron Landscapes Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cameron Landscapes Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Cameron Landscapes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cameron Landscapes Limited. You consider that Cameron Landscapes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Cameron Landscapes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountants
Hughes House
6 Church Street
Banbridge
BT32 4AA
17 December 2020
Cameron Landscapes Limited
Balance sheet
31 August 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 3 1,175,542 1,194,016
Investments 4 392,000 392,000
_______ _______
1,567,542 1,586,016
Current assets
Stocks 241,032 341,164
Debtors 5 461,696 347,214
Cash at bank and in hand 281,711 116,427
_______ _______
984,439 804,805
Creditors: amounts falling due
within one year 6 ( 513,607) ( 384,511)
_______ _______
Net current assets 470,832 420,294
_______ _______
Total assets less current liabilities 2,038,374 2,006,310
Creditors: amounts falling due
after more than one year 7 ( 8,464) ( 16,200)
Provisions for liabilities 8 ( 78,708) ( 85,146)
_______ _______
Net assets 1,951,202 1,904,964
_______ _______
Capital and reserves
Called up share capital 4,000 4,000
Profit and loss account 1,947,202 1,900,964
_______ _______
Shareholders funds 1,951,202 1,904,964
_______ _______
For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 Profit and loss account and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 January 2021 , and are signed on behalf of the board by:
Mr Geoffrey Cameron Mrs Kathryn Wilson
Director Director
Company registration number: NI008655
Cameron Landscapes Limited
Notes to the financial statements
Year ended 31 August 2020
1. Accounting policies
Basis of preparation
Cameron Landscapes Limited is a private company limited by shares, registered in Northern Ireland. The address of the registered office is given on the company information page of the financial statements.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The company has taken advantage of the exemption in Section 1A of FRS102 from the requirement to produce a cashflow statement because it is a small company.
Judgements and key sources of estimation uncertainty
No significant judgements have been made by management in preparing these financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Land and buildings - 2 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 20 % reducing balance
Office equipment - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
The cost of land is not depreciated.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stock and work in progress 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 stocks to their present location and condition. Work in progress includes all direct material and labour costs, and professional fees where applicable.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
2. Employee numbers
The average number of persons employed by the company during the year amounted to 61 (2019: 53 ).
3. Tangible assets
Freehold property Coffee Shop Equipment Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 September 2019 861,315 113,869 1,034,457 74,207 348,214 2,432,062
Additions 7,161 4,393 51,960 9,602 - 73,116
Disposals - - ( 39,000) - - ( 39,000)
_______ _______ _______ _______ _______ _______
At 31 August 2020 868,476 118,262 1,047,417 83,809 348,214 2,466,178
_______ _______ _______ _______ _______ _______
Depreciation
At 1 September 2019 127,116 52,189 768,001 34,480 256,260 1,238,046
Charge for the year 15,209 6,450 43,323 5,331 18,391 88,704
Disposals - - ( 36,114) - - ( 36,114)
_______ _______ _______ _______ _______ _______
At 31 August 2020 142,325 58,639 775,210 39,811 274,651 1,290,636
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 August 2020 726,151 59,623 272,207 43,998 73,563 1,175,542
_______ _______ _______ _______ _______ _______
At 31 August 2019 734,199 61,680 266,456 39,727 91,954 1,194,016
_______ _______ _______ _______ _______ _______
4. Fixed Asset Investments
Other investments Total
£ £
Cost
At 1 September 2019 and 31 August 2020 392,000 392,000
_______ _______
Impairment
At 1 September 2019 and 31 August 2020 - -
_______ _______
Carrying amount
At 31 August 2020 392,000 392,000
_______ _______
At 31 August 2019 392,000 392,000
_______ _______
5. Debtors
2020 2019
£ £
Trade debtors 254,982 153,011
Prepayments and accrued income 23,239 20,590
Other debtors 183,475 173,613
_______ _______
461,696 347,214
_______ _______
6. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 229,100 224,593
Accruals and deferred income 9,609 9,685
Corporation tax 52,416 18,227
Social security and other taxes 145,877 62,321
Obligations under finance leases/hire purchase 7,736 9,720
Director loan accounts 49,714 46,227
Other creditors 19,155 13,738
_______ _______
513,607 384,511
_______ _______
7. Creditors: amounts falling due after more than one year
2020 2019
£ £
Obligations under finance leases/hire purchase 8,464 16,200
_______ _______
8. Provisions
Deferred tax Total
£ £
At 1 September 2019 85,146 85,146
Release in year ( 6,438) ( 6,438)
_______ _______
At 31 August 2020 78,708 78,708
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Geoffrey Cameron ( 45,889) 82,137 ( 84,500) ( 48,252)
Mrs Kathryn Wilson 13,613 80,274 ( 95,349) ( 1,462)
Mrs Patricia Cameron ( 338) 2,086 ( 1,748) -
_______ _______ _______ _______
(32,614) 164,497 ( 181,597) ( 49,714)
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Geoffrey Cameron ( 35,418) 66,029 ( 76,500) ( 45,889)
Mrs Kathryn Wilson 16,621 70,492 ( 73,500) 13,613
Mrs Patricia Cameron ( 338) - - ( 338)
_______ _______ _______ _______
( 19,135) 136,521 ( 150,000) ( 32,614)
_______ _______ _______ _______
10. Controlling party
Mr G Cameron, by virtue of his shareholding, is the ultimate controlling party of the company.