Greenbrook Garden Centre Ltd Filleted accounts for Companies House (small and micro)

GREENBROOK GARDEN CENTRE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04992290

Greenbrook Garden Centre Ltd

Filleted Unaudited Financial Statements

30 November 2021

Greenbrook Garden Centre Ltd

Statement of Financial Position

30 November 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	6		28,496		34,468

Current assets

Stocks		232,774	144,742
Debtors	7	21,226	23,818
Cash at bank and in hand		173,142	365,422
		---------	---------
		427,142	533,982

Creditors: amounts falling due within one year	8	298,025		385,930
		---------		---------
Net current assets			129,117		148,052
			---------		---------
Total assets less current liabilities			157,613		182,520

Creditors: amounts falling due after more than one year	9		28,000		35,740

Provisions	5,414	6,549
	---------	---------
Net assets	124,199	140,231
	---------	---------

Capital and reserves

Called up share capital	10	100	100
Profit and loss account		124,099	140,131
		---------	---------
Shareholders funds		124,199	140,231
		---------	---------

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.

For the year ending 30 November 2021 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 .

Greenbrook Garden Centre Ltd

Statement of Financial Position (continued)

30 November 2021

These financial statements were approved by the board of directors and authorised for issue on 30 August 2022 , and are signed on behalf of the board by:

K M Richmond	E J Richmond
Director	Director

Company registration number: 04992290

Greenbrook Garden Centre Ltd

Notes to the Financial Statements

Year ended 30 November 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, United Kingdom.

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, 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Tangible assets

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.

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:

Fixtures and fittings	-	33% on cost and 15% on reducing balance
Motor vehicles	-	25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2020: 18 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 December 2020 and 30 November 2021	62,260
	--------
Amortisation
At 1 December 2020 and 30 November 2021	62,260
	--------
Carrying amount
At 30 November 2021	–
	--------
At 30 November 2020	–
	--------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 December 2020 and 30 November 2021	60,236	14,250	74,486
	--------	--------	--------
Depreciation
At 1 December 2020	33,783	6,235	40,018
Charge for the year	3,968	2,004	5,972
	--------	--------	--------
At 30 November 2021	37,751	8,239	45,990
	--------	--------	--------
Carrying amount
At 30 November 2021	22,485	6,011	28,496
	--------	--------	--------
At 30 November 2020	26,453	8,015	34,468
	--------	--------	--------

7. Debtors

	2021	2020
	£	£
Trade debtors	4,500	2,519
Other debtors	16,726	21,299
	--------	--------
	21,226	23,818
	--------	--------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	8,000	4,260
Trade creditors	269,719	345,455
Accruals and deferred income	9,000	5,000
Corporation tax	2,313	21,346
Social security and other taxes	4,620	2,633
Director loan accounts	302	–
Other creditors	4,071	7,236
	---------	---------
	298,025	385,930
	---------	---------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	28,000	35,740
	--------	--------

10. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	3,870	3,870
Later than 1 year and not later than 5 years	322	4,192
	-------	-------
	4,192	8,062
	-------	-------

12. Directors' advances, credits and guarantees

At the year end the company owed K M Richmond and E J Richmond £302 (2020: £15,056) by way of a directors loan account which is shown amongst creditors. The maximum amount outstanding during the year was £15,056. No interest has been charged on this loan.

13. Related party transactions

Rent of £38,400 (2020 - £33,600) was paid to the Directors for the rental of the company premises.