The Achiltibuie Garden Ltd Filleted accounts for Companies House (small and micro)

The Achiltibuie Garden Ltd Filleted accounts for Companies House (small and micro)

THE ACHILTIBUIE GARDEN LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC339195
The Achiltibuie Garden Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2022
The Achiltibuie Garden Ltd
Statement of Financial Position
31 March 2022
2022
2021
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
4,504
5,534
Current assets
Stocks
6,500
7,355
Debtors
6
470
664
Cash at bank and in hand
3,318
4,473
--------
--------
10,288
12,492
Creditors: amounts falling due within one year
7
659
1,017
--------
--------
Net current assets
9,629
11,475
--------
--------
Total assets less current liabilities
14,133
17,009
Creditors: amounts falling due after more than one year
8
171,988
171,988
---------
---------
Net liabilities
( 157,855)
( 154,979)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 157,955)
( 155,079)
---------
---------
Shareholders deficit
( 157,855)
( 154,979)
---------
---------
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 31 March 2022 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 .
The Achiltibuie Garden Ltd
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 21 November 2022 , and are signed on behalf of the board by:
Mrs A M Graham
Director
Company registration number: SC339195
The Achiltibuie Garden Ltd
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 103 Achiltibuie, Ullapool, Ross-shire, IV26 2YG.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
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.
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. 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.
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:
Greenhouses
-
15% reducing balance
Equipment
-
20% reducing balance
Office equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2021 (as restated) and 31 March 2022
20,974
22,804
10,133
53,911
--------
--------
--------
--------
Depreciation
At 1 April 2021
18,248
21,197
8,932
48,377
Charge for the year
409
321
300
1,030
--------
--------
--------
--------
At 31 March 2022
18,657
21,518
9,232
49,407
--------
--------
--------
--------
Carrying amount
At 31 March 2022
2,317
1,286
901
4,504
--------
--------
--------
--------
At 31 March 2021
2,726
1,607
1,201
5,534
--------
--------
--------
--------
6. Debtors
2022
2021
(restated)
£
£
Trade debtors
470
455
Other debtors
–
209
----
----
470
664
----
----
7. Creditors: amounts falling due within one year
2022
2021
(restated)
£
£
Trade creditors
159
281
Social security and other taxes
–
236
Other creditors
500
500
----
-------
659
1,017
----
-------
8. Creditors: amounts falling due after more than one year
2022
2021
(restated)
£
£
Other creditors
171,988
171,988
---------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2022
2021
£
£
Mrs A M Graham
( 1,662)
( 1,662)
Mrs J A Edwards
( 1,663)
( 1,663)
Mr A Graham
( 12,000)
( 12,000)
--------
--------
( 15,325)
( 15,325)
--------
--------
10. Related party transactions