The Modern Garden Company Limited - Accounts to registrar (filleted) - small 18.2

The Modern Garden Company Limited - Accounts to registrar (filleted) - small 18.2

THE MODERN GARDEN COMPANY LIMITED - Company Information

Print Friendly Version

IRIS Accounts Production v21.1.6.35 03874618 director 1.1.20 31.12.20 31.12.20 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure038746182019-12-31038746182020-12-31038746182020-01-012020-12-31038746182018-12-31038746182019-01-012019-12-31038746182019-12-3103874618ns16:EnglandWales2020-01-012020-12-3103874618ns15:PoundSterling2020-01-012020-12-3103874618ns11:Director12020-01-012020-12-3103874618ns11:PrivateLimitedCompanyLtd2020-01-012020-12-3103874618ns11:SmallEntities2020-01-012020-12-3103874618ns11:AuditExempt-NoAccountantsReport2020-01-012020-12-3103874618ns11:SmallCompaniesRegimeForDirectorsReport2020-01-012020-12-3103874618ns11:SmallCompaniesRegimeForAccounts2020-01-012020-12-3103874618ns11:FullAccounts2020-01-012020-12-3103874618ns11:RegisteredOffice2020-01-012020-12-3103874618ns6:CurrentFinancialInstruments2020-12-3103874618ns6:CurrentFinancialInstruments2019-12-3103874618ns6:Non-currentFinancialInstruments2020-12-3103874618ns6:Non-currentFinancialInstruments2019-12-3103874618ns6:ShareCapital2020-12-3103874618ns6:ShareCapital2019-12-3103874618ns6:SharePremium2020-12-3103874618ns6:SharePremium2019-12-3103874618ns6:PlantMachinery2020-01-012020-12-3103874618ns6:PlantMachinery2019-12-3103874618ns6:PlantMachinery2020-12-3103874618ns6:PlantMachinery2019-12-3103874618ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-12-3103874618ns6:CurrentFinancialInstrumentsns6:WithinOneYear2019-12-3103874618ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2020-12-3103874618ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2019-12-3103874618ns6:SharePremium2019-12-3103874618ns6:RetainedEarningsAccumulatedLosses2020-01-012020-12-3103874618ns6:RetainedEarningsAccumulatedLosses2020-12-31
REGISTERED NUMBER: 03874618 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

THE MODERN GARDEN COMPANY LIMITED
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE MODERN GARDEN COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2020







DIRECTOR: Ms L Isham





REGISTERED OFFICE: Hill Pasture
Church End
Broxted
Essex
CM6 2BZ





REGISTERED NUMBER: 03874618 (England and Wales)





ACCOUNTANTS: Barker Wilkinson Limited
19-21 Middle Row
Stevenage
Hertfordshire
SG1 3AW
Page 1
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)

BALANCE SHEET
31 DECEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,941 6,714

CURRENT ASSETS
Stocks 11,110 58,002
Debtors 5 65,075 16,391
Cash at bank 253,537 195,389
329,722 269,782
CREDITORS
Amounts falling due within one year 6 273,447 232,386
NET CURRENT ASSETS 56,275 37,396
TOTAL ASSETS LESS CURRENT
LIABILITIES
62,216
44,110

CREDITORS
Amounts falling due after more than one
year
7
(18,000
)
-

PROVISIONS FOR LIABILITIES (1,129 ) (1,276 )
NET ASSETS 43,087 42,834

CAPITAL AND RESERVES
Called up share capital 327 327
Share premium 8 938 938
Retained earnings 8 41,822 41,569
SHAREHOLDERS' FUNDS 43,087 42,834

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

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

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps 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 Sections 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.

The notes form part of these financial statements

Page 2 continued...
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)

BALANCE SHEET - continued
31 DECEMBER 2020


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

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

The financial statements were approved by the director and authorised for issue on 27 September 2021 and were signed by:





Ms L Isham - Director


The notes form part of these financial statements

Page 3
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

1. STATUTORY INFORMATION

The Modern Garden Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

As at the date of this report, the COVID-19 pandemic is continuing to have a major impact on the economies of the World. The director has necessarily assessed various factors and risks affecting the company and its ability in these difficult social and economic times to continue to trade as a going concern.

The company has availed itself of some COVID-19-related Government initiatives and in that regard applied for and was granted a Corona Virus Bounce-Back Loan and some staff have been furloughed, whereby the Government reimburses a limited amount of individuals' salaries and the employer's national insurance and auto-enrolment pension contributions on the salary amounts reimbursed.

Given the nature of the various assets and liabilities as at 31st December 2020, the director does not believe that their carrying values have been impaired as a consequence of COVID-19.

On the basis of all of the foregoing, the financial statements for the year ended 31st December 2020 have been prepared using the going concern basis of accounting.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Page 4 continued...
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020

2. ACCOUNTING POLICIES - continued

Financial instruments
The director considers all financial instruments to be basic financial instruments in accordance with paragraph 11 of FRS102. All basic financial instruments including trade and other debtors, cash and cash equivalents, and trade and other creditors, are initially recognised at transaction price and thereafter stated at amortised cost if materially different if at all.

Trade and other receivables and payables

Trade and other receivables and payables are measured at amortised cost which approximates to fair value given the short term nature of these assets and liabilities.

Trade receivables are valued at original invoice amount less an allowance for potentially un-collectable debts. Provision is made where this is objective evidence to suggest that the company will not be in a position to collect receivables as they fall due. Bad and Doubtful debts are written off in the profit and loss account on identification.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances held for the purposes of meeting short-term cash commitments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 5 ) .

Page 5 continued...
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020

4. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1 January 2020 47,266
Additions 1,208
At 31 December 2020 48,474
DEPRECIATION
At 1 January 2020 40,552
Charge for year 1,981
At 31 December 2020 42,533
NET BOOK VALUE
At 31 December 2020 5,941
At 31 December 2019 6,714

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 43,038 14,686
Other debtors 21,287 955
Prepayments and accrued income 750 750
65,075 16,391

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 2,000 -
Trade creditors 120,902 86,837
Tax 19,910 19,363
Social security and other taxes 3,277 1,257
VAT 78,553 18,960
Other creditors 45,005 99,644
Accruals and deferred income 3,800 6,325
273,447 232,386

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2020 2019
£    £   
Bank loans 18,000 -

Page 6 continued...
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020

8. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2020 41,569 938 42,507
Profit for the year 84,253 - 84,253
Dividends (84,000 ) - (84,000 )
At 31 December 2020 41,822 938 42,760

9. RELATED PARTY DISCLOSURES

Ms L Isham is the company's ultimate controlling party.

Page 7