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Registered number: 05689561
Secret Garden Enterprises Ltd
Financial statements
for the year ended 31 March 2021
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Secret Garden Enterprises Ltd
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Company information
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Secret Garden Enterprises Ltd
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Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Secret Garden Enterprises Ltd for the year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Secret Garden Enterprises Ltd for the year ended 31 March 2021 which comprise the profit and loss account, balance sheet, statement of changes in equityand related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Secret Garden Enterprises Ltd, as a body, in accordance with the terms of our engagement letter dated 16 October 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Secret Garden Enterprises Ltd and state those matters that we have agreed to state to the board of directors of Secret Garden Enterprises Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Secret Garden Enterprises Ltd and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Secret Garden Enterprises Ltd 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 Secret Garden Enterprises Ltd. You consider that Secret Garden Enterprises Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Secret Garden Enterprises Ltd. 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.
Chavereys
Faversham
23 December 2021
Page 1
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Secret Garden Enterprises Ltd
Registered number:05689561
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Balance sheet
as at 31 March 2021
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Page 2
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Secret Garden Enterprises Ltd
Registered number:05689561
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Balance sheet (continued)
as at 31 March 2021
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 11 form part of these financial statements.
Page 3
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Secret Garden Enterprises Ltd
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Statement of changes in equity
for the year ended 31 March 2021
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Capital redemption reserve
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Dividends: Equity capital
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Dividends: Equity capital
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The notes on pages 5 to 11 form part of these financial statements.
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Page 4
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Secret Garden Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2021
Secret Garden Enterprises Ltd is a private company, limited by shares and incorporated in England and Wales.
The company number and address of the registered office are given on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in pound sterling and all values are rounded to the nearest pound (£) except where otherwise indicated.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.
Depreciation is provided on the following basis:
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Equipment, fixtures and fittings
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are valued at the lower of cost and net realisable value after making due allowances for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Page 5
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Secret Garden Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2021
2.Accounting policies (continued)
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
Page 6
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Secret Garden Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2021
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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The average monthly number of employees, including directors, during the year was 11 (2020 - 14).
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Irrecoverable amounts due from group undertakings
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Page 7
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Secret Garden Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2021
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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Current asset investments
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Page 8
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Secret Garden Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Bank loans are secured by way of a fixed and floating charge over all the assets of the company and personal land and property held by directors.
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Creditors: Amounts falling due after more than one year
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Page 9
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Secret Garden Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2021
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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At the beginning of the year
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Charged to the profit and loss account
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,546 (2020 - £3,833). Contributions totalling £1,479 (2020 - £1,629) were payable to the fund at the balance sheet date and are included in creditors.
Page 10
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Secret Garden Enterprises Ltd
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Notes to the financial statements
for the year ended 31 March 2021
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Related party transactions
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As at 1 April 2020 the directors owed the company £78,104. Further advances of £64,896 were made during the year and £143,000 was repaid. As at 31 March 2021 the company was owed £- by the directors.
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Page 11
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