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

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 2022
Greenbrook Garden Centre Ltd
Statement of Financial Position
30 November 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
6
24,423
28,496
Current assets
Stocks
236,188
232,774
Debtors
7
7,330
21,226
Cash at bank and in hand
66,657
173,142
---------
---------
310,175
427,142
Creditors: amounts falling due within one year
8
200,389
298,025
---------
---------
Net current assets
109,786
129,117
---------
---------
Total assets less current liabilities
134,209
157,613
Creditors: amounts falling due after more than one year
9
20,628
28,000
Provisions
4,640
5,414
---------
---------
Net assets
108,941
124,199
---------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
108,841
124,099
---------
---------
Shareholders funds
108,941
124,199
---------
---------
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 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 .
Greenbrook Garden Centre Ltd
Statement of Financial Position (continued)
30 November 2022
These financial statements were approved by the board of directors and authorised for issue on 29 August 2023 , 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 2022
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.
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.
Defined contribution plans
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2021: 19 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2021 and 30 November 2022
62,260
--------
Amortisation
At 1 December 2021 and 30 November 2022
62,260
--------
Carrying amount
At 30 November 2022
–
--------
At 30 November 2021
–
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 December 2021
60,236
14,250
74,486
Additions
802
–
802
--------
--------
--------
At 30 November 2022
61,038
14,250
75,288
--------
--------
--------
Depreciation
At 1 December 2021
37,751
8,239
45,990
Charge for the year
3,373
1,502
4,875
--------
--------
--------
At 30 November 2022
41,124
9,741
50,865
--------
--------
--------
Carrying amount
At 30 November 2022
19,914
4,509
24,423
--------
--------
--------
At 30 November 2021
22,485
6,011
28,496
--------
--------
--------
7. Debtors
2022
2021
£
£
Trade debtors
5,201
4,500
Other debtors
2,129
16,726
-------
--------
7,330
21,226
-------
--------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
7,896
8,000
Trade creditors
174,494
269,719
Accruals and deferred income
4,500
9,000
Corporation tax
2,215
2,313
Social security and other taxes
8,022
4,620
Director loan accounts
–
302
Other creditors
3,262
4,071
---------
---------
200,389
298,025
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
20,628
28,000
--------
--------
10. Called up share capital
Issued, called up and fully paid
2022
2021
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:
2022
2021
£
£
Not later than 1 year
322
3,870
Later than 1 year and not later than 5 years
–
322
----
-------
322
4,192
----
-------
12. Directors' advances, credits and guarantees
At the year end the company was owed £2,129 (2021: £302 was owed by the company) by way of a loan account. This loan, which is shown amongst debtors, is interest free and repayable on demand. The maximum amount outstanding during the year was £2,129.
13. Related party transactions
Rent of £38,400 (2021: £38,400) was paid to the Directors for the rental of the company premises.