Fron Goch Garden Centre Limited 31/08/2023 iXBRL

Fron Goch Garden Centre Limited 31/08/2023 iXBRL

FRON GOCH GARDEN CENTRE LIMITED - Company Information

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Company registration number: 04515430
Fron Goch Garden Centre Limited
Unaudited filleted financial statements
31 August 2023
Fron Goch Garden Centre Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Fron Goch Garden Centre Limited
Directors and other information
Directors Mr Robin Antony Williams
Mrs Valerie Frances Williams
Mr Justin Wyn Williams
Mrs Melanie Wyn Williams
Secretary Mrs V F Williams
Company number 04515430
Registered office Fron Goch
Pant Road
Caernarfon
Gwynedd
LL54 5RL
Business address Fron Goch
Pant Road
Caernarfon
Gwynedd
LL54 5RL
Accountants WJ Matthews & Son
11-15 Bridge Street
Caernarfon
Gwynedd
LL55 1AB
Bankers HSBC
24 Castle Square
Caernarfon
Gwynedd
LL55 2NB
Fron Goch Garden Centre Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Fron Goch Garden Centre Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fron Goch Garden Centre Limited for the year ended 31 August 2023 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Fron Goch Garden Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Fron Goch Garden Centre Limited and state those matters that we have agreed to state to the board of directors of Fron Goch Garden Centre Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fron Goch Garden Centre Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Fron Goch Garden Centre Limited 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 loss of Fron Goch Garden Centre Limited. You consider that Fron Goch Garden Centre Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Fron Goch Garden Centre Limited. 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.
WJ Matthews & Son
Chartered Accountants
11-15 Bridge Street
Caernarfon
Gwynedd
LL55 1AB
22 March 2024
Fron Goch Garden Centre Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,520,222 2,218,512
_______ _______
2,520,222 2,218,512
Current assets
Stocks 758,079 795,997
Debtors 6 53,669 43,740
Cash at bank and in hand 784,065 1,019,832
_______ _______
1,595,813 1,859,569
Creditors: amounts falling due
within one year 7 ( 990,388) ( 841,174)
_______ _______
Net current assets 605,425 1,018,395
_______ _______
Total assets less current liabilities 3,125,647 3,236,907
Creditors: amounts falling due
after more than one year 8 ( 1,190,086) ( 1,301,411)
Provisions for liabilities ( 109,455) ( 82,331)
_______ _______
Net assets 1,826,106 1,853,165
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,826,006 1,853,065
_______ _______
Shareholders funds 1,826,106 1,853,165
_______ _______
For the year ending 31 August 2023 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 March 2024 , and are signed on behalf of the board by:
Mr Robin Antony Williams
Director
Company registration number: 04515430
Fron Goch Garden Centre Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fron Goch, Pant Road, Caernarfon, Gwynedd, LL54 5RL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Short leasehold property - 10 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 94 (2022: 96 ).
5. Tangible assets
Freehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 September 2022 148,000 2,345,416 655,093 608,365 105,582 3,862,456
Additions - 248,318 327,625 27,534 23,000 626,477
_______ _______ _______ _______ _______ _______
At 31 August 2023 148,000 2,593,734 982,718 635,899 128,582 4,488,933
_______ _______ _______ _______ _______ _______
Depreciation
At 1 September 2022 - 624,192 559,178 380,846 79,728 1,643,944
Charge for the year - 142,899 105,891 63,762 12,215 324,767
_______ _______ _______ _______ _______ _______
At 31 August 2023 - 767,091 665,069 444,608 91,943 1,968,711
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 August 2023 148,000 1,826,643 317,649 191,291 36,639 2,520,222
_______ _______ _______ _______ _______ _______
At 31 August 2022 148,000 1,721,224 95,915 227,519 25,854 2,218,512
_______ _______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 4,658 3,955
Other debtors 49,011 39,785
_______ _______
53,669 43,740
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 166,080 123,504
Trade creditors 369,279 316,920
Corporation tax - 46,705
Social security and other taxes 122,914 165,444
Other creditors 332,115 188,601
_______ _______
990,388 841,174
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 1,190,086 1,301,411
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 525,766 (2022 £ 637,091 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans are secured on the company's assets.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Robin Antony Williams ( 10) - ( 10)
Mr Justin Wyn Williams ( 63,892) ( 34,466) ( 98,358)
Mrs Melanie Wyn Williams ( 63,975) ( 34,471) ( 98,446)
_______ _______ _______
( 127,877) ( 68,937) ( 196,814)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Robin Antony Williams ( 30) 20 ( 10)
Mr Justin Wyn Williams ( 77,625) 13,733 ( 63,892)
Mrs Melanie Wyn Williams ( 77,625) 13,650 ( 63,975)
_______ _______ _______
( 155,280) 27,403 ( 127,877)
_______ _______ _______
10. Controlling party
Mr R A Williams and Mrs V F Williams control the company by virtue of having a majority interest in the issued share capital.