Kevock Garden Plants Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC541515 (Scotland)

Financial Statements for the Year Ended 30 September 2023

for

KEVOCK GARDEN PLANTS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

Fixed assets

Tangible assets

4

31,232

35,417

Investments

5

1

1

31,233

35,418

Current assets

Stocks

72,118

70,509

Debtors

6

7,337

23,864

Cash at bank and in hand

45,401

35,095

124,856

129,468

Creditors

Amounts falling due within one year

7

(40,052

)

(37,552

)

Net current assets

84,804

91,916

Total assets less current liabilities

116,037

127,334

Reserves

Income and expenditure account

116,037

127,334

116,037

127,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 surplus or deficit 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 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 Income and Expenditure Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2024 and were signed on its behalf by:

Mrs E A Strang - Director

1.	Statutory information

Kevock Garden Plants Limited is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address are as below:

Registered number:

SC541515

Registered office:

Kevock Garden Plants

Kevock Road

Lasswade

EH18 1HX

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

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

Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of horticultural supplies is recognised when significant risks and rewards of ownership of the good have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably. This is usually on the the dispatch of goods or point of sale.

Interest receivable

Interest income is recognised using the effective interest method as the company's right to receive payment is established.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property

-

5% on cost

Garden equipment

-

15% on reducing balance

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Work in progress

Work in progress has been valued at the lower of cost and estimated selling price less costs to sell where the cost includes a relevant proportion of overheads according to the stage of completion.

Taxation

Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation represents the future taxation consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing differences, with

certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits.

Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Pension costs and other post-retirement benefits

The company operates money purchase (defined contribution) pension scheme. Contributions are charged against profits on the amounts payable for the year.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Bank and cash

Cash at bank and in hand includes cash and short term highly liquid investments with a short

maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

3.	Employees and directors

The average number of employees during the year was 11 (2022 - 7 ) .

4.	Tangible fixed assets

Garden

Property

equipment

Totals

£

£

£

Cost

At 1 October 2022

41,004

17,608

58,612

Disposals

-

(2,000

)

(2,000

)

At 30 September 2023

41,004

15,608

56,612

Depreciation

At 1 October 2022

12,300

10,895

23,195

Charge for year

2,050

1,381

3,431

Written back on disposals

-

(1,246

)

(1,246

)

At 30 September 2023

14,350

11,030

25,380

Net book value

At 30 September 2023

26,654

4,578

31,232

At 30 September 2022

28,704

6,713

35,417

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 October 2022

and 30 September 2023

1

Net book value

At 30 September 2023

1

At 30 September 2022

1

6.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

6,737

23,264

Other debtors

600

600

7,337

23,864

7.

Creditors: amounts falling due within one year

2023

2022

£

£

Bank loans and overdrafts

-

759

Trade creditors

8,086

3,546

Taxation and social security

1,396

883

Other creditors

30,570

32,364

40,052

37,552