Staples Garden Centres Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03751704 (England and Wales)

STAPLES GARDEN CENTRES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

5

DIRECTORS:

Mr M C Staples

Mrs L Staples

REGISTERED OFFICE:

42 High Street

Flitwick

Bedfordshire

MK45 1DU

REGISTERED NUMBER:

03751704 (England and Wales)

ACCOUNTANTS:

Haines Watts Luton Limited

42 High Street

Flitwick

Bedfordshire

MK45 1DU

FIXED ASSETS

Tangible assets

2

174,009

306,083

CURRENT ASSETS

Stocks

162,543

175,846

Debtors

33,304

14,680

Cash in hand

4,993

1,499

200,840

192,025

CREDITORS

Amounts falling due within one year

3

201,132

206,819

NET CURRENT LIABILITIES

(292

)

(14,794

)

TOTAL ASSETS LESS CURRENT LIABILITIES

173,717

291,289

CREDITORS

Amounts falling due after more than one year

3

(263,542

)

(306,122

)

PROVISIONS FOR LIABILITIES

(3,111

)

(3,930

)

NET LIABILITIES

(92,936

)

(18,763

)

CAPITAL AND RESERVES

Called up share capital

4

100

100

Revaluation reserve

-

60,000

Profit and loss account

(93,036

)

(78,863

)

SHAREHOLDERS' FUNDS

(92,936

)

(18,763

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2016 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 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 31 October 2016 and were signed on its behalf by:

Mr M C Staples - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company's financial statements have been prepared on the going concern basis, as the directors believe

the company has adequate resources to continue in operational existence for the foreseeable future.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities

(effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Nil

Long leasehold

-

5% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on 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.

Deferred tax

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

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 February 2015

848,368

Additions

2,120

Disposals

(30,000

)

Revaluations

(70,000

)

At 31 January 2016

750,488

DEPRECIATION

At 1 February 2015

542,285

Charge for year

34,194

At 31 January 2016

576,479

NET BOOK VALUE

At 31 January 2016

174,009

At 31 January 2015

306,083

3.

CREDITORS

Creditors include an amount of £ 382,456 (2015 - £ 433,191 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

£

Repayable by instalments

96,112

128,784

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary

£1

100

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period the directors operated a directors current account. At the period end there was a credit

balance on the account of £24,708 debit (2015: £909 credit).