The Modern Garden Company Limited - Accounts to registrar - small 17.2

The Modern Garden Company Limited - Accounts to registrar - small 17.2

THE MODERN GARDEN COMPANY LIMITED - Company Information

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REGISTERED NUMBER: 03874618 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2016

FOR

THE MODERN GARDEN COMPANY LIMITED

THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2016




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE MODERN GARDEN COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2016







DIRECTOR: Ms L Isham





REGISTERED OFFICE: 108 High Street
Stevenage
Hertfordshire
SG1 3DW





REGISTERED NUMBER: 03874618 (England and Wales)





ACCOUNTANTS: Barker Wilkinson Limited
108 High Street
Stevenage
Hertfordshire
SG1 3DW
Page 1
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)

BALANCE SHEET
31ST DECEMBER 2016

2016 2015
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,198 9,028

CURRENT ASSETS
Stocks 27,901 5,288
Debtors 5 75,358 12,110
Cash at bank 243,767 225,528
347,026 242,926
CREDITORS
Amounts falling due within one year 6 199,839 126,784
NET CURRENT ASSETS 147,187 116,142
TOTAL ASSETS LESS CURRENT
LIABILITIES
157,385
125,170

PROVISIONS FOR LIABILITIES 1,959 1,707
NET ASSETS 155,426 123,463

CAPITAL AND RESERVES
Called up share capital 310 310
Capital redemption reserve 7,560 7,560
Other reserves 59,940 59,940
Retained earnings 87,616 55,653
SHAREHOLDERS' FUNDS 155,426 123,463

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 notes form part of these financial statements

Page 2 continued...
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)

BALANCE SHEET - continued
31ST DECEMBER 2016


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 26th September 2017 and were signed by:





Ms L Isham - Director


The notes form part of these financial statements

Page 3
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2016

1. STATUTORY INFORMATION

The Modern Garden Company Limited is a private company, limited by shares , registered in England and
Wales. The company's registered number and registered office address can be found on the Company
Information page.

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 statements have been prepared under the historical cost convention.

The director has assessed various factors and risks affecting the company and its ability in these difficult
economic times to continue to trade as a going concern. The director has not identified any material uncertainties
or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities
as at the balance sheet date and therefore the financial statements for the year ended 31st December 2016 have
been prepared using the going concern basis of accounting.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates
and assumptions about the carrying values of assets and liabilities that are not readily apparent from other
sources. The estimates and underlying assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised if the revision affects only that period, or in the
period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 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.

Page 4 continued...
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2016

2. ACCOUNTING POLICIES - continued

Financial instruments
The director considers all financial instruments to be basic financial instruments in accordance with paragraph 11
of FRS102. All basic financial instruments including trade and other debtors, cash and cash equivalents, and
trade and other creditors, are initially recognised at transaction price and thereafter stated at amortised cost if
materially different if at all.

Trade and other receivables and payables

Trade and other receivables and payables are measured at amortised cost which approximates to fair value given
the short term nature of these assets and liabilities.

Trade receivables are valued at original invoice amount less an allowance for potentially un-collectable debts.
Provision is made where this is objective evidence to suggest that the company will not be in a position to collect
receivables as they fall due. Bad and Doubtful debts are written off in the profit and loss account on
identification.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances held for the purposes of meeting short-term cash
commitments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.

Pension costs and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

Page 5 continued...
THE MODERN GARDEN COMPANY LIMITED (REGISTERED NUMBER: 03874618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2016

4. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1st January 2016 39,313
Additions 4,569
At 31st December 2016 43,882
DEPRECIATION
At 1st January 2016 30,285
Charge for year 3,399
At 31st December 2016 33,684
NET BOOK VALUE
At 31st December 2016 10,198
At 31st December 2015 9,028

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2015
£    £   
Trade debtors 42,312 2,896
Other debtors 12,703 -
Tax recoverable 2,264 2,264
Prepayments and accrued income 18,079 6,950
75,358 12,110

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2015
£    £   
Trade creditors 82,509 35,015
Tax 31,002 28,503
Social security and other taxes 5,802 4,821
VAT 30,050 33,331
Other creditors 45,526 21,114
Accruals and deferred income 4,950 4,000
199,839 126,784

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £45,500 were paid to the director .

Ms L Isham is the company's ultimate controlling party.

8. FIRST YEAR ADOPTION

The company adopted Financial Reporting Standard 102 (section 1A) with effect from 1st January 2016. There
are no material impacts on how the prior financial period's transactions and balances were originally recorded
under the preceding standard adopted, which was the Financial Reporting Standard for Smaller Entities (effective
January 2015), and therefore the comparative figures within these financial statements have not been required to
be re-stated.

Page 6