REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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FREELAND HORTICULTURE LTD |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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FOR |
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FREELAND HORTICULTURE LTD |
FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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FREELAND HORTICULTURE LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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7 Lower Brook Street |
Oswestry |
Shropshire |
SY11 2HG |
FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968) |
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BALANCE SHEET |
30 SEPTEMBER 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Freeland Horticulture Ltd is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These financial statements are for the individual entity only. |
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The financial statements are presented in Sterling (£) rounded to the nearest £1. |
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Going Concern |
The financial statements have been prepared on a going concern basis as the directors are of the opinion that the Company will be able to pay its liabilities as and when they fall due. |
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The directors have reached this conclusion after assessing the Company's future cash and funding requirements along with budgets and medium term plans. |
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Tangible fixed assets and depreciation |
Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. |
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Depreciation |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition of each asset evenly over its expected useful life, as follows: |
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Plant and machinery - 12.5% - 50% |
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Motor vehicles - 25% |
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Computer and office equipment - 25% - 33% |
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Leasehold improvements - length of lease |
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No depreciation is provided for on the Freehold land. |
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Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition, as follows: |
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Raw materials, consumables and goods for resale | - purchase cost on a first in, first out basis |
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Work in progress and finished goods |
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cost of direct materials and labour plus
attributable
overheads based on a normal level of activity . |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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3. | ACCOUNTING POLICIES - continued |
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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. |
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Operating lease commitments |
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Improvements |
to |
Freehold | leasehold | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 October 2019 |
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Additions |
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Disposals |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Computer |
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Motor | office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2019 |
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Additions |
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Disposals | ( |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Trade debtors |
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Other debtors |
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Tax |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 250,873 | 107,297 |
Amounts due to related |
parties |
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Accrued expenses |
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FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Hire purchase contracts |
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9. | SECURED DEBTS |
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The company's bankers hold the following security: a debenture including a fixed charge over all freehold and leasehold property including fixtures and fittings, fixed plant and machinery and book and other debts; along with a floating charge over all other assets. |
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The bank also holds a fixed charge over the deposit accounts of the company in respect of any monies, deposited with the company's bankers to cover performance bonds, amounts deposited at the year end totalled £350,000. |
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The hire purchase liabilities are secured on the assets to which they relate. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
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12. | PARENT COMPANY |
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The parent company is
Rosedale Nursery, College Road, Hextable, K ent, BR8 7LT. |
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13. | COVID-19 PANDEMIC |
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From 16 March 2020 companies across the UK were urged to go into lockdown as a result of the Covid-19 global pandemic. As such this worldwide event has resulted in increased financial pressures and strains on employee health and safety in the work place for a large range of companies. Fortunately Freeland Horticulture Limited was able to implement safety precautions, such as staff working from home temporarily and continue trading from all operational sites, albeit at reduced capacity, during lockdown. |