Company Registration No. 04827411 (England and Wales)
BEECHWOOD GARDEN CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
PAGES FOR FILING WITH REGISTRAR
BEECHWOOD GARDEN CENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BEECHWOOD GARDEN CENTRE LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2019
28 February 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,264
6,435
Tangible assets
4
32,731
38,334
37,995
44,769
Current assets
Stocks
-
19,026
Debtors
5
131
10,175
Cash at bank and in hand
2,887
1,644
3,018
30,845
Creditors: amounts falling due within one year
6
(24,620)
(50,669)
Net current liabilities
(21,602)
(19,824)
Total assets less current liabilities
16,393
24,945
Creditors: amounts falling due after more than one year
7
(65,255)
(72,690)
Net liabilities
(48,862)
(47,745)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(48,864)
(47,747)
Total equity
(48,862)
(47,745)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BEECHWOOD GARDEN CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2019
28 February 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 September 2019
Mr A Almond
Director
Company Registration No. 04827411
BEECHWOOD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 3 -
1
Accounting policies
Company information
Beechwood Garden Centre Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Building M, Ribble Park, Philips Road, Blackburn, Lancashire, BB1 5RB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The company is reliant upon the support
of
its bankers. The financial statements have been prepared on a going concern basis on the assumption that this finance will continue to be made available to the company. The director ha
s
no reason to believe that such financial support will not continue for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
5% Straight line
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
15% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
BEECHWOOD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 4).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2018 and 28 February 2019
23,400
Amortisation and impairment
At 1 March 2018
16,965
Amortisation charged for the year
1,171
At 28 February 2019
18,136
Carrying amount
At 28 February 2019
5,264
At 28 February 2018
6,435
BEECHWOOD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2018 and 28 February 2019
82,780
102,743
185,523
Depreciation and impairment
At 1 March 2018
57,335
89,855
147,190
Depreciation charged in the year
4,135
1,467
5,602
At 28 February 2019
61,470
91,322
152,792
Carrying amount
At 28 February 2019
21,310
11,421
32,731
At 28 February 2018
25,445
12,889
38,334
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
3,995
Other debtors
131
6,180
131
10,175
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
6,496
18,689
Trade creditors
808
16,264
Taxation and social security
1,518
3,503
Other creditors
15,798
12,213
24,620
50,669
The company's bank borrowings are secured on the assets of the company and by a joint and several guarantee for £150,000 given by Mr A Almond, the director.
BEECHWOOD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 6 -
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
65,255
72,690
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2