Company Registration No. 04827411 (England and Wales)
BEECHWOOD GARDEN CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
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 2018
28 February 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,435
7,605
Tangible assets
4
38,334
46,160
Current assets
Stocks
19,026
17,954
Debtors
5
10,175
14,369
Cash at bank and in hand
1,644
695
30,845
33,018
Creditors: amounts falling due within one year
6
(50,669)
(46,509)
Net current liabilities
(19,824)
(13,491)
Total assets less current liabilities
24,945
40,274
Creditors: amounts falling due after more than one year
7
(72,690)
(79,076)
Net liabilities
(47,745)
(38,802)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(47,747)
(38,804)
Total equity
(47,745)
(38,802)
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 2018 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 2018
28 February 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 August 2018
Mr A Almond
Director
Company Registration No. 04827411
BEECHWOOD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 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
Beechwood Garden Centre, Roman Road, Blackburn, Lancashire, BB1 2LB.
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 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
Motor vehicles
25% 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
.
BEECHWOOD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 4 -
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.
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
Financial instruments
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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 4 (2017 - 13).
BEECHWOOD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2017 and 28 February 2018
23,400
Amortisation and impairment
At 1 March 2017
15,795
Amortisation charged for the year
1,170
At 28 February 2018
16,965
Carrying amount
At 28 February 2018
6,435
At 28 February 2017
7,605
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2017
82,780
111,043
193,823
Disposals
-
(8,300)
(8,300)
At 28 February 2018
82,780
102,743
185,523
Depreciation and impairment
At 1 March 2017
53,196
94,466
147,662
Depreciation charged in the year
4,139
1,869
6,008
Eliminated in respect of disposals
-
(6,481)
(6,481)
At 28 February 2018
57,335
89,854
147,189
Carrying amount
At 28 February 2018
25,445
12,889
38,334
At 28 February 2017
29,584
16,576
46,160
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
3,995
210
Other debtors
6,180
14,159
10,175
14,369
BEECHWOOD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 6 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
18,689
27,312
Trade creditors
16,264
5,415
Corporation tax
-
1,712
Other taxation and social security
3,503
3,464
Other creditors
12,213
8,606
50,669
46,509
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.
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
72,690
79,076
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2