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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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HILLVIEW GARDEN CENTRES (REDDITCH) LTD |
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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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FOR |
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HILLVIEW GARDEN CENTRES (REDDITCH) LTD |
HILLVIEW GARDEN CENTRES (REDDITCH) LTD (REGISTERED NUMBER: 07731420) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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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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HILLVIEW GARDEN CENTRES (REDDITCH) LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
Harben House |
Harben Parade |
Finchley Road |
LONDON |
NW3 6LH |
HILLVIEW GARDEN CENTRES (REDDITCH) LTD (REGISTERED NUMBER: 07731420) |
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BALANCE SHEET |
31 JANUARY 2017 |
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31/1/17 | 31/1/16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET (LIABILITIES)/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 Profit and loss account has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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HILLVIEW GARDEN CENTRES (REDDITCH) LTD (REGISTERED NUMBER: 07731420) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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1. | STATEMENT OF COMPLIANCE |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting |
estimates. It also requires management to exercise judgement in applying the Company's accounting policies. |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These |
policies have been consistently applied to all the years presented, unless otherwise stated. |
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Going concern |
The company meets its day-to-day working capital requirements through careful management of working capital |
positions. After making enquiries, the directors have a reasonable expectation that the company has adequate |
resources to continue in operational existence for the foreseeable future, with the continued financial support |
from its parent company and fellow subsidiary undertakings, and the continued availability of the group bank |
overdraft and loan facility. The company therefore continues to adopt the going concern basis in preparing its |
financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, |
including expectations of future events that are believed to be reasonable under the circumstances. |
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i) Critical judgement in applying the entity's accounting policies |
There are no judgements in applying the entity's accounting policies that have a significant risk of causing a |
material misstatement to the financial statements. |
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ii) Critical accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, |
by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk |
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are |
addressed below. |
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(a) Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing |
impairment of trade and other debtors, management considers factors including the current credit rating of the |
debtor, the ageing profile of debtors and historical experience. |
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(b) Taxation |
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the |
tax authorities. |
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Turnover |
Turnover represents garden centre takings, net of discounts and value added tax. |
HILLVIEW GARDEN CENTRES (REDDITCH) LTD (REGISTERED NUMBER: 07731420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Depreciation is charged to administrative expenses in the profit and loss account. |
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Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost |
includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its |
intended use, dismantling and restoration costs. |
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The carrying values of tangible fixed assets are reviewed for impairment when events or changes in |
circumstances indicate the carrying value may not be recoverable. |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if |
appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised within the statement of comprehensive income. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, it is reduced |
to its selling price less costs to sell and an impairment charge is recognised in the profit and loss accounts, Where |
a reversal of the impairment is recognised the impairment charge is reversed, upto the original impairment loss |
and is recognised in the profit and loss account. |
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Taxation |
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is |
recognised in the profit and loss account, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or |
directly in equity respectively. |
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Current or deferred taxation assets and liabilities are not discounted. |
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(i) Current tax |
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is |
calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
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Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax |
regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts |
expected to be paid to the tax authorities. |
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(ii) Deferred tax |
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive |
income as stated in the financial statements. These 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. |
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Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred |
tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax |
liabilities or other future taxable profits. |
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Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period |
and and that are expected to apply to the reversal of timing difference. |
HILLVIEW GARDEN CENTRES (REDDITCH) LTD (REGISTERED NUMBER: 07731420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
(i) Functional and presentational currency |
The company's functional and presentational currency is Pound Sterling for all years presented. |
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(ii) Transactions and balances |
Foreign currency transactions are translated into the functional currency using spot exchange rates at the date of |
transactions. |
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At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items |
measured at historical cost are translated using the exchange rate at the date of the transaction and |
non-monetary items measured at fair value are measured using the exchange rate when fair value was |
determined. |
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Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at |
period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in |
the profit and loss account. |
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Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the |
profit and loss account within 'finance (expenses)/income'. All other foreign exchange gains and losses are |
presented in the profit and loss account within 'Other operating (losses)/gains'. |
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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. |
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Pension costs and other post-retirement benefits |
The company contributes to money purchase pension schemes for the benefit of certain employees. Contributions |
payable are charged to the profit and loss account in the period to which they relate. |
HILLVIEW GARDEN CENTRES (REDDITCH) LTD (REGISTERED NUMBER: 07731420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at |
transaction price, unless the arrangement constitutes a financing transaction, where a transaction is measured at |
the present vale of the future receipts discounted at a market rate of interest. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective |
evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying |
amount and the present value of the estimated cash flows discounted at the asset's original effective interest |
rate. The impairment loss is recognised in profit and loss. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are |
settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another |
party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally |
sell the asset to an unrelated third party without imposing additional restrictions. |
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(ii) Financial liabilities |
Basic financial liabilities, including trade and other payable, are initially recognised at transaction price, unless the |
arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the |
future receipts discounted a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest method. |
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Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
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Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is |
a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or |
to realise the asset and settle the liability simultaneously. |
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Cash and cash equivalents |
Cash includes cash in hand and deposits held with banks. Bank overdrafts, when applicable, are shown within |
borrowings in current liabilities. Cash equivalents are highly liquid investments that are readily convertible to |
known amounts of cash with insignificant risk of change in value. |
HILLVIEW GARDEN CENTRES (REDDITCH) LTD (REGISTERED NUMBER: 07731420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised |
when paid. Final equity dividends are recognised when approved by the shareholders at an annual general |
meeting. |
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Provisions for liabilities |
Provisions are made where an event has taken place that gives the company a legal or constructive obligation |
that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the |
amount of the obligation. |
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Provisions are charged as an expense to the statement of comprehensive income in the year that the company |
becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the |
expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
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When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
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Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares |
or options are shown in equity as deduction, net of tax, from the proceeds. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | AUDITORS' REMUNERATION |
31/1/17 | 31/1/16 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
7,501 |
4,500 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2016 |
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Additions |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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HILLVIEW GARDEN CENTRES (REDDITCH) LTD (REGISTERED NUMBER: 07731420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2016 |
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Additions |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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6. | STOCKS |
31/1/17 | 31/1/16 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/1/17 | 31/1/16 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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VAT |
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Deferred tax asset |
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Prepayments and accrued income |
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Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are |
repayable on demand. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/1/17 | 31/1/16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | - | 8,356 |
Other creditors |
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Directors' current accounts | 9,848 | 4,638 |
Accrued expenses |
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HILLVIEW GARDEN CENTRES (REDDITCH) LTD (REGISTERED NUMBER: 07731420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
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Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are |
repayable on demand. |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/1/17 | 31/1/16 |
£ | £ |
Other loans more 5yrs non-inst | 2,648,514 | 130,484 |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
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Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are |
repayable on demand. |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/1/17 | 31/1/16 |
£ | £ |
Within one year |
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Between one and five years |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/1/17 | 31/1/16 |
£ | £ |
Bank overdrafts |
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Bank loans |
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12. | 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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13. | CONTINGENT LIABILITIES |
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During the prior year a cross guarantee existed relating to group undertakings' bank borrowings. The total |
liabilities under this cross guarantee as at 31 January 2016 were £1,213,698. During the year ended 31 January |
2017 these borrowings were satisfied. |
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During the year ended 31 January 2017 the company entered a cross guarantee agreement along with its parent |
and fellow subsidiaries relating to a group wide bank overdraft facility. This company has no contingent liability in |
relation to this bank overdraft facility since the overdraft is included in full on this company's balance sheet. |
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The company also entered into a cross guarantee and pledged its freehold property as security on its parent |
company's bank loan. At the year end the balance on this loan was £2,415,235 (2016: £nil). |