Company Registration No. 05994722 (England and Wales)
SAPCOTE GARDEN CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
Dutchmans Chartered Accountants
3 Station Parade, Cherry Tree Rise
Buckhurst Hill, Essex IG9 6EU
SAPCOTE GARDEN CENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SAPCOTE GARDEN CENTRE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
4
10,501
11,279
Tangible assets
5
808,153
889,161
818,654
900,440
Current assets
Stocks
652,931
717,354
Debtors
6
174,796
126,531
Cash at bank and in hand
81,001
35,653
908,728
879,538
Creditors: amounts falling due within one year
7
(1,005,468)
(1,098,293)
Net current liabilities
(96,740)
(218,755)
Total assets less current liabilities
721,914
681,685
Creditors: amounts falling due after more than one year
8
(292,346)
(364,287)
Net assets
429,568
317,398
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
428,568
316,398
Total equity
429,568
317,398
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 30 September 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 member has 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.
SAPCOTE GARDEN CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2019
30 September 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 October 2020
A Porwol
Director
Company Registration No. 05994722
SAPCOTE GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 3 -
1
Accounting policies
Company information
Sapcote Garden Centre Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Sapcote Garden Centre, Hinckley Road, Sapcote, Leicester, LE9 4LG.
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. The principal accounting policies adopted are set out below.
1.2
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
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
The goodwill is the original cost on the acquisition of the unincorporated business, and has been transferred at that value into the company. It will be
written off in equal annual installments over its estimated useful economic life.
1.4
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Not depreciated
Plant and machinery
10% Net book value
Fixtures, fittings & equipment
15% Net book value
Integral features
10% Net book value
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
SAPCOTE GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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.
1.7
Cash at bank and in hand
Cash and cash equivalents
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
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SAPCOTE GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 5 -
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
is not provided on the basis that the cost of preparing calculations outweighs the benefit derived
1.11
Employee benefits
The cost
, if material,
of any unused holiday entitlement is recognised in the period in which the employee’s services are received
.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 114 (2018 - 106).
2019
2018
Number
Number
Total
114
106
3
Director's remuneration and dividends
2019
2018
£
£
Remuneration paid to directors
520
3,760
Dividends paid to directors
110,960
83,000
SAPCOTE GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2018 and 30 September 2019
15,557
Amortisation and impairment
At 1 October 2018
4,278
Amortisation charged for the year
778
At 30 September 2019
5,056
Carrying amount
At 30 September 2019
10,501
At 30 September 2018
11,279
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Integral features
Total
£
£
£
£
Cost
At 1 October 2018 and 30 September 2019
86,230
1,092,522
100,648
1,279,400
Depreciation and impairment
At 1 October 2018
-
355,936
34,304
390,240
Depreciation charged in the year
-
74,373
6,634
81,007
At 30 September 2019
-
430,309
40,938
471,247
Carrying amount
At 30 September 2019
86,230
662,213
59,710
808,153
At 30 September 2018
86,230
736,587
66,344
889,161
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
3,360
Other debtors
174,796
123,171
174,796
126,531
SAPCOTE GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 7 -
7
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
61,082
81,164
Trade creditors
581,396
659,393
Corporation tax
86,457
31,285
Other taxation and social security
237,150
263,137
Other creditors
39,383
63,314
1,005,468
1,098,293
8
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
271,739
316,399
Other creditors
20,607
47,888
292,346
364,287
9
Operating lease commitments
Lessee
Total operating lease commitments, which are not included in the balance sheet at the year end, amount to £
49,065.
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Advances in the year
3.00
91,430
30,803
3,667
125,900
91,430
30,803
3,667
125,900