The Villa Nursery Limited 31/12/2019 iXBRL

The Villa Nursery Limited 31/12/2019 iXBRL

THE VILLA NURSERY LIMITED - Company Information

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Company registration number: 08612247
The Villa Nursery Limited
Unaudited filleted financial statements
31 December 2019
The Villa Nursery Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
The Villa Nursery Limited
Directors and other information
Directors Mr Michael Gibilaro
Mr Felice Gibilaro
Company number 08612247
Registered office 1st Floor
87/89 High Street
Hoddesdon
Herts
EN11 8TL
The Villa Nursery Limited
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 417,121 439,075
Tangible assets 6 1,294,748 1,409,068
_______ _______
1,711,869 1,848,143
Current assets
Stocks - 120,000
Debtors 7 135,175 38,255
Cash at bank and in hand 16,987 44,747
_______ _______
152,162 203,002
Creditors: amounts falling due
within one year 8 ( 113,829) ( 485,452)
_______ _______
Net current assets/(liabilities) 38,333 ( 282,450)
_______ _______
Total assets less current liabilities 1,750,202 1,565,693
Creditors: amounts falling due
after more than one year 9 ( 144,246) ( 238,169)
_______ _______
Net assets 1,605,956 1,327,524
_______ _______
Capital and reserves
Called up share capital 600,150 600,150
Revaluation reserve 1,370,389 1,370,389
Profit and loss account ( 364,583) ( 643,015)
_______ _______
Shareholders funds 1,605,956 1,327,524
_______ _______
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 March 2020 , and are signed on behalf of the board by:
Mr Michael Gibilaro
Director
Company registration number: 08612247
The Villa Nursery Limited
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 1st Floor, 87/89 High Street, Hoddesdon, Herts, EN11 8TL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: Nil).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2019 and 31 December 2019 571,775 571,775
_______ _______
Amortisation
At 1 January 2019 132,700 132,700
Charge for the year 21,954 21,954
_______ _______
At 31 December 2019 154,654 154,654
_______ _______
Carrying amount
At 31 December 2019 417,121 417,121
_______ _______
At 31 December 2018 439,075 439,075
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Total
£ £ £
Cost
At 1 January 2019 1,033,250 1,143,912 2,177,162
Additions - 31,021 31,021
_______ _______ _______
At 31 December 2019 1,033,250 1,174,933 2,208,183
_______ _______ _______
Depreciation
At 1 January 2019 500,000 268,093 768,093
Charge for the year 100,000 45,342 145,342
_______ _______ _______
At 31 December 2019 600,000 313,435 913,435
_______ _______ _______
Carrying amount
At 31 December 2019 433,250 861,498 1,294,748
_______ _______ _______
At 31 December 2018 533,250 875,819 1,409,069
_______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 135,175 -
Other debtors - 38,255
_______ _______
135,175 38,255
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 71,378 96,538
Corporation tax 9,234 -
Social security and other taxes 8,385 245
Other creditors 24,832 388,669
_______ _______
113,829 485,452
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 144,246 238,169
_______ _______
10. Controlling party
The Company is controlled, equally, by the Directors