Castle Gardens Sherborne Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02074878 (England and Wales)

Financial Statements for the Year Ended 31 December 2022

for

Castle Gardens Sherborne Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M D Burks

Mr H L Burks

SECRETARY:

Humphries Kirk

REGISTERED OFFICE:

40 High West Street

Dorchester

Dorset

DT1 1UR

REGISTERED NUMBER:

02074878 (England and Wales)

ACCOUNTANTS:

A J Shone & Co Limited

Chartered Accountants

Ashley House

Unit 3, Brickfields Business Park

Gillingham

Dorset

SP8 4PX

FIXED ASSETS

Tangible assets

4

833,108

774,090

CURRENT ASSETS

Stocks

527,179

433,918

Debtors

5

4,474,294

4,078,245

Cash at bank

89,361

80,283

5,090,834

4,592,446

CREDITORS

Amounts falling due within one year

6

2,141,678

2,090,423

NET CURRENT ASSETS

2,949,156

2,502,023

TOTAL ASSETS LESS CURRENT LIABILITIES

3,782,264

3,276,113

CREDITORS

Amounts falling due after more than one year

7

(17,308

)

(2,000

)

PROVISIONS FOR LIABILITIES

(42,970

)

(33,240

)

NET ASSETS

3,721,986

3,240,873

CAPITAL AND RESERVES

Called up share capital

50,300

50,300

Share premium

400

400

Revaluation reserve

9

67,311

69,413

Retained earnings

3,603,975

3,120,760

SHAREHOLDERS' FUNDS

3,721,986

3,240,873

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:

Mr M D Burks - Director

1.	STATUTORY INFORMATION

Castle Gardens Sherborne Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods and the revenue can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings leasehold

-

Over the term of the lease

Plant and machinery

-

20% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell and the impairment loss is recognised immediately in the profit and loss account.

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 provision of the instrument.

Financial assets and liabilities are offset, with 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.

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 are classified as receivable within one year and not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised costs, using the effective rate of interest method.

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 due is within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially ar transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Pension costs and other post-retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2021 - 66 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 January 2022

1,539,139

534,440

2,073,579

Additions

31,666

85,191

116,857

At 31 December 2022

1,570,805

619,631

2,190,436

DEPRECIATION

At 1 January 2022

885,478

414,011

1,299,489

Charge for year

16,715

41,124

57,839

At 31 December 2022

902,193

455,135

1,357,328

NET BOOK VALUE

At 31 December 2022

668,612

164,496

833,108

At 31 December 2021

653,661

120,429

774,090

On transition to FRS 102, leasehold land and buildings that had previously been revalued on 21 July 1999, at £700,000 were transferred (along with subsequent additions) at deemed cost.

On an historic cost basis, land and buildings would have been included at a cost of £1,190,859, accumulated depreciation of £606,312 and a net book value of £584,547. The depreciation charge for the year would have been £14,613.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

20,241

27,575

Amounts owed by group undertakings

4,311,908

4,002,772

Other debtors

142,145

47,898

4,474,294

4,078,245

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts (see note 8)

12,113

-

Trade creditors

194,293

399,195

Amounts owed to group undertakings

1,563,750

1,376,029

Taxation and social security

274,055

233,529

Other creditors

97,467

81,670

2,141,678

2,090,423

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts (see note 8)

15,308

-

Other creditors

2,000

2,000

17,308

2,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

2,000

2,000

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2022

2021

£

£

Net obligations repayable:

Within one year

12,113

-

Between one and five years

15,308

-

27,421

-

Non-cancellable operating

leases

2022

2021

£

£

Within one year

91,375

86,500

Between one and five years

365,500

346,000

In more than five years

868,063

3,114,000

1,324,938

3,546,500

9.

RESERVES

Revaluation

reserve

£

At 1 January 2022

69,413

Transfer to profit and loss

(2,102

)

At 31 December 2022

67,311

10.	CONTINGENT LIABILITIES

A guarantee exists in respect of The Gardens Group Limited, Poundbury Gardens Limited and Brimsmore Gardens Limited.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under Section 33 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.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Gardens Group Limited.