Castle Gardens Sherborne Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 02074878 (England and Wales)

Financial Statements for the Year Ended 31 December 2016

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

561,330

493,167

CURRENT ASSETS

Stocks

330,780

285,760

Debtors

5

3,019,319

2,836,899

Cash at bank

96,654

33,413

3,446,753

3,156,072

CREDITORS

Amounts falling due within one year

6

1,561,824

1,290,064

NET CURRENT ASSETS

1,884,929

1,866,008

TOTAL ASSETS LESS CURRENT LIABILITIES

2,446,259

2,359,175

CREDITORS

Amounts falling due after more than one year

7

(92,656

)

(96,746

)

PROVISIONS FOR LIABILITIES

(18,105

)

(19,740

)

NET ASSETS

2,335,498

2,242,689

CAPITAL AND RESERVES

Called up share capital

50,300

50,300

Share premium

400

400

Revaluation reserve

9

79,923

82,025

Retained earnings

2,204,875

2,109,964

SHAREHOLDERS' FUNDS

2,335,498

2,242,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29 September 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Revaluation of properties

The leasehold properties were professionally valued on an existing use open market value basis, in accordance

with the Statement of Assets Valuation Practice No. 4 and the Guidance Notes of the Royal Institution of

Chartered Surveyors, as at 21 July 1999 by Quinton Edwards, Chartered Surveyors.

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 group after deducting all of its liabilities.

Government grants

Government grants are recognised when there is reasonable assurance that the company will comply with the

conditions attaching to them and the grants will be received. Grants related to the purchase of assets are treated

as deferred income and allocated to the profit and loss account over the useful lives of the related assets, while

grants related to expenses are treated as other income in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 January 2016

1,228,057

359,534

1,587,591

Additions

85,113

11,771

96,884

At 31 December 2016

1,313,170

371,305

1,684,475

DEPRECIATION

At 1 January 2016

813,574

280,850

1,094,424

Charge for year

10,630

18,091

28,721

At 31 December 2016

824,204

298,941

1,123,145

NET BOOK VALUE

At 31 December 2016

488,966

72,364

561,330

At 31 December 2015

414,483

78,684

493,167

On an historic cost basis, land and buildings would have been included at a cost of £933,224, accumulated

depreciation of £540,935 and a net book value of £392,289. The depreciation charge for the year would have

been £8,528.

The leasehold land and buildings were valued on 21 July 1999 at £700,000 on an open market basis by Quinton

Edwards, a firm of Independent Chartered Surveyors.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

46,403

64,488

Amounts owed by group undertakings

2,924,999

2,724,924

Other debtors

47,917

47,487

3,019,319

2,836,899

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Finance leases (see note 8)

31,632

22,346

Trade creditors

340,363

322,508

Amounts owed to group undertakings

960,463

719,470

Taxation and social security

183,431

172,935

Other creditors

45,935

52,805

1,561,824

1,290,064

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Finance leases (see note 8)

21,274

46,831

Other creditors

71,382

49,915

92,656

96,746

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:

Finance leases

2016

2015

£

£

Net obligations repayable:

Within one year

31,632

22,346

Between one and five years

21,274

46,831

52,906

69,177

Non-cancellable operating

leases

2016

2015

£

£

Within one year

78,750

78,750

Between one and five years

315,000

315,000

In more than five years

3,307,500

3,386,250

3,701,250

3,780,000

9.

RESERVES

Revaluation

reserve

£

At 1 January 2016

82,025

Transfer to profit and loss

(2,102

)

At 31 December 2016

79,923

10.	CONTINGENT LIABILITIES

A guarantee exists in favour of Lloyds TSB Bank plc 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 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.

The ultimate controlling party is The Gardens Group Limited.