REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 30 September 2020 |
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Gordale Nurseries Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 30 September 2020 |
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for |
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Gordale Nurseries Limited |
Gordale Nurseries Limited (Registered number: 00775300) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2020 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Cash Flow Statement | 10 |
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Notes to the Cash Flow Statement | 11 |
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Notes to the Financial Statements | 12 |
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Gordale Nurseries Limited |
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Company Information |
for the Year Ended 30 September 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Gordale Nurseries Limited (Registered number: 00775300) |
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Strategic Report |
for the Year Ended 30 September 2020 |
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The director presents his strategic report for the year ended 30 September 2020. |
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REVIEW OF BUSINESS |
The company has had a successful year in line with expectations. Turnover for the year has decreased by £3,234,573 (26.6%) to £8,919,595 (2019 - £12,154,168) due to forced closures during COVID lockdown. |
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Despite restrictions, gross profit margins remain strong at 38.7% (2019 - 32.4%). This has kept the company in a position to remain competitive and give good value to its customers along with achieving the desired level of income to meet its staff and overhead costs. |
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The company has made a profit before tax of £1,788,974 (2019 - £1,652,670). This is in line with targets set by the director. |
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Future developments |
Given that the company has substantial reserves the director is confident that the business is in a strong position to maintain its profitability in the forthcoming year through continued investment in the site. |
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Matters of strategic importance |
The core business strategy is to develop the attractiveness of the site by investing in the infrastructure to increase footfall. |
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Key performance indicators |
2020 | 2019 |
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Gross profit % - Nursery | 48.22 | 44.21 |
Gross profit % - Garage | 6.02 | 4.89 |
Net profit % | 20.20 | 13.60 |
Stock ratio % | 18.62 | 13.77 |
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The director believes they have in place a business plan which will maximise the company's' profits going forward and expect the success of the company to continue into future years. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the business continue to be lack of consumer confidence following Brexit and the lack of growth in real wages. |
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RISK OF BUSINESS INTERRUPTION |
The director has considered the impact of the Coronavirus pandemic and is continuing to have the support of the company's bankers. Whilst the pandemic has been harmful to the company, which experienced a 7 week closure period in between March to May, the director believes that there are adequate reserves in place to meet all financial commitments as they fall due. |
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ON BEHALF OF THE BOARD: |
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Gordale Nurseries Limited (Registered number: 00775300) |
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Report of the Director |
for the Year Ended 30 September 2020 |
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The director presents his report with the financial statements of the company for the year ended 30 September 2020. |
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PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of garden centre sales and petrol sales. |
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DIVIDENDS |
No interim dividends were paid during the year ended 30 September 2020. |
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The director recommends final dividends per share as follows: |
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Ordinary 1 shares |
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A Ordinary 1 shares |
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The total distribution of dividends for the year ended 30 September 2020 will be £
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FUTURE DEVELOPMENTS |
The future developments required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the separate Strategic Report in accordance with section 414C (11) of the Companies Act 2006. |
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DIRECTOR |
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DONATIONS |
During the year donations totalling £560 (2019: £3,572) have been made to a number of charitable causes. |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Gordale Nurseries Limited (Registered number: 00775300) |
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Report of the Director |
for the Year Ended 30 September 2020 |
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AUDITORS |
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Gordale Nurseries Limited |
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Opinion |
We have audited the financial statements of Gordale Nurseries Limited (the 'company') for the year ended 30 September 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2020 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
However, not all future events or conditions can be predicted. The COVID-19 pandemic is one of the most significant economic events for the UK, with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Gordale Nurseries Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
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Gordale Nurseries Limited (Registered number: 00775300) |
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Statement of Comprehensive Income |
for the Year Ended 30 September 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ |
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TURNOVER | 4 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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1,179,621 | 1,363,636 |
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Other operating income |
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OPERATING PROFIT | 6 |
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Interest receivable and similar income |
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1,789,224 | 1,652,670 |
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Interest payable and similar expenses | 7 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 8 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Gordale Nurseries Limited (Registered number: 00775300) |
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Balance Sheet |
30 September 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
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Investment property | 11 |
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CURRENT ASSETS |
Stocks | 12 |
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Debtors | 13 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 14 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 17 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director and authorised for issue on
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Gordale Nurseries Limited (Registered number: 00775300) |
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Statement of Changes in Equity |
for the Year Ended 30 September 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 October 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2020 |
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Gordale Nurseries Limited (Registered number: 00775300) |
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Cash Flow Statement |
for the Year Ended 30 September 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Purchase of investment property | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New loans in year |
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Capital repayments in year |
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Amount introduced by directors | 80,259 | - |
Amount withdrawn by directors | - | (42,002 | ) |
Equity dividends paid | ( |
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Net cash from financing activities |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of
year |
2 |
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5,430,777 |
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Cash and cash equivalents at end of year | 2 | 8,897,031 | 6,490,081 |
Gordale Nurseries Limited (Registered number: 00775300) |
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Notes to the Cash Flow Statement |
for the Year Ended 30 September 2020 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
30.9.20 | 30.9.19 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 250 | - |
Finance income | (57,858 | ) | (51,714 | ) |
1,849,564 | 1,701,002 |
Decrease in stocks |
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Decrease/(increase) in trade and other debtors |
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Decrease in trade and other creditors | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 30 September 2020 |
30.9.20 | 1.10.19 |
£ | £ |
Cash and cash equivalents | 8,897,031 | 6,490,081 |
Year ended 30 September 2019 |
30.9.19 | 1.10.18 |
£ | £ |
Cash and cash equivalents | 6,490,081 | 5,430,777 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.10.19 | Cash flow | At 30.9.20 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 6,490,081 | 2,406,950 | 8,897,031 |
6,490,081 |
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8,897,031 |
Debt |
Debts falling due within 1 year | - | (985,000 | ) | (985,000 | ) |
- | (985,000 | ) | (985,000 | ) |
Total | 6,490,081 | 1,421,950 | 7,912,031 |
Gordale Nurseries Limited (Registered number: 00775300) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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Gordale Nurseries Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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Turnover |
Turnover represents sales of goods excluding value added tax recognised at the point of sale. |
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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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Motor vehicles | - |
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Computer equipment | - |
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Government grants |
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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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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Gordale Nurseries Limited (Registered number: 00775300) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. 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 equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks. |
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Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
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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. |
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Basic financial instruments |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially recognised 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Gordale Nurseries Limited (Registered number: 00775300) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when, the company's contractual obligations are discharged, cancelled, or they expire. |
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3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
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There are no key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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4. | TURNOVER |
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The turnover and profit before taxation are attributable to the principal activities of the company. |
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An analysis of turnover by class of business is given below: |
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30.9.20 | 30.9.19 |
£ | £ |
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5. | EMPLOYEES AND DIRECTORS |
30.9.20 | 30.9.19 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
30.9.20 | 30.9.19 |
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Production staff |
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30.9.20 | 30.9.19 |
£ | £ |
Director's remuneration |
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Gordale Nurseries Limited (Registered number: 00775300) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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5. | EMPLOYEES AND DIRECTORS - continued |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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6. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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30.9.20 | 30.9.19 |
£ | £ |
Hire of plant and machinery |
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Depreciation - owned assets |
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Loss on disposal of fixed assets |
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Auditors' remuneration |
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7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.20 | 30.9.19 |
£ | £ |
Other interest payable |
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8. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.20 | 30.9.19 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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( |
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Tax on profit |
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UK corporation tax has been charged at 19% (2019 - 19%). |
Gordale Nurseries Limited (Registered number: 00775300) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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8. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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30.9.20 | 30.9.19 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | ( |
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Depreciation in excess of capital allowances | - |
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Furnished holiday letting expenses | 8,056 | 7,999 |
Furnished holiday letting income | - | (2,052 | ) |
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Deferred taxation | 11,326 | (5,932 | ) |
(Over)/Under provision of tax in previous period | (1,695 | ) | (1,064 | ) |
Total tax charge | 340,743 | 319,579 |
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9. | DIVIDENDS |
30.9.20 | 30.9.19 |
£ | £ |
Ordinary shares of 1 each |
Final |
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|
A Ordinary share of 1 |
Final |
|
|
|
|
Gordale Nurseries Limited (Registered number: 00775300) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
|
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 October 2019 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) |
|
At 30 September 2020 |
|
|
|
DEPRECIATION |
At 1 October 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) |
|
At 30 September 2020 |
|
|
|
NET BOOK VALUE |
At 30 September 2020 |
|
|
|
At 30 September 2019 |
|
|
|
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2019 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 30 September 2020 |
|
|
|
DEPRECIATION |
At 1 October 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 30 September 2020 |
|
|
|
NET BOOK VALUE |
At 30 September 2020 |
|
|
|
At 30 September 2019 |
|
|
|
|
Included in cost of land and buildings is freehold land of £ 386,084 (2019 - £ 386,084 ) which is not depreciated. |
Gordale Nurseries Limited (Registered number: 00775300) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
|
11. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2019 |
|
Additions |
|
At 30 September 2020 |
|
NET BOOK VALUE |
At 30 September 2020 |
|
At 30 September 2019 |
|
|
The director believes the value of investment property is not materially different to the original purchase cost of the property. |
|
12. | STOCKS |
30.9.20 | 30.9.19 |
£ | £ |
Nursery stock |
|
|
Garage stock |
|
|
|
|
|
Stock recognised in cost of sales during the year as an expense amounted to £5,468,214 (2019 - £8,212,124). |
|
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Director's current account | 70,214 | 150,473 |
Prepayments and accrued income |
|
|
|
|
|
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Bank loans and overdrafts (see note 15) |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accrued expenses |
|
|
|
|
Gordale Nurseries Limited (Registered number: 00775300) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
|
15. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
30.9.20 | 30.9.19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
The above loan is a Coronavirus Business Interruption Loan (CBIL) that is interest free and repayable by 24 April 2021. |
|
16. | FINANCIAL INSTRUMENTS |
|
2020 | 2019 |
£ | £ |
Financial assets |
Financial assets that are debt instruments measured at
amortised cost |
|
122,545 |
|
159,213 |
122,545 | 159,213 |
|
Financial liabilities |
Financial liabilities measured at amortised cost | 1,733,329 | 1,006,416 |
1,733,329 | 1,006,416 |
|
Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and directors current accounts. |
|
Financial liabilities measured at amortised cost comprise all of the current liabilities other than tax liabilities. |
|
17. | PROVISIONS FOR LIABILITIES |
30.9.20 | 30.9.19 |
£ | £ |
Deferred tax | 41,980 | 30,654 |
|
Deferred tax |
£ |
Balance at 1 October 2019 |
|
Charge to Statement of Comprehensive Income during year |
|
Balance at 30 September 2020 |
|
|
Deferred tax represents the tax charge on the timing difference between the value of the company's assets for tax purposes versus the value in the financial statements. |
Gordale Nurseries Limited (Registered number: 00775300) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
|
18. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.20 | 30.9.19 |
value: | £ | £ |
|
Ordinary | 1 | 5,999 | 5,999 |
|
A Ordinary | 1 | 1 | 1 |
6,000 | 6,000 |
|
Called up share capital - Represents the nominal value of shares that have been issued. |
|
19. | RESERVES |
Retained |
earnings |
£ |
|
At 1 October 2019 |
|
Profit for the year |
|
Dividends | ( |
) |
At 30 September 2020 |
|
|
Retained earnings includes all current and prior period retained profits and losses net of distributions to the shareholders. |
|
20. | PENSION COMMITMENTS |
|
The company operates a defined contribution scheme on behalf of its directors and employees. The scheme is held in a separately administered fund from the company. Contributions in the year amounted to £21,547 (2019 - £21,125). There were no contributions outstanding at the year end (2019 - £Nil). |
|
21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 30 September 2020 and 30 September 2019: |
|
30.9.20 | 30.9.19 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
22. | RELATED PARTY DISCLOSURES |
|
During the year, total dividends of £90,000 (2019 - £70,000) were paid to the director . |
Gordale Nurseries Limited (Registered number: 00775300) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
|
22. | RELATED PARTY DISCLOSURES - continued |
|
Other operating income includes rent of £10,000 (2019 - £10,000) received from P A Nicholson, the company's director. |
|
Included in administrative expenses is the sum of £20,000 (2019 - £20,000) in respect of rent payable by the company for the use of land owned by a Self-Invested Personal Pension Scheme, whose members are P A Nicholson and his wife, Mrs G D Nicholson. |
|
23. | CONTROLLING PARTY |
|
The company is controlled by P A Nicholson. |