REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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HAYES GARDENWORLD LIMITED |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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HAYES GARDENWORLD LIMITED |
HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 14 |
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HAYES GARDENWORLD LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
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SOLICITORS: |
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No 1 Spinningfields |
1 Hardman Square |
Manchester |
M3 3EB |
HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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The directors present their strategic report for the year ended 31 December 2021. |
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RESULTS |
The company performed exceptionally well in 2021, recording its highest turnover and profit levels in recent memory. On top of this, the company was able to sell a disused warehouse, and so was able to clear bank debt completely by the summer, and recorded net current assets over liabilities for the first time since 2016. |
The company directors plan to build on the recent trading results to grow again in 2022, with the renovation of café facilities at the garden centre in Ambleside, as well as the relocation/amalgamation of distribution warehouses, to allow for a more efficient delivery process of online sales. |
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REVIEW OF BUSINESS |
The principal activity of the company continues to be that of a garden centre. The company retails a wide range of products including plants, garden furniture and BBQ's, gifts, clothing, Christmas products and garden care items, as well as operating an onsite catering facility. The company also operates online, primarily retailing garden furniture, BBQ's and Christmas trees. |
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The company is committed to making as many environmental savings as possible. This is evidenced by the use of company vehicles to bring staff into work, reducing the number of vehicles on the road, alongside the harvesting of rain water which is then used by the company for things such as watering plants. |
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The company shows a commitment to local charities with numerous collection points around the garden centre and staff undertaking various events to raise money for charity. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company remains in a strong financial position however the general economic climate within the United Kingdom continues to pose a threat to the company due to the restricted level of people's disposable income. The performance of the company will always be subject to the vagaries of the weather in the United Kingdom. |
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ON BEHALF OF THE BOARD: |
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HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2021. |
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DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2021 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director 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. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HAYES GARDENWORLD LIMITED |
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Opinion |
We have audited the financial statements of Hayes Gardenworld Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Other 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 31 December 2021 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 |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 this gives rise to a material misstatement in the financial statements themselves. 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HAYES GARDENWORLD 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 Directors. |
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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 directors' 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 directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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- | Enquiry of management and those charged with governance around actual and potential litigation and claims. |
- | Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and |
regulations. |
- | Reviewing minutes of meetings of those charged with governance. |
- | Reviewing financial statement disclosures and testing to support documentation to assess compliance with |
applicable laws and regulations. |
- | Auditing the risk of management override of controls and evaluating the business rationale of significant |
transactions outside the normal course of business. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HAYES GARDENWORLD LIMITED |
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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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Chartered Accountants & Statutory Auditors |
Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
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HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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31/12/21 | 31/12/20 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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474,777 | (434,285 | ) |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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1,009,740 | 704,853 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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31/12/21 | 31/12/20 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Revaluation of fixed assets |
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Income tax relating to other comprehensive
income |
( |
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( |
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OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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31/12/21 | 31/12/20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
( |
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PROVISIONS FOR LIABILITIES | 16 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Revaluation reserve | 18 |
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Retained earnings | 18 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 January 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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( |
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Balance at 31 December 2021 |
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HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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31/12/21 | 31/12/20 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments
paid |
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( |
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Taxation refund |
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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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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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Loan repayments in year | ( |
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New HP agreements | - | 31,155 |
Capital repayments in year | ( |
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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
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2 |
(1,215,371 |
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(1,242,699 |
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Cash and cash equivalents at end of year | 2 | 477,877 | ( |
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HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31/12/21 | 31/12/20 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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(Profit)/loss on disposal of fixed assets | ( |
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Finance costs | 39,199 | 112,996 |
Finance income | (1,871 | ) | - |
1,201,099 | 957,235 |
(Increase)/decrease in stocks | ( |
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(Increase)/decrease in trade and other debtors | ( |
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Increase/(decrease) in trade and other creditors |
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( |
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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 31 December 2021 |
31/12/21 | 1/1/21 |
£ | £ |
Cash and cash equivalents | 477,877 | 163,779 |
Bank overdrafts |
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( |
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477,877 | (1,215,371 | ) |
Year ended 31 December 2020 |
31/12/20 | 1/1/20 |
£ | £ |
Cash and cash equivalents | 163,779 | 10,239 |
Bank overdrafts | ( |
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(1,215,371 | ) | (1,242,699 | ) |
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HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
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At 1/1/21 | Cash flow | At 31/12/21 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 163,779 | 314,098 | 477,877 |
Bank overdrafts | (1,379,150 | ) | 1,379,150 | - |
(1,215,371 | ) |
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477,877 |
Debt |
Finance leases | (36,169 | ) | 13,913 | (22,256 | ) |
Debts falling due within 1 year | (206,270 | ) | (43,730 | ) | (250,000 | ) |
(242,439 | ) | (29,817 | ) | (272,256 | ) |
Total | (1,457,810 | ) | 1,663,431 | 205,621 |
HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Hayes Gardenworld Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is the amount derived from goods supplied during the year, and is stated after trade discounts and net of VAT. |
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Tangible fixed assets |
Tangible fixed assets were originally included at cost. |
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Depreciation is provided at the following rates in order to write off each asset over its estimated useful life. |
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Freehold land | - | No depreciation is charged on freehold land. |
Freehold buildings | - | No depreciation has been charged on freehold buildings, on the grounds |
that it would be immaterial. |
Plant and machinery | - | 15% reducing balance. |
Motor vehicles | - | 25% reducing balance. |
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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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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. |
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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. |
HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. |
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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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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account. |
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Covid 19 Pandemic |
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As with all companies worldwide, uncertainties have arisen due to the COVID 19 pandemic. |
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During the period of lockdown essential goods and online trade was allowed to continue, hence, the company continued to trade. |
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The company also took advantage of government help, where possible, and furloughed staff where necessary. |
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Hire purchase and leasing commitments |
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. |
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Going concern |
The use of the going concern basis of accounting is appropriate due to the ongoing support of the company's bankers and because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
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3. | EMPLOYEES AND DIRECTORS |
31/12/21 | 31/12/20 |
£ | £ |
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: |
31/12/21 | 31/12/20 |
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Directors | 2 | 2 |
Administration and support | 10 | 10 |
Direct staff | 96 | 103 |
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HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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31/12/21 | 31/12/20 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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31/12/21 | 31/12/20 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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(Profit)/loss on disposal of fixed assets | ( |
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Auditor's remuneration - The |
audit of the company's annual |
accounts |
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Operating Leases - other assets |
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Auditors remuneration - accountancy services |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/21 | 31/12/20 |
£ | £ |
Bank interest payable |
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Bank loan interest payable |
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Other interest |
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Hire purchase interest |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/12/21 | 31/12/20 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
Origination and reversal of |
timing differences |
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Tax on profit |
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HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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6. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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31/12/21 | 31/12/20 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2020 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Utilisation of tax losses | ( |
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Deferred tax | (50,516 | ) | (51,391 | ) |
Charge to income statement | 136,800 | 167,200 |
Total tax charge | 126,997 | 115,809 |
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Tax effects relating to effects of other comprehensive income |
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31/12/21 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of fixed assets |
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(136,800 | ) | 583,200 |
|
31/12/20 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of fixed assets |
|
(167,200 | ) | 712,800 |
|
7. | DIVIDENDS |
31/12/21 | 31/12/20 |
£ | £ |
Interim |
|
|
HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
8. | TANGIBLE FIXED ASSETS |
Freehold |
land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2021 |
|
|
|
|
Additions |
|
|
|
|
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
Revaluations |
|
|
|
|
At 31 December 2021 |
|
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) | ( |
) |
At 31 December 2021 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
|
At 31 December 2020 |
|
|
|
|
|
Cost or valuation at 31 December 2021 is represented by: |
|
Freehold |
land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2018 | 62,145 | - | - | 62,145 |
Valuation in 2020 | 830,000 | 50,000 | - | 880,000 |
Valuation in 2021 | (322,743 | ) | - | - | (322,743 | ) |
Cost | 7,750,598 | 3,339,953 | 456,648 | 11,547,199 |
8,320,000 | 3,389,953 | 456,648 | 12,166,601 |
|
If Freehold Land and Buildings had not been revalued they would have been included at the following historical cost: |
|
31/12/21 | 31/12/20 |
£ | £ |
Cost | 7,750,598 | 8,437,855 |
Aggregate depreciation | 2,668,556 | 2,668,556 |
|
Freehold land and buildings were valued on an open market basis on 16 July 2021 by The CBRE Group . |
HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
8. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 January 2021 |
and 31 December 2021 |
|
DEPRECIATION |
At 1 January 2021 |
|
Charge for year |
|
At 31 December 2021 |
|
NET BOOK VALUE |
At 31 December 2021 |
|
At 31 December 2020 |
|
|
9. | STOCKS |
31/12/21 | 31/12/20 |
£ | £ |
Finished goods |
|
|
|
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Bank loans and overdrafts (see note 13) |
|
|
Hire purchase contracts (see note 14) |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Other taxes and social |
security |
|
|
VAT | 123,309 | 270,672 |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
|
13. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31/12/21 | 31/12/20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
31/12/21 | 31/12/20 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable operating | leases |
31/12/21 | 31/12/20 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
15. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31/12/21 | 31/12/20 |
£ | £ |
Bank overdraft |
|
|
Bank loans |
|
|
|
|
|
The bank overdraft and bank loan are secured by way of a debenture over all the companys' assets dated 5 July 2021 in favour of Barclays Bank PLC. |
HAYES GARDENWORLD LIMITED (REGISTERED NUMBER: 01597594) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
|
16. | PROVISIONS FOR LIABILITIES |
31/12/21 | 31/12/20 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Tax losses carried forward |
|
( |
) |
Other timing differences | 105,862 | 167,200 |
269,716 | 130,727 |
|
Deferred |
tax |
£ |
Balance at 1 January 2021 |
|
Provided during year | ( |
) |
Charge to Income Statement during year |
|
Utilised during year |
|
Balance at 31 December 2021 |
|
|
17. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/21 | 31/12/20 |
value: | £ | £ |
|
Ordinary | 1 | 1,013,356 | 1,013,356 |
|
18. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
|
At 1 January 2021 |
|
|
7,649,532 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
Revaluation of Freehold | 844,694 | - | 844,694 |
Fixed asset revaluation | - | (261,494 | ) | (261,494 | ) |
At 31 December 2021 |
|
|
9,072,276 |
|
19. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling parties are the directors, together with Mr M Capell and Mr T R Hayes, by way of their shareholdings. |
|
20. | DEFINED CONTRIBUTION PENSION SCHEME |
|
The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £56,319 (2020 - £56,136). |