Registered number: 02773151
AUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
COMPANY INFORMATION
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BURFORD GARDEN CENTRE LIMITED
CONTENTS
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BURFORD GARDEN CENTRE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The results and the financial position of the Company for the year to 31 January 2023 are shown in the attached accounts.
The principal activity of the company is the operation of a garden centre and associated retailing activities, from its premises in Burford, Oxfordshire. The garden centre sells a vast range of products and specialises in vintage goods, and also operates a cafe from its premises. The directors strategic plan is to continue to drive sales growth while maintaining margins and continue to enhance the profitability of the business.
The Directors consider that the business faces no specific risk in the forthcoming period other than the general risks associated with retail activities and those relating to wider economic trends. Where risks can be identified, they will be addressed and actions taken, where possible, to control them. The Directors will continue to pursue their policy of ensuring the future growth of the business.
Turnover for the year was £16,940,097, a decrease on last year of approximately 6.2% (2022: £18,068.692).
Overall gross profit increased to £6,754,731 (2022: £7,601,565), however the gross profit margin did fall slightly to 39.9% from 42.1%. Profit before tax amounted to £1,388,312 (2022: £2,762,445), being a 49.7% decrease on last year. The net asset position of the company has improved from £15,882,235 as at 31 January 2022 to £15,795,125 as at 31 January 2023.
The directors use other performance indicators when assessing the company's performance, such as monitoring of budgets and comparing to actual events, review of cash flow forecasts compared to actual cash generated, and analysing monthly management accounts to look at areas of the business where performance is not as expected.
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BURFORD GARDEN CENTRE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1. Market and competition risk
The Company competes with other garden centres and online retail. The Company manages this risk by maintaining a wide customer base and offering a wide product range to customers. There is enhanced focused to grow it's e-commerce platform, with online retail experience very large growth over the last number of years. 2. Currency risk The Company purchases some of its stock items in Euros. In order to manage the resultant currency risk the Company holds a Euro bank account. All of the Company's sales are currently denominated in Sterling.
3. Interest rate risk
The Company ensures it has sufficient cash resources available to cover any additional liabilities arising from interest rate rises. The Directors frequently monitor and review relevant interest rates in order to ensure that the Company is able to quickly respond to any sudden fluctuations. 4. Liquidity risk The Company's policy is to finance working capital through retained earnings and bank borrowing at prevailing market interest rates. The Directors ensure that sufficient funds are available to meet amounts due and also negotiate extended credit terms with suppliers where necessary. Bank loan interest is fixed and, as such, monthly repayments are not subject to change. The Company protects its liquidity by ensuring there are adequate funds available to meet repayments. 5. Weather Due to the company's operations, the weather can heavily impact customer footfall and spend during cyclical seasonal events. In order to mitigate this risk, the company offers a very diverse range of products.
This report was approved by the board and signed on its behalf.
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BURFORD GARDEN CENTRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The directors present their report and the financial statements for the year ended 31 January 2023.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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.
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 to 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.
The profit for the year, after taxation, amounted to £1,211,336 (2022 - £2,196,737).
All dividends proposed in the year were approved by the Board and paid by the end of the reporting period. In total, dividends declared and paid in the year amount to £820,000.
The directors who served during the year were:
The Company continues to persue sales grwoth from its retail premises but recognises the need grow its e-commerce platform after investment in the Company's website within the year. The Company will continue to to strive to deliver the Burford experience to drive sales growth.
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BURFORD GARDEN CENTRE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
The Company's principal financial instruments comprise bank balances, bank overdrafts, trade receivables, trade payables and loans to the Company. The principal risks are detailed in the strategic report.
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Wellers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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BURFORD GARDEN CENTRE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF BURFORD GARDEN CENTRE LIMITED
We have audited the financial statements of Burford Garden Centre Limited (the 'Company') for the year ended 31 January 2023, which comprise the statement of comprehensive income, the statement of financial position, the statement of cash flows, the statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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.
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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BURFORD GARDEN CENTRE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF BURFORD GARDEN CENTRE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report.
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BURFORD GARDEN CENTRE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF BURFORD GARDEN CENTRE LIMITED (CONTINUED)
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 an auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: • Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Health & Safety regulations, Employment Law, Retail Law, Tax and Pensions legislation. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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 auditors' report.
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BURFORD GARDEN CENTRE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF BURFORD GARDEN CENTRE LIMITED (CONTINUED)
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 an auditors' report 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.
for and on behalf of
Wellers 8 King Edward Street Oxford OX1 4HL
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BURFORD GARDEN CENTRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME INCORPORATING PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
REGISTERED NUMBER: 02773151
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
REGISTERED NUMBER: 02773151
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 40 form part of these financial statements.
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BURFORD GARDEN CENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2022
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BURFORD GARDEN CENTRE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Burford Garden Centre Limited is a limited liability Company registered in England and Wales.
The registered address of the Company is 8 King Edward Street, Oxford, OX1 4HL and the principal place of business is Shilton Road, Burford, Oxfordshire, OX18 4PA. The Company's registered number is 02773151.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
In preparing the financial statements, a rounding difference of £5 has been used, in accordance with Company policy and in line with the previous year.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
During the year ended 31 January 2015 the company took advantage of the transitional arrangements under FRS 102 to use a revaluation of its freehold property as its deemed cost moving forwards.
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the statement of financial position.
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Property, plant and equipment and intangible assets are depreciated over their useful life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually. In assessing the residual values, the remaining life of the asset, its projected disposal value and future market conditions are taken into account. Inventory provisions: Inventory provisions include obsolescence and write-downs and represent the expected write-down between the estimated net realisable value and the original cost. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. The requirement for inventory provisions is assessed by reviewing the aged stock listing, together with the slow moving stock reports and post balance sheet date sales reports, to identify any particular stock items that would have been expected to sell through. As the Company specialises in one off antiques, art-work and vintage pieces, significant judgment is required on the turnover cycle of these particular stock lines.
The amount included in turnover is wholly attributable to retail sales.
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
12.Taxation (continued)
The Main rate (companies with profits over £250,000) for Corporation Tax increased from 19% to 25% from 1st April 2023.
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
15.Tangible fixed assets (continued)
Cost or valuation at 31 January 2023 is as follows:
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
The finance lease and hire purchase liabilities shown above have been secured against the underlying assets.
All bank loans and overdrafts are secured by a fixed charge over freehold land created on 1 November 1993 and by a fixed and floating charge over the assets of the company created on 18 November 1993, both in favour of Barclays Bank PLC. A fixed and floating charge was created on 14 January 2019 in favour of Barclays Bank PLC covering all the property and undertakings of the company. A limited guarentee was given by the Department for Business and Trade (formerly Department for Business, Energy and Industrial Strategy) on 27 May 2020.
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
The finance lease and hire purchase liabilities shown above have been secured against the underlying assets.
All bank loans and overdrafts are secured by a fixed charge over freehold land created on 1 November 1993 and by a fixed and floating charge over the assets of the company created on 18 November 1993, both in favour of Barclays Bank PLC. A fixed and floating charge was created on 14 January 2019 in favour of Barclays Bank PLC covering all the property and undertakings of the company. A limited guarentee was given by the Department for Business and Trade (formerly Department for Business, Energy and Industrial Strategy) on 27 May 2020.
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Revaluation reserve
Deferred tax provisions on the revaluation gain are recognised within the revaluation reserve. The revaluation reserve is not distributable.
Profit & loss account
The Company contributes to defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £109,345 (2022 - £90,489). Contributions totaling £15,787 were outstanding at the reporting date (2022 - £47,479).
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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BURFORD GARDEN CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
The ultimate controlling party in the year as well as the prior year is Mr N Johnson, by virtue of his directorship and majority shareholding in Burford Garden Centre Limited.
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