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REGISTERED NUMBER: 03034099 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

PLANTERS GARDEN CENTRE LIMITED

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Profit and loss account 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


PLANTERS GARDEN CENTRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: G G Ingram
Mrs C Ingram





SECRETARY: Mrs C Ingram





REGISTERED OFFICE: Woodlands Farm
Freasley
Tamworth
Staffordshire
B78 2EY





REGISTERED NUMBER: 03034099 (England and Wales)





AUDITORS: Philip Barnes & Co Limited
Chartered Accountants
Statutory Auditors
The Old Council Chambers
Halford Street
Tamworth
Staffordshire
B79 7RB

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their strategic report for the year ended 31 December 2022.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

REVIEW OF BUSINESS
The company's main business continues to be that of a garden centre operating under the Planters brand.

Our aim is to provide a destination location for our customers with our garden centre not only having a wide range of garden goods but also leisure activities in particular our restaurant promoting locally sourced produce, but also our dog-grooming service, the Christmas Grotto and the Skytrail and Adventure Golf experiences.

We continually review product lines to ensure that we meet these objectives and the demands of our customers. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and gross and net profits.

2022 2021
£ £
Turnover 7,970,744 8,309,712
Gross Profit 4,070,023 4,300,462
Net Profit Before Tax 1,626,017 1,286,486

An analysis of turnover, which now includes leisure activities, is shown in note 3. Whilst retail sales reflect an expected reduction post covid, turnover is still significantly higher than pre-covid levels and and with a full year without restrictions there has been a significant increase in catering sales and leisure activities.

The company also achieved a significant profit on the disposal of property not used in the business which has enhanced the level of net profit.

The company continues to invest in improving its facilities. It has a sound asset base and we believe that it is well placed to continue the growth and development of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
We operate on a prudent, economic and risk averse basis as regards our trading relationships with our customers, suppliers and funders. There are external events that occur outside our control including the weather and the general economic climate, however we closely monitor these to mitigate their effect on the business.

Whilst the centre is now trading normally we continue to face risks related to Covid -19, particularly the health and well being of our staff and customers, and we have implemented additional safeguards and procedures to mitigate these risks.

ON BEHALF OF THE BOARD:





G G Ingram - Director


28 September 2023

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

G G Ingram
Mrs C Ingram

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.

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:

-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.

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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Philip Barnes & Co Limited, are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





G G Ingram - Director


28 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLANTERS GARDEN CENTRE LIMITED

Opinion
We have audited the financial statements of Planters Garden Centre Limited (the 'company') for the year ended 31 December 2022 which comprise the Profit and loss account, Balance Sheet, Statement of Changes in Equity and 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 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.

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.

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.

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.

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.

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.

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.

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
PLANTERS GARDEN CENTRE LIMITED


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.

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.

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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLANTERS GARDEN CENTRE LIMITED


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.

non-compliance with laws and regulations, our procedures included the following:

- considering the nature of the industry and sector, control environment and business performance
- enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements. The key laws and regulations we considered included the relevant provisions of the UK Companies Act, Financial Reporting Standards and accounting policies. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate such as Food Standards Agency regulations.

Based upon this understanding we designed our audit procedures to identify non-compliance with such laws and regulations including:
- review of the financial statement disclosures to assess compliance with relevant laws and regulations having a direct impact on the financial statements
- enquiries of management concerning actual and potential ligation and claims
- testing journals and other adjustments; assessing judgements made in making accounting estimates and evaluating the business rationale of any significant unusual or unexpected transactions

We also communicated identified laws and regulations to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

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.




Christopher Humphreys FCA (Senior Statutory Auditor)
for and on behalf of Philip Barnes & Co Limited
Chartered Accountants
Statutory Auditors
The Old Council Chambers
Halford Street
Tamworth
Staffordshire
B79 7RB

28 September 2023

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £    £    £   

TURNOVER 3 7,970,744 8,309,712

Cost of sales 3,900,721 4,009,250
GROSS PROFIT 4,070,023 4,300,462

Selling and distribution costs 1,924,513 1,718,782
Administrative expenses 649,294 1,532,228
2,573,807 3,251,010
1,496,216 1,049,452

Other operating income 219,053 282,293
OPERATING PROFIT 5 1,715,269 1,331,745


Interest payable and similar expenses 6 89,252 45,259
PROFIT BEFORE TAXATION 1,626,017 1,286,486

Tax on profit 7 340,361 329,150
PROFIT FOR THE FINANCIAL YEAR 1,285,656 957,336

Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,285,656

957,336

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 8,750 13,750
Tangible assets 10 3,412,281 3,770,604
3,421,031 3,784,354

CURRENT ASSETS
Stocks 11 2,097,262 1,458,294
Debtors 12 3,512,806 2,720,847
Cash at bank and in hand 505,099 281,871
6,115,167 4,461,012
CREDITORS
Amounts falling due within one year 13 1,329,526 1,265,735
NET CURRENT ASSETS 4,785,641 3,195,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,206,672

6,979,631

CREDITORS
Amounts falling due after more than one
year

14

(1,612,081

)

(1,695,696

)

PROVISIONS FOR LIABILITIES 18 (146,000 ) (121,000 )
NET ASSETS 6,448,591 5,162,935

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Retained earnings 20 6,447,591 5,161,935
SHAREHOLDERS' FUNDS 6,448,591 5,162,935

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





G G Ingram - Director


PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2021 1,000 4,204,599 4,205,599

Changes in equity
Total comprehensive income - 957,336 957,336
Balance at 31 December 2021 1,000 5,161,935 5,162,935

Changes in equity
Total comprehensive income - 1,285,656 1,285,656
Balance at 31 December 2022 1,000 6,447,591 6,448,591

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill paid on a business acquisition is being amortised over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - 4% - 8% straight line and 25% straight line
Fixtures and fittings - 15% on cost
Motor vehicles - 25% reducing balance

Stocks
Stocks are valued at lower of cost and using the first in first out method, and estimated selling price less costs to sell.

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

Current or deferred taxation assets and liabilities are not discounted.

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


PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2022 2021
£    £   
Retail 5,884,876 6,811,460
Catering 1,757,132 1,247,404
Leisure activities 328,736 250,848
7,970,744 8,309,712

Turnover has been restated to include income from leisure activities previously included in other income.

4. EMPLOYEES
2022 2021
£    £   
Wages and salaries 1,923,658 1,738,085
Social security costs 107,557 85,516
Other pension costs 38,904 36,098
2,070,119 1,859,699

The average number of employees during the year was as follows:
2022 2021

Administration and management 8 8
Operating staff 151 137
159 145

2022 2021
£    £   
Directors' remuneration 24,000 22,275

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Hire of plant and machinery 12,328 7,092
Depreciation - owned assets 294,391 372,256
Profit on disposal of fixed assets (903,331 ) (84,017 )
Goodwill amortisation 5,000 5,000
Auditors' remuneration 5,000 5,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 26,796 1,184
Bank loan interest 62,456 44,075
89,252 45,259

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 308,500 301,200
Prior year adjustments 6,861 (1,250 )
Total current tax 315,361 299,950

Deferred tax 25,000 29,200
Tax on profit 340,361 329,150

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

7. TAXATION - continued

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:

2022 2021
£    £   
Profit before tax 1,626,017 1,286,486
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2021 - 19%)

308,943

244,432

Effects of:
Expenses not deductible for tax purposes 1,815 62,583
Adjustments to tax charge in respect of previous periods 15,248 (2,297 )
Gain on property sale (32,593 ) -
Change in tax rates 23,478 -
Depreciation on non qualifying assets 26,919 27,408
Other (3,449 ) (2,976 )
Total tax charge 340,361 329,150

8. PRIOR YEAR ADJUSTMENT

Turnover in 2021 has been restated to include income from leisure activities and related direct costs included in costs of sales.The net income was previously included in other income.

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 25,000
AMORTISATION
At 1 January 2022 11,250
Amortisation for year 5,000
At 31 December 2022 16,250
NET BOOK VALUE
At 31 December 2022 8,750
At 31 December 2021 13,750

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Leasehold and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2022 1,433,284 3,961,260 1,988,718 50,190 7,433,452
Additions 14,068 165,486 101,483 - 281,037
Disposals (436,101 ) - (22,714 ) - (458,815 )
At 31 December 2022 1,011,251 4,126,746 2,067,487 50,190 7,255,674
DEPRECIATION
At 1 January 2022 88,194 2,163,613 1,390,724 20,317 3,662,848
Charge for year 24,835 137,784 124,304 7,468 294,391
Eliminated on disposal (91,132 ) - (22,714 ) - (113,846 )
At 31 December 2022 21,897 2,301,397 1,492,314 27,785 3,843,393
NET BOOK VALUE
At 31 December 2022 989,354 1,825,349 575,173 22,405 3,412,281
At 31 December 2021 1,345,090 1,797,647 597,994 29,873 3,770,604

Included in cost of land and buildings is freehold land of £ 573,328 (2021 - £ 820,528 ) which is not depreciated.

11. STOCKS
2022 2021
£    £   
Finished goods 2,097,262 1,458,294

12. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 2,271 102
Amounts owed by group undertakings 1,845,230 2,144,267
Other debtors 45,455 10,000
Prepayments and accrued income 119,850 66,478
2,012,806 2,220,847

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,500,000 500,000

Aggregate amounts 3,512,806 2,720,847

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts (see note 15) 91,516 109,750
Trade creditors 467,646 463,536
Amounts owed to group undertakings - 120,175
Corporation tax 187,294 268,200
Social security and other taxes 528,459 256,207
Directors' current accounts 19,463 35,867
Accruals and deferred income 35,148 12,000
1,329,526 1,265,735

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans (see note 15) 1,612,081 1,695,696

15. LOANS

An analysis of the maturity of loans is given below:

2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank loans 91,516 109,750

Amounts falling due between one and two years:
Bank loans 96,535 112,357

Amounts falling due between two and five years:
Bank loans 209,239 232,784

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 1,306,307 1,350,555

The company has a bank loan that falls due in more than 5 years. Interest at a variable rate of National Westminster Bank's base rate plus 2.35% is charged on the loan.

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 102,500 126,042
Between one and five years 358,750 471,666
In more than five years - 51,520
461,250 649,228

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

17. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 1,703,597 1,805,446

Bank debt is secured by specific equitable charge over all freehold and leasehold properties, together with fixed and floating charges on the company's other present and future assets.

18. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 146,000 121,000

Deferred
tax
£   
Balance at 1 January 2022 121,000
Accelerated capital allowances 25,000
Balance at 31 December 2022 146,000

The amount of net reversal of deferred tax expected to occur next year is £32,000 (2021 - £37,000), relating to the reversal of existing timing differences on tangible fixed assets.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1,000 Ordinary £1 1,000 1,000

20. RESERVES
Retained
earnings
£   

At 1 January 2022 5,161,935
Profit for the year 1,285,656
At 31 December 2022 6,447,591

21. ULTIMATE PARENT COMPANY

The company's immediate and ultimate parent company is Ingram Retailing Ltd, a company registered in England and Wales.

22. SECURITIES AND GUARANTEES

The company entered into a limited corporate guarantee in favour of the National Westminster Bank Plc for £850,000, in respect of Garden King Ltd a fellow subsidiary. At the year end Garden King Ltd indebtedness amounted to £614,031 and the net assets of the company at the year end amounted to £961,529.

PLANTERS GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03034099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company's parent undertaking Ingram Retailing Ltd, includes the company in it's consolidated financial statements, and these are available at its registered office Woodlands Farm, Freasley, Tamworth, Staffordshire, B78 2EY.

Key management personnel of the entity or its parent (in the aggregate)
2022 2021
£    £   
Rent 102,500 102,500
Amount due to related party 19,463 36,667