REGISTERED NUMBER: 09914680 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
INGRAM RETAILING LIMITED |
REGISTERED NUMBER: 09914680 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
INGRAM RETAILING LIMITED |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Profit and loss account | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 14 |
INGRAM RETAILING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
The Old Council Chambers |
Halford Street |
Tamworth |
Staffordshire |
B79 7RB |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their strategic report of the company and the group 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 with branches operating under the Planters and Garden King brands. In addition the group operates a number of high street card shops under the Every Occasion brand. |
Our aim is to provide a destination location for our customers with our garden centres not only having a wide range of garden goods but also leisure activities in particular our restaurants promoting locally sourced produce.Other activities include dog-grooming, the Skytrail experience and Christmas Grottos and Ice Rinks..During the year we have opened a new Adventure Golf experience at our Tamworth centre. |
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 | 15,106,461 | 15,501,488 |
Gross Profit | 7,591,078 | 7,658,038 |
Net Profit Before Tax | 2,243,197 | 2,706,646 |
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 group also achieved a significant profit on the disposal of property not used in the business which has enhanced the level of net profit. |
The group 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. |
In addition we continue to face additional risks due to the 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: |
28 September 2023 |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company and the group 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. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INGRAM RETAILING LIMITED |
Opinion |
We have audited the financial statements of Ingram Retailing Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Profit and loss account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
INGRAM RETAILING LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INGRAM RETAILING 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
The Old Council Chambers |
Halford Street |
Tamworth |
Staffordshire |
B79 7RB |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
CONSOLIDATED PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 15,106,461 | 15,501,488 |
Cost of sales | 7,515,383 | 7,843,450 |
GROSS PROFIT | 7,591,078 | 7,658,038 |
Selling and distribution costs | 3,653,806 | 3,136,387 |
Administrative expenses | 1,877,040 | 2,233,605 |
5,530,846 | 5,369,992 |
2,060,232 | 2,288,046 |
Other operating income | 293,033 | 480,410 |
OPERATING PROFIT | 5 | 2,353,265 | 2,768,456 |
Interest payable and similar expenses | 6 | 110,068 | 61,810 |
PROFIT BEFORE TAXATION | 2,243,197 | 2,706,646 |
Tax on profit | 7 | 489,798 | 554,228 |
PROFIT FOR THE FINANCIAL YEAR |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 8,750 | 13,750 |
Tangible assets | 11 | 7,038,577 | 6,687,762 |
Investments | 12 | - | - |
Investment property | 13 | - | 460,000 |
7,047,327 | 7,161,512 |
CURRENT ASSETS |
Stocks | 14 | 4,961,504 | 3,384,737 |
Debtors | 15 | 346,183 | 174,681 |
Cash at bank and in hand | 1,009,929 | 749,826 |
6,317,616 | 4,309,244 |
CREDITORS |
Amounts falling due within one year | 16 | 2,229,590 | 2,060,380 |
NET CURRENT ASSETS | 4,088,026 | 2,248,864 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
11,135,353 |
9,410,376 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(2,191,001 |
) |
(2,313,423 |
) |
PROVISIONS FOR LIABILITIES | 21 | (264,000 | ) | (170,000 | ) |
NET ASSETS | 8,680,352 | 6,926,953 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 1,000 | 1,000 |
Retained earnings | 23 | 8,679,352 | 6,925,953 |
SHAREHOLDERS' FUNDS | 8,680,352 | 6,926,953 |
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 |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
COMPANY BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
CONSOLIDATED 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 | 4,773,535 | 4,774,535 |
Changes in equity |
Total comprehensive income | - | 2,152,418 | 2,152,418 |
Balance at 31 December 2021 | 1,000 | 6,925,953 | 6,926,953 |
Changes in equity |
Total comprehensive income | - | 1,753,399 | 1,753,399 |
Balance at 31 December 2022 | 1,000 | 8,679,352 | 8,680,352 |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
COMPANY 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 |
Changes in equity |
Balance at 31 December 2021 |
Changes in equity |
Balance at 31 December 2022 |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 654,471 | 1,875,171 |
Interest paid | (109,828 | ) | (61,396 | ) |
Interest element of hire purchase payments paid |
(240 |
) |
(414 |
) |
Tax paid | (637,504 | ) | (290,528 | ) |
Net cash from operating activities | (93,101 | ) | 1,522,833 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,200,421 | ) | (2,318,322 | ) |
Sale of tangible fixed assets | 1,248,301 | 121,598 |
Sale of investment property | 460,786 | - |
Net cash from investing activities | 508,666 | (2,196,724 | ) |
Cash flows from financing activities |
New loans in year | - | 1,895,000 |
Loan repayments in year | (135,942 | ) | (2,435,995 | ) |
Hire purchase repayments in year | (3,116 | ) | (2,942 | ) |
Directors current account | (16,404 | ) | (10,244 | ) |
Net cash from financing activities | (155,462 | ) | (554,181 | ) |
Increase/(decrease) in cash and cash equivalents | 260,103 | (1,228,072 | ) |
Cash and cash equivalents at beginning of year |
2 |
749,826 |
1,977,898 |
Cash and cash equivalents at end of year | 2 | 1,009,929 | 749,826 |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation | 2,243,197 | 2,706,646 |
Depreciation charges | 508,042 | 523,188 |
Profit on disposal of fixed assets | (902,523 | ) | (69,987 | ) |
Finance costs | 110,068 | 61,810 |
1,958,784 | 3,221,657 |
Increase in stocks | (1,576,767 | ) | (1,298,674 | ) |
Increase in trade and other debtors | (171,502 | ) | (50,346 | ) |
Increase in trade and other creditors | 443,956 | 2,534 |
Cash generated from operations | 654,471 | 1,875,171 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,009,929 | 749,826 |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 749,826 | 1,977,898 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.22 | Cash flow | At 31.12.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 749,826 | 260,103 | 1,009,929 |
749,826 | 260,103 | 1,009,929 |
Debt |
Finance leases | (5,846 | ) | 3,116 | (2,730 | ) |
Debts falling due within 1 year | (142,878 | ) | 16,251 | (126,627 | ) |
Debts falling due after 1 year | (2,310,693 | ) | 119,692 | (2,191,001 | ) |
(2,459,417 | ) | 139,059 | (2,320,358 | ) |
Total | (1,709,591 | ) | 399,162 | (1,310,429 | ) |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Ingram Retailing Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Basis of consolidation |
The Group financial statements include the results of the parent undertaking and all its subsidiary undertakings. |
Goodwill arising on consolidation, being the difference between the purchase consideration paid for the business and the fair value of the net assets acquired, is written off against reserves. |
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. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and expected selling price less costs to sell. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
NOTES TO THE CONSOLIDATED 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 group operates a defined contribution pension scheme. Contributions payable to the group'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 group. |
An analysis of turnover by class of business is given below: |
2022 | 2021 |
£ | £ |
Retail | 11,989,170 | 13,294,749 |
Catering | 2,522,953 | 1,799,086 |
Leisure activities | 594,338 | 407,653 |
15,106,461 | 15,501,488 |
Turnover has been restated to include income from leisure activities previously included in other income. |
4. | EMPLOYEES |
2022 | 2021 |
£ | £ |
Wages and salaries | 3,601,594 | 3,108,317 |
Social security costs | 207,561 | 170,003 |
Other pension costs | 76,888 | 143,443 |
3,886,043 | 3,421,763 |
The average number of employees during the year was as follows: |
2022 | 2021 |
Administration and management | 17 | 10 |
Operating staff | 249 | 228 |
2022 | 2021 |
£ | £ |
Directors' remuneration | 24,000 | 22,275 |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
NOTES TO THE CONSOLIDATED 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 | 67,901 | 64,372 |
Depreciation - owned assets | 503,042 | 518,187 |
Profit on disposal of fixed assets | (902,523 | ) | (69,987 | ) |
Goodwill amortisation | 5,000 | 5,000 |
Auditors' remuneration | 13,700 | 13,400 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Bank interest | 26,796 | 1,184 |
Bank loan interest | 83,032 | 60,212 |
Hire purchase | 240 | 414 |
110,068 | 61,810 |
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 | 403,300 | 519,800 |
Prior year adjustments | (7,502 | ) | (3,772 | ) |
Total current tax | 395,798 | 516,028 |
Deferred tax | 94,000 | 38,200 |
Tax on profit | 489,798 | 554,228 |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
NOTES TO THE CONSOLIDATED 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 | 2,243,197 | 2,706,646 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
426,207 |
514,263 |
Effects of: |
Expenses not deductible for tax purposes | 2,281 | 8,023 |
Adjustments to tax charge in respect of previous periods | 8,807 | (4,087 | ) |
Property gain | (29,484 | ) | - |
Difference in tax rates | 44,195 | - |
Depreciation on non qualifying assets | 48,955 | 40,387 |
Other | (11,163 | ) | (4,358 | ) |
Total tax charge | 489,798 | 554,228 |
8. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and loss account of the parent company is not presented as part of these financial statements. |
9. | PRIOR YEAR ADJUSTMENT |
Turnover and cost of sales have been restated to include income and direct costs of leisure activities previously shown in other income. There has been no change in overall profit figures. |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 | 131,990 |
AMORTISATION |
At 1 January 2022 | 118,240 |
Amortisation for year | 5,000 |
At 31 December 2022 | 123,240 |
NET BOOK VALUE |
At 31 December 2022 | 8,750 |
At 31 December 2021 | 13,750 |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Short | and | Motor |
property | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2022 | 4,700,839 | 3,963,636 | 2,623,329 | 102,393 | 11,390,197 |
Additions | 809,272 | 165,486 | 225,663 | - | 1,200,421 |
Disposals | (436,101 | ) | - | (27,290 | ) | - | (463,391 | ) |
At 31 December 2022 | 5,074,010 | 4,129,122 | 2,821,702 | 102,393 | 12,127,227 |
DEPRECIATION |
At 1 January 2022 | 752,568 | 2,165,991 | 1,737,519 | 46,357 | 4,702,435 |
Charge for year | 141,745 | 137,784 | 209,504 | 14,009 | 503,042 |
Eliminated on disposal | (91,132 | ) | - | (25,695 | ) | - | (116,827 | ) |
At 31 December 2022 | 803,181 | 2,303,775 | 1,921,328 | 60,366 | 5,088,650 |
NET BOOK VALUE |
At 31 December 2022 | 4,270,829 | 1,825,347 | 900,374 | 42,027 | 7,038,577 |
At 31 December 2021 | 3,948,271 | 1,797,645 | 885,810 | 56,036 | 6,687,762 |
Included in cost of land and buildings is freehold land of £1,135,517 (2021 - £1,556,045) which is not depreciated. |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in Group |
Undertakings |
£ |
Cost at beginning and end of the year | 1.410,459 |
The company's investments represent a 100% interest in the following subsidiaries: |
Principal activity |
Planters Garden Centre Limited | Garden Centre |
Planters at Bretby Limited | Garden Centre |
Garden King Limited | Garden Centre |
Every Occasion Cardshop Limited | Card and gift retailer |
The registered office of all the companies is Woodlands farm, Freasley, Tamworth, Staffs, B78 2EY. |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 January 2022 | 460,000 |
Disposals | (460,000 | ) |
At 31 December 2022 | - |
NET BOOK VALUE |
At 31 December 2022 | - |
At 31 December 2021 | 460,000 |
14. | STOCKS |
Group |
2022 | 2021 |
£ | £ |
Finished goods | 4,961,504 | 3,384,737 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2022 | 2021 |
£ | £ |
Trade debtors | 2,516 | 1,015 |
Other debtors | 45,455 | 10,000 |
Prepayments and accrued income | 298,212 | 163,666 |
346,183 | 174,681 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 126,627 | 142,878 |
Hire purchase contracts (see note 19) | 2,730 | 3,116 |
Trade creditors | 1,005,405 | 956,978 |
Amounts owed to group undertakings | 1 | - |
Corporation tax | 226,094 | 467,800 |
Social security and other taxes | 778,468 | 421,463 |
Other creditors | - | 200 |
Directors' current accounts | 19,463 | 35,867 | - | - |
Accruals and deferred income | 70,802 | 32,078 |
2,229,590 | 2,060,380 |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2022 | 2021 |
£ | £ |
Bank loans (see note 18) | 2,191,001 | 2,310,693 |
Hire purchase contracts (see note 19) | - | 2,730 |
2,191,001 | 2,313,423 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 126,627 | 142,878 |
Amounts falling due between one and two | years: |
Bank loans | 133,306 | 146,276 |
Amounts falling due between two and five | years: |
Bank loans | 751,388 | 813,862 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 1,306,307 | 1,350,555 |
The group has loans with the National Westminster Bank and the balances outstanding at the year end totalled £2,317,629 (2021 £2,453,571). Interest at a variable rate of the banks base rate plus 2.35% - 2.55% is charged on these loans. |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year | 2,730 | 3,116 |
Between one and five years | - | 2,730 |
2,730 | 5,846 |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
19. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable operating | leases |
2022 | 2021 |
£ | £ |
Within one year | 157,200 | 146,042 |
Between one and five years | 416,020 | 533,335 |
In more than five years | - | 51,250 |
573,220 | 730,627 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2022 | 2021 |
£ | £ |
Bank loans | 2,317,628 | 2,453,571 |
National Westminster Bank debt is secured by specific equitable charges over freehold and leasehold properties of Planters Garden Centre Ltd and Garden King Ltd, together with fixed and floating charges on their other present and future assets. Barclays Bank's charge has been satisfied in the year. |
The company has provided guarantees to the National Westminster Bank as part of the bank borrowing arrangements for its subsidiaries, Planters Garden Centre Ltd and Garden King Ltd. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2022 | 2021 |
£ | £ |
Deferred tax | 264,000 | 170,000 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2022 | 170,000 |
Accelerated capital allowances | 94,000 |
Balance at 31 December 2022 | 264,000 |
The amount of net reversal of deferred tax expected to occur next year is £50,000 (2021 - £47,000), relating to the reversal of existing timing differences on tangible fixed assets. |
INGRAM RETAILING LIMITED (REGISTERED NUMBER: 09914680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | as restated |
£ | £ |
Ordinary | £1 | 1,000 | 1,000 |
23. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2022 | 6,925,953 |
Profit for the year | 1,753,399 |
At 31 December 2022 | 8,679,352 |
Company |
Retained |
earnings |
£ |
Profit for the year |
At 31 December 2022 |
24. | RELATED PARTY DISCLOSURES |
Key management personnel of the entity or its parent (in the aggregate) |
2022 | 2021 |
as restated |
£ | £ |
Rent | 102,500 | 102,500 |
Amount due to related party | 19,463 | 36,667 |