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Registered number: 02980323









BARCHAM TREES PLC









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
BARCHAM TREES PLC
 
 
COMPANY INFORMATION


DIRECTORS
C D R Allen 
J M Frusher 
D M Frusher 
W L Holmes-Chatfield 
M J Glover 




COMPANY SECRETARY
J M Frusher



REGISTERED NUMBER
02980323



REGISTERED OFFICE
Eye Hill Drove

Ely

Cambridgeshire

CB7 5XF




INDEPENDENT AUDITORS
Peters Elworthy & Moore
Chartered Accountants & Statutory Auditors

Salisbury House

Station Road

Cambridge

CB1 2LA





 
BARCHAM TREES PLC
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Notes to the Financial Statements
 
13 - 26

 
BARCHAM TREES PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

INTRODUCTION
 
The directors present their strategic report and business review for the year ended 30 April 2023.

BUSINESS REVIEW
 
In the year the business has maintained its results by remaining competitive, selling higher value trees and being able to sustain demand from customers across a broad brush of market sectors.
The turnover of the Company for the year ended 30 April 2023 decreased from £9,757,216 in 2022 to £8,444,058; this represents an decrease of 13%.
The cost of sales for the year increased from £4,998,108 in 2022 to £5,014,106 in 2023. Gross margin on this reduced turnover has deteriorated to 40.6% (2022 - 48.7%).
Barcham is taking the lead in biosecurity within the industry and does not trade continental stock for immediate resale. It now has a reliance on home grown stock from UK providence selections.
The covid19 pandemic saw record results across a broad range of companies within the horticultural sector and subsequently figures have slipped back, but remain above, pre-pandemic norms. Strong sales throughout this year facilitated the second highest turnover figure recorded for the company.
DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
Barcham Trees has a culture of being aware of its environmental aspects and impacts. To formalise and enhance this culture the business decided to embed its methods and procedures within the quality standards ISO14001 & ISO45001.
These standards are both exacting and daunting but represent a cultural shift within a Company and deliver good value for money if embraced wholeheartedly. Every staff member has been involved and communication within the business has become more inclusive and worthwhile as a result. Training is routinely logged and undertaken where skill gaps occur; suggestions for improvement are encouraged and assessed in monthly meetings; our external suppliers are vetted for conformity.
Every business decision we make is underpinned by these formal quality standards. The directors recognise their duty in the way they consider and act for the Company to promote the success of the business in the long term.
When making decisions our key stakeholders are also considered and we routinely ask for feedback to make sure our actions are not adversely impacting on others. 
ISO45001, the Health and Safety standard, has required investment to ensure the wellbeing of our staff and audited safety measures across our broad range of operational activities. 
The quality standard, ISO9001, which focuses on customer experience and the quality of delivery systems throughout the Company will be an aim for accreditation over the coming year.
Our stakeholder groups include:
Customers - Our Trust Pilot reviews records feedback from our customers, and we run with a 4.8 out of 5 ‘excellent’ rating after about 1,200 reviews. This feedback can be accessed by anyone visiting our website. Our key wholesale customers are given quality assessment questionnaires after each tree planting season to assess our performance and reviews of our procedures are discussed according to feedback received as a means of continual improvement.
 
Page 1

 
BARCHAM TREES PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Employees - Our staff is highly trained and encouraged to ask for ‘360 feedback’ at annual performance reviews. Regular departmental team meetings are held and as part of our Integrated Management System, ‘Barcham Briefings’ are undertaken to routinely keep staff abreast of any new developments or changes within the business. Performance is recognised each year through a profit-related staff bonus scheme.
Suppliers and Local Community - Our complaint log registers any adverse effect from our activities so we can find resolutions to suit all parties. Our key suppliers are routinely met both at their business and at Barcham to maintain good levels of communication.
Shareholders - Strong financial reporting, including key performance indicators, is circulated every month within the senior management team and our external shareholders to continually assess the ongoing strength of the business.
Reputation and standards
Barcham Trees proudly hold two Royal Warrants, one from Her Majesty the Queen, the other from His Royal Highness the Prince of Wales. With the sad passing of Her Majesty the Queen in September 2022, we have applied for a new Warrant for His Majesty the King. The decision on whether we have been successful will be made in Spring 2024. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors consider that the principal risks faced by the company come from the extreme vagaries of climate change. 

FINANCIAL KEY PERFORMANCE INDICATORS
 
The directors consider the key performance indicators of the success of the company to be turnover and profit, both of which are disclosed on page 9 of the accounts.

This report was approved by the board and signed on its behalf by:





M J Glover
Director

Date: 3 October 2023
Page 2

 
BARCHAM TREES PLC
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

PRINCIPAL ACTIVITY

Barcham Trees are arboricultural specialists.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £953,516 (2022 - £1,924,403).

Dividends of £641,550 were paid during the year (2022 - £662,150) and no further dividends have been recommended for the period.

DIRECTORS

The directors who served during the year were:

C D R Allen 
J M Frusher 
D M Frusher 
W L Holmes-Chatfield 
M J Glover 

DIRECTORS' RESPONSIBILITIES STATEMENT

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 judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 2006They 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.

Page 3

 
BARCHAM TREES PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

FUTURE DEVELOPMENTS

The directors intend to continue operating in a manner that will enable sustained growth.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

Under section 487(2) of the Companies Act 2006Peters Elworthy & Moore 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 by:
 





M J Glover
Director

Date: 3 October 2023
Page 4

 
BARCHAM TREES PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCHAM TREES PLC
 

OPINION


We have audited the financial statements of Barcham Trees Plc (the 'Company') for the year ended 30 April 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 30 April 2023 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 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.


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.


Page 5

 
BARCHAM TREES PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCHAM TREES PLC (CONTINUED)


OTHER INFORMATION


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 ReportOur 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.


OPINION 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 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.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 3, 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 is 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.


Page 6

 
BARCHAM TREES PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCHAM TREES PLC (CONTINUED)


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 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
we identified the laws and regulations applicable to the Company through discussions with management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including FRS 102, the Companies Act 2006 and taxation legislation, or the operations of the Company including data protection, employment and health and safety legislation;
we obtained an understanding of the Company’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
identified laws and regulations were communicated within the audit engagement team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of fraud through management bias and override of controls. In addressing the risk of fraud through management bias and override of controls we:
 
tested the appropriateness of journal entries and other adjustments;
designed procedures to identify unexpected and unusual journal entries and performed testing to confirm the validity of such postings;
assessed whether the accounting judgements made in the financial statements were indicative of potential bias; and
evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.
 
Page 7

 
BARCHAM TREES PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCHAM TREES PLC (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
 
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


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 2006Our 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.





Stephen Peak (Senior Statutory Auditor)
  
for and on behalf of
Peters Elworthy & Moore
 
Chartered Accountants
Statutory Auditors
  
Salisbury House
Station Road
Cambridge
CB1 2LA

3 October 2023
Page 8

 
BARCHAM TREES PLC
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note
£
£

  

Turnover
 4 
8,444,058
9,757,216

Cost of sales
  
(5,014,106)
(4,998,108)

GROSS PROFIT
  
3,429,952
4,759,108

Selling and distribution expenses
  
(488,968)
(415,248)

Administrative expenses
  
(1,837,002)
(2,112,634)

Other operating income
 5 
18,203
8,430

OPERATING PROFIT
 6 
1,122,185
2,239,656

Interest receivable and similar income
 10 
11,426
191

Interest payable and similar expenses
 11 
(9,205)
(8,025)

PROFIT BEFORE TAX
  
1,124,406
2,231,822

Tax on profit
 12 
(170,890)
(307,419)

PROFIT FOR THE FINANCIAL YEAR
  
953,516
1,924,403

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022 - £NIL).

The notes on pages 13 to 26 form part of these financial statements.
Page 9

 
BARCHAM TREES PLC
REGISTERED NUMBER: 02980323

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 14 
1,274
1,274

Tangible assets
 15 
3,024,127
2,839,501

  
3,025,401
2,840,775

CURRENT ASSETS
  

Stocks
 16 
1,682,308
1,362,113

Debtors: amounts falling due within one year
 17 
680,988
677,748

Cash at bank and in hand
 18 
1,398,301
1,916,836

  
3,761,597
3,956,697

Creditors: amounts falling due within one year
 19 
(1,140,781)
(1,360,030)

NET CURRENT ASSETS
  
 
 
2,620,816
 
 
2,596,667

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,646,217
5,437,442

Creditors: amounts falling due after more than one year
 20 
-
(100,000)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 21 
(187,779)
(175,970)

NET ASSETS
  
5,458,438
5,161,472


CAPITAL AND RESERVES
  

Called up share capital 
 23 
1,090,000
1,090,000

Profit and loss account
 24 
4,368,438
4,071,472

  
5,458,438
5,161,472


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M J Glover
Director

Date: 3 October 2023

The notes on pages 13 to 26 form part of these financial statements.
Page 10

 
BARCHAM TREES PLC
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


AT 1 MAY 2021
1,340,000
2,809,219
4,149,219



Profit for the year
-
1,924,403
1,924,403

Dividends paid
-
(662,150)
(662,150)

Shares redeemed during the year
(250,000)
-
(250,000)



AT 1 MAY 2022
1,090,000
4,071,472
5,161,472



Profit for the year
-
953,516
953,516

Dividends paid
-
(656,550)
(656,550)


AT 30 APRIL 2023
1,090,000
4,368,438
5,458,438


The notes on pages 13 to 26 form part of these financial statements.
Page 11

 
BARCHAM TREES PLC
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
953,516
1,924,403

ADJUSTMENTS FOR:

Depreciation of tangible assets
162,822
163,762

Loss on disposal of tangible assets
-
(11,991)

Interest paid
9,205
8,025

Interest received
(11,426)
(191)

Taxation charge
170,890
307,419

Increase in stocks
(320,195)
(153,282)

(Increase)/decrease in debtors
(3,240)
47,343

Decrease in creditors
(139,122)
(139,134)

Corporation tax paid
(239,208)
(250,217)

NET CASH GENERATED FROM OPERATING ACTIVITIES

583,242
1,896,137


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(347,448)
(1,034,440)

Sale of tangible fixed assets
-
25,298

Interest received
11,426
191

NET CASH FROM INVESTING ACTIVITIES

(336,022)
(1,008,951)

CASH FLOWS FROM FINANCING ACTIVITIES

Purchase of preference shares
-
(250,000)

Repayment of loans
(100,000)
(100,000)

Dividends paid
(656,550)
(662,150)

Interest paid
(9,205)
(8,208)

NET CASH USED IN FINANCING ACTIVITIES
(765,755)
(1,020,358)

(DECREASE) IN CASH AND CASH EQUIVALENTS
(518,535)
(133,172)

Cash and cash equivalents at beginning of year
1,916,836
2,050,008

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
1,398,301
1,916,836


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
1,398,301
1,916,836


Page 12

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


GENERAL INFORMATION

Barcham Trees Plc is a private company limited by shares, incorporated in England and Wales. Its registered office and trading address is Eye Hill Drove, Ely, Cambridgeshire, CB7 5XF.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 13

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 14

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight-line method or the reducing balance method.

The estimated useful lives range as follows:

Improvements to property
-
15% reducing balance
Plant, machinery and motor vehicles
-
20-25% reducing balance
Office equipment
-
20% reducing balance & 33% straight line
Assets in course of construction
-
not depreciated

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.

 
2.10

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

Page 15

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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 balance sheet 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 Balance Sheet.

 
2.15

FINANCIAL INSTRUMENTS

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.


 
Page 16

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.15
FINANCIAL INSTRUMENTS (CONTINUED)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make sufficient judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Depreciation - the charge in the year is based on the policies outlined in accounting policy 2.9.
Stock provision - a specific provision has been made in the year to reflect our knowledge and expectation of the impact that environmental factors, including adverse weather and disease, is likely to have on the value of stock.


4.


TURNOVER

The whole of the turnover is attributable to the sale of trees and related consumables.

All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2023
2022
£
£

Other operating income
12,599
2,826

Ground rent receivable
5,604
5,604

18,203
8,430



6.


OPERATING PROFIT

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

2023
2022
£
£

Exchange differences
(860)
7,209

Other operating lease rentals
47,281
48,611

Page 18

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
10,950
9,250

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
2,475
2,250

All non-audit services not included above
13,425
30,404

8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,276,116
2,362,605

Social security costs
220,201
233,061

Cost of defined contribution scheme
211,631
221,413

2,707,948
2,817,079


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
76
76

Page 19

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
183,734
304,433

Company contributions to defined contribution pension schemes
81,154
88,357

264,888
392,790


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £91,008 (2022 - £150,385).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £42,821 (2022 - £48,357).


10.


INTEREST RECEIVABLE AND SIMILAR INCOME

2023
2022
£
£


Other interest receivable
11,426
191

11,426
191


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
9,205
8,025

9,205
8,025

Page 20

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

12.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
159,081
239,208

TOTAL CURRENT TAX
159,081
239,208

DEFERRED TAX


Origination and reversal of timing differences
11,809
34,181

Changes to tax rates
-
34,030

TOTAL DEFERRED TAX
11,809
68,211


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
170,890
307,419

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19.49% (2022 - 19.00%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,124,406
2,231,822


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.49% (2022 - 19.00%)
219,182
424,046

EFFECTS OF:


Expenses not deductible for tax purposes
3,710
4,299

Fixed asset differences
18,121
(7,773)

Remeasurement of deferred tax for changes in tax rates
2,601
42,233

Patent box additional deduction
(72,724)
(155,386)

TOTAL TAX CHARGE FOR THE YEAR
170,890
307,419


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The main rate of corporation tax for companies earning annual taxable profits in excess of £250,000 rose to 25% with effect from 1 April 2023, having been substantively enacted on 24 May 2021. Accordingly the closing deferred tax liabilities have been measured at the rate of 25.00% (2021 - 25.00%).

Page 21

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

13.


DIVIDENDS

2023
2022
£
£


Dividends paid on ordinary shares
641,550
638,400


Dividends paid on preference shares
15,000
23,750

656,550
662,150


14.


INTANGIBLE ASSETS




Patents

£



COST


At 1 May 2022
1,274



At 30 April 2023

1,274






NET BOOK VALUE



At 30 April 2023
1,274



At 30 April 2022
1,274



Page 22

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

15.


TANGIBLE FIXED ASSETS





Freehold land
Improvements to property
Plant, machinery and motor vehicles
Office equipment
Assets in course of construction
Total

£
£
£
£
£
£



COST


At 1 May 2022
1,301,153
2,902,610
1,476,528
334,146
785,766
6,800,203


Additions
50,000
54,495
40,607
34,080
168,266
347,448



At 30 April 2023

1,351,153
2,957,105
1,517,135
368,226
954,032
7,147,651



DEPRECIATION


At 1 May 2022
-
2,530,374
1,164,461
265,867
-
3,960,702


Charge for the year on owned assets
-
59,078
73,011
30,733
-
162,822



At 30 April 2023

-
2,589,452
1,237,472
296,600
-
4,123,524



NET BOOK VALUE



At 30 April 2023
1,351,153
367,653
279,663
71,626
954,032
3,024,127



At 30 April 2022
1,301,153
372,236
312,067
68,279
785,766
2,839,501


16.


STOCKS

2023
2022
£
£

Raw materials and consumables
378,598
427,435

Work in progress (goods to be sold)
1,303,710
934,678

1,682,308
1,362,113


Page 23

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

17.


DEBTORS

2023
2022
£
£


Trade debtors
592,725
555,723

Other debtors
1,204
924

Prepayments and accrued income
87,059
121,101

680,988
677,748



18.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
1,398,301
1,916,836

1,398,301
1,916,836



19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
100,000
100,000

Trade creditors
228,879
289,219

Corporation tax
159,081
239,208

Other taxation and social security
129,424
180,043

Other creditors
395,019
250,030

Accruals and deferred income
128,378
301,530

1,140,781
1,360,030


The Bank loan is secured by a debenture and is repayable by 7 March 2024. The loan bears interest at 2.95% per annum over the Bank of England base rate.

Page 24

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

20.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
-
100,000

-
100,000


The Bank loan is secured by a debenture and is repayable by 7 March 2024. The loan bears interest at 2.95% per annum over the Bank of England base rate.


21.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
175,970
107,759


Charged to profit or loss
11,809
68,211



AT END OF YEAR
187,779
175,970

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
188,478
176,942

Other timing differences
(699)
(972)

187,779
175,970

22.


ANALYSIS OF NET DEBT





At 1 May 2022
Cash flows
Other non-cash changes
At 30 April 2023
£

£

£

£

Cash at bank and in hand

1,916,836

(518,535)

-

1,398,301

Debt due within 1 year

(100,000)

100,000

(100,000)

(100,000)

Debt due after 1 year

(100,000)

-

100,000

-



1,716,836
(418,535)
-
1,298,301
Page 25

 
BARCHAM TREES PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

23.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



840,000 (2022 - 840,000) Ordinary shares of £1.00 each
840,000
840,000
250,000 (2022 - 250,000) Preference shares of £1.00 each
250,000
250,000

1,090,000

1,090,000



24.


RESERVES

Profit and loss account

Includes all current and prior period retained profits and losses.


25.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost represents contributions payable by the Company to the fund and amounted to £211,631 (2022 - £221,413). Other creditors include contributions of £6,985 (2022 - £9,425) payable at the balance sheet date.


26.


COMMITMENTS UNDER OPERATING LEASES

At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
2,916
3,517


27.


RELATED PARTY TRANSACTIONS

During the year a preferential dividend of £15,000 (2022 - £9,750) was paid to a director by virtue of their shareholding.
During the year ordinary dividends amounting to £482,690 (2022 - £480,320) were paid to the directors.


28.


CONTROLLING PARTY

The company is under the control of its shareholders however no single shareholder exercises individual control.

 
Page 26