Registered number |
EUROPLANTS (UK) LTD | |||||||
Report and accounts | |||||||
Contents | |||||||
Page | |||||||
Company information | 1 | ||||||
Consolidated Statement of Financial Position | 2 | ||||||
Company Statement of Financial Position | 3 | ||||||
Notes to the Financial statements | 4-11 | ||||||
EUROPLANTS (UK) LTD |
Company Information |
Directors |
The Late R A C Canale - Managing Director - Deceased 17 May 2021 |
Valerie Canale - Appointed on 05 March 2021 |
Fabienne Canale Thomson - Appointed on 15 March 2021 |
Secretary |
Valerie Canale |
Accountants |
H Plaskow & Co |
Chartered Certified Accountants |
208 Green Lanes |
Palmers Green |
London |
N13 5UE |
Bankers |
Handelsbanken |
Svenska Handelsbanken AB (publ) |
2nd Floor, East Suite |
Nicholas House, River Front |
Enfield |
EN1 3TF |
Registered office |
Great North Road |
Bell Bar A1000 |
Nr Hatfield |
Hertfordshire |
AL9 6DA |
Registered number |
02570425 |
Registered number: | |||||||
Consolidated Statement of Financial Position | |||||||
as at |
|||||||
Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 10 | ||||||
Investments | 11 | ||||||
Current assets | |||||||
Stocks | 12 | ||||||
Debtors | 13 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 14 | ( |
( |
||||
Net current assets | |||||||
Total assets less current liabilities | |||||||
Provisions for liabilities | 15 | ( |
( |
||||
Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | |||||||
Shareholders' funds | |||||||
Valerie Canale | Fabienne Canale | ||||||
Director | Director | ||||||
Approved by the board on |
Approved by the board on 16 October 2023 | ||||||
EUROPLANTS (UK) LTD | |||||||
Registered number: | 02570425 | ||||||
Company Statement of Financial Position | |||||||
as at 31 January 2023 | |||||||
Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 10 | 2,048,521 | 1,708,539 | ||||
Investments | 11 | 2,043,746 | 2,043,746 | ||||
4,092,267 | 3,752,285 | ||||||
Current assets | |||||||
Stocks | 12 | 1,135,543 | 887,647 | ||||
Debtors | 13 | 1,144,958 | 1,279,535 | ||||
Cash at bank and in hand | 6,303,728 | 6,254,097 | |||||
8,584,229 | 8,421,279 | ||||||
Creditors: amounts falling due within one year | 14 | (3,204,934) | (3,568,212) | ||||
Net current assets | 5,379,295 | 4,853,067 | |||||
Total assets less current liabilities | 9,471,562 | 8,605,352 | |||||
Provisions for liabilities | 15 | (50,526) | (39,340) | ||||
Net assets | 9,421,036 | 8,566,012 | |||||
Capital and reserves | |||||||
Called up share capital | 450 | 450 | |||||
Profit and loss account | 9,420,586 | 8,565,562 | |||||
Shareholders' funds | 9,421,036 | 8,566,012 | |||||
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. | |||||||
The members have not required the company to obtain an audit in accordance with section 476 of the Act. | |||||||
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. | |||||||
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. | |||||||
Valerie Canale | Fabienne Canale | ||||||
Director | Director | ||||||
Approved by the board on 16 October 2023 | Approved by the board on 16 October 2023 | ||||||
Notes to the Accounts | ||||||||
for the year ended |
||||||||
1 | General Information | |||||||
Europlants (UK) Ltd is a company limited by shares, incorporated in England and Wales. Its registered office is Great North,Bell Bar A1000, Nr Hatfield, Hertfordshire, AL9 6DA. | ||||||||
2 | Accounting policies | |||||||
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies | ||||||||
have been consistently applied to all the years presented, unless otherwise stated. | ||||||||
Statement of compliance | ||||||||
The individual financial statements of Europlants (UK) Ltd have been prepared in accordance with the provisions of Section | ||||||||
1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and | ||||||||
Republic of Ireland" and the Companies Act 2006. | ||||||||
Basis of preparation | ||||||||
The financial statements are presented in Sterling (£). | ||||||||
The group financial statements consolidate the financial statements of Europlants (UK) LTD and all its subsidiary undertaking drawn | ||||||||
up to 31 January each year. | ||||||||
All intra-group transactions, balances and unrealised gains or transactions between group companies are eliminated on consolidation. | ||||||||
Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. | ||||||||
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into | ||||||||
line with those used by other members of the group. | ||||||||
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and | ||||||||
operating policies of an entity so as to obtain benefits from its activities. | ||||||||
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective | ||||||||
date of acquisition or up to the effective date of disposal, as appropriate. Where necessary adjustments are made to the financial | ||||||||
statements of subsidiaries to bring their accounting policies into line with those used by the group. | ||||||||
The parent company has taken advantage of section 408 of the Company Act 2006 and has not included its own Profit and Loss | ||||||||
Account in these financial statements, The parent company's profit for the year was £955,025. (2022: 1,006,960 ). | ||||||||
Going Concern | ||||||||
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate | ||||||||
resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern | ||||||||
basis in preparing its consolidated financial statements. | ||||||||
Revenue Recognition | ||||||||
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. | ||||||||
Sale of goods | ||||||||
The group sells indoor and outdoor plants together with related sundries during the year. Sale of goods are recognised when | ||||||||
the group has delivered plants to the customer and no other significant obligation remains unfulfilled that may affect the | ||||||||
customer's acceptance of the products. When plants are delivered revenue is recognised when it is completed. The risk of | ||||||||
obsolescence and loss of the plants are considered to have been transferred to the customers when the products are | ||||||||
shipped to the location specified by the customer, and the customer has accepted them. | ||||||||
Interest income | ||||||||
Interest income is recognised using the effective interest method. | ||||||||
Rental income | ||||||||
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless the lease | ||||||||
payments are structured to increase in line with expected general inflation in which case the income is recognised as | ||||||||
revenue in accordance with the expected payments. Rental income is included in other income from fixed assets. | ||||||||
Intangible fixed assets | ||||||||
Property, plant and equipment | ||||||||
Land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation | ||||||||
and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the | ||||||||
carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting | ||||||||
period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset | ||||||||
and the net amount is restated to the revalued amount of the asset. | ||||||||
Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and | ||||||||
included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset | ||||||||
previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease | ||||||||
previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income | ||||||||
and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset | ||||||||
are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the | ||||||||
asset recognised in profit or loss and depreciation based on the asset's original cost is transferred from revaluation reserve to | ||||||||
retained earnings. | ||||||||
Land and buildings were carried at cost less accumulated depreciation and impairment in previous periods. The use of a policy | ||||||||
of revaluation provides more relevant and reliable information about the vale of the property owned by the company. | ||||||||
Vehicles and machinery are carried at cost less accumulated depreciation and accumulated impairment losses. | ||||||||
Land is not depreciated. Depreciation on other assets is calculated so as to write off the cost or valuation of an asset, less its | ||||||||
residual value, over their estimated useful lives as follows: | ||||||||
Tangible fixed assets | ||||||||
Leasehold, industrial buildings and improvements | 2% on cost | |||||||
Fixtures and fittings | 10% on reducing balance | |||||||
Motor vehicles | 25% on reducing balance | |||||||
Plant and machinery | 10% on reducing balance | |||||||
Investments | ||||||||
Stocks | ||||||||
Debtors | ||||||||
Creditors | ||||||||
Income tax | ||||||||
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred taxation is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing differences. Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset. |
||||||||
Employee benefits | ||||||||
Short-term employee benefits are recognised as an expense in the period in which they are incurred. | ||||||||
Post-employment defined contribution plans | ||||||||
Amounts in respect of defined contributions plans are recognised as an expense as they are incurred. | ||||||||
Cash and cash equivalents | ||||||||
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily | ||||||||
convertible to a known amount of cash and are subject to an insignificant risk to changes in value. | ||||||||
Foreign currency translation | ||||||||
Leasing and hire purchase commitments | ||||||||
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases. Rights to use assets and corresponding obligations to lessors finance leases are recognised in the statement of financial position as assets and liabilities at the lower of fair value of the assets and the present value of the minimum lease payments, determined at the inception of the lease. Lease payments are apportioned between finance charges and reduction of outstanding lease liabilities using the effective interest method, so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in profit or loss. Assets held under finance leases are included in property, plant and equipment and are depreciated and reviewed for impairment in the same way as assets owned outright. Payments received under operating leases are recognised as income over the lease term on a straight-line basis. |
||||||||
Pensions | ||||||||
3 | Judgements and key sources of estimation uncertainty | |||||||
An entity shall disclose the judgements, apart from those involving estimations, that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. An entity shall disclose in the notes information about the key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. In respect of those assets and liabilities, the notes shall include details of their nature; and their carrying amount as at the end of the reporting period. No significant judgements have had to be made by management in preparing these financial statements. |
||||||||
4 | Analysis of turnover | |||||||
2023 | 2022 | |||||||
£ | £ | |||||||
By activity | ||||||||
Plant wholesale | 8,539,621 | 9,431,550 | ||||||
8,539,621 | 9,431,550 | |||||||
By geographical market: | ||||||||
UK | 8,539,621 | 9,431,550 | ||||||
8,539,621 | 9,431,550 | |||||||
5 | Cost of sales and net operating expenses | |||||||
The total figures for continuing operations in 2023 include the following amounts relating to | ||||||||
acquisitions: cost of sales £5,653,737 and administrative expenses totalling £1,706,024. | ||||||||
6 | Operating profit | 2023 | 2022 | |||||
£ | £ | |||||||
This is stated after charging: | ||||||||
Depreciation of owned fixed assets | 64,457 | 42,358 | ||||||
Amortisation of improvements | 11,652 | 5,784 | ||||||
7 | Director's emoluments | 2023 | 2022 | |||||
£ | £ | |||||||
Emoluments | 77,451 | 111,000 | ||||||
77,451 | 111,000 | |||||||
8 | Staff costs | 2023 | 2022 | |||||
£ | £ | |||||||
Wages and salaries | 816,528 | 792,396 | ||||||
Social security costs | 81,703 | 87,540 | ||||||
Other pension costs | 26,403 | 26,885 | ||||||
924,634 | 906,821 | |||||||
Average number of employees during the year | ||||||||
2023 | 2022 | |||||||
Number | Number | |||||||
Administration and management | 9 | 9 | ||||||
Office employees | 16 | 14 | ||||||
Total | ||||||||
The group operates a stakeholder defined contribution pension scheme for the benefit of the | ||||||||
employees and directors. Pension payments recognised as expenses during the year amounting | ||||||||
to £26,403. | ||||||||
9 | Taxation | 2023 | 2022 | |||||
£ | £ | |||||||
Analysis of charge in period | ||||||||
Current tax: | ||||||||
UK corporation tax on profits of the period | 213,891 | 252,029 | ||||||
MKM Nurseries-Post acquisition Corporation tax | - | - | ||||||
Adjustments in respect of previous periods | - | - | ||||||
213,891 | 252,029 | |||||||
Deferred tax: | ||||||||
Origination and reversal of timing differences | 11,186 | (7,362) | ||||||
11,186 | (7,362) | |||||||
Tax on profit on ordinary activities | 225,077 | 244,667 | ||||||
Profit attributable to members of the parent company | ||||||||
The group | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Dealt with the financial statements | 995,572 | 1,044,419 | ||||||
10 | Tangible fixed assets | |||||||
Group | ||||||||
Leasehold industrial building and improvement | Fixtures, Fittings, Tools and Equipment | Plant and machinery etc | Land and buildings | Motor vehicles | Total | |||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 1 February 2022 | 222,837 | 2,019,773 | ||||||
Additions | 1,800 | - | ||||||
At 31 January 2023 | 224,637 | 2,019,773 | ||||||
Depreciation | ||||||||
At 1 February 2022 | 164,276 | - | ||||||
Charge for the year | 6,687 | - | ||||||
At 31 January 2023 | 170,963 | - | ||||||
Net book value | ||||||||
At 31 January 2023 | 53,674 | 2,019,773 | ||||||
At 31 January 2022 | 58,561 | 2,019,773 | ||||||
Company | ||||||||
Leasehold industrial building and improvement | Fixtures, Fittings, Tools and Equipment | Plant and machinery etc | Land and buildings | Motor vehicles | Total | |||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 1 February 2022 | 289,209 | 160,279 | 341,155 | 1,291,773 | 418,029 | 2,500,445 | ||
Additions | 293,374 | 1,800 | 353 | - | 120,475 | 416,002 | ||
At 31 January 2023 | 582,583 | 162,079 | 341,508 | 1,291,773 | 538,504 | 2,916,447 | ||
Depreciation | ||||||||
At 1 February 2022 | 93,358 | 94,678 | 265,462 | - | 338,408 | 791,906 | ||
Charge for the year | 11,652 | 6,684 | 7,660 | - | 50,024 | 76,020 | ||
At 31 January 2023 | 105,010 | 101,362 | 273,122 | - | 388,432 | 867,926 | ||
Net book value | ||||||||
At 31 January 2023 | 477,573 | 60,717 | 68,386 | 1,291,773 | 150,072 | 2,048,521 | ||
At 31 January 2022 | 195,851 | 65,601 | 75,693 | 1,291,773 | 79,621 | 1,708,539 | ||
11 | Investments | |||||||
The group | The company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
Interests in subsidiaries | 2,023,746 | 2,023,746 | 2,023,746 | 2,023,746 | ||||
Other investments | 20,000 | 20,000 | 20,000 | 20,000 | ||||
At 31 January 2023 | 2,043,746 | 2,043,746 | 2,043,746 | 2,043,746 | ||||
Holding of 100% | ||||||||
The company holds 100% of the share capital of the following company: | ||||||||
Type of | Proportion | Country of | Nature of | |||||
shares hold | held % | incorporation | business | |||||
Subsidiary | ||||||||
MKM Nurseries Ltd | Ordinary | 100% | UK | Nursery and | ||||
garden | ||||||||
services | ||||||||
On 4 December 2014 Europlants (UK) Ltd acquired the entire share capital of MKM Nurseries Ltd | ||||||||
for a cash consideration of £2,023,746. The investment was incurred to increase the market shares | ||||||||
of Europlants (UK) Ltd. MKM Nurseries Ltd has been accounted for using the acquisition method | ||||||||
of accounting. The assets and liabilities of MKM Nurseries Ltd have been consolidated at their fair | ||||||||
values to the group. | ||||||||
The company has also invested £20,000 to acquire 4 Ordinary shares of £1 each of Oakgrange Ltd | ||||||||
in 2016. | ||||||||
The company | ||||||||
Investments in | ||||||||
subsidiary | Other | |||||||
undertakings | investments | Total | ||||||
2023 | 2023 | 2023 | ||||||
Cost | ||||||||
At 1 February 2022 | 2,023,746 | 20,000 | 2,043,746 | |||||
Additions | - | - | - | |||||
Disposals | - | - | - | |||||
At 31 January 2023 | 2,023,746 | 20,000 | 2,043,746 | |||||
12 | Stocks | |||||||
The group | The company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
Finished goods and goods for resale | 1,135,543 | 887,647 | 1,135,543 | 887,647 | ||||
1,135,543 | 887,647 | 1,135,543 | 887,647 | |||||
13 | Debtors | |||||||
The Group | The Company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
Trade debtors | 1,106,841 | 1,172,776 | ||||||
Other debtors | 38,117 | 106,759 | ||||||
1,144,958 | 1,279,535 | |||||||
14 | Creditors: amounts falling due within one year | |||||||
The Group | The Company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
Trade creditors | 2,486,383 | 2,974,951 | ||||||
Corporation Tax | 204,359 | 243,223 | ||||||
Taxation and social security costs | 38,193 | 67,263 | ||||||
Accruals and Deferred Income | 198,078 | 166,617 | 196,767 | 163,983 | ||||
Other creditors | 279,232 | 118,792 | ||||||
3,204,934 | 3,568,212 | |||||||
15 | Deferred taxation | |||||||
The group | The company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
Accelerated capital allowances | 50,526 | 39,340 | 50,526 | 39,340 | ||||
Tax losses carried forward | ||||||||
Undiscounted provision for deferred tax | 50,526 | 39,340 | 50,526 | 39,340 | ||||
Discounted provision for deferred tax | 50,526 | 39,340 | 50,526 | 39,340 | ||||
The group | The company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
At 1 February 2022 | 39,340 | 46,702 | 39,340 | 46,702 | ||||
Deferred tax charge in profit and loss | ||||||||
account | 11,186 | (7,362) | 11,186 | (7,362) | ||||
At 31 January 2023 | 50,526 | 39,340 | 50,526 | 39,340 | ||||
16 | Share Capital | |||||||
Share capital | Nominal | 2020 | 2023 | 2022 | ||||
value | Number | |||||||
Allotted, called up and fully paid: | ||||||||
Ordinary shares | £1 each | 450 | 450 | 450 | ||||
450 | 450 | |||||||
17 | Profit and loss account | |||||||
The group | The company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
At 1 February 2022 | 9,509,141 | 8,533,222 | 8,565,562 | 7,627,102 | ||||
Profit for the year | 995,572 | 1,044,419 | 955,024 | 1,006,960 | ||||
Dividends | (100,000) | (68,500) | (100,000) | (68,500) | ||||
At 31 January 2023 | 10,404,713 | 9,509,141 | 9,420,586 | 8,565,562 | ||||
18 | Dividends | |||||||
The group | The company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
Dividends for which the company | ||||||||
became liable during the year | ||||||||
Dividends paid | (100,000) | (68,500) | (100,000) | (68,500) | ||||
(100,000) | (68,500) | (100,000) | (68,500) | |||||
Analysis of dividends by type: | ||||||||
Equity dividends (note 19) | (100,000) | (68,500) | (100,000) | (68,500) | ||||
(100,000) | (68,500) | (100,000) | (68,500) | |||||
19 | Reconciliation of movement in shareholders' funds | |||||||
The group | The company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
At 1 February 2022 | 9,509,141 | 8,533,222 | 8,565,562 | 7,627,102 | ||||
Profit for the financial year | 995,572 | 1,044,419 | 955,024 | 1,006,960 | ||||
Dividends | (100,000) | (68,500) | (100,000) | (68,500) | ||||
At 31 January 2023 | 10,404,713 | 9,509,141 | 9,420,586 | 8,565,562 | ||||
20 | Related party transactions | |||||||
Group | ||||||||
The group is taking advantage of the exemptions in Financial Reporting Standard 8, paragraph 3c, not | ||||||||
to disclose transactions with related parties within the group where 100% of the voting rights are controlled | ||||||||
by the group. | ||||||||
21 | Controlling party | |||||||
The group was under the control of the director, The Late Mr R A C Canale who holds more than 90% of the voting | ||||||||
22 | Other information | |||||||
EUROPLANTS (UK) LTD is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Great North Road | ||||||||
Bell Bar A1000 | ||||||||
Nr Hatfield | ||||||||
Hertfordshire | ||||||||
AL9 6DA |