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Registration number: 04349805

Woodthorpe Hall Garden Centres Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2022

 

Woodthorpe Hall Garden Centres Limited

Contents

Company Information

1

Strategic Report

2 to 5

Directors' Report

6 to 7

Statement of Directors' Responsibilities

8

Independent Auditor's Report

9 to 11

Consolidated Profit and Loss Account

12

Consolidated Statement of Comprehensive Income

13

Consolidated Balance Sheet

14

Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Statement of Changes in Equity

17

Consolidated Statement of Cash Flows

18

Statement of Cash Flows

19

Notes to the Financial Statements

20 to 43

 

Woodthorpe Hall Garden Centres Limited

Company Information

Directors

C E Stubbs

R J Stubbs

Company secretary

P M Stubbs

Registered office

Woodthorpe Hall Garden Centre
Woodthorpe
Alford
Lincolnshire
LN13 0DD

Auditors

Forrester Boyd
Chartered Accountants
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

 

Woodthorpe Hall Garden Centres Limited

Strategic Report for the Year Ended 31 December 2022

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

Principal activity

The principal activity of the group is that of garden centre retailers and a caravan and leisure park.

Fair review of the business

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.

The year ended 31 December 2022 represents the third reporting period since the substantial acquisition programme in 2019 and the first reporting period without restrictions associated with the Covid-19 global pandemic.

Despite the disruption caused by Covid-19, good progress has been made in refurbishing and developing the acquired centres, and operations across the business have been refined to bring them in line with the established British Garden Centres operations and branding.

Trading during 2022 may not have been impacted by Covid-19 seen in prior years however, other factors such as rising costs have had an impact. These particularly include the ending of Covid related government grants which saw labour costs and business rates increase significantly from prior years.

The forced closure of the restaurants and coffee shops during the early part of 2021 were not repeated in 2022 and the restaurants traded for a full 12 months. This full opening in 2022 had the effect of increasing sales year on year by nearly 60%.

The garden centre sales however were slower than in 2021 mainly due to the trading bounce felt in 2021 which was not repeated and sales therefore dropped back closer to pre-pandemic levels. There were also some other factors which negatively impacted sales during the year including the extreme heat over the summer and royal events (the Jubilee and the Queen's death).

Occupancy levels in the leisure park were again consistently high as the demand for UK-based holidays was strong with overseas travel continuing to be disrupted. Turnover has increased from 2021 as customer demand remained strong during 2022 and has do so into 2023.

Increase in inflation from Q3 2022 also started to affect margins in the garden centre sales and we continue to see this as a challenge moving into 2023.

Moving into 2023 there continue to be many challenges that the directors continue to work to overcome. These include the continuing rising costs of labour due to NMW increases, high inflation and excess leisure stock which is a retail wide issue. The directors continue to strive to run the company as efficiently as possible while still delivering a value for money garden centre experience.

The group's key financial and other performance indicators during the year were as follows:

 

Unit

2022

2021

Turnover

£

80,644,431

83,985,502

Gross profit margin

%

27

27

Profit before tax

£

5,052,415

12,957,777

Other performance indicators such as footfall per centre and average spend per customer are monitored closely by the Directors.

The directors are pleased with the performance of the company during the year and are confident of continued growth in sales as, based on current circumstances, the company will be able to trade both the garden centres and restaurants and coffee shops without restriction for the second full trading period since the acquisition programme.

 

Woodthorpe Hall Garden Centres Limited

Strategic Report for the Year Ended 31 December 2022

Principal risks and uncertainties

The business environment in which we operate continues to be challenging and we consider the principle risks and uncertainties to our business to be;

Global pandemic – Covid-19:

As noted, the impact of Covid-19 continued to be felt during the period ended 31 December 2021. Whilst presently the threat of further restrictions appears to have receded, the UK Prime Minister refused to rule out future lockdowns should the circumstances with Covid-19 change. Consequently, this ongoing situation continues to be monitored closely by the directors and should circumstances change the threat of restrictions being reintroduced does present an ongoing risk.

Weather risk:

One of the company's principal risks is the weather. Adverse weather can impact on footfall and sales of certain product lines at key trading times of the year. The company diversifies its product offering and attractions to mitigate and spread this risk as far as it is able.

Supply chain risk:

The company maintains strong relationships with its key suppliers. Notwithstanding this, there is presently increased levels of uncertainty around supply chains generally, particularly in terms of bringing in goods from overseas, cost prices and surcharges. The Directors regularly review trading terms and monitors alternative supply options.

National wage legislation:

The company has a substantial number of employees and payroll costs is the largest overhead. Staffing levels are monitored on a daily basis in line with other factors such as the weather and expected footfall and staff numbers are adjusted accordingly.

Currency and Brexit risk:

The company trades with foreign suppliers and is therefore exposed to currency fluctuations and any potential issues caused by Brexit. The situation post-Brexit continues to be monitored and appropriate action is being taken by the directors as becomes relevant.

Interest rate risk:

In line with other companies the company is exposed to interest rate increases and continues to review interest rate mitigation options to manage the risk posed by increased rates.

 

Woodthorpe Hall Garden Centres Limited

Strategic Report for the Year Ended 31 December 2022

Section 172(1) statement

The Directors, in line with their duties under s172 of the Companies Act 2006, are constantly considering the most likely approach to promote the success of the company for the benefit of its shareholders, and in doing so has regard to a range of matters when making decisions for the long term. Key decisions and matters of strategic importance to the company are appropriately informed by s172 factors, including:
• the likely consequences of any decisions in the long-term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with suppliers, customers and others;
• the impact of the company’s operations of the community and environment;
• the desirability of the company maintaining a reputation for high standards of business conduct; and
• the need to act fairly between members of the company.

Through an open and transparent dialogue with key stakeholders, the directors have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on the strategic ambition and culture.

As part of management’s decision-making process, the potential impact of decisions on relevant stakeholders are considered, whilst having regard to a number of broader factors, including the impact of the company’s operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term.

Engagement with employees

Engagement with employees is displayed within the Directors' Report under Employee involvement.

Engagement with suppliers

The Directors recognises that relationships with suppliers are important to the company’s long-term success and are briefed on supplier feedback and issues on a regular basis. The Directors seek to balance the benefit of maintaining these strong relationships along with the need to obtain value for money for the shareholders and desired quality for customers. In all key decisions made by the Directors, the working relationship with suppliers is a key factor with well-developed supply chains in place.

Engagement with customers
The success of the business is underpinned by providing excellent customer services and understanding their needs and requirements. A core principle of the business is to be customer centric and provide a high level of service through the expert knowledge of our employees and ensuring quality products. This has been supported during 2021 with the introduction of a customer loyalty scheme. The company’s approach to fostering good relationships with customers can be seen through the large footfall of customers, continued return visits and the engagement with customers in order to offer a first-class retail and leisure experience.

Engagement with communities
The Directors support initiatives with regards to reducing the adverse impacts on the environment and engages with the communities in which we operate. Key areas of focus include how we can support local causes and issues, create opportunities to recruit and develop local people and help to look after the environment.
 

Engagement with Government and regulations
The company engages with the government and regulators through a range of industry consultations, forums, and meetings to communicate views to policy makers relevant to the business. Key areas of focus are compliance with laws and regulations, health and safety and product safety. The Directors are updated on legal and regulatory developments and take these into account when considering future actions.

Engagement with investors
The company relies on our shareholders and providers of debt funding as essential sources of capital to further the business objectives. Investor involvement in the decision-making process is done through regular consultation. The company has open dialogue with investors through regular meetings which cover a wide range of topics including financial performance, strategy, outlook and governance.

 

Woodthorpe Hall Garden Centres Limited

Strategic Report for the Year Ended 31 December 2022

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
C E Stubbs
Director

 

Woodthorpe Hall Garden Centres Limited

Directors' Report for the Year Ended 31 December 2022

The Directors present their report and the consolidated financial statements for the year ended 31 December 2022.

Directors of the Group

The Directors who held office during the year were as follows:

C E Stubbs

R J Stubbs

The directors recommend a final dividend of £nil to be made in respect of the financial year ended 31 December 2022.

Financial instruments

Objectives and policies

The overall objective of the directors is to ensure that the business is profitable and stable and will continue to be successful for the benefit of the shareholders and employees.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principle financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and loans. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The business funds some fixed asset acquisitions by bank loan agreements. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

Streamlined energy and carbon reporting

During the year the Group's total annual consumption of energy was 8,750 MWh. This was calculated using utility bills, The Carbon Trust Energy and Carbon Conversion Guidance and represents 2,191 tC02e of greenhouse gas emissions. The reporting includes all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained adequate records of calculations completed. The group engages 1,457 members of staff equating to 1.50 tC02e per staff member.

The main area of the energy usage for the Group was gas and electricity used for the running of the garden centres. The Group is committed to improving energy efficiency and has undertaken a programme to introduce energy efficient light bulbs across all centres and has commenced a programme to introduce more efficient cooking methods across all kitchens.

Employment of disabled persons

The business' policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their abilities.

Employee involvement

The business' policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

Woodthorpe Hall Garden Centres Limited

Directors' Report for the Year Ended 31 December 2022

Future developments

Plans are in place to continue a programme of refurbishing and developing many of the centres acquired in recent years to enhance the offering to customers and further cement the company’s reputation as a key operator in the industry.

Disclosure of information to the auditor

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Forrester Boyd as auditors of the company and its subsidiary is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
C E Stubbs
Director

 

Woodthorpe Hall Garden Centres Limited

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities for preparing the Annual 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 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 Group and the Company 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 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; and

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 Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Woodthorpe Hall Garden Centres Limited

Independent Auditor's Report to the Members of Woodthorpe Hall Garden Centres Limited

Opinion

We have audited the financial statements of Woodthorpe Hall Garden Centres Limited (the 'parent Company') and its subsidiary (the 'Group') for the year ended 31 December 2022, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Group's and the parent Company's 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 auditor 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 Director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Woodthorpe Hall Garden Centres Limited

Independent Auditor's Report to the Members of Woodthorpe Hall Garden Centres Limited

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 8], 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.

Auditor 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 auditor’s 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

- testing management override controls including journal testing and review accounting estimates for reasonableness
- enquiries of management of actual and potential litigation claims
- enquiries of management including fraud and associated risks
- discussions with management, including consideration of known or suspected instances of non-compliance
- testing focussing on the area of the financial statements most suspectible to material error including completeness of income to ensure correct matching of revenue and costs.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they make involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Woodthorpe Hall Garden Centres Limited

Independent Auditor's Report to the Members of Woodthorpe Hall Garden Centres Limited

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 an auditor’s 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.

......................................
A Millson ACA (Senior Statutory Auditor)
For and on behalf of Forrester Boyd , Statutory Auditor

Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

27 September 2023

 

Woodthorpe Hall Garden Centres Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2022

Note

2022
£

2021
£

Turnover

3

80,644,431

83,984,149

Cost of sales

 

(58,808,262)

(59,739,703)

Gross profit

 

21,836,169

24,244,446

Administrative expenses

 

(16,520,016)

(12,926,173)

Other operating income

4

904,768

2,354,955

Operating profit

5

6,220,921

13,673,228

Other interest receivable and similar income

7

533

3,645

Interest payable and similar expenses

8

(1,169,039)

(719,096)

 

(1,168,506)

(715,451)

Profit before tax

 

5,052,415

12,957,777

Taxation

12

(1,071,944)

(2,709,571)

Profit for the financial year

 

3,980,471

10,248,206

Profit/(loss) attributable to:

 

Owners of the company

 

3,980,471

10,248,206

A profit and loss account for the individual company is not included in these financial statements.

 

Woodthorpe Hall Garden Centres Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2022

2022
£

2021
£

Profit for the year

3,980,471

10,248,206

Surplus/(deficit) on property, plant and equipment revaluation

16,970,594

(2,814)

Total comprehensive income for the year

20,951,065

10,245,392

Total comprehensive income attributable to:

Owners of the Company

20,951,065

10,245,392

 

Woodthorpe Hall Garden Centres Limited

(Registration number: 04349805)
Consolidated Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

13

219,099

269,099

Tangible assets

14

78,585,818

53,000,945

 

78,804,917

53,270,044

Current assets

 

Stocks

16

21,229,474

16,849,238

Debtors

17

5,029,037

6,939,353

Cash at bank and in hand

 

1,332,873

2,238,187

 

27,591,384

26,026,778

Creditors: Amounts falling due within one year

19

(23,258,670)

(20,123,608)

Net current assets

 

4,332,714

5,903,170

Total assets less current liabilities

 

83,137,631

59,173,214

Creditors: Amounts falling due after more than one year

19

(22,170,158)

(24,528,088)

Provisions for liabilities

20

(6,824,839)

(1,453,557)

Net assets

 

54,142,634

33,191,569

Capital and reserves

 

Called up share capital

22

1,000

1,000

Revaluation reserve

17,557,599

587,005

Retained earnings

36,584,035

32,603,564

Equity attributable to owners of the company

 

54,142,634

33,191,569

Shareholders' funds

 

54,142,634

33,191,569

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
C E Stubbs
Director

 

Woodthorpe Hall Garden Centres Limited

(Registration number: 04349805)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

13

219,099

269,099

Tangible assets

14

67,671,282

45,003,687

Investments

15

100

100

 

67,890,481

45,272,886

Current assets

 

Stocks

16

20,966,018

16,573,025

Debtors

17

7,658,354

9,447,362

Cash at bank and in hand

 

657,585

1,147,519

 

29,281,957

27,167,906

Creditors: Amounts falling due within one year

19

(21,320,774)

(18,410,981)

Net current assets

 

7,961,183

8,756,925

Total assets less current liabilities

 

75,851,664

54,029,811

Creditors: Amounts falling due after more than one year

19

(20,115,150)

(22,371,365)

Provisions for liabilities

20

(6,209,875)

(1,267,958)

Net assets

 

49,526,639

30,390,488

Capital and reserves

 

Called up share capital

22

1,000

1,000

Revaluation reserve

15,348,200

-

Retained earnings

34,177,439

30,389,488

Shareholders' funds

 

49,526,639

30,390,488

No separate holding company income statement has been prepared in line with section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £3,787,951 (2021 - profit of £9,606,053).

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
C E Stubbs
Director

 

Woodthorpe Hall Garden Centres Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2022
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

Total equity
£

At 1 January 2022

1,000

587,005

32,603,564

33,191,569

33,191,569

Profit for the year

-

-

3,980,471

3,980,471

3,980,471

Other comprehensive income

-

16,970,594

-

16,970,594

16,970,594

Total comprehensive income

-

16,970,594

3,980,471

20,951,065

20,951,065

At 31 December 2022

1,000

17,557,599

36,584,035

54,142,634

54,142,634

Share capital
£

Fair value reserve
£

Profit and loss account
£

Total
£

Total equity
£

At 1 January 2021

1,000

589,819

22,355,358

22,946,177

22,946,177

Profit for the year

-

-

10,248,206

10,248,206

10,248,206

Other comprehensive income

-

(2,814)

-

(2,814)

(2,814)

Total comprehensive income

-

(2,814)

10,248,206

10,245,392

10,245,392

At 31 December 2021

1,000

587,005

32,603,564

33,191,569

33,191,569

 

Woodthorpe Hall Garden Centres Limited

Statement of Changes in Equity for the Year Ended 31 December 2022

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2022

1,000

-

30,389,488

30,390,488

Profit for the year

-

-

3,787,951

3,787,951

Other comprehensive income

-

15,348,200

-

15,348,200

Total comprehensive income

-

15,348,200

3,787,951

19,136,151

At 31 December 2022

1,000

15,348,200

34,177,439

49,526,639

Share capital
£

Retained earnings
£

Total
£

At 1 January 2021

1,000

20,783,435

20,784,435

Profit for the year

-

9,606,053

9,606,053

At 31 December 2021

1,000

30,389,488

30,390,488

 

Woodthorpe Hall Garden Centres Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2022

Note

2022
£

2021
£

Cash flows from operating activities

Profit for the year

 

3,980,471

10,248,206

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,186,942

911,513

Profit on disposal of tangible assets

(9,005)

(455,566)

Finance income

7

(533)

(3,645)

Finance costs

8

1,169,039

719,096

Income tax expense

12

1,071,944

2,709,571

 

7,398,858

14,129,175

Working capital adjustments

 

Increase in stocks

16

(4,380,236)

(3,864,663)

Decrease/(increase) in trade debtors

17

1,910,316

(2,952,901)

(Decrease)/increase in trade creditors

19

(149,135)

2,564,824

Cash generated from operations

 

4,779,803

9,876,435

Income taxes paid

12

(725,143)

(2,135,268)

Net cash flow from operating activities

 

4,054,660

7,741,167

Cash flows from investing activities

 

Interest received

533

3,645

Acquisitions of tangible assets

(4,263,493)

(5,287,686)

Proceeds from sale of tangible assets

 

20,377

1,691,894

Net cash flows from investing activities

 

(4,242,583)

(3,592,147)

Cash flows from financing activities

 

Interest paid

8

(1,169,039)

(719,096)

Repayment of bank borrowing

 

(2,782,030)

(2,685,535)

Proceeds from other borrowing draw downs

 

406,217

-

Repayment of other borrowing

 

(41,034)

(313,495)

Payments to finance lease creditors

 

(29,561)

(33,590)

Net cash flows from financing activities

 

(3,615,447)

(3,751,716)

Net (decrease)/increase in cash and cash equivalents

 

(3,803,370)

397,304

Cash and cash equivalents at 1 January

18

(1,384,891)

(1,782,195)

Cash and cash equivalents at 31 December

18

(5,188,261)

(1,384,891)

 

Woodthorpe Hall Garden Centres Limited

Statement of Cash Flows for the Year Ended 31 December 2022

Note

2022
 £

2021
 £

Cash flows from operating activities

Profit for the year

 

3,787,951

9,606,053

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,007,200

778,131

Profit on disposal of tangible assets

(1,429)

(453,100)

Finance income

(120)

(2,593)

Finance costs

8

1,081,515

657,767

Income tax expense

12

1,037,130

2,532,008

 

6,912,247

13,118,266

Working capital adjustments

 

Increase in stocks

16

(4,392,993)

(3,997,310)

Decrease/(increase) in trade debtors

17

1,789,008

(2,840,560)

(Decrease)/increase in trade creditors

19

(471,856)

2,290,414

Cash generated from operations

 

3,836,406

8,570,810

Income taxes paid

12

(725,143)

(2,052,837)

Net cash flow from operating activities

 

3,111,263

6,517,973

Cash flows from investing activities

 

Interest received

120

2,593

Acquisitions of tangible assets

(3,179,827)

(4,774,807)

Proceeds from sale of tangible assets

 

9,210

1,681,244

Net cash flows from investing activities

 

(3,170,497)

(3,090,970)

Cash flows from financing activities

 

Interest paid

8

(1,081,515)

(657,767)

Repayment of bank borrowing

 

(2,623,897)

(2,510,000)

Proceeds from other borrowing draw downs

 

406,217

-

Repayment of other borrowing

 

-

(313,495)

Payments to finance lease creditors

 

(29,561)

(28,036)

Net cash flows from financing activities

 

(3,328,756)

(3,509,298)

Net decrease in cash and cash equivalents

 

(3,387,990)

(82,295)

Cash and cash equivalents at 1 January

18

(2,475,559)

(2,393,264)

Cash and cash equivalents at 31 December

18

(5,863,549)

(2,475,559)

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 04349805.

These financial statements cover the group comprising Woodthorpe Hall Garden Centres Limited and Woodthorpe Leisure Park Limited.

The address of its registered office is:
Woodthorpe Hall Garden Centre
Woodthorpe
Alford
Lincolnshire
LN13 0DD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', subject to the departure detailed below.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertaking drawn up to 31 December 2022.

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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 purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Departures from Companies Act requirements

No depreciation has been charged on freehold and some of the leasehold buildings as they are maintained to such a standard that their residual value is not less than their cost.

Management have concluded that the above departure does not affect the accounts from showing a true and fair view. Apart from this departure the company has complied with the relevant accounting standards and legislation.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services and rental income in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purposes of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Foreign currency transactions and balances

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.

Tax

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

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the Group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets other than freehold land and buildings are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Freehold land and buildings are measured at fair value at each reporting date with changes in fair value recognised in the revaluation reserve. The fair value is based on the estimated open market value.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and buildings. It is the policy of the company to maintain its buildings so that the value of these is not affected by the passage of time, and the directors are of the opinion that to depreciate the buildings would not have a material effect upon the accounts. Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Land and buildings freehold

No depreciation charged

Land and buildings leasehold

No depreciation charge, 5%, 3.45%, 6.17%, 10% and 11.1% on a straight line basis

Plant and machinery

15% and 20% on a reducing balance basis

Motor vehicles

25% on a reducing balance basis

Office equipment

25% on a reducing balance basis

Caravan and lodges hire fleet

6.67% on a straight line basis

Fixtures and fittings

15% on a reducing balance basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% and 5% on a straight line basis

Investments

Investments in equity shares which are not publicly traded are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold, services performed in the ordinary course of business and rental income.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods compromises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment is recognised immediately in profit or loss.

At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a reducing balance basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The company also makes contributions to the directors' personal pension scheme.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's revenue for the year from continuing operations is as follows:

2022
£

2021
£

Sale of goods

77,538,623

81,538,042

Rendering of services

1,712,041

1,499,759

Rental income

1,383,386

923,619

Commissions received

10,381

22,729

80,644,431

83,984,149

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

4

Other operating income

The analysis of the Group's other operating income for the year is as follows:

2022
£

2021
£

Government grants

15,334

1,841,239

Miscellaneous other operating income

246,202

63,716

Management charges receivable

643,232

450,000

904,768

2,354,955

5

Operating profit

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

1,136,942

893,513

Amortisation expense

50,000

18,000

Operating lease expense - plant and machinery

244,553

232,407

Profit on disposal of property, plant and equipment

(9,005)

(455,566)

6

Government grants

Goverment grants include monies received for furloughing staff and council grants in the light of the Covid-19 pandemic.

The amount of grants recognised in the financial statements was £15,334 (2021 - £1,841,239).

7

Other interest receivable and similar income

2022
£

2021
£

Interest income on bank deposits

120

-

Other finance income

413

3,645

533

3,645

8

Interest payable and similar expenses

2022
£

2021
£

Interest on bank overdrafts and borrowings

1,125,304

748,133

Interest on obligations under finance leases and hire purchase contracts

13,972

3,426

Foreign exchange gains/(losses)

29,763

(32,463)

1,169,039

719,096

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

9

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2022
£

2021
£

Wages and salaries

20,987,832

18,270,520

Social security costs

1,449,029

1,152,303

Pension costs, defined contribution scheme

314,461

266,357

Other employee expense

115,900

117,559

22,867,222

19,806,739

The average number of persons employed by the Group (including Directors) during the year, analysed by category was as follows:

2022
No.

2021
No.

Administration and support

86

70

Sales

1,371

1,350

1,457

1,420

10

Directors' remuneration

The Directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

155,353

84,808

Contributions paid to money purchase schemes

1,779

-

157,132

84,808

During the year the number of Directors who were receiving benefits and share incentives was as follows:

2022
No.

2021
No.

Accruing benefits under money purchase pension scheme

2

2

11

Auditors' remuneration

2022
£

2021
£

Audit of these financial statements

34,700

32,280

Other fees to auditors

All other non-audit services

77,175

33,265


 

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2022
£

2021
£

Current taxation

UK corporation tax

725,143

2,135,268

Deferred taxation

Arising from origination and reversal of timing differences

346,801

300,346

Arising from changes in tax rates and laws

-

273,957

Total deferred taxation

346,801

574,303

Tax expense in the income statement

1,071,944

2,709,571

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2021 - higher than the standard rate of corporation tax in the UK) of 19% (2021 - 19%).

The differences are reconciled below:

2022
£

2021
£

Profit before tax

5,052,415

12,957,777

Corporation tax at standard rate

959,958

2,461,978

Effect of expense not deductible in determining taxable profit (tax loss)

5,822

(2,085)

UK deferred tax expense relating to changes in tax rates or laws

-

273,957

Deferred tax expense from unrecognised tax loss or credit

346,801

300,346

Tax decrease from effect of capital allowances and depreciation

(251,188)

(326,647)

Tax increase from other short-term timing differences

864

2,022

Tax increase from transfer pricing adjustments

9,687

-

Total tax charge

1,071,944

2,709,571

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Deferred tax

Group

Deferred tax assets and liabilities

2022

Liability
£

Difference between accumulated depreciation and capital allowances

1,796,281

Pension creditor

(7,645)

Revaluation of freehold property

5,036,203

6,824,839

2021

Liability
£

Difference between accumulated depreciation and capital allowances

1,448,428

Pension creditor

(6,594)

Revaluation of freehold property

11,723

1,453,557

Company

Deferred tax assets and liabilities

2022

Liability
£

Difference between accumulated depreciation and capital allowances

1,587,591

Pension creditor

(7,645)

Revaluation of property

4,629,930

6,209,876

2021

Liability
£

Difference between accumulated depreciation and capital allowances

1,274,552

Pension creditor

(6,594)

1,267,958

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

13

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

1,249,501

1,249,501

At 31 December 2022

1,249,501

1,249,501

Amortisation

At 1 January 2022

980,402

980,402

Amortisation charge

50,000

50,000

At 31 December 2022

1,030,402

1,030,402

Carrying amount

At 31 December 2022

219,099

219,099

At 31 December 2021

269,099

269,099

Company

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

1,080,001

1,080,001

At 31 December 2022

1,080,001

1,080,001

Amortisation

At 1 January 2022

810,902

810,902

Amortisation charge

50,000

50,000

At 31 December 2022

860,902

860,902

Carrying amount

At 31 December 2022

219,099

219,099

At 31 December 2021

269,099

269,099

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

14

Property, plant and equipment

Group

Freehold land and buildings
£

Long leasehold land and buildings
£

Caravan and lodge hire fleet
 £

Office equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2022

46,663,121

1,985,305

1,041,838

630,422

7,895,659

1,039,560

59,255,905

Revaluations

21,580,359

-

-

-

-

-

21,580,359

Additions

1,624,353

1,075,981

376,713

100,013

1,525,402

35,650

4,738,112

Disposals

-

-

(8,625)

-

(14,843)

(25,845)

(49,313)

Transfers

21,667

1,388,259

(1,409,926)

-

-

-

-

At 31 December 2022

69,889,500

4,449,545

-

730,435

9,406,218

1,049,365

85,525,063

Depreciation

At 1 January 2022

-

1,020,208

335,410

279,961

3,973,882

645,499

6,254,960

Charge for the year

-

113,418

84,340

91,916

746,342

100,926

1,136,942

Eliminated on disposal

-

-

(5,034)

-

(13,547)

(19,360)

(37,941)

Writeback to recoverable amount

(414,716)

-

-

-

-

-

(414,716)

Transfer

414,716

-

(414,716)

-

-

-

-

At 31 December 2022

-

1,133,626

-

371,877

4,706,677

727,065

6,939,245

Carrying amount

At 31 December 2022

69,889,500

3,315,919

-

358,558

4,699,541

322,300

78,585,818

At 31 December 2021

46,663,121

965,097

706,428

350,461

3,921,777

394,061

53,000,945

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Revaluation

The fair value of the group's freehold land and buildings were revalued on 31 December 2022 by an independent valuer, Christie & Co RICS. The basis of this valuation was open market value.
The class of assets has a current value of £69,889,500 (2021 - £46,678,621). Had this class of asset been measured on a historical cost basis, the historical cost would have been £47,725,926 (2021 - £46,079,905). The depreciation on this historical cost is £414,716 (2021 - £nil). The carrying amount would have been £47,311,210 (2021 - £46,079,905).
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2022
£

2021
£

Motor vehicles

64,430

49,283

Plant and machinery

444,721

-

 

509,151

49,283

Restriction on title and pledged as security

Freehold property with a carrying amount of £69,889,500 (2021 - £46,663,121) has been pledged as security for bank loans.

Tenant improvements with a carrying amount of £3,315,919 (2021 - £965,097) has been pledged as security for bank loans.

Plant and machinery with a carrying amount of £4,699,541 (2021 - £3,921,777) has been pledged as security for bank loans.

Motor vehicles with a carrying amount of £322,300 (2021 - £394,061) has been pledged as security for bank loans.

Office equipment with a carrying amount of £358,558 (2021 - £350,461) has been pledged as security for bank loans.

Caravan and lodge hire fleet with a carrying amount of £Nil (2021 - £706,428) has been pledged as security for bank loans.

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Company

Freehold land and buildings
£

Long leasehold land and buildings
£

Office equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2022

39,768,523

1,985,305

371,717

7,337,241

1,010,891

50,473,677

Revaluations

19,978,130

-

-

-

-

19,978,130

Additions

1,046,606

1,075,981

52,964

1,443,245

35,650

3,654,446

Disposals

-

-

-

(14,843)

(25,845)

(40,688)

Transfers

(1,388,259)

1,388,259

-

-

-

-

At 31 December 2022

59,405,000

4,449,545

424,681

8,765,643

1,020,696

74,065,565

Depreciation

At 1 January 2022

-

1,020,208

175,546

3,651,292

622,944

5,469,990

Charge for the year

-

113,418

58,697

685,688

99,397

957,200

Eliminated on disposal

-

-

-

(13,547)

(19,360)

(32,907)

At 31 December 2022

-

1,133,626

234,243

4,323,433

702,981

6,394,283

Carrying amount

At 31 December 2022

59,405,000

3,315,919

190,438

4,442,210

317,715

67,671,282

At 31 December 2021

39,768,523

965,097

196,171

3,685,949

387,947

45,003,687

Revaluation

The fair value of the Company's land and buildings was revalued on 31 December 2022 by an independent valuer, Christie & Co RICS. The basis of this valuation was an open market value.
The class of assets has a current value of £59,405,000 (2021 - £39,768,523) and historical cost of £39,426,870 (2021 - £39,768,523). The depreciation on this historical cost in £nil (2021 - £nil). The historical carrying amount at 31 December 2022 was £39,426,870 (2021 - £39,768,523).

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2022
£

2021
£

Motor vehicles

64,430

49,283

Plant and machinery

444,721

-

 

509,151

49,283

Restriction on title and pledged as security

Freehold property with a carrying amount of £59,405,000 (2021 - £39,768,523) has been pledged as security for bank loans.

Tenant improvements with a carrying amount of £3,315,919 (2021 - £965,097) has been pledged as security for bank loans.

Plant and machinery with a carrying amount of £4,442,210 (2021 - £3,685,949) has been pledged as security for bank loans.

Motor vehicles with a carrying amount of £317,715 (2021 - £387,947) has been pledged as security for bank loans and hire purchase agreements.

Office equipment with a carrying amount of £190,438 (2021 - £196,171) has been pledged as security for bank loans.

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

15

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Woodthorpe Leisure Park Limited

Woodthorpe Hall Garden Centre, Woodthorpe, Alford, Lincolnshire, LN13 0DD

Ordinary

100%

100%

 

UK

     

Subsidiary undertakings

Woodthorpe Leisure Park Limited

The principal activity of Woodthorpe Leisure Park Limited is a caravan and leisure park.

Company

2022
£

2021
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 January 2022

100

Carrying amount

At 31 December 2022

100

At 31 December 2021

100

16

Stocks

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Finished goods

21,229,474

16,849,238

20,966,018

16,573,025

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

17

Debtors

   

Group

Company

Current

Note

2022
£

2021
£

2022
£

2021
£

Trade debtors

 

2,425,215

2,182,703

2,334,175

1,960,860

Amounts owed by related parties

28

333,028

705

3,353,648

2,970,566

Other debtors

 

100,336

2,102,834

46,890

2,082,335

Prepayments and accrued income

 

2,170,458

2,653,111

1,923,641

2,433,601

   

5,029,037

6,939,353

7,658,354

9,447,362

18

Cash and cash equivalents

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Cash on hand

180,086

169,673

136,648

137,107

Cash at bank

1,152,787

2,068,514

520,937

1,010,412

1,332,873

2,238,187

657,585

1,147,519

Bank overdrafts

(6,521,134)

(3,623,078)

(6,521,134)

(3,623,078)

Cash and cash equivalents in statement of cash flows

(5,188,261)

(1,384,891)

(5,863,549)

(2,475,559)

19

Creditors

   

Group

Company

Note

2022
£

2021
£

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

23

9,151,362

6,309,724

9,031,134

6,133,078

Trade creditors

 

8,659,409

8,079,706

8,092,126

7,855,684

Social security and other taxes

 

2,932,280

3,735,189

2,782,238

3,547,038

Outstanding defined contribution pension costs

 

78,763

67,615

75,465

65,111

Other payables

 

992,477

544,326

630,371

106,237

Accrued expenses and deferred income

 

1,444,379

1,387,048

709,440

703,833

 

23,258,670

20,123,608

21,320,774

18,410,981

Due after one year

 

Loans and borrowings

23

22,170,158

24,528,088

20,115,150

22,371,365

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022


Secured creditors

Group

Creditors amounts falling due within one year on which security has been given by the group includes bank loans of £2,630,228 (2021 - £2,686,646), bank overdrafts of £6,521,134 (2021 - £3,623,078), hire purchase of £104,562 (2021 - £27,186) and Directors Loan Accounts of £406,217 (2021 - £nil).

Creditors amounts falling due after one year on which security has been given by the group includes bank loans of £21,798,611 (2021 - £24,524,223) and hire purchase of £371,547 (2021 - £3,865).

Company

Creditors amounts falling due within one year on which security has been given by the company includes bank loans of £2,510,000 (2021 - £2,510,000), bank overdrafts of £6,521,134 (2021 - £3,623,078) and hire purchase of £104,562 (2021 - £27,186).

Creditors amounts falling due after one year on which security has been given by the company includes bank loans of £19,743,603 (2021 - £22,367,500) and hire purchase of £371,547 (2021 - £3,865).

20

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 January 2022

1,453,557

1,453,557

Increase (decrease) in existing provisions

5,371,282

5,371,282

At 31 December 2022

6,824,839

6,824,839

Company

Deferred tax
£

Total
£

At 1 January 2022

1,267,958

1,267,958

Increase (decrease) in existing provisions

4,941,917

4,941,917

At 31 December 2022

6,209,875

6,209,875

21

Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £314,461 (2021 - £266,357).

Contributions totalling £78,763 (2021 - £67,615) were payable to the scheme at the end of the year and are included in creditors.

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

22

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

         

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Normal voting and participation rights

23

Loans and borrowings

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

21,798,611

24,524,223

19,743,603

22,367,500

Finance lease liabilities

371,547

3,865

371,547

3,865

22,170,158

24,528,088

20,115,150

22,371,365

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Current loans and borrowings

Bank borrowings

2,630,228

2,686,646

2,510,000

2,510,000

Bank overdrafts

6,521,134

3,623,078

6,521,134

3,623,078

HP and finance lease liabilities

104,562

27,186

104,562

27,186

Other borrowings

736,811

371,628

406,217

-

9,992,735

6,708,538

9,541,913

6,160,264

Group

Bank borrowings

HSBC Commercial Mortgage Account 1 is denominated in sterling with a nominal interest rate of 5.75%, and the final instalment is due on 21 May 2033. The carrying amount at year end is £2,175,236 (2021 - £2,333,369). The monthly repayments are £20,446.

HSBC bank loan 'Facility A' is denominated in sterling with a nominal interest of 5.75% and the final instalment is due on 13 August 2039. The carrying amount at year end is £15,411,103 (2021 - £16,425,000). The quarterly repayments are £402,500.

HSBC bank loan 'Facility B' is denominated in sterling with a nominal interest of 5.75% and the final instalment is due on 13 August 2026. The carrying amount at year end is £6,842,500 (2021 - £8,452,500). The quarterly repayments are £225,000.

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

The bank loans and overdraft are secured by charges over Irton Garden Centre, Spring Garden Centre, Horncastle Garden Centre, 21 Pingley Park, Brigg, 23 Pingley Park, Brigg, 25 Pingley Park, Brigg, Woodthorpe Hall Leisure Park, Benvenute Caravan Park, Carr Gate Garden Centre, Leyland Garden Centre, Bold Heath Garden Centre, land at East Durham Garden Centre, Arcadia Garden Centre, Bridgnorth Garden Centre, Hemel Hempstead Garden Centre, Louth Garden Centre, Tarporley Garden Centre, Wolseley Bridge Garden Centre, Albrighton Garden Centre, Bressingham Garden Centre, Brigg Garden Centre and Woodthorpe Hall Garden Centre. Woodthorpe Hall Garden Centre and Brigg Garden Centre are owned personally by C E Stubbs and R J Stubbs, the directors of the company.

Debenture comprising fixed and floating charges over all assets and undertaking of Woodthorpe Hall Garden Centres Limited including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future and share charge over the shares of Woodthorpe Leisure Park Limited.

Debenture comprising fixed and floating charges over all assets and undertaking of Woodthorpe Leisure Park Limited including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.

Unlimited Composite Company Guarantee given by Woodthorpe Leisure Park Limited and Woodthorpe Hall Garden Centres Limited to secure all liabilities of each other.

Mortgage of Life Policy in favour of Woodthorpe Leisure Park Limited in relation to C E Stubbs and R J Stubbs for £3,500,000.

Included in the loans and borrowings are the following amounts due after more than five years:

2022
£

2021
£

After more than five years by instalments

12,407,760

13,728,013

12,407,760

13,728,013

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Company

HSBC bank loan 'Facility A' is denominated in sterling with a nominal interest of 5.75% and the final instalment is due on 13 August 2039. The carrying amount at year end is £15,411,103 (2021 - £16,425,000). The quarterly repayments are £402,500.

HSBC bank loan 'Facility B' is denominated in sterling with a nominal interest of 5.75% and the final instalment is due on 13 August 2026. The carrying amount at year end is £6,842,500 (2021 - £8,452,500). The quarterly repayments are £225,000.

The bank loans and overdraft are secured by charges over Irton Garden Centre, Spring Garden Centre, Horncastle Garden Centre, 21 Pingley Park, Brigg, 23 Pingley Park, Brigg, 25 Pingley Park, Brigg, Woodthorpe Hall Leisure Park, Benvenute Caravan Park, Carr Gate Garden Centre, Leyland Garden Centre, Bold Heath Garden Centre, land at East Durham Garden Centre, Arcadia Garden Centre, Bridgnorth Garden Centre, Hemel Hempstead Garden Centre, Louth Garden Centre, Tarporley Garden Centre, Wolseley Bridge Garden Centre, Albrighton Garden Centre, Bressingham Garden Centre, Brigg Garden Centre and Woodthorpe Hall Garden Centre. Woodthorpe Hall Garden Centre and Brigg Garden Centre are owned personally by C E Stubbs and R J Stubbs, the directors of the company.

Debenture comprising fixed and floating charges over all assets and undertaking of Woodthorpe Hall Garden Centres Limited including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future and share charge over the shares of Woodthorpe Leisure Park Limited.

Debenture comprising fixed and floating charges over all assets and undertaking of Woodthorpe Leisure Park Limited including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.

Unlimited Composite Company Guarantee given by Woodthorpe Leisure Park Limited and Woodthorpe Hall Garden Centres Limited to secure all liabilities of each other.

Mortgage of Life Policy in favour of Woodthorpe Leisure Park Limited in relation to C E Stubbs and R J Stubbs for £3,500,000.

Included in the loans and borrowings are the following amounts due after more than five years:

2022
£

2021
£

After more than five years by instalments

10,911,103

12,327,500

-

-

24

Obligations under leases and hire purchase contracts

Group

Finance leases

Certain motor vehicles and plant and equipment are held under finance lease arrangements. Finance lease liabilities are secured on the related assets held under finance leases. The lease agreement generally include fixed lease payments and a purchase option at the end of the lease term.

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

104,562

27,186

Later than one year and not later than five years

371,547

3,865

476,109

31,051

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Operating leases

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

526,080

526,080

Later than one year and not later than five years

2,030,492

2,079,711

Later than five years

6,220,895

6,697,756

8,777,467

9,303,547

The amount of non-cancellable operating lease payments recognised as an expense during the year was £494,830 (2021 - £529,146).

Operating leases - lessor

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

732,970

607,460

Later than one year and not later than five years

1,425,789

1,623,830

Later than five years

52,740

64,620

2,211,499

2,295,910

The lease payments received above relate to rental income received for garden centre floor space.

Company

Finance leases

Certain motor vehicles are held under finance lease arrangements. Finance lease liabilities are secured on the related assets held under finance leases. The lease agreement generally include fixed lease payments and a purchase option at the end of the lease term.

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

104,562

27,186

Later than one year and not later than five years

371,547

3,865

476,109

31,051

Operating leases

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

526,080

526,080

Later than one year and not later than five years

2,030,492

2,079,711

Later than five years

6,220,895

6,697,756

8,777,467

9,303,547

The amount of non-cancellable operating lease payments recognised as an expense during the year was £494,830 (2021 - £526,080).

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Operating leases - lessor

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

732,970

607,460

Later than one year and not later than five years

1,425,789

1,623,830

Later than five years

52,740

64,620

2,211,499

2,295,910


The lease payments received above relate to rental income received for garden centre floor space.

25

Commitments

Group

Capital commitments

Tangible fixed asset
The total amount contracted for but not provided in the financial statements was £Nil (2021 - £46,000).

26

Contingent liabilities

Company

Unlimited Composite Company Guarantee secured by company's assets given by Woodthorpe Leisure Park Limited and Woodthorpe Hall Garden Centres Limited to secure all liabilities of each other. Given the company's current trading position and strength it is not expected that this will be required.

27

Analysis of changes in net debt

Group

At 1 January 2022
£

Financing cash flows
£

New finance leases
£

At 31 December 2022
£

Cash and cash equivalents

Cash

2,238,187

(905,314)

-

1,332,873

Overdrafts

(3,623,078)

(2,898,056)

-

(6,521,134)

(1,384,891)

(3,803,370)

-

(5,188,261)

Borrowings

Long term borrowings

(24,524,223)

2,725,612

-

(21,798,611)

Short term borrowings

(3,058,274)

97,452

-

(2,960,822)

Lease liabilities

(31,051)

29,651

(474,619)

(476,019)

(27,613,548)

2,852,715

(474,619)

(25,235,452)

 

(28,998,439)

(950,655)

(474,619)

(30,423,713)

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Company

At 1 January 2022
£

Financing cash flows
£

New finance leases
£

At 31 December 2022
£

Cash and cash equivalents

Cash

1,147,519

(489,934)

-

657,585

Overdrafts

(3,623,078)

(2,898,056)

-

(6,521,134)

(2,475,559)

(3,387,990)

-

(5,863,549)

Borrowings

Long term borrowings

(22,367,500)

2,623,897

-

(19,743,603)

Short term borrowings

(2,510,000)

-

-

(2,510,000)

Lease liabilities

(31,051)

29,651

(474,619)

(476,019)

(24,908,551)

2,653,548

(474,619)

(22,729,622)

 

(27,384,110)

(734,442)

(474,619)

(28,593,171)

28

Related party transactions

Group

Key management compensation

2022
£

2021
£

Salaries and other short term employee benefits

208,481

127,658

Transactions with Directors

2022

At 1 January 2022
£

Advances to Director
£

Repayments by Director
£

At 31 December 2022
£

C E Stubbs

Directors' interest free loan accounts - no formal repayment terms

(1,780,163)

(395,656)

2,582,036

406,217

         
       

 

2021

At 1 January 2021
£

Advances to Director
£

Repayments by Director
£

At 31 December 2021
£

C E Stubbs

Directors' interest free loan accounts - no formal repayment terms

313,496

(2,486,875)

393,216

(1,780,163)

         
       

 

Income and receivables from related parties

2022

Other related parties
£

Sale of goods

494,431

Receipt of services

643,232

1,137,663

Amounts receivable from related party

886,689

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

2021

Key management
£

Other related parties
£

Sale of goods

-

2,914,587

Receipt of services

-

450,000

Sale of property or other assets

-

1,520,000

-

4,884,587

Amounts receivable from related party

1,780,163

1,008,343

Expenditure with and payables to related parties

2022

Key management
£

Other related parties
£

Purchase of goods

-

484,686

Leases

628,492

125,000

628,492

609,686

Amounts payable to related party

736,811

-

2021

Key management
£

Other related parties
£

Purchase of goods

-

1,569,577

Purchase of property or other assets

-

1,810,000

Leases

642,468

125,000

642,468

3,504,577

Amounts payable to related party

371,628

-

Amounts payable to key management and other related parties have no formal repayment terms and no interest is payable.

Company

Key management compensation

2022
£

2021
£

Salaries and other short term employee benefits

208,481

127,658

Transactions with Directors

2022

At 1 January 2022
£

Advances to Director
£

Repayments by Director
£

At 31 December 2022
£

C E Stubbs

Director's interest free loan accounts - no formal repayment terms

(1,780,163)

(395,656)

2,582,036

406,217

         
       

 

2021

At 1 January 2021
£

Advances to Director
£

Repayments by Director
£

At 31 December 2021
£

C E Stubbs

Director's interest free loan accounts - no formal repayment terms

313,496

(2,486,875)

393,216

(1,780,163)

         
       

 

 

Woodthorpe Hall Garden Centres Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Income and receivables from related parties

2022

Subsidiary
£

Other related parties
£

Sale of goods

12,352

494,431

Receipt of services

-

643,232

12,352

1,137,663

Amounts receivable from related party

3,034,130

886,689

2021

Subsidiary
£

Key management
£

Other related parties
£

Sale of goods

1,816

-

2,914,587

Receipt of services

-

-

450,000

Sale of property or other assets

-

-

1,520,000

1,816

-

4,884,587

Amounts receivable from related party

2,969,861

1,780,163

1,008,343

Expenditure with and payables to related parties

2022

Key management
£

Other related parties
£

Purchase of goods

-

484,686

Leases

628,492

125,000

628,492

609,686

Amounts payable to related party

406,217

-

2021

Key management
£

Other related parties
£

Purchase of goods

-

1,569,577

Purchase of property or other assets

-

1,810,000

Leases

642,467

125,000

642,467

3,504,577

29

Parent and ultimate parent undertaking

The ultimate controlling party is the directors who own 100% of the called up share capital.