REGISTERED NUMBER: 14178616 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 17 June 2022 to 30 September 2023 |
for |
Hallas Holdings Limited |
REGISTERED NUMBER: 14178616 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 17 June 2022 to 30 September 2023 |
for |
Hallas Holdings Limited |
Hallas Holdings Limited (Registered number: 14178616) |
Contents of the Consolidated Financial Statements |
for the Period 17 June 2022 to 30 September 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Hallas Holdings Limited |
Company Information |
for the Period 17 June 2022 to 30 September 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Hallas Holdings Limited (Registered number: 14178616) |
Group Strategic Report |
for the Period 17 June 2022 to 30 September 2023 |
The directors present their strategic report of the company and the group for the period 17 June 2022 to 30 September 2023. |
The company was incorporated on 17th June 2022. On 20th June 2022, the company acquired Gordale Nurseries Limited by way of a share for share exchange. |
The main trading company is Gordale Nurseries Limited. Reproduced below is the Strategic Report from that company. |
REVIEW OF BUSINESS |
The company has had a successful year in line with expectations. Turnover for the year has increased by £2,073,508 (12.49%) to £18,681,239 (2022 - £16,607,731). |
Gross profit margins decreased to 24.6% (2022 - 27.6%). This has kept the company in a position to remain competitive and give good value to its customers along with achieving the desired level of income to meet its staff and overhead costs. |
The company has made a profit before tax of £2,376,437 (2022 - £2,479,719). This is in line with targets set by the director. |
Future developments |
Given that the company has substantial reserves the director is confident that the company is in a strong position to maintain its profitability in the forthcoming year through continued investment in the site. |
Matters of strategic importance |
The core business strategy is to develop the attractiveness of the site by investing in the infrastructure to increase footfall. |
Key performance indicators |
2023 2022 |
Gross profit % - Nursery 45.92 46.45 |
Gross profit % - Garage 6.97 5.59 |
Net profit % 9.80 15.09 |
Stock ratio % 8.31 11.17 |
The director believes they have in place a business plan which will maximise the company's profits going forward and expect the success of the company to continue into future years. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The major risk to the company is the impact of inflation and rising cost of goods which affect the demand and in turn impact the profitability of the company's operations. The industry has experienced an increase in cost of goods in line with inflation although through the actions of senior management, the company considers that it is in a strong position to see the situation through. The strong performance of the company therefore has not been impacted. |
ON BEHALF OF THE BOARD: |
16 April 2024 |
Hallas Holdings Limited (Registered number: 14178616) |
Report of the Directors |
for the Period 17 June 2022 to 30 September 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2023. |
The company was incorporated on 17 June 2022. On 20 June 2022 the company acquired Gordale Nurseries Limited by way of a share for share exchange. |
This year is the first set of consolidated financial statements. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was that of garden centre sales and petrol sales. |
DIVIDENDS |
No interim dividends were paid during the period ended 30 September 2023. |
The directors recommend final dividends per share as follows: |
Ordinary 1 shares | £11.71 |
Ordinary A 1 shares | NIL |
The total distribution of dividends for the period ended 30 September 2023 will be £ 70,246 . |
FUTURE DEVELOPMENTS |
The future developments required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the separate Strategic Report in accordance with section 414C (11) of the Companies Act 2006. |
DIRECTORS |
The directors who have held office during the period from 17 June 2022 to the date of this report are as follows: |
DONATIONS |
During the year group donations totalling £30,891 (2022: £27,096) have been made to a number of charitable causes. |
DONATIONS |
During the year donations totalling £30,891 (2022: £27,096) have been made to charitable causes. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
Hallas Holdings Limited (Registered number: 14178616) |
Report of the Directors |
for the Period 17 June 2022 to 30 September 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Hallas Holdings Limited |
Opinion |
We have audited the financial statements of Hallas Holdings Limited (the 'parent company') and its subsidiary for the year ended 30 September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2023 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. |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2023 and of the group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Hallas Holdings Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Hallas Holdings Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included: |
- | Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- | Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- | Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations; |
- | Challenging assumptions and judgements made by management in its significant accounting estimates, in particular: |
- Depreciation, Taxation, Accruals and Prepayments. |
- | Identifying and testing journal entries, in particular any journal entries with unusual characteristics or posted by senior management. |
Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Hallas Holdings Limited (Registered number: 14178616) |
Consolidated Income Statement |
for the Period 17 June 2022 to 30 September 2023 |
Period |
17.6.22 |
to | Year Ended |
30.9.23 | 30.9.22 |
Notes | £ | £ |
TURNOVER | 18,681,239 | 16,607,730 |
Cost of sales | 14,079,390 | 12,025,199 |
GROSS PROFIT | 4,601,849 | 4,582,531 |
Administrative expenses | 2,674,185 | 2,391,587 |
1,927,664 | 2,190,944 |
Other operating income | 267,060 | 254,434 |
OPERATING PROFIT | 4 | 2,194,724 | 2,445,378 |
Interest receivable and similar income | 181,666 | 34,340 |
PROFIT BEFORE TAXATION | 2,376,390 | 2,479,718 |
Tax on profit | 5 | 546,639 | 478,307 |
PROFIT FOR THE FINANCIAL PERIOD |
Hallas Holdings Limited (Registered number: 14178616) |
Consolidated Balance Sheet |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 3,599,660 | 3,457,434 |
Investments | 9 | - | - |
Investment property | 10 | 3,479,047 | 3,470,727 |
7,078,707 | 6,928,161 |
CURRENT ASSETS |
Nursery Stock | 11 | 1,552,432 | 1,854,293 |
Debtors | 12 | 154,252 | 180,247 |
Cash at bank and in hand | 13,277,689 | 11,728,455 |
14,984,373 | 13,762,995 |
CREDITORS |
Amounts falling due within one year | 13 | 1,774,237 | 2,167,279 |
NET CURRENT ASSETS | 13,210,136 | 11,595,716 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
20,288,843 |
18,523,877 |
PROVISIONS FOR LIABILITIES | 15 | 54,963 | 49,502 |
NET ASSETS | 20,233,880 | 18,474,375 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 6,000 | 6,000 |
Retained earnings | 17 | 20,227,880 | 18,468,375 |
SHAREHOLDERS' FUNDS | 20,233,880 | 18,474,375 |
The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by: |
P Nicholson - Director |
Hallas Holdings Limited (Registered number: 14178616) |
Company Balance Sheet |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Merger reserves | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 4,999,955 | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hallas Holdings Limited (Registered number: 14178616) |
Consolidated Statement of Changes in Equity |
for the Period 17 June 2022 to 30 September 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2021 | 6,000 | 16,541,364 | 16,547,364 |
Changes in equity |
Dividends | - | (74,400 | ) | (74,400 | ) |
Total comprehensive income | - | 2,001,411 | 2,001,411 |
Balance at 30 September 2022 | 6,000 | 18,468,375 | 18,474,375 |
Changes in equity |
Dividends | - | (70,246 | ) | (70,246 | ) |
Total comprehensive income | - | 1,829,751 | 1,829,751 |
Balance at 30 September 2023 | 6,000 | 20,227,880 | 20,233,880 |
Hallas Holdings Limited (Registered number: 14178616) |
Company Statement of Changes in Equity |
for the Period 17 June 2022 to 30 September 2023 |
Called up |
share | Retained | Merger | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income | - |
Balance at 30 September 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Hallas Holdings Limited (Registered number: 14178616) |
Consolidated Cash Flow Statement |
for the Period 17 June 2022 to 30 September 2023 |
Period |
17.6.22 |
to | Year Ended |
30.9.23 | 30.9.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,201,517 | 2,377,774 |
Tax paid | (375,001 | ) | (828,115 | ) |
Net cash from operating activities | 1,826,516 | 1,549,659 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (325,957 | ) | (298,311 | ) |
Purchase of investment property | (8,320 | ) | - |
Sale of tangible fixed assets | - | 1,083 |
Interest received | 181,666 | 34,340 |
Net cash from investing activities | (152,611 | ) | (262,888 | ) |
Cash flows from financing activities |
Amount introduced by directors | - | (1,200 | ) |
Amount withdrawn by directors | (54,425 | ) | (104,307 | ) |
Equity dividends paid | (70,246 | ) | (74,400 | ) |
Net cash from financing activities | (124,671 | ) | (179,907 | ) |
Increase in cash and cash equivalents | 1,549,234 | 1,106,864 |
Cash and cash equivalents at beginning of period |
2 |
11,728,455 |
10,621,591 |
Cash and cash equivalents at end of period |
2 |
13,277,689 |
11,728,455 |
Hallas Holdings Limited (Registered number: 14178616) |
Notes to the Consolidated Cash Flow Statement |
for the Period 17 June 2022 to 30 September 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
17.6.22 |
to | Year Ended |
30.9.23 | 30.9.22 |
£ | £ |
Profit before taxation | 2,376,390 | 2,479,718 |
Depreciation charges | 170,769 | 91,964 |
Loss on disposal of fixed assets | 12,504 | 2,467 |
Finance income | (181,666 | ) | (34,340 | ) |
2,377,997 | 2,539,809 |
Decrease/(increase) in nursery stock | 301,861 | (434,706 | ) |
Decrease/(increase) in trade and other debtors | 26,451 | (100,131 | ) |
(Decrease)/increase in trade and other creditors | (504,792 | ) | 372,802 |
Cash generated from operations | 2,201,517 | 2,377,774 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 30 September 2023 |
30.9.23 | 17.6.22 |
£ | £ |
Cash and cash equivalents | 13,277,689 | 11,728,455 |
Year ended 30 September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 11,728,455 | 10,621,591 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 17.6.22 | Cash flow | At 30.9.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 11,728,455 | 1,549,234 | 13,277,689 |
11,728,455 | 1,549,234 | 13,277,689 |
Total | 11,728,455 | 1,549,234 | 13,277,689 |
Hallas Holdings Limited (Registered number: 14178616) |
Notes to the Consolidated Financial Statements |
for the Period 17 June 2022 to 30 September 2023 |
1. | STATUTORY INFORMATION |
Hallas Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
These financial statements incorporate those of Hallas Holdings Limited and its subsidiaries (I.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits) up to 30th September 2023. |
On 20th June 2022, Hallas Holdings Limited became the new parent company of Gordale Nurseries Limited. The introduction of the new holding company constitutes a group reconstruction and has been accounted for using merger accounting principles. Therefore, although the group reconstruction did not become effective until 20th June 2022, the consolidated financial statements are presented as if all companies had been part of the same group. Accordingly, the results for the entire year ended 30th September 2023 are included in the consolidated profit and loss account and comparative figures also prepared on ths basis. |
Where necessary, adjustments are made to the financial statements and subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated unless the transactions provide evidence of an impairment of the asset transferred. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is appropriately valued at cost which is deemed the fair value of the asset per director P A Nicholson. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Nursery stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Hallas Holdings Limited (Registered number: 14178616) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 June 2022 to 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
Their aggregate remuneration comprised: |
Group | Period to | Company | Period to |
30.9.23 | 30.9.22 | 30.9.23 | 30.9.22 |
£ | £ | £ | £ |
Wages and salaries | 1,519,894 | 1,363,096 | - | - |
Social security costs | 109,241 | 96,046 | - | - |
Pension costs | 27,482 | 24,220 | - | - |
1,656,617 | 1,483,362 | - | - |
Period |
17.6.22 |
to | Year Ended |
30.9.23 | 30.9.22 |
£ | £ |
Directors' remuneration | 7,956 | 7,956 |
Hallas Holdings Limited (Registered number: 14178616) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 June 2022 to 30 September 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Defined benefit schemes | 1 | - |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
17.6.22 |
to | Year Ended |
30.9.23 | 30.9.22 |
£ | £ |
Hire of plant and machinery | 9,079 | 12,512 |
Depreciation - owned assets | 170,771 | 91,964 |
Loss on disposal of fixed assets | 12,504 | 2,467 |
Auditors' remuneration | 11,190 | 16,112 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
17.6.22 |
to | Year Ended |
30.9.23 | 30.9.22 |
£ | £ |
Current tax: |
UK corporation tax | 541,178 | 471,268 |
Deferred tax | 5,461 | 7,039 |
Tax on profit | 546,639 | 478,307 |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Hallas Holdings Limited (Registered number: 14178616) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 June 2022 to 30 September 2023 |
7. | DIVIDENDS |
Period |
17.6.22 |
to | Year Ended |
30.9.23 | 30.9.22 |
£ | £ |
Ordinary shares of 1 each |
Final | 70,246 | 40,000 |
Ordinary A share of 1 |
Final | - | 34,400 |
70,246 | 74,400 |
8. | TANGIBLE FIXED ASSETS |
Freehold |
Plant and |
Fixtures & |
Motor |
Computer |
Property | Machinery | fittings | Vehicles | Equipment | Totals |
£ | £ | £ | £ | £ | £ |
COST |
At 1 October 2022 | 3,734,195 | 1,517,219 | 732,690 | 50,739 | 186,519 | 6,221,362 |
Additions | 181,112 | 35,902 | 13,626 | 53,509 | 41,808 | 325,957 |
Disposals | - | (8,859 | ) | (24,251 | ) | - | (34,077 | ) | (67,187 | ) |
At 30 September 2023 | 3,915,307 | 1,544,262 | 722,065 | 104,248 | 194,250 | 6,480,132 |
DEPRECIATION |
At 1 October 2022 | 579,933 | 1,353,305 | 664,786 | 43,967 | 121,937 | 2,763,928 |
Charge for the year | 40,339 | 28,541 | 34,573 | 15,069 | 52,247 | 170,769 |
Eliminated on Disposal | - | (7,403 | ) | (18,504 | ) | - | (28,320 | ) | (54,227 | ) |
At 30 September 2023 | 620,272 | 1,374,443 | 680,855 | 59,036 | 145,864 | 2,880,470 |
NET BOOK VALUE |
At 30 September 2023 | 3,295,035 | 169,819 | 41,210 | 45,212 | 48,386 | 3,599,662 |
At 30 September 2022 | 3,154,262 | 163,914 | 67,904 | 6,772 | 64,582 | 3,457,434 |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Hallas Holdings Limited (Registered number: 14178616) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 June 2022 to 30 September 2023 |
9. | FIXED ASSET INVESTMENTS |
Group | Period to | Company | Period to |
30.9.23 | 30.09.22 | 31.5.23 | 30.9.22 |
£ | £ | £ | £ |
Investments in subsidiaries | - | - | 17,986,623 | - |
Details of the company's subsidiaries at 30th September 2023 are as follows: |
Name of undertaking | Registered office | Nature of business |
Class of shares held |
% Held Direct/Indirect |
Gordale Nurseries | 1. | Retail Sales | Ord / A Ord | 100.00 |
1. Gordale Nurseries, Chester High Road, Burton, South Wirral, CH64 8TF |
The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows: |
Name of undertaking |
Profit/(Loss |
) |
Capital and Reserves |
£ | £ |
Gordale Nurseries Limited | 1,829,796 | 15,304,172 |
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
10. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 17 June 2022 | 3,470,727 |
Additions | 8,320 |
At 30 September 2023 | 3,479,047 |
NET BOOK VALUE |
At 30 September 2023 | 3,479,047 |
At 16 June 2022 | 3,470,727 |
The director believes the value of investment property is not materially different to the orginal purchase cost of the property. |
Hallas Holdings Limited (Registered number: 14178616) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 June 2022 to 30 September 2023 |
11. | NURSERY STOCK |
Group |
30.9.23 | 30.9.22 |
£ | £ |
Nursery stock | 1,524,818 | 1,821,775 |
Garage stock | 27,614 | 32,518 |
1,552,432 | 1,854,293 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors | 2,868 | 639 |
Other debtors | - | 6,209 |
VAT | - | 93 |
Prepayments and accrued income | 151,384 | 173,306 |
154,252 | 180,247 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.9.23 | 30.9.22 | 30.9.23 | 30.9.22 |
£ | £ | £ | £ |
Trade creditors | 895,549 | 1,451,704 |
Tax | 387,604 | 221,427 |
Social security and other taxes | 146,138 | 150,687 |
Other creditors | 70,027 | 32,624 |
Directors' current accounts | 36,443 | 90,320 | 36,443 | - |
Accrued expenses | 238,476 | 220,517 |
1,774,237 | 2,167,279 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Company |
30.9.23 | 30.9.22 |
£ | £ |
Amounts owed to group undertakings | 223,620 | - |
15. | PROVISIONS FOR LIABILITIES |
Group |
30.9.23 | 30.9.22 |
£ | £ |
Deferred tax | 54,963 | 49,502 |
Hallas Holdings Limited (Registered number: 14178616) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 June 2022 to 30 September 2023 |
15. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred tax |
£ |
Balance at 17 June 2022 | 49,502 |
Provided during period | 5,461 |
Balance at 30 September 2023 | 54,963 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | £ | £ |
Ordinary | 1 | 5,999 | 5,999 |
Ordinary A | 1 | 1 | 1 |
6,000 | 6,000 |
17. | RESERVES |
Group |
Retained |
earnings |
£ |
At 17 June 2022 | 18,468,375 |
Profit for the period | 1,829,751 |
Dividends | (70,246 | ) |
At 30 September 2023 | 20,227,880 |
Company |
Retained | Merger |
earnings | reserves | Totals |
£ | £ | £ |
At 17 June 2022 |
Profit for the period |
Dividends | ( |
) | ( |
) |
At 30 September 2023 | 22,910,332 |
Hallas Holdings Limited (Registered number: 14178616) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 June 2022 to 30 September 2023 |
18. | RELATED PARTY DISCLOSURES |
Other operating income includes rent of £12,000 (2022- £6,998) received from P A Nicholson, the company's director. |
Included in administrative expenses is the sum of £nil (2022- £20,000) in respect of rent payable by the company for the use of land owned by a Self- Invested Personal Pension Scheme, whose members are P A Nicholson and his wife, Mrs G D Nicholson. |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is P A Nicholson by way of his ownership of the majority of the share capital. |