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Company No: 09301680 (England and Wales)

WHITES NURSERIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

WHITES NURSERIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

WHITES NURSERIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
WHITES NURSERIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS E White
J White
REGISTERED OFFICE Whites Nurseries Aggateway
Earls Barton
Northampton
NN6 0EP
United Kingdom
COMPANY NUMBER 09301680 (England and Wales)
CHARTERED ACCOUNTANTS MHA
Century House
The Lakes
Northampton
NN4 7HD
WHITES NURSERIES LIMITED

BALANCE SHEET

As at 31 December 2023
WHITES NURSERIES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,502,180 1,432,009
1,502,180 1,432,009
Current assets
Stocks 65,859 35,551
Debtors 4 47,443 58,992
Cash at bank and in hand 5 143,559 179,929
256,861 274,472
Creditors: amounts falling due within one year 6 ( 303,159) ( 305,619)
Net current liabilities (46,298) (31,147)
Total assets less current liabilities 1,455,882 1,400,862
Creditors: amounts falling due after more than one year 7 ( 700,674) ( 744,950)
Provision for liabilities 8 ( 150,814) ( 89,986)
Net assets 604,394 565,926
Capital and reserves
Called-up share capital 200 200
Profit and loss account 604,194 565,726
Total shareholders' funds 604,394 565,926

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Whites Nurseries Limited (registered number: 09301680) were approved and authorised for issue by the Board of Directors on 15 April 2024. They were signed on its behalf by:

J White
Director
WHITES NURSERIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
WHITES NURSERIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Whites Nurseries Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Clay Lane, Earls Barton, Northampton, NN6 0EP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

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

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 21

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2023 1,317,821 200,301 84,223 136,559 1,738,904
Additions 20,829 47,740 77,426 17,561 163,556
Disposals 0 0 ( 13,000) 0 ( 13,000)
At 31 December 2023 1,338,650 248,041 148,649 154,120 1,889,460
Accumulated depreciation
At 01 January 2023 109,350 91,627 63,017 42,901 306,895
Charge for the financial year 48,317 20,268 6,755 16,189 91,529
Disposals 0 0 ( 11,144) 0 ( 11,144)
At 31 December 2023 157,667 111,895 58,628 59,090 387,280
Net book value
At 31 December 2023 1,180,983 136,146 90,021 95,030 1,502,180
At 31 December 2022 1,208,471 108,674 21,206 93,658 1,432,009

4. Debtors

2023 2022
£ £
Trade debtors 24,395 46,766
Prepayments 16,931 5,441
VAT recoverable 6,117 0
Corporation tax 0 6,785
47,443 58,992

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 143,559 179,929

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 34,758 32,278
Trade creditors 113,379 59,309
Amounts owed to directors 107,185 112,652
Accruals 23,331 81,751
Corporation tax 6,001 0
Other taxation and social security 0 655
Obligations under finance leases and hire purchase contracts 14,952 15,351
Other creditors 3,553 3,623
303,159 305,619

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 481,289 510,613
Obligations under finance leases and hire purchase contracts 19,385 34,337
Other creditors 200,000 200,000
700,674 744,950

The bank loans and other loans fall due for repayment within 5 years.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 89,986) ( 46,171)
Charged to the Statement of Income and Retained Earnings ( 60,828) ( 43,815)
At the end of financial year ( 150,814) ( 89,986)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 150,814) ( 89,986)