Company registration number 00612259 (England and Wales)
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
COMPANY INFORMATION
Directors
Mr N P Oliver
Mr S C Oliver
Mr T D Oliver
Secretary
Mr T D Oliver
Company number
00612259
Registered office
Seascape
Barton Lane
Berrynarbor
Ilfracombe
EX34 9SU
Auditor
Simpkins Edwards Audit LLP
The Summit
Woodwater Park
Pynes Hill
Exeter
Devon
EX2 5WS
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

The directors' present their strategic report for the year ended 30 September 2023.

Review of the business

The principal activity of the company continued to be that of growing and selling plants, horticultural products, and related goods. The directors consider the state of affairs of the company to be satisfactory - especially given the challenges faced as a result of the Coronavirus pandemic.

 

During the year the company's focus was on the continued integration of the Ashford Garden Centre into the business and improvements to controls and customer services. Since the pandemic, a great deal of effort has gone into restoring the catering side of the business to its previous levels. With careful management of costs and staffing this has been achieved.

 

Once again the summer trading has been buoyant as customers haven’t been travelling and are choosing to spend on their houses and gardens. This is shown in the levels of Garden Furniture, BBQ’s and larger plants that have gone through both of the stores.

Principal risks and uncertainties

The demand for the garden centre products is affected by several factors, including consumers' disposable income, fashion trends, seasonality and the weather.

 

In addition, the pandemic and associated events, represents a significant risk for the operations of the business. The trading results over the 2023 year despite this are a testament to the robust nature of the business and management will continue to ensure the viability of the business by maintaining a very strict control on employee and overhead costs.

Development and performance

Future developments

The company will continue to look for further opportunities to enhance the profitability of the current Garden Centres and ancillary businesses.

Key performance indicators

Results and performance

The gross profit margin is 55.27% is slightly lower than last year's result at 55.99%, but this is still well above the industry and sector average.

By order of the board

Mr T D Oliver
Secretary
26 March 2024
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -

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

Principal activities

The principal activity of the company continued to be that of growing and selling flowers, horticultural products and related goods.

Results and dividends

The results for the year are set out on page 8.

An interim dividend was paid amounting to £75,268 (2022: £75,268). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N P Oliver
Mr S C Oliver
Mr T D Oliver
Financial instruments
Treasury operations and financial instruments

The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities. Derivative products are not used.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

The auditor, Simpkins Edwards Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
By order of the board
Mr T D Oliver
Secretary
26 March 2024
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -

The directors are responsible 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
- 5 -
Opinion

We have audited the financial statements of St.John's Nurseries (North Devon) Limited (the 'company') for the year ended 30 September 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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's 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.

ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
- 7 -

We have reviewed the laws and regulations of significance to this entity and gained an understanding of the legal and regulatory framework applicable to the entity. The initial review being undertaken as part of our planning work. We have then made enquires with management concerning compliance, as well as carrying out supporting audit tests to confirm compliance. Based on the findings of our work and the extent of any irregularities identified, we have reassessed risk, as required, and if necessary, changed our planned work to take these factors into account.

 

We have carried out additional work with regard to fraud risk arising from non-compliance with applicable laws and regulations. We have looked specifically at risks regarding revenue recognition in the financial statements.

 

We have also considered the risk presented by the potential for management to override controls for their own advantage, which is a greater risk in owned managed companies, where segregation of roles and responsibilities is less defined.

 

Our procedures in response to the risks identified included the following:Ÿ

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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.

James Welton BA (Hons) ACA CTA
Senior Statutory Auditor
For and on behalf of Simpkins Edwards Audit LLP
8 April 2024
Chartered Accountants
Statutory Auditor
The Summit
Woodwater Park
Pynes Hill
Exeter
Devon
EX2 5WS
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
7,170,530
7,127,247
Cost of sales
(3,207,108)
(3,137,046)
Gross profit
3,963,422
3,990,201
Distribution costs
(172,599)
(188,416)
Administrative expenses
(3,197,597)
(2,715,484)
Other operating income
836
709
Operating profit
5
594,062
1,087,010
Interest receivable and similar income
8
6,541
4
Interest payable and similar expenses
9
-
0
(8,186)
Amounts written off investments
3,691
(3,097)
Profit before taxation
604,294
1,075,731
Tax on profit
11
(118,389)
(243,185)
Profit for the financial year
485,905
832,546

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
485,905
832,546
Other comprehensive income
-
-
Total comprehensive income for the year
485,905
832,546
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,863,637
3,653,918
Current assets
Stocks
13
1,300,880
1,454,532
Debtors
14
2,195,606
1,415,815
Investments
15
49,273
45,582
Cash at bank and in hand
1,233,782
989,785
4,779,541
3,905,714
Creditors: amounts falling due within one year
16
(838,430)
(1,155,375)
Net current assets
3,941,111
2,750,339
Total assets less current liabilities
6,804,748
6,404,257
Creditors: amounts falling due after more than one year
17
-
0
(6,079)
Provisions for liabilities
Deferred tax liability
19
171,574
175,641
(171,574)
(175,641)
Net assets
6,633,174
6,222,537
Capital and reserves
Called up share capital
21
4,301
4,301
Profit and loss reserves
6,628,873
6,218,236
Total equity
6,633,174
6,222,537

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
Mr N P Oliver
Director
Company registration number 00612259 (England and Wales)
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2021
4,301
5,479,777
5,484,078
Year ended 30 September 2022:
Profit and total comprehensive income
-
832,546
832,546
Dividends
10
-
(75,268)
(75,268)
Deferred tax movement on revalued amounts
-
(18,819)
(18,819)
Balance at 30 September 2022
4,301
6,218,236
6,222,537
Year ended 30 September 2023:
Profit and total comprehensive income
-
485,905
485,905
Dividends
10
-
(75,268)
(75,268)
Balance at 30 September 2023
4,301
6,628,873
6,633,174
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(427,000)
931,842
Interest paid
-
0
(8,186)
Income taxes paid
(235,197)
(206,571)
Net cash (outflow)/inflow from operating activities
(662,197)
717,085
Investing activities
Purchase of tangible fixed assets
(62,862)
(34,718)
Proceeds from disposal of tangible fixed assets
869,380
-
0
Repayment of loans
172,000
(200,000)
Interest received
6,541
4
Net cash generated from/(used in) investing activities
985,059
(234,714)
Financing activities
Repayment of bank loans
-
0
(478,322)
Payment of finance leases obligations
(3,597)
(15,626)
Dividends paid
(75,268)
(75,268)
Net cash used in financing activities
(78,865)
(569,216)
Net increase/(decrease) in cash and cash equivalents
243,997
(86,845)
Cash and cash equivalents at beginning of year
989,785
1,076,630
Cash and cash equivalents at end of year
1,233,782
989,785
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
1
Accounting policies
Company information

St.John's Nurseries (North Devon) Limited is a private company limited by shares incorporated in England and Wales, registered no. 00612259. The registered office is Seascape, Barton Lane, Berrynarbor, Ilfracombe, EX34 9SU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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 trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% per annum on cost of buildings (no depreciation on land)
Tenant's Improvements
4.55% per annum (22 years) on cost
Plant and machinery
15% per annum on written down value
Fixtures, fittings & equipment
15% - 25% per annum on written down value
Motor vehicles
25% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

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

ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange
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 profit and loss account.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The judgements and estimates made by directors are not considered material.

ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 16 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Retail
4,339,760
4,693,719
Cafe
1,723,859
1,452,367
Franchise
141,475
147,359
Landscaping
965,436
833,802
7,170,530
7,127,247
2023
2022
£
£
Other revenue
Interest income
6,541
4
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,000
11,667
5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
-
0
91
Depreciation of owned tangible fixed assets
142,010
169,534
(Profit)/loss on disposal of tangible fixed assets
(158,247)
833
Operating lease charges
32,141
32,588
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Landscape, maintenance & horticulture
9
9
Office and management
18
19
Selling (including part-time employees)
44
34
Cafe (including part-time employees)
49
44
Total
120
106
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,255,349
1,875,234
Social security costs
177,689
141,683
Pension costs
222,395
80,745
2,655,433
2,097,662
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
365,477
125,517
Company pension contributions to defined contribution schemes
13,376
15,058
378,853
140,575

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
124,635
-
Company pension contributions to defined contribution schemes
11,112
-
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
6,541
4
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
-
0
7,775
Other finance costs:
Interest on finance leases and hire purchase contracts
-
411
-
0
8,186
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 18 -
10
Dividends
2023
2022
£
£
Interim paid
75,268
75,268
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
122,456
235,198
Adjustments in respect of prior periods
-
0
(3)
Total current tax
122,456
235,195
Deferred tax
Origination and reversal of timing differences
(4,067)
(15,344)
Changes in tax rates
-
0
23,334
Total deferred tax
(4,067)
7,990
Total tax charge
118,389
243,185

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
604,294
1,075,731
Expected tax charge based on the standard rate of corporation tax in the UK of 22.01% (2022: 19.00%)
133,005
204,389
Tax effect of expenses that are not deductible in determining taxable profit
2,700
-
0
Adjustments in respect of prior years
-
0
(3)
Permanent capital allowances in excess of depreciation
6,745
14,060
Depreciation on assets not qualifying for tax allowances
14,836
15,916
(Profit)/Loss on disposal of fixed assets
(34,830)
833
Deferred tax
(4,067)
7,990
Taxation charge for the year
118,389
243,185
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 19 -
12
Tangible fixed assets
Land and buildings Freehold
Tenant's Improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2022
4,308,926
314,106
1,389,667
236,444
258,271
6,507,414
Additions
4,910
-
0
30,592
3,870
23,490
62,862
Disposals
(869,380)
-
0
-
0
-
0
-
0
(869,380)
At 30 September 2023
3,444,456
314,106
1,420,259
240,314
281,761
5,700,896
Depreciation and impairment
At 1 October 2022
1,047,942
238,047
1,155,636
197,743
214,128
2,853,496
Depreciation charged in the year
53,491
13,916
38,625
8,996
26,982
142,010
Eliminated in respect of disposals
(158,247)
-
0
-
0
-
0
-
0
(158,247)
At 30 September 2023
943,186
251,963
1,194,261
206,739
241,110
2,837,259
Carrying amount
At 30 September 2023
2,501,270
62,143
225,998
33,575
40,651
2,863,637
At 30 September 2022
3,260,984
76,059
234,031
38,701
44,143
3,653,918

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
3,393
18,461

Part of the freehold land and property is held at deemed cost following transition to FRS102 based on an earlier revaluation by directors.

13
Stocks
2023
2022
£
£
Finished goods and goods for resale
1,300,880
1,454,532
ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 20 -
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
150,202
102,088
Other debtors
1,992,266
1,271,901
Prepayments and accrued income
53,138
41,826
2,195,606
1,415,815
15
Current asset investments
2023
2022
£
£
Listed investments
49,273
45,582
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
18
6,129
3,647
Trade creditors
410,130
458,105
Corporation tax
122,456
235,198
Other taxation and social security
181,624
185,365
Other creditors
57,292
171,752
Accruals and deferred income
60,799
101,308
838,430
1,155,375

Obligations under finance leases are secured by fixed charges on the assets to which they relate.

17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
18
-
0
6,079

Obligations under finance leases are secured by fixed charges on the assets to which they relate.

 

An unlimited all moneys guarantee has been given by Murphy and Neville Limited - a connected company by virtue of common directors with St. Johns Nurseries (North Devon) Limited.

ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 21 -
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
6,129
3,647
In two to five years
-
0
6,079
6,129
9,726

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 37 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
93,161
97,228
Revaluations
78,413
78,413
171,574
175,641
2023
Movements in the year:
£
Liability at 1 October 2022
175,641
Credit to profit or loss
(4,067)
Liability at 30 September 2023
171,574
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
222,395
80,745

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,301
4,301
4,301
4,301

The company has one class of ordinary shares which carry no right to fixed income. All shares rank equally for voting purposes.

22
Operating lease commitments
Lessee

 

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
15,984
15,984
Between two and five years
23,976
39,960
39,960
55,944
23
Directors' transactions

Dividends totalling £45,150 (2022 - £45,150) were paid in the year in respect of shares held by the company's directors.

The following amounts were outstanding at the reporting end date:

24
Related party transactions

Murphy and Neville Limited

At the year end, the company was owed £1,963,727 (2022: £1,070,796) in respect of monies loaned to Murphy and Neville Limited for the purchase of land at Roundswell. No interest is chargeable on the loan and the loan is repayable on demand. Murphy and Neville Limited is a related party by virtue of common directors.

25
Distributable Reserves

The company retained earnings contain amounts totaling £439,016 (2022: £456,306) which are considered to be non-distributable reserves, relating to the revaluation of land and buildings and the associated deferred tax. 

ST.JOHN'S NURSERIES (NORTH DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
26
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year after tax
485,905
832,546
Adjustments for:
Taxation charged
118,389
243,185
Finance costs
-
0
8,186
Investment income
(6,541)
(4)
(Gain)/loss on disposal of tangible fixed assets
(158,247)
833
Depreciation and impairment of tangible fixed assets
142,010
169,534
Other gains and losses
(3,691)
3,097
Decrease in provisions
-
0
(18,819)
Movements in working capital:
Decrease/(increase) in stocks
153,652
(254,124)
Increase in debtors
(951,792)
(126,831)
(Decrease)/increase in creditors
(206,685)
74,239
Cash (absorbed by)/generated from operations
(427,000)
931,842
27
Analysis of changes in net funds
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
989,785
243,997
1,233,782
Obligations under finance leases
(9,726)
3,597
(6,129)
980,059
247,594
1,227,653
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