Company registration number 13719429 (England and Wales)
EVERGREEN E S HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
EVERGREEN E S HOLDINGS LIMITED
COMPANY INFORMATION
Directors
L Weeks
D J C Cumber
C A Marshall
L A Gibbs
Company number
13719429
Registered office
Seasons Nursery
21 Croydon Lane
Banstead
Surrey
SM7 3BW
Auditor
Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
EVERGREEN E S HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
EVERGREEN E S HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The company was incorporated on 2 November 2021 and acquired 100% of the issued share capital of Evergreen Exterior Services Holdings Limited on 1 December 2021 for a total consideration of £15,133,390. Evergreen Exterior Services Holdings Limited is the parent of a group whose principal activity is that of a wholesaler of plants and shrubs.

 

The directors are pleased to report that the group's results and financial position for the year ended 31 December 2023 exceeded expectations. If market conditions continue to improve and provided the weather conditions remain clement, the directors fully expect the group to continue to trade more profitably in the coming years. The group has cash reserves of £3.0m (2022: £2.2m) which provides the group with adequate funds with which to meet day to day spending requirements, as well as to make capital investments where it sees fit.

Principal risks and uncertainties

The main exposures to risk are adverse weather conditions, reducing sales, and the potential loss of stock. The predominant financial risk is the movement in foreign exchange rates with the euro. At present, any movements in the exchange rate between the euro and sterling are absorbed in the gross margin by the group.

Financial instruments

The group’s principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the group’s operations. Due to the nature of the financial instruments used by the group, there is no exposure to price risk. Trade debtors are managed in respect of credit and cash flow risk policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet financial obligations as they fall due. In respect of bank balances, liquidity risk is managed by maintaining the balance between the continuity of funding and flexibility through deposits at floating rates of interest.

Key performance indicators

The key financial indicators against which the directors measure the group's performance are gross margin and stock turnover. Stock turnover for the year was 10 (2022: 14) days to the satisfaction of the directors, which is a positive sign in an industry where stock is often perishable. The gross profit margin was maintained at 17.58% (2022: 17.50%) to the satisfaction of the directors.

On behalf of the board

C A Marshall
Director
6 August 2024
EVERGREEN E S HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023. The comparative information within the financial statements relates to the period from the company's incorporation on 2 November 2021 to 31 December 2022.

Principal activities

The principal activity of the company continued to be that of a holding company.

 

The principal activity of the group continued to be that of wholesalers of plants and shrubs.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were payable during the year amounting to £73,333 (2022: £315,000). The directors do not recommend payment of a further dividend in respect of the year.

Matters covered in the strategic report
As permitted, certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on page 1. This includes future developments and information in relation to the group's financial risk management and objectives.
Directors

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

L Weeks
D J C Cumber
C A Marshall
L A Gibbs
Auditor

In accordance with the company's articles, a resolution proposing that Beavis Morgan Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
C A Marshall
Director
6 August 2024
EVERGREEN E S HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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 group and company, and of the profit or loss of the group 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.

EVERGREEN E S HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EVERGREEN E S HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Evergreen E S Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group and parent 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 group's and 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 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:

EVERGREEN E S HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVERGREEN E S HOLDINGS LIMITED
- 5 -
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 their 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 group's and 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 parent 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.

Capability of the audit in detecting irregularities, including fraud

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.

 

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the group.

 

The following laws and regulations were identified as being of significance to the group:

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the group complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

EVERGREEN E S HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVERGREEN E S HOLDINGS LIMITED
- 6 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Burge (Senior Statutory Auditor)
For and on behalf of Beavis Morgan Audit Limited
6 August 2024
Chartered Accountants
Statutory Auditor
82 St John Street
London
EC1M 4JN
EVERGREEN E S HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
23,859,020
25,666,781
Cost of sales
(19,665,220)
(21,175,590)
Gross profit
4,193,800
4,491,191
Administrative expenses
(3,308,222)
(3,500,725)
Other operating income
3
62,012
71,469
Operating profit
4
947,590
1,061,935
Interest receivable and similar income
8
36,795
6,374
Interest payable and similar expenses
9
(75,082)
(158,417)
Profit before taxation
909,303
909,892
Tax on profit
10
(486,758)
(427,177)
Profit for the financial year
422,545
482,715
Profit for the financial year is all attributable to the owners of the parent company.

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

EVERGREEN E S HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Year
Period
ended
ended
31 December
31 December
2023
2022
£
£
Profit for the year
422,545
482,715
Other comprehensive income
-
-
Total comprehensive income for the year
422,545
482,715
Total comprehensive income for the year is all attributable to the owners of the parent company.
EVERGREEN E S HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
9,038,508
10,180,214
Tangible assets
13
2,154,383
2,155,888
11,192,891
12,336,102
Current assets
Stocks
16
667,321
793,010
Debtors
17
1,327,452
1,517,375
Cash at bank and in hand
2,221,785
2,990,585
4,216,558
5,300,970
Creditors: amounts falling due within one year
18
(3,563,608)
(5,095,146)
Net current assets
652,950
205,824
Total assets less current liabilities
11,845,841
12,541,926
Creditors: amounts falling due after more than one year
19
(14,449)
(1,040,359)
Provisions for liabilities
Deferred tax liability
21
319,590
338,977
(319,590)
(338,977)
Net assets
11,511,802
11,162,590
Capital and reserves
Called up share capital
23
8,582
8,582
Share premium account
24
10,986,293
10,986,293
Profit and loss reserves
516,927
167,715
Total equity
11,511,802
11,162,590
The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
06 August 2024
C A Marshall
Director
EVERGREEN E S HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
15,133,390
15,133,390
Current assets
-
-
Creditors: amounts falling due within one year
18
(359,555)
(1,430,853)
Net current liabilities
(359,555)
(1,430,853)
Total assets less current liabilities
14,773,835
13,702,537
Creditors: amounts falling due after more than one year
19
-
(974,197)
Net assets
14,773,835
12,728,340
Capital and reserves
Called up share capital
23
8,582
8,582
Share premium account
24
10,986,293
10,986,293
Profit and loss reserves
3,778,960
1,733,465
Total equity
14,773,835
12,728,340

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,118,828 (2022: £2,048,465).

The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
06 August 2024
C A Marshall
Director
Company registration number 13719429 (England and Wales)
EVERGREEN E S HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 2 November 2021
-
0
-
0
-
0
-
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
-
482,715
482,715
Dividends
11
-
-
(315,000)
(315,000)
Issue of share capital
8,582
10,986,293
-
10,994,875
Balance at 31 December 2022
8,582
10,986,293
167,715
11,162,590
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
422,545
422,545
Dividends
11
-
-
(73,333)
(73,333)
Balance at 31 December 2023
8,582
10,986,293
516,927
11,511,802
EVERGREEN E S HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 2 November 2021
-
0
-
0
-
0
-
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
-
2,048,465
2,048,465
Dividends
11
-
-
(315,000)
(315,000)
Issue of share capital
8,582
10,986,293
-
10,994,875
Balance at 31 December 2022
8,582
10,986,293
1,733,465
12,728,340
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,118,828
2,118,828
Dividends
11
-
-
(73,333)
(73,333)
Balance at 31 December 2023
8,582
10,986,293
3,778,960
14,773,835
EVERGREEN E S HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,234,147
2,273,017
Interest paid
(5,577)
(6,882)
Income taxes paid
(621,240)
(44,610)
Net cash inflow from operating activities
1,607,330
2,221,525
Investing activities
Purchase of subsidiary undertaking, net of cash acquired
-
2,251,275
Purchase of tangible fixed assets
(138,506)
(23,016)
Proceeds from disposal of tangible fixed assets
-
444
Repayment of loans
4,200
-
Interest received
36,795
6,374
Net cash (used in)/generated from investing activities
(97,511)
2,235,077
Financing activities
Payment of deferred consideration
(1,800,000)
(1,200,000)
Payment of finance leases obligations
(90,286)
(266,017)
Dividends paid to equity shareholders
(388,333)
-
0
Net cash used in financing activities
(2,278,619)
(1,466,017)
Net (decrease)/increase in cash and cash equivalents
(768,800)
2,990,585
Cash and cash equivalents at beginning of year
2,990,585
-
0
Cash and cash equivalents at end of year
2,221,785
2,990,585
EVERGREEN E S HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(1,000)
(1,083,955)
Investing activities
Dividends received
2,189,333
2,283,955
Net cash generated from investing activities
2,189,333
2,283,955
Financing activities
Payment of deferred consideration
(1,800,000)
(1,200,000)
Dividends paid to equity shareholders
(388,333)
-
Net cash used in financing activities
(2,188,333)
(1,200,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Evergreen E S Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Seasons Nursery, 21 Croydon Lane, Banstead, Surrey, SM7 3BW.

 

The group consists of Evergreen E S Holdings Limited and all of its subsidiaries.

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. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the consolidated financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment in the parent company financial statements.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Evergreen E S Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

 

EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have 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.

1.5
Turnover

The turnover shown in the group profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of VAT. Sales are recognised at the point at which the group has fulfilled its contractual obligations and the risks and rewards attached to the product have been transferred to the customer.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is to December 2031.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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% straight line. Land is not depreciated.
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
25% straight line
Motor vehicles
25% reducing balance

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 recognised in profit or loss.

1.8
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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.

EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow-moving items.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets 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 group 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.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and others creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the enacted or substantively enacted tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The assets of the scheme are held separately from those of the group in an independently administered fund.

1.17
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 leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
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 the profit and loss account.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimated useful lives of intangible and tangible fixed assets (notes 12 and 13)

Estimation is required on determining the useful lives of such assets and their residual values.

Stock (note 16)

Estimation is required in determining the provision for slow moving stock.

Discounting of loan notes (note 19)

The discount rate of 5% used to arrive at the present value of the loan notes is a significant area of judgement.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Market sales
2,023,604
1,524,458
Nursery sales
19,779,175
22,311,687
Christmas tree sales
2,056,241
1,830,636
23,859,020
25,666,781
EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Other revenue
Interest income
36,795
6,374
Grants received
-
4,345
Rent receivable
62,012
67,124

The total turnover of the group for the year and prior year have been derived from its principal activity wholly undertaken in the United Kingdom.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(26,385)
27,384
Government grants
-
(4,345)
Depreciation of owned tangible fixed assets
86,232
83,074
Depreciation of tangible fixed assets held under finance leases
53,779
68,348
Profit on disposal of tangible fixed assets
-
(444)
Amortisation of intangible assets
1,141,706
1,236,848
Operating lease charges
117,844
175,459
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
20,000
21,667

Fees payable to the company's auditor for the audit of the group's and company's financial statements are paid via Evergreen Exterior Services Limited.

EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administrative staff
3
3
-
-
Nursery staff
54
55
-
-
Directors
4
4
4
4
Total
61
62
4
4

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,632,059
2,846,347
-
0
-
0
Social security costs
362,509
339,342
-
-
Pension costs
48,767
52,871
-
0
-
0
3,043,335
3,238,560
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
507,500
482,083
Company pension contributions to defined contribution schemes
3,963
3,816
511,463
485,899

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

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
157,500
148,056
Company pension contributions to defined contribution schemes
1,321
1,431
EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
36,697
6,374
Other interest income
98
-
Total income
36,795
6,374
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
5,577
6,882
Other interest
69,505
151,535
Total finance costs
75,082
158,417
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
506,145
363,045
Adjustments in respect of prior periods
-
0
(4)
Total current tax
506,145
363,041
Deferred tax
Origination and reversal of timing differences
(19,387)
64,136
Total tax charge
486,758
427,177
EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 24 -

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
909,303
909,892
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
213,874
172,879
Tax effect of expenses that are not deductible in determining taxable profit
272,246
250,787
Deferred tax rate change
(1,147)
5,282
Fixed asset differences
1,818
(11,204)
Income not taxable for tax purposes
(33)
9,433
Taxation charge
486,758
427,177
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Dividends
73,333
315,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
11,417,062
Amortisation and impairment
At 1 January 2023
1,236,848
Amortisation charged for the year
1,141,706
At 31 December 2023
2,378,554
Carrying amount
At 31 December 2023
9,038,508
At 31 December 2022
10,180,214
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Tangible fixed assets
Group
Land and buildings freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,676,880
67,796
562,634
2,307,310
Additions
-
0
138,506
-
0
138,506
At 31 December 2023
1,676,880
206,302
562,634
2,445,816
Depreciation and impairment
At 1 January 2023
17,144
10,737
123,541
151,422
Depreciation charged in the year
16,420
13,818
109,773
140,011
At 31 December 2023
33,564
24,555
233,314
291,433
Carrying amount
At 31 December 2023
1,643,316
181,747
329,320
2,154,383
At 31 December 2022
1,659,736
57,059
439,093
2,155,888
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
161,336
273,514
-
0
-
0
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
15,133,390
15,133,390
EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
15,133,390
Carrying amount
At 31 December 2023
15,133,390
At 31 December 2022
15,133,390
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Evergreen Exterior Services Holdings Limited
Seasons Nursery, 21 Croydon Lane, Banstead, Surrey, United Kingdom, SM7 3BW
Holding company
Ordinary
100.00
-
Evergreen Exterior Services Limited
Seasons Nursery, 21 Croydon Lane, Banstead, Surrey, United Kingdom, SM7 3BW
Wholesaler of plants
Ordinary
-
100.00
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Goods for resale
667,321
793,010
-
0
-
0
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,247,482
1,454,363
-
0
-
0
Other debtors
25,855
30,372
-
0
-
0
Prepayments and accrued income
54,115
32,640
-
0
-
0
1,327,452
1,517,375
-
-
EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
65,992
104,565
-
0
-
0
Trade creditors
2,037,906
2,312,993
-
0
-
0
Corporation tax payable
241,538
356,633
-
0
-
0
Other taxation and social security
746,860
799,871
-
-
Dividends payable
-
0
315,000
-
0
315,000
Deferred consideration
19
359,555
1,115,853
359,555
1,115,853
Other creditors
10,880
-
-
-
Accruals and deferred income
100,877
90,231
-
0
-
0
3,563,608
5,095,146
359,555
1,430,853
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
14,449
66,162
-
0
-
0
Deferred consideration
-
0
974,197
-
0
974,197
14,449
1,040,359
-
974,197

Deferred consideration relates to loan notes held by director L Weeks which are payable in quarterly instalments until September 2024. The loan notes have been measured at present value using a discount rate of 5% per annum. A fixed charge over all property, assets and undertakings of the subsidiary company, Evergreen Exterior Services Limited, are held by the noteholder.

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
65,992
104,565
-
0
-
0
In two to five years
14,449
66,162
-
0
-
0
80,441
170,727
-
-

Finance lease payments represent rentals payable by the group for certain motor vehicles. 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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
104,651
124,038
Revaluations
214,939
214,939
319,590
338,977
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
338,977
-
Credit to profit or loss
(19,387)
-
Liability at 31 December 2023
319,590
-
22
Retirement benefit schemes
Group
Group
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,767
52,871

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,582
8,582
8,582
8,582
EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
24
Capital and reserves
Called up share capital
This balance represents the nominal value of the shares issued by the company.
Share premium account

This balance represents the amount paid for share capital issued by the company over its nominal value.

Profit and loss reserves
This balance represents the accumulation of profits and losses made by the company since its inception, less dividends paid.
25
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
43,716
30,430
-
-
Between two and five years
39,858
-
-
-
83,574
30,430
-
-
Lessor

At the reporting end date the group and company had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
10,512
10,512
-
-
26
Related party transactions

Key management personnel are considered to be the directors only. Their compensation has been included in note 7 of the financial statements.

 

Compensation totalling £129,311 (2022: £92,750) was paid to close family members of key management personnel in respect of services provided during the year.

EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
27
Cash generated from operations - group
2023
2022
£
£
Profit for the year after tax
422,545
482,715
Adjustments for:
Taxation charged
486,758
427,177
Finance costs
75,082
158,417
Investment income
(36,795)
(6,374)
Profit on disposal of tangible fixed assets
-
(444)
Amortisation and impairment of intangible assets
1,141,706
1,236,848
Depreciation and impairment of tangible fixed assets
140,011
151,422
Movements in working capital:
Decrease/(increase) in stocks
125,689
(295,709)
Decrease in debtors
185,723
164,557
Decrease in creditors
(306,572)
(45,592)
Cash generated from operations
2,234,147
2,273,017
28
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
2,118,828
2,048,465
Adjustments for:
Finance costs
69,505
151,535
Investment income
(2,189,333)
(2,283,955)
Movements in working capital:
Decrease in creditors
-
(1,000,000)
Cash absorbed by operations
(1,000)
(1,083,955)
29
Analysis of changes in net funds - group
1 January 2023
Cash flows
Other non-cash changes
31 December 2023
£
£
£
£
Cash at bank and in hand
2,990,585
(768,800)
-
2,221,785
Borrowings (deferred consideration)
(2,090,050)
1,800,000
(69,505)
(359,555)
Obligations under finance leases
(170,727)
90,286
-
(80,441)
729,808
1,121,486
(69,505)
1,781,789

Other non-cash flow changes relate to the unwinding of the discount on the loan notes, see note 19.

EVERGREEN E S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
30
Analysis of changes in net debt - company
1 January 2023
Cash flows
Other non-cash changes
31 December 2023
£
£
£
£
Borrowings (deferred consideration)
(2,090,050)
1,800,000
(69,505)
(359,555)

Other non-cash flow changes relate to the unwinding of the discount on the loan notes, see note 19.

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