REGISTERED NUMBER: 11122778 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
FOR |
POLLARDS NURSERIES LIMITED |
REGISTERED NUMBER: 11122778 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
FOR |
POLLARDS NURSERIES LIMITED |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 30th November 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
POLLARDS NURSERIES LIMITED |
COMPANY INFORMATION |
For The Year Ended 30th November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
76 Aldwick Road |
Bognor Regis |
West Sussex |
PO21 2PE |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
GROUP STRATEGIC REPORT |
For The Year Ended 30th November 2023 |
The directors present their strategic report of the company and the group for the year ended 30th November 2023. |
REVIEW OF BUSINESS |
A summary of the results and key performance indicators are as follows: |
Summary of financial results |
Turnover decreased from £8,791,497 for the year to 30th November 2022 to £8,102,414 for the year ended 30th November 2023. The gross profit margin achieved was 12.08% compared to 28.44% last year. The overall result was a profit after taxation of £410,356 compared to a profit after taxation for 2022 of £395,473. The profit has increased the group's net assets from £4,674,649 at 30th November 2022 to £5,085,005 at 30th November 2023. Reasons for the financial performance are outlined below. |
Review of the business |
The main activity of the company continues to be the growing and packing of tomatoes on the vine for sale to UK retailers. Some of the growing facilities were also rented to a third-party grower of soft fruit. The business suffered from loss of yield due to Tomato brown rugose virus (ToBRFV) in some of its crops during the 2023 season. The infection was well managed to minimise impact on supply to customers and the financial loss was mitigated by favourable energy contracts. |
Future performance |
The company has switched all cropping for the 2024 season to tomato varieties that have resistance to ToBRVF. The area rented to the same third-party soft fruit grower has increased for the 2024 season. It has also changed its hygiene measure and cross infection controls to reduce further the risk of loss of yield from diseases. The company has fixed unit costs of energy for the 2024 season. |
Principal risks and uncertainties |
The switch to different and relatively untested tomato varieties carries some risk of unpredictable growing performance and yield. Gas prices, although hedged against for the 2024 season, remain a risk in the longer term in particular as is the ongoing availability of staff to harvest and pack fruit. Pests and diseases are an ongoing threat which all staff are made aware of and strict hygiene measures implemented to control the risks. |
ON BEHALF OF THE BOARD: |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
REPORT OF THE DIRECTORS |
For The Year Ended 30th November 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30th November 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 30th November 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st December 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Bromley Clackett Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
POLLARDS NURSERIES LIMITED |
Opinion |
We have audited the financial statements of Pollards Nurseries Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th November 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30th November 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
POLLARDS NURSERIES LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
POLLARDS NURSERIES LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with management of the company. |
- We obtained an understanding of the legal and regulatory requirements applicable to the Group and considered that the most significant are the Companies Act 2006, Financial reporting Standard 102 and tax legislation. |
- We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
- We inquired of management as to any known instances of irregularities or non-compliance with laws and regulations. |
- We agreed the financial statement disclosures to underlying supporting documentation and performed detailed testing on accounts balances which were considered to be at a greater risk of susceptibility to fraud. |
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group’s internal control. |
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. |
We communicate with management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
POLLARDS NURSERIES LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
76 Aldwick Road |
Bognor Regis |
West Sussex |
PO21 2PE |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
CONSOLIDATED INCOME STATEMENT |
For The Year Ended 30th November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 8,102,414 | 8,791,497 |
Cost of sales | 7,123,362 | 6,291,005 |
GROSS PROFIT | 979,052 | 2,500,492 |
Distribution costs | 1,007,081 | 1,243,601 |
Administrative expenses | 1,145,087 | 1,009,419 |
2,152,168 | 2,253,020 |
(1,173,116 | ) | 247,472 |
Other operating income | 1,706,386 | 354,518 |
OPERATING PROFIT | 4 | 533,270 | 601,990 |
Interest receivable and similar income | 8,196 | 16,575 |
PROFIT BEFORE TAXATION | 541,466 | 618,565 |
Tax on profit | 5 | 131,110 | 223,092 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 410,356 | 395,473 |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
For The Year Ended 30th November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 410,356 | 395,473 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
410,356 |
395,473 |
Total comprehensive income attributable to: |
Owners of the parent | 410,356 | 395,473 |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
CONSOLIDATED BALANCE SHEET |
30th November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | 191,540 | 222,185 |
Tangible assets | 8 | 1,952,209 | 2,123,086 |
Investments | 9 |
Participating interests | 1 | 1 |
Other investments | 1,078,358 | 1,078,358 |
3,222,108 | 3,423,630 |
CURRENT ASSETS |
Stocks | 10 | 273,049 | 399,720 |
Debtors | 11 | 1,703,841 | 867,210 |
Cash at bank and in hand | 1,167,019 | 1,318,864 |
3,143,909 | 2,585,794 |
CREDITORS |
Amounts falling due within one year | 12 | 871,139 | 895,739 |
NET CURRENT ASSETS | 2,272,770 | 1,690,055 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,494,878 |
5,113,685 |
CREDITORS |
Amounts falling due after more than one year |
13 |
(10,326 |
) |
(12,148 |
) |
PROVISIONS FOR LIABILITIES | 15 | (399,547 | ) | (426,888 | ) |
NET ASSETS | 5,085,005 | 4,674,649 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 180,480 | 180,480 |
Other reserves | 17 | 4,425,986 | 4,425,986 |
Retained earnings | 17 | 478,539 | 68,183 |
SHAREHOLDERS' FUNDS | 5,085,005 | 4,674,649 |
The financial statements were approved by the Board of Directors and authorised for issue on 31st July 2024 and were signed on its behalf by: |
N Stevenson - Director |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
COMPANY BALANCE SHEET |
30th November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Other reserves | 17 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | 478,285 |
The financial statements were approved by the Board of Directors and authorised for issue on |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 30th November 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1st December 2021 | 180,480 | (327,290 | ) | 4,425,986 | 4,279,176 |
Changes in equity |
Profit for the year | - | 395,473 | - | 395,473 |
Total comprehensive income | - | 395,473 | - | 395,473 |
Balance at 30th November 2022 | 180,480 | 68,183 | 4,425,986 | 4,674,649 |
Changes in equity |
Profit for the year | - | 410,356 | - | 410,356 |
Total comprehensive income | - | 410,356 | - | 410,356 |
Balance at 30th November 2023 | 180,480 | 478,539 | 4,425,986 | 5,085,005 |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 30th November 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1st December 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 30th November 2022 | 180,480 | - | 4,606,466 |
Changes in equity |
Balance at 30th November 2023 |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 30th November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,369,996 | 513,169 |
Tax paid | (23,114 | ) | - |
Net cash from operating activities | 1,346,882 | 513,169 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (112,923 | ) | (174,467 | ) |
Loan finance provided | (1,394,000 | ) | - |
Interest received | 8,196 | 16,575 |
Net cash from investing activities | (1,498,727 | ) | (157,892 | ) |
(Decrease)/increase in cash and cash equivalents | (151,845 | ) | 355,277 |
Cash and cash equivalents at beginning of year |
2 |
1,318,864 |
963,587 |
Cash and cash equivalents at end of year | 2 | 1,167,019 | 1,318,864 |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 30th November 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.11.23 | 30.11.22 |
£ | £ |
Profit before taxation | 541,466 | 618,565 |
Depreciation charges | 314,445 | 325,723 |
Finance income | (8,196 | ) | (16,575 | ) |
847,715 | 927,713 |
Decrease in stocks | 126,671 | 51,261 |
Decrease/(increase) in trade and other debtors | 557,369 | (328,025 | ) |
Decrease in trade and other creditors | (161,759 | ) | (137,780 | ) |
Cash generated from operations | 1,369,996 | 513,169 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30th November 2023 |
30.11.23 | 1.12.22 |
£ | £ |
Cash and cash equivalents | 1,167,019 | 1,318,864 |
Year ended 30th November 2022 |
30.11.22 | 1.12.21 |
£ | £ |
Cash and cash equivalents | 1,318,864 | 963,587 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.12.22 | Cash flow | At 30.11.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,318,864 | (151,845 | ) | 1,167,019 |
1,318,864 | (151,845 | ) | 1,167,019 |
Total | 1,318,864 | (151,845 | ) | 1,167,019 |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 30th November 2023 |
1. | STATUTORY INFORMATION |
Pollards Nurseries Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling and are rounded to the nearest pound. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Land & buildings | - |
Plant & machinery | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30th November 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
£ | £ | £ | £ |
Wages and salaries | 3,212,565 | 3,600,968 | - | - |
Social security costs | 312,924 | 336,915 | - | - |
Other pension costs | 71,963 | 76,270 | - | - |
3,597,452 | 4,014,153 | - | - |
The average monthly number of employees during the year was as follows: |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
Directors | 3 | 3 | 3 | 3 |
Management | 7 | 8 | - | - |
Direct labour | 105 | 121 | - | - |
115 | 132 | 3 | 3 |
30.11.23 | 30.11.22 |
£ | £ |
Directors' remuneration | 131,953 | 138,242 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.11.23 | 30.11.22 |
£ | £ |
Depreciation - owned assets | 283,800 | 295,078 |
Goodwill amortisation | 30,645 | 30,645 |
Auditors' remuneration | 9,650 | 9,650 |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30th November 2023 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.11.23 | 30.11.22 |
£ | £ |
Current tax: |
UK corporation tax | 158,451 | 23,114 |
Deferred tax | (27,341 | ) | 199,978 |
Tax on profit | 131,110 | 223,092 |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
7. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1st December 2022 |
and 30th November 2023 | 306,459 |
AMORTISATION |
At 1st December 2022 | 84,274 |
Amortisation for year | 30,645 |
At 30th November 2023 | 114,919 |
NET BOOK VALUE |
At 30th November 2023 | 191,540 |
At 30th November 2022 | 222,185 |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30th November 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Land & | Plant & |
buildings | machinery | Totals |
£ | £ | £ |
COST |
At 1st December 2022 | 1,753,958 | 1,152,207 | 2,906,165 |
Additions | - | 112,923 | 112,923 |
At 30th November 2023 | 1,753,958 | 1,265,130 | 3,019,088 |
DEPRECIATION |
At 1st December 2022 | 439,999 | 343,080 | 783,079 |
Charge for year | 162,785 | 121,015 | 283,800 |
At 30th November 2023 | 602,784 | 464,095 | 1,066,879 |
NET BOOK VALUE |
At 30th November 2023 | 1,151,174 | 801,035 | 1,952,209 |
At 30th November 2022 | 1,313,959 | 809,127 | 2,123,086 |
Freehold property with a net book value of £103,370 is included within land and buildings above. This represents cost of £110,726 and depreciation charged to date of £7,355. All other land and buildings costs represent short leasehold costs. |
9. | FIXED ASSET INVESTMENTS |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Participating interests | 1 | 1 |
Other investments not loans | 51 | 51 |
Other loans | 1,078,307 | 1,078,307 |
1,078,359 | 1,078,359 |
Additional information is as follows: |
Group |
Other |
investments |
other |
Participating | than |
interests | loans | Totals |
£ | £ | £ |
COST |
At 1st December 2022 |
and 30th November 2023 | 1 | 51 | 52 |
NET BOOK VALUE |
At 30th November 2023 | 1 | 51 | 52 |
At 30th November 2022 | 1 | 51 | 52 |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30th November 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st December 2022 |
and 30th November 2023 |
NET BOOK VALUE |
At 30th November 2023 |
At 30th November 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: 76 Aldwick Road, Bognor Regis, West Sussex, PO21 2PE |
Nature of business: |
% |
Class of shares: | holding |
Group |
Other |
loans |
£ |
At 1st December 2022 |
and 30th November 2023 | 1,078,307 |
10. | STOCKS |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Raw materials and consumables | 273,049 | 399,720 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Trade debtors | 251,684 | 599,980 |
Other debtors | 1,439,439 | 77,881 |
Prepayments | 12,718 | 189,349 |
1,703,841 | 867,210 |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30th November 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
£ | £ | £ | £ |
Trade creditors | 284,425 | 443,222 |
Amounts owed to group undertakings | - | - |
Corporation tax | 158,451 | 23,114 |
Social security and other taxes | 67,200 | 62,928 |
Other creditors | 8,789 | 4,035 |
Accruals and deferred income | 352,274 | 362,440 |
871,139 | 895,739 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Accruals and deferred income | 10,326 | 12,148 |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
30.11.23 | 30.11.22 |
£ | £ |
Between one and five years | 802,157 | 782,196 |
15. | PROVISIONS FOR LIABILITIES |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Deferred tax | 399,547 | 426,888 |
Group |
Deferred |
tax |
£ |
Balance at 1st December 2022 | 426,888 |
Origination and reversal of | (27,341 | ) |
timing differences |
Balance at 30th November 2023 | 399,547 |
POLLARDS NURSERIES LIMITED (REGISTERED NUMBER: 11122778) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 30th November 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | £ | £ |
Ordinary | £1 | 180,480 | 180,480 |
17. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1st December 2022 | 68,183 | 4,425,986 | 4,494,169 |
Profit for the year | 410,356 | 410,356 |
At 30th November 2023 | 478,539 | 4,425,986 | 4,904,525 |
Company |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1st December 2022 | 4,425,986 | 4,425,986 |
Profit for the year |
At 30th November 2023 | 4,425,986 |
18. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel compensation of £ 131,953 (2022 - £ 138,243 ) was paid. |