XL Horticulture Limited 05576710 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is the wholesaling of horticultural products and the construction of poly tunnels Digita Accounts Production Advanced 6.30.9574.0 true false 05576710 2022-12-01 2023-11-30 05576710 2023-11-30 05576710 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-11-30 05576710 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-11-30 05576710 core:CurrentFinancialInstruments 2023-11-30 05576710 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 05576710 core:Non-currentFinancialInstruments 2023-11-30 05576710 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 05576710 core:Goodwill 2023-11-30 05576710 core:MoreThanFiveYears 1 2023-11-30 05576710 core:FurnitureFittings 2023-11-30 05576710 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 05576710 core:MotorVehicles 2023-11-30 05576710 core:OfficeEquipment 2023-11-30 05576710 core:PlantMachinery 2023-11-30 05576710 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-11-30 05576710 bus:SmallEntities 2022-12-01 2023-11-30 05576710 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 05576710 bus:FilletedAccounts 2022-12-01 2023-11-30 05576710 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 05576710 bus:RegisteredOffice 2022-12-01 2023-11-30 05576710 bus:Director3 2022-12-01 2023-11-30 05576710 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05576710 core:Goodwill 2022-12-01 2023-11-30 05576710 core:ComputerEquipment 2022-12-01 2023-11-30 05576710 core:FurnitureFittings 2022-12-01 2023-11-30 05576710 core:LandBuildings 2022-12-01 2023-11-30 05576710 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 05576710 core:MotorVehicles 2022-12-01 2023-11-30 05576710 core:OfficeEquipment 2022-12-01 2023-11-30 05576710 core:PlantMachinery 2022-12-01 2023-11-30 05576710 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-01 2023-11-30 05576710 1 2022-12-01 2023-11-30 05576710 countries:England 2022-12-01 2023-11-30 05576710 2022-11-30 05576710 core:Goodwill 2022-11-30 05576710 core:FurnitureFittings 2022-11-30 05576710 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 05576710 core:MotorVehicles 2022-11-30 05576710 core:OfficeEquipment 2022-11-30 05576710 core:PlantMachinery 2022-11-30 05576710 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-11-30 05576710 2021-12-01 2022-11-30 05576710 2022-11-30 05576710 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-11-30 05576710 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2022-11-30 05576710 core:CurrentFinancialInstruments 2022-11-30 05576710 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 05576710 core:Non-currentFinancialInstruments 2022-11-30 05576710 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 05576710 core:Goodwill 2022-11-30 05576710 core:MoreThanFiveYears 1 2022-11-30 05576710 core:FurnitureFittings 2022-11-30 05576710 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 05576710 core:MotorVehicles 2022-11-30 05576710 core:OfficeEquipment 2022-11-30 05576710 core:PlantMachinery 2022-11-30 05576710 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-11-30 05576710 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-12-01 2022-11-30 05576710 2021-11-30 05576710 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-11-30 iso4217:GBP xbrli:pure

Registration number: 05576710

XL Horticulture Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

XL Horticulture Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

XL Horticulture Limited

(Registration number: 05576710)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

371,698

378,203

Other financial assets

6

21

21

 

371,719

378,224

Current assets

 

Stocks

7

653,283

1,025,765

Debtors

8

601,122

412,015

Cash at bank and in hand

 

197,098

99,251

 

1,451,503

1,537,031

Creditors: Amounts falling due within one year

9

(623,031)

(737,055)

Net current assets

 

828,472

799,976

Total assets less current liabilities

 

1,200,191

1,178,200

Creditors: Amounts falling due after more than one year

9

(329,945)

(391,170)

Provisions for liabilities

(11,287)

(16,470)

Net assets

 

858,959

770,560

Capital and reserves

 

Called up share capital

100

100

Retained earnings

858,859

770,460

Shareholders' funds

 

858,959

770,560

 

XL Horticulture Limited

(Registration number: 05576710)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

O R E Lane
Director

   
     
 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Devonshire Lavenders
Exmouth Road
West Hill
Ottery St. Mary
Devon
EX11 1JZ
UK

These financial statements were authorised for issue by the Board on 2 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

4% straight line

Plant and machinery

25% reducing balance

Computer equipment

33% straight line

Motor vehicles

25% reducing balance

Office equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally generated goodwill

equal installments over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 16 (2022 - 17).

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

138,290

138,290

At 30 November 2023

138,290

138,290

Amortisation

At 1 December 2022

138,290

138,290

At 30 November 2023

138,290

138,290

Carrying amount

At 30 November 2023

-

-

At 30 November 2022

-

-

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

308,601

11,961

180,993

22,546

84,212

608,313

Additions

-

-

-

2,592

17,916

20,508

At 30 November 2023

308,601

11,961

180,993

25,138

102,128

628,821

Depreciation

At 1 December 2022

9,636

11,548

136,572

15,884

56,470

230,110

Charge for the year

2,344

298

11,105

1,851

11,415

27,013

At 30 November 2023

11,980

11,846

147,677

17,735

67,885

257,123

Carrying amount

At 30 November 2023

296,621

115

33,316

7,403

34,243

371,698

At 30 November 2022

298,965

413

44,421

6,662

27,742

378,203

Included within the net book value of land and buildings above is £296,621 (2022 - £298,965) in respect of freehold land and buildings.
 

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2022

21

21

At 30 November 2023

21

21

Carrying amount

At 30 November 2023

21

21

At 30 November 2022

21

21

7

Stocks

2023
£

2022
£

Other inventories

653,283

1,025,765

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

551,692

367,591

Amounts owed by related parties

11

1,996

-

Other debtors

 

42,685

41,042

Prepayments

 

4,749

3,382

 

601,122

412,015

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

10

33,946

40,313

Trade creditors

 

238,446

449,526

Amounts due to related parties

11

-

52,801

Social security and other taxes

 

14,880

4,140

Other creditors

 

262,784

130,075

Accruals

 

10,877

9,590

Corporation tax liability

62,098

50,610

 

623,031

737,055

Due after one year

 

Loans and borrowings

10

329,945

391,170

2023
£

2022
£

Due after more than five years

After more than five years by instalments

213,373

235,516

-

-

The bank borrowings are secured by fixed and floating charges over the undertaking and all property and assets, present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

329,945

391,170

Current loans and borrowings

2023
£

2022
£

Bank borrowings

33,946

38,954

Hire purchase contracts

-

1,359

33,946

40,313

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The amount of the bank loan due by instalments after five years is £213,373 (2022 - £235,516).

11

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

126,998

126,998

Advanced

(33,484)

(33,484)

Repaid

166,048

166,048

At end of period

259,562

259,562

2022

Key management
£

Total
£

At start of period

166,801

166,801

Advanced

9,453

9,453

Repaid

(49,256)

(49,256)

At end of period

126,998

126,998

The above loan is interest free and repayable on demand.

The company has taken advantage of the exemption conferred by FRS 102 s.33.1A not to disclose transactions with other wholly owned members of the group.

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

12

Parent and ultimate parent undertaking

The company's immediate parent is XL Horticulture (Holdings) Limited, incorporated in England.

  These financial statements are available upon request from Devonshire Lavenders, Exmouth Road, West Hill, Ottery St. Mary, Devon, EX11 1JZ