REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
A. Caulder & Co. Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
A. Caulder & Co. Limited |
A. Caulder & Co. Limited (Registered number: SC187615) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 8 |
Income Statement | 12 |
Other Comprehensive Income | 13 |
Balance Sheet | 14 |
Statement of Changes in Equity | 15 |
Cash Flow Statement | 16 |
Notes to the Cash Flow Statement | 17 |
Notes to the Financial Statements | 19 |
A. Caulder & Co. Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Pavilion 1 |
Finnieston Business Park |
Minerva Way |
GLASGOW |
G3 8AU |
SOLICITORS: |
5 Bank Street |
Coatbridge |
ML5 1AN |
A. Caulder & Co. Limited (Registered number: SC187615) |
Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company's results for the year and financial position are as shown in the annexed financial statements. |
The turnover for the year was £19.85M, an increase of 9.3%. The company's profit before taxation was £1.65M (2022: £1.61M). During the year, the company has continued to invest substantially in its Centres. |
The company continues to perform strongly in difficult trading circumstances in the year under review and the Directors are grateful to our staff for their hard work and to our customers for their continued loyalty. |
Trading figures following the year end have been strong and the Directors believe that the outlook is very positive for the remainder of 2024 as the wider economic climate continues to stabilise. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties affecting the business, together with the company's approach to these risks are summarised below:- |
Weather |
The seasonal nature of garden centres means that inclement weather during the spring and summer seasons can reduce demand and footfall. Caulders continues to invest in our individual centres to improve the customer experience in poorer weather, as well as offering a diverse product range and increasing the capacity of our restaurants to meet customer demand. |
Market Conditions |
We operate in a competitive market place where DIY stores, supermarkets and discount retailers continue to increase their product offering. Wider economic conditions mean that there is a continued squeeze on the income of our customers and we appreciate their continued loyalty in difficult times. We continue to strive to provide excellent quality and value in everything that we do. At Caulders we pride ourselves on the Garden Centre experience we offer, focussed on high quality products and food and outstanding customer service. This approach continues to prove popular, and the loyalty of our customers continues to be a source of immense pride for us. |
Supply Chain Issues |
Acquiring sufficient stock continues to be a challenge in the current retail environment, with less availability and increased lead times for many products. We have excellent relationships with our suppliers and our team continue to work hard to source the high quality products our customers expect at the best possible price. This, in addition to our new distribution site in central Scotland means we are well placed to mitigate this risk. |
IT Risk |
Our continued expansion means we are increasingly reliant on our IT systems, and as such there are risks associated with both cyber security and data protection. The company continues to assess the security of our systems constantly under the supervision of our IT Director. |
A. Caulder & Co. Limited (Registered number: SC187615) |
Strategic Report |
for the Year Ended 31 December 2023 |
SECTION 172(1) STATEMENT |
The directors acknowledge and understand their duties and responsibilities, including that of section 172, of the Companies Act 2006. A director of a company must act in a way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. he We assess the impact of any decisions on our key stakeholders, our staff, our customers, our suppliers and our local communities. The Directors are conscious of balancing the interests of all stakeholders when making any key business decisions, and the short and long term impacts on the business and our stakeholders. In fulfilling our duties, we have (amongst other matters) considered the following: |
The interests of the Company's employees |
The company values all stakeholders and understands the importance of investing in people to ensure the highest quality is delivered to customers. We are a committed equal opportunities employer and all employment decisions are based on merit alone. We believe that our staff are crucial in promoting a positive environment for our customers and are constantly assessing how we can help our staff grow. Our Directors are all closely involved in the business on a daily basis and are all in daily contact with our staff members to support them in any way we can. We pride ourselves on looking after every member of the Caulders family and believe this has been a pivotal aspect of the Company's success. |
The need to foster the Company's business relationships with suppliers, customers and others |
Our relationship with our customers and suppliers is crucial to the success of our business, and we strive to create an environment in which our customers feel welcome, we pride ourselves on our friendly and approachable nature in our Centres. We have longstanding relationships with our key suppliers who have continued to support us as we grow as a business and whom we always strive to maintain excellent relationships with. |
The impact of the Company's operations on the community and the environment |
The Company and the directors have a focus on how projects and the Company impact both communities and the environment. The company is looking at ways we can reduce our carbon footprint. |
The desirability of the company maintaining a reputation for high standards of business conduct |
The company promotes a customer focus and aims for continuous improvement to deliver a high-quality service which is continually monitored. Our reputation is central to everything we do and we are proud that our customers and staff place their trust in us. |
The need to act fairly as between members of the Company |
The directors carefully consider all decisions to ensure that they achieve a fair balance between the Company and its members. |
A. Caulder & Co. Limited (Registered number: SC187615) |
Strategic Report |
for the Year Ended 31 December 2023 |
KEY PERFORMANCE INDICATORS |
We monitor a number of indicators of performance across our Garden Centres and restaurants, including turnover, gross profit and net profit. |
We have a high degree of focus on staff job satisfaction as we believe that the happiness and wellbeing of our staff is crucial to everything we do. |
ON BEHALF OF THE BOARD: |
A. Caulder & Co. Limited (Registered number: SC187615) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the operation of Garden Centres and Restaurants. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 will be £ |
The Directors recommend that no final dividend be paid. |
FUTURE DEVELOPMENTS |
The Company continues to focus on improving the customer experience at all our Centres as well as identifying possible areas for growth. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
EMPLOYEES |
The company ensures that employees are informed about the business and encourages employees suggestions and views where possible in matters that are likely to affect their interests. |
We are an equal opportunities employer and all recruitment decisions are based on merit, with all candidates being considered whose skillset is consistent with the requirements of the job. |
Opportunities for training, career development and promotion are available to all employees. |
STREAMLINED ENERGY AND CARBON REPORTING |
This report was prepared in accordance with the Streamlined Energy and Carbon Reporting (SECR) requirements of The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. |
Calculation Methodology |
We have collated data regarding the energy use of our Centres, Head Office and vehicles, including electricity, natural gas, propane, Kerosene Burning oil, LPG and diesel and unleaded fuel. All emissions are reported in tonnes of CO2e based on UK Government GHG Conversion Factors for Company Reporting for 2023 as published by the Department for Business, Energy & Industrial Strategy. |
A. Caulder & Co. Limited (Registered number: SC187615) |
Report of the Directors |
for the Year Ended 31 December 2023 |
Energy Consumption used to calculate emissions (kWh) |
UK and Offshore |
2023 | 2022 |
Electricity (Scope 2) | 1,248,784 | 1,104,855 |
Natural Gas (Scope 1) | 419,584 | 563,125 |
LPG (Scope 1) | 736,551 | 630,410 |
Propane (Scope 1) | 18,504 | 19,953 |
Kerosene (Scope 1) | 378,812 | 267,198 |
Diesel Fuel (Scope 1) | 476,684 | 369,851 |
Unleaded Fuel (Scope 1) | - | 58,207 |
Biomass Wood Pellets (Scope 1) | 300,279 | 346,439 |
3,579,198 | 3,360,038 |
Gross emissions in metric tonnes CO2e |
UK and Offshore |
2023 | 2022 |
Emissions from activities for which the company own or control including combustion of fuel & operation of facilities (Scope 1) |
478.47 |
398.83 |
Emissions from purchase of electricity, heat, steam and cooling purchased for own use (Scope 2) |
49.00 |
227.55 |
Total Gross Scope 1 & Scope 2 Emissions | 527.47 | 626.38 |
Intensity Ratio |
2023 | 2022 |
Total Retail Space (m2) | 43,255 | 43,255 |
Total Scope 1 and 2 emissions (tonnes CO2e) | 527 | 629.19 |
Emissions per m2 (kg CO2e) | 12.19 | 14.5 |
A. Caulder & Co. Limited (Registered number: SC187615) |
Report of the Directors |
for the Year Ended 31 December 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 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. |
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 company'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 company's auditors are aware of that information. |
AUDITORS |
The auditors, Gerber Landa & Gee, 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 |
A. Caulder & Co. Limited |
Opinion |
We have audited the financial statements of A. Caulder & Co. Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the 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 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 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 |
A. Caulder & Co. Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 seven, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
A. Caulder & Co. 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: |
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation]; |
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions; |
- Investigated the rationale behind significant or unusual transactions; and |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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 |
A. Caulder & Co. 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 |
Statutory Auditor |
Chartered Accountants |
Pavilion 1 |
Finnieston Business Park |
Minerva Way |
GLASGOW |
G3 8AU |
A. Caulder & Co. Limited (Registered number: SC187615) |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,673,771 | 1,614,891 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
2,059,407 | 1,900,264 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
A. Caulder & Co. Limited (Registered number: SC187615) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Property Revaluations |
Deferred Tax Movement on Revaluations |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
A. Caulder & Co. Limited (Registered number: SC187615) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium | 19 |
Revaluation reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
A. Caulder & Co. Limited (Registered number: SC187615) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - | ( |
) |
Balance at 31 December 2023 |
A. Caulder & Co. Limited (Registered number: SC187615) |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 206,425 | 369,946 |
Amount withdrawn by directors | (317,296 | ) | (221,040 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
4,565,975 |
Cash and cash equivalents at end of year | 2 | 3,149,166 | 3,957,521 |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 412,585 | 291,983 |
Finance income | (24,304 | ) | (8,022 | ) |
2,609,440 | 2,456,734 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
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 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 3,149,166 | 3,957,521 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 3,957,521 | 4,565,975 |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.1.23 | Cash flow | changes | At 31.12.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 3,957,521 | (808,355 | ) | 3,149,166 |
3,957,521 | ( |
) | 3,149,166 |
Debt |
Finance leases | (36,377 | ) | 87,131 | (96,191 | ) | (45,437 | ) |
Debts falling due |
within 1 year | (944,536 | ) | (2,016,921 | ) | - | (2,961,457 | ) |
Debts falling due |
after 1 year | (5,618,243 | ) | 2,902,520 | - | (2,715,723 | ) |
(6,599,156 | ) | 972,730 | (96,191 | ) | (5,722,617 | ) |
Total | (2,641,635 | ) | 164,375 | (96,191 | ) | (2,573,451 | ) |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
A. Caulder & Co. Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Critical accounting judgements and key sources of estimation uncertainty |
In preparing these financial statements, the directors have made the following judgements: |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Assets are considered for impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of the unit. |
Turnover |
Turnover from the provision of goods and services is recognised in the period in which the goods and services are provided. All goods and services provided are provided to customers on a retail basis. Turnover is stated net of discounts, rebates and value added taxes. |
Tangible fixed assets |
Freehold properties are initially recorded at cost and subsequently measured at fair value. |
Improvements to property and Plant and machinery are stated at their purchase price, together with any incidental expenses of acquisition. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Land and Buildings - 2% on cost |
Plant and Machinery - 15% on reducing balance |
Fixtures and Fittings - 15% on reducing balance |
Motor Vehicles - 25% on reducing balance |
Computer Equipment - 33% on reducing balance |
Tangible fixed assets are reviewed annually by the Directors for any indicators of impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparation of the financial statements. |
Government grants |
Revenue related government grants are recognised on an accruals basis as the expenses to which they are related are incurred. |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
31.12.23 | 31.12.22 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Garden Centres | 119 | 126 |
Restaurants | 254 | 211 |
Administration | 24 | 22 |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
The Directors are considered to constitute the key management personnel of the company. |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery |
Operating lease income | ( |
) | ( |
) |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Bank loan interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods | ( |
) |
Deferred tax movement | (121,426 | ) | (24,041 | ) |
Total tax charge | 322,006 | 364,449 |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 December 2023. |
31.12.22 |
Gross | Tax | Net |
£ | £ | £ |
Property Revaluations |
Deferred Tax Movement on Revaluations |
- | - | - |
8. | DIVIDENDS |
31.12.23 | 31.12.22 |
£ | £ |
Interim |
9. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | Short | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Improvements |
Freehold | Short | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
Valuation in 2018 | 1,148,684 | - | - | - |
Valuation in 2021 | 6,141,028 | - | - | - |
Cost | 8,429,859 | 990,850 | 691,564 | 579,784 |
15,719,571 | 990,850 | 691,564 | 579,784 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2018 | - | - | - | 1,148,684 |
Valuation in 2021 | - | - | - | 6,141,028 |
Cost | 1,196,216 | 408,437 | 122,766 | 12,419,476 |
1,196,216 | 408,437 | 122,766 | 19,709,188 |
Leasehold property was valued on a fair value basis at the Balance Sheet date by the Directors, taking into account previous valuations. The Directors consider this a prudent approach at the Balance Sheet date. |
Freehold property was valued on an open market basis on 31st August 2021 by Simon Quinton Smith FRICS MI Hort for and on behalf of Quintons Commercial Ltd. Freehold property additions since that date are held at cost, which the Directors consider to represent fair value at the Balance Sheet date. |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Transfer to ownership | (83,250 | ) | (72,695 | ) | (155,945 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Transfer to ownership | (33,118 | ) | (61,892 | ) | (95,010 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 19,225 | - |
Prepayments |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Other loans (see note 14) | 64,170 | 66,283 |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 645,526 | 570,949 |
Other creditors |
Credit Card | 1,820 | 9,502 |
Directors' current accounts | - | 91,646 |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 14) |
Other loans (see note 14) | 15,696 | 20,928 |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Hire Purchase | 58,938 | 61,051 |
Other Loans | 5,232 | 5,232 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | 5,232 | 5,232 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans - 2-5 years | 10,464 | 15,696 |
Included within loans due within one year is £1.86m of loans which were renewed after the balance sheet date but prior to the date of this report, these are now repayable over a renewed 5 year term. |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.23 | 31.12.22 |
£ | £ |
Net obligations repayable: |
Between one and five years |
Non-cancellable operating | leases |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
The debts are secured by standard securities over the freehold Garden Centre properties of the company and a floating charge over the assets and undertakings of the company. |
17. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 1,986,189 | 2,107,615 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | 1 | 15,000 | 15,000 |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation release | 160,940 | - | (160,940 | ) | - |
Deferred tax | (81,241 | ) | - | 81,241 | - |
At 31 December 2023 | 13,842,242 |
20. | PENSION COMMITMENTS |
During the year the company made contributions to defined contribution pension schemes for its directors and employees totalling £121,763 (2022: £78,970). |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
31.12.23 | 31.12.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
22. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £60,000 were paid to the directors . |
A. Caulder & Co. Limited (Registered number: SC187615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
22. | RELATED PARTY DISCLOSURES - continued |
During the year, the company rented property from Colin and Mandy Barrie. The charge for the year ended 31 December 2023 amounted to £127,000 (2022: £127,000). The company also acquired property from Colin and Mandy Barrie's pension fund at a cost of £250,000. |
23. | ULTIMATE CONTROLLING PARTY |
The controlling party is C Barrie. |