Company Registration No. 01289636 (England and Wales)
Pinetops Nurseries Limited
Unaudited accounts
for the year ended 31 December 2023
Pinetops Nurseries Limited
Unaudited accounts
Contents
Pinetops Nurseries Limited
Company Information
for the year ended 31 December 2023
Directors
Jean Marie Dick Paton
Rory Graham Paton
Company Number
01289636 (England and Wales)
Registered Office
Milford Road
Lymington
Hampshire
SO41 0JD
Pinetops Nurseries Limited
Statement of financial position
as at 31 December 2023
Tangible assets
5,834,334
5,877,310
Inventories
429,113
369,053
Creditors: amounts falling due within one year
(817,877)
(694,025)
Net current assets
91,295
153,951
Total assets less current liabilities
5,925,629
6,031,261
Creditors: amounts falling due after more than one year
(2,981,618)
(3,052,689)
Provisions for liabilities
Deferred tax
(75,741)
(75,741)
Net assets
2,868,270
2,902,831
Called up share capital
2,401,000
2,401,000
Revaluation reserve
465,499
465,499
Capital redemption reserve
100,000
100,000
Profit and loss account
(98,229)
(63,668)
Shareholders' funds
2,868,270
2,902,831
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by
Jean Marie Dick Paton
Director
Company Registration No. 01289636
Pinetops Nurseries Limited
Notes to the Accounts
for the year ended 31 December 2023
Pinetops Nurseries Limited is a private company, limited by shares, registered in England and Wales, registration number 01289636. The registered office is Milford Road, Lymington, Hampshire, SO41 0JD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is stated net of value added tax and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer and turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost or valuation, less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
not depreciated
Plant & machinery
1 - 15% reducing balance
Fixtures & fittings
15% reducing balance
Inventories are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first out) method. Provision is made for obsolete,slow moving or defective items where appropriate.
Investments held as current assets are included at fair value.
Pinetops Nurseries Limited
Notes to the Accounts
for the year ended 31 December 2023
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
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Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
2,660,014
3,663,220
49,567
6,372,801
Additions
8,976
10,831
598
20,405
At 31 December 2023
2,668,990
3,674,051
50,165
6,393,206
At 1 January 2023
8,610
448,232
38,649
495,491
Charge for the year
-
61,654
1,727
63,381
At 31 December 2023
8,610
509,886
40,376
558,872
At 31 December 2023
2,660,380
3,164,165
9,789
5,834,334
At 31 December 2022
2,651,404
3,214,988
10,918
5,877,310
Revaluation of tangible assets
Freehold and leasehold land and buildings were professionally valued by James Higham MCICS Savills (UK) Ltd, an independent valuer, to fair value at 9 October 2015, with subsequent additions at cost. Freehold land and buildings with a carrying amount of £1,947,570 (2022: £1,947,570) have been pledged to secure borrowings of the Company. The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Amounts falling due within one year
Trade debtors
287,574
304,004
Other debtors
129,485
111,919
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Investments held as current assets
2023
2022
Unlisted investments
63,000
63,000
Investments in biological assets are included at fair value.
Pinetops Nurseries Limited
Notes to the Accounts
for the year ended 31 December 2023
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
251,838
198,389
Trade creditors
342,562
252,165
Taxes and social security
96,369
104,696
Other creditors
127,108
138,775
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Creditors: amounts falling due after more than one year
2023
2022
Bank loans
2,291,013
2,396,964
Other creditors
690,605
655,725
Amounts repayable after more than 5 years are included in creditors falling due after more than one year:
Bank loans (secured) 2023: £1,647,860 ( 2022: £1,564,479)
The bank loan is secured by a fixed and floating charge over all property in the Company. The loan from Svala Holdings Limited is secured by debenture, over substantially the whole of its business assets and undertaking.
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Average number of employees
During the year the average number of employees was 25 (2022: 21).