Company registration number 03888676 (England and Wales)
EARLSWOOD NURSERIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EARLSWOOD NURSERIES LTD
COMPANY INFORMATION
Directors
Mr S Alexander
Ms K Peach
Mr S R White
Mr D J White
Mr B R Sheridan
Mr T Brittain
Mr S E Pickering
(Appointed 20 February 2023)
Mr C Shiel
(Appointed 10 August 2023)
Secretary
Mr D J White
Company number
03888676
Registered office
Forshaw Heath Road
Earlswood
Solihull
West Midlands
B94 5JU
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Santander UK Plc
10-12 Station Road
Solihull
B91 3SQ
EARLSWOOD NURSERIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
EARLSWOOD NURSERIES LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EARLSWOOD NURSERIES LTD FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Earlswood Nurseries Ltd for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Earlswood Nurseries Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Earlswood Nurseries Ltd and state those matters that we have agreed to state to the board of directors of Earlswood Nurseries Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Earlswood Nurseries Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Earlswood Nurseries Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Earlswood Nurseries Ltd. You consider that Earlswood Nurseries Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Earlswood Nurseries Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
10 September 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
EARLSWOOD NURSERIES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,141,785
2,138,600
Current assets
Stocks
1,288,363
1,433,049
Debtors
4
246,272
234,544
Cash at bank and in hand
139,862
284,635
1,674,497
1,952,228
Creditors: amounts falling due within one year
5
(2,266,226)
(1,960,883)
Net current liabilities
(591,729)
(8,655)
Total assets less current liabilities
1,550,056
2,129,945
Creditors: amounts falling due after more than one year
6
(159,658)
(315,497)
Provisions for liabilities
8
(185,326)
(148,795)
Net assets
1,205,072
1,665,653
Capital and reserves
Called up share capital
9
2
2
Revaluation reserve
10
468,777
479,814
Profit and loss reserves
736,293
1,185,837
Total equity
1,205,072
1,665,653

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

EARLSWOOD NURSERIES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Ms K Peach
Director
Company registration number 03888676 (England and Wales)
EARLSWOOD NURSERIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Earlswood Nurseries Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Forshaw Heath Road, Earlswood, Solihull, West Midlands, United Kingdom, B94 5JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income is received on a straight line basis over the period of the lease.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold buildings
2% on cost
Plant and machinery
10% on reducing balance
Fixtures and fittings
20% and 33% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

EARLSWOOD NURSERIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

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

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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

EARLSWOOD NURSERIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Government grants

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

 

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

2
Employees

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

2023
2022
Number
Number
Total
67
52
3
Tangible fixed assets
Leasehold buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
1,477,630
856,399
170,685
648,300
3,153,014
Additions
27,797
12,967
125,604
-
0
166,368
At 31 December 2023
1,505,427
869,366
296,289
648,300
3,319,382
Depreciation and impairment
At 1 January 2023
136,359
303,140
126,941
447,974
1,014,414
Depreciation charged in the year
30,087
56,425
26,590
50,081
163,183
At 31 December 2023
166,446
359,565
153,531
498,055
1,177,597
Carrying amount
At 31 December 2023
1,338,981
509,801
142,758
150,245
2,141,785
At 31 December 2022
1,341,271
553,259
43,744
200,326
2,138,600
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
208,242
192,025
Other debtors
38,030
42,519
246,272
234,544
EARLSWOOD NURSERIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
83,333
69,660
Trade creditors
485,484
492,560
Amounts owed to group undertakings
1,432,149
1,097,130
Taxation and social security
174,468
141,995
Other creditors
90,792
159,538
2,266,226
1,960,883
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
125,000
237,453
Other creditors
34,658
78,044
159,658
315,497
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
78,035
121,420
Bank overdrafts
-
0
112
Bank loans
208,333
307,001
286,368
428,533
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
185,326
148,795
EARLSWOOD NURSERIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 0.01p each
2,765
2,765
0.28
0.25
Ordinary B of 0.01p each
5,200
5,200
0.52
0.52
Ordinary C of 0.01p each
2,767
2,767
0.28
0.28
Ordinary D of 0.01p each
5,200
5,200
0.52
0.52
Ordinary E of 0.01p each
1,017
1,017
0.10
0.10
Ordinary F of 0.01p each
1,017
1,017
0.10
0.10
Ordinary G of 0.01p each
1,017
1,017
0.10
0.10
Ordinary H of 0.01p each
1,017
1,017
0.10
0.10
20,000
20,000
2
2
10
Revaluation reserve
2023
2022
£
£
At the beginning of the year
479,814
479,814
Other movements
(11,037)
-
At the end of the year
468,777
479,814

The revaluation reserve represents the unrealised gain generated on revaluation of freehold land and buildings on transition to FRS 102. Excess depreciation is transferred from the revaluation reserve to profit and loss.

11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12
Control

Ultimate parent company

The ultimate parent company is Earlswood Landscapes Limited, a company registered in England and Wales.

Ultimate controlling party

There is no ultimate controlling party due to no controlling interest in the ultimate parent company.

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