REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Chessington Nurseries Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Chessington Nurseries Limited |
Chessington Nurseries Limited (Registered number: 01127937) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
Chessington Nurseries Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
75 Springfield Road |
Chelmsford |
Essex |
CM2 6JB |
Chessington Nurseries Limited (Registered number: 01127937) |
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 principal activity of the company is retailing within the garden centre and nurseries sector. |
The diversification of trading activities started in 2020 continue to deliver encouraging performance in line with the business plan. Overall, the turnover declined slightly, and administration costs increased slightly due to increased staffing costs; management was able to mitigate these pressures via increasing gross margin and undertaking a cost review. |
The Company ended the year with net assets of £9,503,389 ( 2022 - £9,840,076). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk to the business is the impact to consumer confidence as a result of the current cost of living challenges within the United Kingdom. |
These is also the ongoing risk of poor weather patterns impacting the consumer choice of gardening. |
The principle foreign currency requirement of the business has been subject to significant fluctuation during the year and this has continued into 2024. |
KEY PERFORMANCE INDICATORS |
The Directors and management use a variety of KPI's to monitor performance. The Company's main KPI's are as summarised as follows: |
2023 | 2022 |
Turnover | £11,247,527 | £11,509,311 |
Gross Profit Margin (%) | 43 | 42 |
Gross Profit | £4,866,761 | £4,845,713 |
Net Profit/(Loss) before tax and dividends | £(393,789 | ) | £(278,011 | ) |
Number of employees | 143 | 163 |
GOING CONCERN |
The company's activities, together with the factors likely to affect its future development, performance and profitability are set out in the Business Review above. |
The financial position of the company, its cash flows, liquidity position and borrowing facilities have all been assessed. |
The Directors believe that despite the uncertain economic outlook the company is well placed to manage its business risks. |
The Directors have a reasonable expectation that the company has sufficient resources to continue operational existence for the foreseeable future, the going concern basis of accounting has been adopted in preparing the annual financial statements. |
ON BEHALF OF THE BOARD: |
Chessington Nurseries Limited (Registered number: 01127937) |
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. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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: |
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; |
- | 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Chessington Nurseries Limited |
Opinion |
We have audited the financial statements of Chessington Nurseries 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 and 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 loss 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 |
Chessington Nurseries 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 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 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. |
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: |
We reviewed the industry in which the company operates and gained an understanding of the appropriate legal and regulatory framework. We considered the risk of any acts by the company that were contrary to these laws, including fraud, by designing and performing our audit procedures appropriately, discussing with the company and obtaining sufficient evidence to form our opinion. The risk of not detecting a material misstatement resulting from fraud is greater than the risk of not detecting one due to error, as fraud may involve collusion, forgery, or intentional misrepresentations. |
We focussed on any laws and regulations which could give rise to a material misstatement in the financial statements, to include, but not limited to UK tax legislation and the Companies Act. Our audit procedures included enquires of management and obtaining underlying supporting documentation to agree the disclosures within the financial statements. |
We did not identify any key audit matters relating to irregularities, including fraud during the course of our audit. In accordance with our standard practice we also addressed the risk of management override of internal controls using our audit procedures and by evaluating the risk of material misstatement due to fraud from a bias by the directors. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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 |
Chessington 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 |
Statutory Auditors |
75 Springfield Road |
Chelmsford |
Essex |
CM2 6JB |
Chessington Nurseries Limited (Registered number: 01127937) |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.22 | 31.12.23 |
£ | Notes | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(262,603 | ) | (338,542 | ) |
Other operating income |
( |
) | OPERATING LOSS | 5 | ( |
) |
Interest payable and similar expenses | 6 |
( |
) | LOSS BEFORE TAXATION | ( |
) |
( |
) | Tax on loss | 7 | ( |
) |
( |
) | LOSS FOR THE FINANCIAL YEAR | ( |
) |
Chessington Nurseries Limited (Registered number: 01127937) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.22 | 31.12.23 |
£ | Notes | £ |
( |
) | LOSS FOR THE YEAR | ( |
) |
- | OTHER COMPREHENSIVE INCOME | - |
( |
) | TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Chessington Nurseries Limited (Registered number: 01127937) |
Balance Sheet |
31 December 2023 |
31.12.22 | 31.12.23 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
14 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | 18 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Revaluation reserve | 20 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Chessington Nurseries Limited (Registered number: 01127937) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 |
Chessington Nurseries Limited (Registered number: 01127937) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Chessington Nurseries Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of paragraph 33.7. |
This information is included in the consolidated financial statements of Chessington Nurseries Holdings Company Ltd. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant impact on amounts recognised in the financial statements |
Useful economic lives of tangible fixed assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the asset. The useful economic lives and residual values are re-assessed annually and are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
Chessington Nurseries Limited (Registered number: 01127937) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Revenue |
Revenue comprises the sale of goods, landscaping services and catering. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the company has transferred the significant risks and rewards of ownership to the buyer |
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold |
- the amount of revenue can be measured reliably |
- it is probable that the company will receive the consideration due under the transaction, and |
- the costs incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contact when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably |
- it is probable that the company will receive the consideration due under the contact |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Freehold property - 5% Straight line |
Freehold land is not depreciated. |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Investments in unlisted Group shares, whose market value can be reliably determined, are re-measured to market value at each balance sheet date. Gains and losses on re-measurement are recognised in the Statement of Other Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighed average basis. Work in progress and finished goods included labour and attributable overheads. |
At each reporting date, stocks are assessed for impairment. If stock is 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. |
Chessington Nurseries Limited (Registered number: 01127937) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Chessington Nurseries Limited (Registered number: 01127937) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. |
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method. |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow companies are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future receipt discounted at a market rate. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, Accounts payable are classified as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised costing using the effective interest method. |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. |
Derivative are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value are recognised in the financial costs or financial income as appropriate, unless they are included in a hedging arrangement. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Termination benefits |
Termination benefits are recognised as a liability and expense in the profit or loss when the Company is demonstrably committed either to terminate the employment of an employee before the normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. The Company is demonstrably committed to a termination only when there is a detailed formal plan from which there is no realistic possibility of withdrawal. |
Termination benefits are measured at the best estimate of the expenditure that would be required to settle the obligation at the reporting date. |
The termination benefits that arose during the year were paid out prior to the year end and so there is no outstanding liability. |
3. | TURNOVER |
The turnover and loss 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 |
£ | £ |
Chessington Nurseries Limited (Registered number: 01127937) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
31.12.23 | 31.12.22 |
£ | £ |
United Kingdom |
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 |
Sales (garden centre) | 97 | 112 |
Sales & production (café) | 33 | 38 |
Administration & management | 13 | 13 |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Emoluments etc |
5. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Chessington Nurseries Limited (Registered number: 01127937) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Bank interest |
Bank loan interest |
HMRC interest | ( |
) |
Hire purchase |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax | ( |
) | ( |
) |
Tax on loss | ( |
) | ( |
) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2022 - |
( |
) |
( |
) |
Effects of: |
Depreciation in excess of capital allowances |
Change in deferred taxation liability | (57,102 | ) | (22,040 | ) |
Accrued Pension contributions | (5 | ) | 146 |
Total tax credit | (57,102 | ) | (50,941 | ) |
8. | DIVIDENDS |
31.12.23 | 31.12.22 |
£ | £ |
Ordinary shares of 10p each |
Interim |
Chessington Nurseries Limited (Registered number: 01127937) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
Totals | property | machinery | vehicles |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
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: |
Freehold | Plant and | Motor |
Totals | property | machinery | vehicles |
£ | £ | £ | £ |
Valuation in 2017 | 3,810,557 | 3,810,557 | - | - |
Valuation in 2022 | 4,763,162 | 4,763,162 | - | - |
Cost | 5,782,941 | 3,641,505 | 1,904,379 | 237,057 |
14,356,660 | 12,215,224 | 1,904,379 | 237,057 |
If the land and buildings had not been revalued they would have been included at the following historical cost: |
31.12.23 | 31.12.22 |
£ | £ |
Cost | 3,465,304 | 3,465,304 |
Aggregate depreciation | (1,771,958 | ) | (1,771,958 | ) |
Freehold property was valued on an open market basis on 16 September 2022 by Quintons (Commercial) Limited . |
Chessington Nurseries Limited (Registered number: 01127937) |
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: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 January 2023 |
Transfer to ownership | (96,495 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Transfer to ownership | (96,495 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company owns 50% of the issued share capital of Chessington Garden Centre Limited, a dormant company registered in England. |
11. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Chessington Nurseries Limited (Registered number: 01127937) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Social security and other taxes |
VAT | 255,461 | 260,206 |
Other creditors |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | 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 overdrafts |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.23 | 31.12.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Chessington Nurseries Limited (Registered number: 01127937) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
16. | LEASING AGREEMENTS - continued |
Non-cancellable operating | leases |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Hire purchase contracts | 57,591 | 85,833 |
The bank loan is secured by a debenture dated 20 October 2008 and by a first legal charge over the company's freehold property. |
18. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 905,000 | 905,000 |
1,531,612 | 1,588,713 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | 10p | 100 | 100 |
Chessington Nurseries Limited (Registered number: 01127937) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
20. | RESERVES |
Capital |
Retained | Revaluation | redemption |
Totals | earnings | reserve | reserve |
£ | £ | £ | £ |
At 1 January 2023 | 9,839,976 |
Deficit for the year | ( |
) | ( |
) |
At 31 December 2023 | 9,503,289 |
Revaluation Reserve |
This reserve records the revaluation of the freehold property. |
Capital Redemption Reserve |
This reserve records the nominal value of shares repurchased by the company. |
Profit and Loss Account |
The profit and loss account records retained earnings and accumulated losses. |
21. | POST BALANCE SHEET EVENTS |
There were no post balance sheet events that require being brought to the attention of the shareholders or creditors. |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
Chessington Nurseries Holdings Company Limited is the parent undertaking of the largest group of undertakings to consolidate these financial statements at 31 December 2023. The consolidated financial statements can be obtained at the registered office. |