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REGISTERED NUMBER: 03688204 (England and Wales)














POPLARS NURSERY GARDEN CENTRE LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


POPLARS NURSERY GARDEN CENTRE LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTORS: D J Little
Z Goodhand
J C Little
B Little



SECRETARY: Z Goodhand



REGISTERED OFFICE: Poplars Nursery
Harlington Road
Toddington
Dunstable
Bedfordshire
LU5 6HE



REGISTERED NUMBER: 03688204 (England and Wales)



AUDITORS: Miller & Co
Chartered Accountants
Statutory Auditors
5 Imperial Court
Laporte Way
Luton
Bedfordshire
LU4 8FE



BANKERS: HSBC Bank plc
19 Midsummer Place
Milton Keynes
Buckinghamshire
MK9 3GB

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

STRATEGIC REPORT
for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
The principal activity of the Company is the operation of a garden centre. As with many businesses in the retail sector, our sales have continued to be affected by the national concern surrounding rising inflation on prices. Despite this, turnover has increased slightly by 1% from £5.369m in 2023 to £5.419m this year. The gross profit margin has also increased to 51.18% compared to 49.29% last year.

The final results show a profit before tax of £497,161 for the year, compared to a profit of £229,796 in the previous period. At the balance sheet date the net assets of the company had increased by 0.25% to £5,562,184. The company continues to maintain a strong liquidity balance and the management do not have any particular concerns over any uncertainties that could face the company within the foreseeable future. That said, the directors are continuing to monitor increasing costs and negotiate with its suppliers and service providers to manage them in a manner to minimise the impact on its customers. The directors and management continue to seek ways to improve growth by increasing the retail space and marketing new products. As with all businesses, the company is aware of the risks posed by cyber fraud and management continue to take measures to mitigate them as much as possible.

PRINCIPAL RISKS AND UNCERTAINTIES
Our main principal risks and uncertainties are general market conditions, pricing and competition. Looking forward, these risks are likely to continue, although the recent fall in interest rates is welcomed. Despite this, the directors remain confident that the company can continue to strengthen its current level of performance and has the procedures, policies and internal controls in place to mitigate any potential risk.

ON BEHALF OF THE BOARD:





Z Goodhand - Secretary


25 September 2024

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

DIVIDENDS
Interim dividends per share were paid during the year as follows:

Ordinary 'A' £1 - £169.49152
Ordinary 'B' £1 - £25,499.97
Ordinary 'C' £1 - £37,500
Ordinary 'D' £1 - £40,460
Ordinary 'E' £1 - £40,460

The total distribution of dividends for the year ended 31 January 2024 will be £343,920.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

D J Little
Z Goodhand
J C Little
B Little

POLITICAL DONATIONS AND EXPENDITURE
During the year charitable donations were made totalling £1,582.

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 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.

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2024


AUDITORS
The auditors, Miller & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Z Goodhand - Secretary


25 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
POPLARS NURSERY GARDEN CENTRE LIMITED

Opinion
We have audited the financial statements of Poplars Nursery Garden Centre Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 January 2024 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
POPLARS NURSERY GARDEN CENTRE 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
POPLARS NURSERY GARDEN CENTRE 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements, including fraud.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to these risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry, control environment and business performance;
- the results of our enquiries of management about their own identification and assessments of the risks of
irregularities;
- any matters we identified having obtained and reviewed the company's policies and procedures relating to:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of
non-compliance;
o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
o the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.

In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, such as the Companies Act 2006.

In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

Audit response to risk identified

Our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures to assess compliance with provisions of relevant laws and
regulations described as having a direct effect on the financial statements;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
POPLARS NURSERY GARDEN CENTRE LIMITED

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate material
misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, the testing of the appropriateness of
journal entries and other adjustments and evaluating the business rationale of any significant transactions that are
unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

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.




Stephen Healy (Senior Statutory Auditor)
for and on behalf of Miller & Co
Chartered Accountants
Statutory Auditors
5 Imperial Court
Laporte Way
Luton
Bedfordshire
LU4 8FE

25 September 2024

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER 4 5,419,173 5,369,012

Cost of sales 2,645,410 2,722,437
GROSS PROFIT 2,773,763 2,646,575

Administrative expenses 2,454,538 2,583,861
319,225 62,714

Other operating income 174,894 167,082
OPERATING PROFIT 6 494,119 229,796

Interest receivable and similar income 3,042 -
PROFIT BEFORE TAXATION 497,161 229,796

Tax on profit 7 139,084 70,822
PROFIT FOR THE FINANCIAL YEAR 358,077 158,974

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

358,077

158,974

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

STATEMENT OF FINANCIAL POSITION
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 (597,614 ) (621,519 )
Tangible assets 10 4,489,122 4,648,571
3,891,508 4,027,052

CURRENT ASSETS
Stocks 11 746,804 1,015,567
Debtors 12 33,585 62,367
Cash at bank and in hand 1,569,500 1,087,635
2,349,889 2,165,569
CREDITORS
Amounts falling due within one year 13 613,907 574,846
NET CURRENT ASSETS 1,735,982 1,590,723
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,627,490

5,617,775

PROVISIONS FOR LIABILITIES 14 65,306 69,748
NET ASSETS 5,562,184 5,548,027

CAPITAL AND RESERVES
Called up share capital 15 1,184 1,184
Share premium 16 999,820 999,820
Retained earnings 16 4,561,180 4,547,023
SHAREHOLDERS' FUNDS 5,562,184 5,548,027

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





D J Little - Director


POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 January 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 February 2022 1,184 4,598,003 999,820 5,599,007

Changes in equity
Dividends - (209,954 ) - (209,954 )
Total comprehensive income - 158,974 - 158,974
Balance at 31 January 2023 1,184 4,547,023 999,820 5,548,027

Changes in equity
Dividends - (343,920 ) - (343,920 )
Total comprehensive income - 358,077 - 358,077
Balance at 31 January 2024 1,184 4,561,180 999,820 5,562,184

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

STATEMENT OF CASH FLOWS
for the Year Ended 31 January 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 913,293 88,495
Tax paid (52,297 ) (255,871 )
Net cash from operating activities 860,996 (167,376 )

Cash flows from investing activities
Purchase of tangible fixed assets (55,973 ) (90,383 )
Sale of tangible fixed assets 23,500 2,438
Interest received 3,042 -
Net cash from investing activities (29,431 ) (87,945 )

Cash flows from financing activities
Amount introduced by directors - 5,780
Amount withdrawn by directors (5,780 ) -
Equity dividends paid (343,920 ) (209,954 )
Net cash from financing activities (349,700 ) (204,174 )

Increase/(decrease) in cash and cash equivalents 481,865 (459,495 )
Cash and cash equivalents at beginning of
year

2

1,087,635

1,547,130

Cash and cash equivalents at end of year 2 1,569,500 1,087,635

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 497,161 229,796
Depreciation charges 162,594 177,926
Loss on disposal of fixed assets 5,424 1,070
Finance income (3,042 ) -
662,137 408,792
Decrease/(increase) in stocks 268,763 (309,879 )
Decrease/(increase) in trade and other debtors 28,782 (30,540 )
(Decrease)/increase in trade and other creditors (46,389 ) 20,122
Cash generated from operations 913,293 88,495

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 1,569,500 1,087,635
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 1,087,635 1,547,130


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 1,087,635 481,865 1,569,500
1,087,635 481,865 1,569,500
Total 1,087,635 481,865 1,569,500

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Poplars Nursery Garden Centre Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest pound.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices (see below).

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of revision and future period, if the revision affects both current and future periods.

When considering the inventory provision, management considers the nature and the condition of inventory, as well as applying assumptions around anticipated saleability of inventory held and recent sales performance of inventory lines.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns and discounts allowed by the company and value added taxes.

The company operates a retail shop in the form of a garden centre. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card. Sales are made to retail customers with a right to return within 28 days, subject to certain conditions regarding the usage.

Intangible fixed assets
Negative goodwill arose on the acquisition of the business during the year ended 29 February 2000. Under FRS 102 the negative goodwill is recognised in the income statement in the periods expected to be benefited. As the asset in question is freehold property the rate of amortisation of the negative goodwill is 2% straight line, to equate the amortisation rate to that of the depreciation charge on freehold property.

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are carried at historic purchase cost less accumulated depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is determined with reference to the most recent purchase price. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities including cash and bank balances, trade and other accounts receivable and payable and loans from banks and other third parties.

Basic financial assets and liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Such assets and debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.


POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
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.

Other operating income
Other operating income consists of income from concession partners and marketing support.

4. 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:

2024 2023
£    £   
Sale of goods 5,419,173 5,369,012
5,419,173 5,369,012

5. EMPLOYEES AND DIRECTORS

20242023
£   £   
Office & management salaries410,971421,888
Other staff wages1,004,875976,530
Office & management social security41,63048,496
Other staff social security46,00043,664
Office & management pension costs83,409254,703
Other staff pension costs23,33126,229
1,610,2161,771,510

The average monthly number of employees during the year was as follows:
20242023

Office & management1517
Other staff9087
105104

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

2024 2023
£    £   
Directors' remuneration 31,978 24,000
Directors' pension contributions to money purchase schemes 72,000 242,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 21,632 19,173
Depreciation - owned assets 186,498 201,831
Loss on disposal of fixed assets 5,424 1,070
Goodwill amortisation (23,905 ) (23,905 )
Auditors' remuneration 6,000 6,000
Auditors' remuneration for non audit work 18,569 17,248

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 143,526 52,336

Deferred tax (4,442 ) 18,486
Tax on profit 139,084 70,822

UK corporation tax was charged at 19%) in 2023.

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

7. TAXATION - continued

Reconciliation of total tax charge 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:

2024 2023
£    £   
Profit before tax 497,161 229,796
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

124,290

43,661

Effects of:
Capital allowances in excess of depreciation - (1,747 )
Depreciation in excess of capital allowances 4,442 -
Movement in deferred tax provision (4,442 ) 18,486
Depreciation on freehold property 26,467 20,115
Amortisation on negative goodwill (5,976 ) (4,541 )
Effects of super-deduction tax allowances - (5,152 )
Effect of change in tax rate (5,792 ) -
Add back disallowed entertaining 95 -
Total tax charge 139,084 70,822

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25%. This new law was substantively enacted on 24 May 2021.

8. DIVIDENDS
2024 2023
£    £   
Ordinary 'A' shares of £1 each
Interim 200,000 136,154
Ordinary 'B' share of £1
Interim 25,500 8,000
Ordinary 'C' share of £1
Interim 37,500 8,000
Ordinary 'D' share of £1
Interim 40,460 28,900
Ordinary 'E' share of £1
Interim 40,460 28,900
343,920 209,954

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 (1,099,999 )
AMORTISATION
At 1 February 2023 (478,480 )
Amortisation for year (23,905 )
At 31 January 2024 (502,385 )
NET BOOK VALUE
At 31 January 2024 (597,614 )
At 31 January 2023 (621,519 )

10. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 6,098,598 1,138,378 104,390 25,274 7,366,640
Additions - 39,040 12,990 3,943 55,973
Disposals - (116,600 ) (72,550 ) (13,554 ) (202,704 )
At 31 January 2024 6,098,598 1,060,818 44,830 15,663 7,219,909
DEPRECIATION
At 1 February 2023 1,712,299 919,023 67,643 19,104 2,718,069
Charge for year 110,059 63,495 9,030 3,914 186,498
Eliminated on disposal - (112,142 ) (48,084 ) (13,554 ) (173,780 )
At 31 January 2024 1,822,358 870,376 28,589 9,464 2,730,787
NET BOOK VALUE
At 31 January 2024 4,276,240 190,442 16,241 6,199 4,489,122
At 31 January 2023 4,386,299 219,355 36,747 6,170 4,648,571

Included in freehold property is land valued at £596,000 which is not depreciated.

11. STOCKS
2024 2023
£    £   
Stocks 746,804 1,015,567

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 617 5,614
Other debtors 2,575 2,696
Prepayments 30,393 54,057
33,585 62,367

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 224,577 287,861
Tax 143,509 52,280
Social security and other taxes 24,297 20,526
VAT 153,294 144,243
Other creditors 22,868 37,052
Directors' current accounts - 5,780
Accrued expenses 45,362 27,104
613,907 574,846

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 65,306 69,748

Deferred
tax
£   
Balance at 1 February 2023 69,748
Provided during year (4,442 )
Balance at 31 January 2024 65,306

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,180 Ordinary 'A' £1 1,180 1,180
1 Ordinary 'B' £1 1 1
1 Ordinary 'C' £1 1 1
1 Ordinary 'D' £1 1 1
1 Ordinary 'E' £1 1 1
1,184 1,184

POPLARS NURSERY GARDEN CENTRE LIMITED (REGISTERED NUMBER: 03688204)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

16. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 February 2023 4,547,023 999,820 5,546,843
Profit for the year 358,077 358,077
Dividends (343,920 ) (343,920 )
At 31 January 2024 4,561,180 999,820 5,561,000

17. RELATED PARTY TRANSACTIONS

The company operates loan accounts with various directors from time to time. During the year, brought forward loans of £5,780 were repaid to Mr J and Mrs B Little. The balance of this loan at the year end date was £nil.

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the board of directors.