REGISTERED NUMBER: |
SULNEY NURSERY LTD |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
20 OCTOBER 2022 TO 31 DECEMBER 2023 |
REGISTERED NUMBER: |
SULNEY NURSERY LTD |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
20 OCTOBER 2022 TO 31 DECEMBER 2023 |
SULNEY NURSERY LTD (REGISTERED NUMBER: 14431320) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 20 OCTOBER 2022 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 6 |
SULNEY NURSERY LTD |
COMPANY INFORMATION |
FOR THE PERIOD 20 OCTOBER 2022 TO 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
3 Princes Court |
Royal Way |
Loughborough |
Leicestershire |
LE11 5XR |
SULNEY NURSERY LTD (REGISTERED NUMBER: 14431320) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SULNEY NURSERY LTD (REGISTERED NUMBER: 14431320) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 20 OCTOBER 2022 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Sulney Nursery Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£) and is rounded to the nearest pound. |
The significant accounting policies applied in the preparation of these financial statement are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
The financial statements cover the individual entity. |
The company was incorporated on 20 October 2022. The current period financial statements are prepared for the 62 weeks ended 31 December 2023 ("2023"). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Property, plant and equipment |
Freehold land | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Property, plant and equipment is stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
At each reporting date, fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement. |
Inventories |
Inventories are valued at the lower of cost and fair value less costs to complete and sell and after making due allowance for obsolete and slow moving items. |
Costs comprise direct materials and, where applicable, direct labour costs and those direct overheads that have been incurred in bringing the inventories to their present location and condition. |
SULNEY NURSERY LTD (REGISTERED NUMBER: 14431320) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 20 OCTOBER 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt FRS 102 Section 1A in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
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 income statement. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the period 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 statement of financial position date. |
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 period 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
SULNEY NURSERY LTD (REGISTERED NUMBER: 14431320) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 20 OCTOBER 2022 TO 31 DECEMBER 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Long | Plant and |
land | leasehold | machinery |
£ | £ | £ |
COST |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed to related parties | 26,071 |
Accrued expenses |
6. | PROVISIONS FOR LIABILITIES |
£ |
Deferred tax |
Accelerated capital allowances | 28,845 |
Deferred |
tax |
£ |
Provided during period |
Balance at 31 December 2023 |
SULNEY NURSERY LTD (REGISTERED NUMBER: 14431320) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 20 OCTOBER 2022 TO 31 DECEMBER 2023 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary A | £1 | 50 |
100 Ordinary £1 shares were allotted and fully paid for cash at par during the period. These shares were then reclassified into 50 Ordinary A £1 shares and 50 Ordinary B £1 shares. The Ordinary B £1 shares were subsequently cancelled as part of a corporate reorganisation. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
During the course of the audit we were unable to satisfy ourselves that the valuation of the inventories as at 31 December 2023, which is included in the statement of financial position at £635,500, were free from material misstatement. |
Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2023. |
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 qualified opinion. |
Matters required to report by exception |
Arising solely from the limitation in scope of our work relating to closing inventory valuation, referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purposes of our audit; and |
- we were unable to determine whether adequate accounting records have been kept. |
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: |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
During the year, the nursery trade, cash of £200,000, inventories of £496,845 and other assets with a net book value of £248,025 were transferred from Carrier Landscapes Limited, a company under common control, via a dividend in specie for £944,870. |
During the year the company recharged wages costs of £345,304 to Carrier Landscapes Limited, and Carrier Landscapes recharged £138,655 costs of growing stock on behalf of the company. |
At the year end, the company owed £26,070 to Carrier Landscapes Limited. |