Company registration number 4163085 (England and Wales)
BEETHAM NURSERIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
BEETHAM NURSERIES LIMITED
COMPANY INFORMATION
Directors
Mr S J Abbit
Mrs L A Abbit
Secretary
Mr S J Abbit
Company number
4163085
Registered office
Beetham Nurseries
Pool Darkin Lane
Milnthorpe
LA7 7AP
Auditor
MHA
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
BEETHAM NURSERIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
BEETHAM NURSERIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

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

Review of the business

Despite ongoing operational cost and subdued retail sales due to the wet weather coupled with the ongoing lost of living pressures, the business has continued to perform well.

 

The business has been able to open the new Wood Fired Pizza restaurant which had been unable to open due to staffing challenges since it was developed in 2020. This business also intends to continue with the successful events such as the Christmas markets in the future.

 

The Directors are happy with the recent performance of the business and would like to thank the staff for their continued commitment to the Company during this difficult period.

Principal risks and uncertainties

Challenges over the supply of products from overseas continues to be an issue due to various external factors. The directors are continuing to build on close relationships with existing suppliers.

 

Food price, utility cost and wage inflation along with challenges in relation to the recruitment and retention of staff are all risks that the Directors are monitoring closely.

The Directors continually implement new operating procedures and are investing in renewables to help mitigate these risks in an ever-changing environment and they closely monitor key performance indicators to help review performance in these areas.

Analysis of Development and Performance and Key Performance Indicators

The Directors consider turnover and net profit margin to be the main key performance indicators. Turnover has increased in the year to 31 January 2024 from £5.17m to £5.51m. Net profit margin has decreased from 8.88% to 8.72%.

Total equity for the company has increased from £4.2m to £4.4m and net current assets have increased to £1.65m from £1.42m.

Future Developments

The current year is showing increases in both turnover and gross profit along with continuing to show strong cash flow reserves however, the principal risks and uncertainties as mentioned above continue to be monitored closely by the Directors.

On behalf of the board

Mr S J Abbit
Director
31 October 2024
BEETHAM NURSERIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company continued to be that of a garden centre and a tea room.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £156,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S J Abbit
Mrs L A Abbit
Auditor

Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risk and uncertainties, and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S J Abbit
Director
31 October 2024
BEETHAM NURSERIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

The directors are responsible for preparing the annual report 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:

 

 

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.

BEETHAM NURSERIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEETHAM NURSERIES LIMITED
- 4 -
Opinion

We have audited the financial statements of Beetham Nurseries Limited (the 'company') for the year ended 31 January 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

BEETHAM NURSERIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEETHAM NURSERIES LIMITED (CONTINUED)
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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 directors' report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

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 in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

BEETHAM NURSERIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEETHAM NURSERIES LIMITED (CONTINUED)
- 6 -

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Jack Steer BA(Hons) ACA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Lancaster, United Kingdom
31 October 2024
2024-10-31
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
BEETHAM NURSERIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
5,512,016
5,174,309
Cost of sales
(2,582,902)
(2,524,071)
Gross profit
2,929,114
2,650,238
Administrative expenses
(2,348,411)
(2,128,582)
Other operating income
13,585
1,003
Operating profit
4
594,288
522,659
Interest receivable and similar income
7
2
134
Interest payable and similar expenses
8
(113,600)
(63,477)
Profit before taxation
480,690
459,316
Tax on profit
9
(115,299)
(45,503)
Profit for the financial year
365,391
413,813

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BEETHAM NURSERIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
2024
2023
£
£
Profit for the year
365,391
413,813
Other comprehensive income
-
-
Total comprehensive income for the year
365,391
413,813
BEETHAM NURSERIES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,316,177
4,274,925
Current assets
Stocks
12
810,793
747,925
Debtors
13
1,471,799
1,151,387
Cash at bank and in hand
371,388
379,591
2,653,980
2,278,903
Creditors: amounts falling due within one year
14
(1,008,372)
(857,839)
Net current assets
1,645,608
1,421,064
Total assets less current liabilities
5,961,785
5,695,989
Creditors: amounts falling due after more than one year
15
(1,408,153)
(1,383,900)
Provisions for liabilities
Deferred tax liability
18
139,322
107,170
(139,322)
(107,170)
Net assets
4,414,310
4,204,919
Capital and reserves
Called up share capital
20
2
2
Profit and loss reserves
4,414,308
4,204,917
Total equity
4,414,310
4,204,919

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr S J Abbit
Director
Company registration number 4163085 (England and Wales)
BEETHAM NURSERIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
2
3,855,354
3,855,356
Year ended 31 January 2023:
Profit and total comprehensive income
-
413,813
413,813
Dividends
10
-
(64,250)
(64,250)
Balance at 31 January 2023
2
4,204,917
4,204,919
Year ended 31 January 2024:
Profit and total comprehensive income
-
365,391
365,391
Dividends
10
-
(156,000)
(156,000)
Balance at 31 January 2024
2
4,414,308
4,414,310
BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
1
Accounting policies
Company information

Beetham Nurseries Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beetham Nurseries, Pool Darkin Lane, Milnthorpe, LA7 7AP.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Beetham Nurseries Holdings Limited. These consolidated financial statements are available from its registered office, Beetham Nurseries, Pool Darkin Lane, Beetham, Milnthorpe, LA7 7AP.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. 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.

BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 12 -
1.4
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:

Freehold land and buildings
2% Straight line
Computer Equipment
33.33% Straight line
Fixtures and fittings
25% Straight line
Motor vehicles
25% 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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock value consists of the direct cost of materials.

Cost is calculated using the weighted average method.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock Valuation

The company's stock policy requires judgement to be made in assessing stock for impairment.

 

At each reporting date, an assessment is made for impairment and 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 the profit or loss.

Property Valuation

The company's accounting policy requirements judgement to be made to determine whether any impairment is present in the valuation of property.

 

At each reporting date the carrying amount of property is reviewed to determine whether there is any indication that those assets have suffered an impairment loss.

BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Nursery and other
4,385,583
4,072,051
Tearooms
1,126,433
1,102,258
5,512,016
5,174,309
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
5,512,016
5,174,309
2024
2023
£
£
Other revenue
Interest income
2
134
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
11,350
8,800
Depreciation of owned tangible fixed assets
205,222
182,768
Depreciation of tangible fixed assets held under finance leases
20,399
35,361
5
Employees

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

2024
2023
Number
Number
Staff
79
73
Directors
2
2
Total
81
75
BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,440,700
1,315,703
Pension costs
47,702
45,234
1,488,402
1,360,937
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
25,371
25,244
Company pension contributions to defined contribution schemes
24,000
24,000
49,371
49,244

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2
134
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
104,399
47,998
Other interest on financial liabilities
2,000
10,500
Interest on finance leases and hire purchase contracts
7,201
4,979
113,600
63,477
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
83,168
41,205
Adjustments in respect of prior periods
(21)
-
0
Total current tax
83,147
41,205
BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
9
Taxation
2024
2023
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
32,152
4,298
Total tax charge
115,299
45,503

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
480,690
459,316
Expected tax charge based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
115,511
87,270
Tax effect of expenses that are not deductible in determining taxable profit
7,652
18,782
Group relief
(31,189)
(55,185)
Depreciation on assets not qualifying for tax allowances
22,804
-
0
Under/(over) provided in prior years
(21)
-
0
Super deduction allowance
(704)
(6,395)
Effect of change in corporation tax rate
1,246
1,031
Taxation charge for the year
115,299
45,503

Factors affecting future tax and charges

 

The standard rate of tax applied to reported profit on ordinary activities is 25% (2023: 19%). The Finance Act 2021, which was substantively enacted on 24 May 2021, created a 25% main rate, 19% small profits rate and a marginal rate which was effective from 1 April 2023. Deferred tax has been calculated at 25% (2023: 25%) which is the rate that the deferred tax liabilities and assets are expected to crystallise.

10
Dividends
2024
2023
£
£
Interim paid
156,000
64,250
BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
11
Tangible fixed assets
Freehold land and buildings
Computer Equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
5,070,474
86,987
970,976
326,620
6,455,057
Additions
131,347
23,611
8,232
103,683
266,873
At 31 January 2024
5,201,821
110,598
979,208
430,303
6,721,930
Depreciation and impairment
At 1 February 2023
1,096,559
73,449
807,921
202,203
2,180,132
Depreciation charged in the year
101,839
17,104
65,006
41,672
225,621
At 31 January 2024
1,198,398
90,553
872,927
243,875
2,405,753
Carrying amount
At 31 January 2024
4,003,423
20,045
106,281
186,428
4,316,177
At 31 January 2023
3,973,915
13,538
163,055
124,417
4,274,925

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Fixtures and fittings
14,573
56,558
Motor vehicles
156,453
84,452
Freehold land and buildings
105,424
-
276,450
141,010
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
810,793
747,925
BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,017
312
Amounts owed by group undertakings
1,462,298
1,139,722
Other debtors
3,609
2,799
Prepayments and accrued income
4,875
8,554
1,471,799
1,151,387
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
109,390
133,708
Obligations under finance leases
17
76,549
52,742
Trade creditors
436,846
301,372
Corporation tax
83,168
41,205
Other taxation and social security
88,838
112,917
Other creditors
187,551
169,198
Accruals and deferred income
26,030
46,697
1,008,372
857,839
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
1,249,294
1,352,682
Obligations under finance leases
17
158,859
31,218
1,408,153
1,383,900
16
Loans and overdrafts
2024
2023
£
£
Bank loans
1,358,684
1,486,390
Payable within one year
109,390
133,708
Payable after one year
1,249,294
1,352,682

Bank loans and overdrafts are secured by way of National Westminster Bank Plc holding a legal charge and debenture over the undertaking and all property and assets present and future, including: goodwill, bookdebts, uncalled capital, buildings fixtures and fixed plant and machinery,

BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
76,549
52,742
In two to five years
158,859
31,218
235,408
83,960

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
139,322
107,170
2024
Movements in the year:
£
Liability at 1 February 2023
107,170
Charge to profit or loss
32,152
Liability at 31 January 2024
139,322

The directors do not expect the net reversal of the deferred tax liability in the year beginning after the reporting period to be materially different from the movement shown in the current year.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
47,702
45,234

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

BEETHAM NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Remuneration
2024
2023
£
£
Other related parties
133,987
123,184
2024
2023
Amounts due to related parties
£
£
Key management personnel
67,714
141,861
22
Ultimate controlling party

The directors consider the ultimate parent undertaking to be Beetham Nurseries Holdings Limited, a company incorporated in England and Wales. The largest and only group of which the company is a member and for which group accounts are drawn up is that headed by Beetham Nurseries Holdings Limited.

 

Copies of group accounts of Beetham Nurseries Holdings Limited, have been delivered to, and are available from, The Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

 

The company is under the ultimate control of the Directors of Beetham Nurseries Holdings Limited, who control, together with members of their close families, the whole of the company’s issued ordinary share capital.

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