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Registered number: 05208076










Edward Vinson Plants Limited










Annual report and financial statements

For the 9 month period ended 31 December 2023





 
Edward Vinson Plants Limited
 

Company Information


Directors
P E Vinson (resigned 1 June 2023)
R J Cook 
G J J Clarkson 
A G S Dunn 




Company secretary
A G S Dunn



Registered number
05208076



Registered office
4 Ewell Barn
Graveney Road

Faversham

Kent

ME13 8UP




Independent auditor
Kreston Reeves LLP
Statutory Auditor & Chartered Accountants

Montague Place

Quayside

Chatham Maritime

Chatham

Kent

ME4 4QU





 
Edward Vinson Plants Limited
 

Contents



Page
Strategic report
 
 
1
Directors' report
 
 
2 - 3
Independent auditor's report
 
 
4 - 7
Statement of comprehensive income
 
 
8
Balance sheet
 
 
9
Statement of changes in equity
 
 
10
Notes to the financial statements
 
 
11 - 24


 
Edward Vinson Plants Limited
 

Strategic report
For the 9 month period ended 31 December 2023

Introduction
 
The directors aim to present a balanced and comprehensive review of the development and performance of the company's business during the year and its position at the year end. Their review is consistent with the size and nature of the business and is written in the context of the risk and uncertainties that the group faces.

Business review
 
The business has continued with a steady programme of operational and structural improvement.  This involves the constant review and appraisal of all activities undertaken. Investments in labour saving and quality improvements are reflecting in business performance, but the UK remains a high-cost production environment and constant improvement is required to mitigate these costs.  Demand for the product remains strong and producing a quality product is crucial to ensure this demand continues.  
The company shortened its accounting reference period, which in the year of transition has resulted in a higher stock figure at the balance sheet date and lower turnover than the corresponding period.

Principal risks and uncertainties
 
The business environment in which the company operates continues to be challenging.  Management take necessary steps to ensure that business risks are addressed on a timely basis.   
The availability of labour remains a key risk to the business and the mitigation of this is a core strategic objective.
The changing climate and weather patterns has an impact on not only the operations, but also the structures within which operations take place.  Strong wind can be damaging to both crops and glasshouses, with significant financial impact.  
The directors continue to monitor the situation and manage this risk through continuing review of their operations and strategy. 

Financial key performance indicators
 
The financial key performance indicators are as follows:



31 December
31 March
2023
2023
£'000
£'000
Gross profit

1,427

1,474
 
Profit / (loss) before tax

291

285
 


This report was approved by the board on 18 November 2024 and signed on its behalf.



R J Cook
Director

Page 1

 
Edward Vinson Plants Limited
 

 
Directors' report
For the 9 month period ended 31 December 2023

The directors present their report and the financial statements for the 9 month period ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company during the year was plant propagation in East Kent, Hampshire and Surrey.

Results and dividends

The profit for the 9 month period, after taxation, amounted to £243,225 (2023 - £302,114).

Dividends of £Nil (March 2023 - £Nil) were paid in the period.

Directors

The directors who served during the 9 month period were:

P E Vinson (resigned 1 June 2023)
R J Cook 
G J J Clarkson 
A G S Dunn 

Future developments

The directors aim to continue to propagate high quality plants.

Page 2

 
Edward Vinson Plants Limited
 

 
Directors' report (continued)
For the 9 month period ended 31 December 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, Kreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 November 2024 and signed on its behalf.
 





A G S Dunn
Secretary

Page 3

 
Edward Vinson Plants Limited
 

 
Independent auditor's report to the members of Edward Vinson Plants Limited
 

Opinion


We have audited the financial statements of Edward Vinson Plants Limited (the 'company') for the 9 month period ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 profit for the 9 month period 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 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 United Kingdom, including the Financial Reporting Council'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 ReportOur 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.


Page 4

 
Edward Vinson Plants Limited
 

 
Independent auditor's report to the members of Edward Vinson Plants Limited (continued)


Opinion 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 Directors' report for the financial 9 month period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


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:


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 Directors' responsibilities statement set out on page 2, 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.


Page 5

 
Edward Vinson Plants Limited
 

 
Independent auditor's report to the members of Edward Vinson Plants Limited (continued)


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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and complying with the supermarket regulatory bodies. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and unidentified related party transactions. Audit procedures performed by the group engagement team included:
• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management and external audits by regulatory bodies; and
• Assessment of identified fraud risk factors; and
• Conducting interviews with appropriate personnel to gain further insight into the control systems implemented, and the risk of irregularity; and
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
• Reading minutes of meetings of those charged with governance; and
• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.


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.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
Page 6

 
Edward Vinson Plants Limited
 

 
Independent auditor's report to the members of Edward Vinson Plants Limited (continued)


collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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.





Robert Sellers FCCA (Senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Statutory Auditor
Chartered Accountants
  
Chatham Maritime

18 November 2024
Page 7

 
Edward Vinson Plants Limited
 

Statement of comprehensive income
For the 9 month period ended 31 December 2023

9 months ended
31 December
Year ended
31 March
2023
2023
Note
£
£

  

Turnover
 4 
2,110,349
8,070,854

Cost of sales
  
(682,859)
(6,596,398)

Gross profit
  
1,427,490
1,474,456

Administrative expenses
  
(1,200,131)
(1,448,008)

Other operating income
 5 
64,121
257,951

Operating profit
 6 
291,480
284,399

Interest receivable and similar income
  
-
125

Profit before tax
  
291,480
284,524

Tax on profit
 9 
(48,255)
17,590

Profit for the financial 9 month period
  
243,225
302,114

There was no other comprehensive income for 2023 (2023:£NIL).

The notes on pages 11 to 24 form part of these financial statements.

Page 8

 
Edward Vinson Plants Limited
Registered number: 05208076

Balance sheet
As at 31 December 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
1
1

Investments
 11 
40
40

  
41
41

Current assets
  

Stocks
 12 
4,747,323
750,285

Debtors: amounts falling due within one year
 13 
1,622,538
4,149,580

Cash at bank and in hand
 14 
629,334
822,744

  
6,999,195
5,722,609

Creditors: amounts falling due within one year
 15 
(5,689,405)
(4,656,044)

Net current assets
  
 
 
1,309,790
 
 
1,066,565

Total assets less current liabilities
  
1,309,831
1,066,606

  

Net assets
  
1,309,831
1,066,606


Capital and reserves
  

Called up share capital 
 16 
1,000
1,000

Profit and loss account
 17 
1,308,831
1,065,606

  
1,309,831
1,066,606


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.




R J Cook
Director

The notes on pages 11 to 24 form part of these financial statements.

Page 9
 

 
Edward Vinson Plants Limited


 

Statement of changes in equity
For the 9 month period ended 31 December 2023



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 April 2022
1,000
763,492
764,492



Comprehensive income for the year


Profit for the year
-
302,114
302,114





At 1 April 2023
1,000
1,065,606
1,066,606



Comprehensive income for the 9 month period


Profit for the 9 month period
-
243,225
243,225





At 31 December 2023
1,000
1,308,831
1,309,831



The notes on pages 11 to 24 form part of these financial statements.

Page 10
 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

1.


General information

Edward Vinson Plants Limited is a limited liability company incorporated in England and Wales with registration number 05208076. 
The address of the registered office and principal place of business is 4 Ewell Barn, Graveney Road, Faversham, Kent, ME13 8UP. 
The principal activity of the company is the propagation of soft fruit plants.
The financial statements are presented for the 9 month period ended 31 December 2023. The accounting reference date has been changed to align with that of the subsidiary undertaking. The comparative period presented is for the 12 months ended 31 March 2023 and therefore the amounts presented (including the related notes) are not entirely comparable. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 policies (see note 3).

The financial statements are rounded to the nearest Pound.

The following principal accounting policies have been applied:

 
2.2

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Edward Vinson Limited as at 31 December 2023 and these financial statements may be obtained from 4 Ewell Barn, Graveney Road, Faversham, Kent, ME13 8UP.

 
2.3

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is £ sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 12

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

  
2.11

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of comprehensive income over its useful economic life.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 13

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

2.Accounting policies (continued)

 
2.13

Stocks

Growing crops of plants have been valued at the lower of cost and net realisable value, these are classified as stocks given that they are held for resale soon after the year end.
Other stocks in hand 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 first in, first out basis.  Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.18

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.

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 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, less any provision for impairment, 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.
Page 14

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of
Page 15

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.  The nature of estimation is such though that actual outcomes could differ significantly from those estimates. There are no such judgements.


4.


Turnover

Analysis of turnover by country of destination:

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

United Kingdom
1,143,038
6,643,974

Rest of Europe
734,675
1,007,282

Rest of the World
232,636
419,598

2,110,349
8,070,854



5.


Other operating income

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Other operating income
35,152
164,730

Sundry income
19,948
22,553

Renewable Heat Incentive
9,021
70,668

64,121
257,951


Page 16

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

6.


Operating profit

The operating profit is stated after charging:

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Operating lease payments
238,710
312,647

Exchange differences
5,977
(17,175)

Defined contribution pension cost
34,200
42,485

Fees payable to the company's auditor and its associates for the audit of the company's annual accounts
11,000
10,000

289,887
347,957


7.


Employees

Staff costs, including directors' remuneration, were as follows:


9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Wages and salaries
2,359,514
2,469,904

Social security costs
194,004
218,836

Cost of defined contribution scheme
34,200
42,485

2,587,718
2,731,225


The average monthly number of employees, including the directors, during the 9 month period was as follows:


   9 months ended
     31 December
       Year ended
        31 March
        2023
        2023
            No.
            No.







Weekly
102
83



Salaried
8
8

110
91

Page 17

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

8.


Directors' remuneration

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Directors' emoluments
115,877
138,639

Company contributions to defined contribution pension schemes
13,172
17,749

129,049
156,388


During the 9 month period retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Taxation


9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Corporation tax


Current tax on profits for the year
48,255
-

Adjustments in respect of previous periods
-
(17,590)


Total current tax
48,255
(17,590)
Page 18

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023
 
9.Taxation (continued)


Factors affecting tax charge for the 9 month period/year

The tax assessed for the 9 month period/year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Profit on ordinary activities before tax
291,480
284,523


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
72,870
54,059

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
970

Adjustments to tax charge in respect of prior periods
-
(17,590)

Other timing differences leading to an increase (decrease) in taxation
(1,353)
(1,729)

Group relief
(23,262)
(53,300)

Total tax charge for the 9 month period/year
48,255
(17,590)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

10.


Intangible assets






Goodwill

£



Cost


At 1 April 2023
1



At 31 December 2023

1






Net book value



At 31 December 2023
1



At 31 March 2023
1




11.


Fixed asset investments








Investments in Subsidiary Company

£



Cost or valuation


At 1 April 2023
40



At 31 December 2023
40





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Principal activity

Class of shares

Holding

Rosie Plants EOOD
Propagation of soft fruits
Ordinary
100%

Rosie Plants EOOD is incorporated in Bulgaria.

Page 20

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

12.


Stocks

31 December
31 March
2023
2023
£
£

Growing crops
4,637,379
650,070

In store
109,944
100,215

4,747,323
750,285



13.


Debtors

31 December
31 March
2023
2023
£
£


Trade debtors
475,256
3,794,225

Amounts owed by group undertakings
348,328
15,990

Other debtors
657,227
57,032

Prepayments and accrued income
141,727
282,333

1,622,538
4,149,580



14.


Cash and cash equivalents

31 December
31 March
2023
2023
£
£

Cash at bank and in hand
629,334
822,744


Page 21

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

15.


Creditors: Amounts falling due within one year

31 December
31 March
2023
2023
£
£

Trade creditors
115,352
373,483

Amounts owed to group undertakings
2,529,708
2,773,567

Corporation tax
48,155
-

Other taxation and social security
62,678
53,035

Other creditors
27,187
25,765

Accruals and deferred income
2,906,325
1,430,194

5,689,405
4,656,044


Page 22

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

16.


Share capital

31 December
31 March
2023
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



17.


Reserves

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.


18.


Contingent liabilities

The company is party to a group composite cross guarantee and debenture given to the company's bankers, NatWest plc, covering the bank loans and overdrafts of Edward Vinson Limited.  The potential liability at the balance sheet date was £Nil (March 2023 - £Nil). 


19.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
31 March
2023
2023
£
£

Land and buildings


Not later than 1 year
133,500
133,500

Later than 1 year and not later than 5 years
285,225
322,750

Later than 5 years
115,375
142,000

534,100
598,250

31 December
31 March
2023
2023

£
£

Other


Not later than 1 year
13,656
13,656

Later than 1 year and not later than 5 years
10,584
10,584

24,240
24,240

Page 23

 
Edward Vinson Plants Limited
 

 
Notes to the financial statements
For the 9 month period ended 31 December 2023

20.


Related party transactions

The company has taken advantage of the exemption from disclosing related party transactions with its fellow group companies provided by FRS102 section 33, as it is a wholly owned subsidiary undertaking of Edward Vinson Limited.
Key management personnel
All directors who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel.  The total remuneration, including employers national insurance contributions, in respect of those individuals remunerated by the company is £146,870 (March 2023: 174,713).


21.


Controlling party

The company's ultimate parent undertaking and controlling party is Edward Vinson Limited, which is registered in England.  Copies of the company's group financial statements may be obtained from 4 Ewell Barn, Graveney Road, Faversham, Kent, ME13 8UP.


Page 24