REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 October 2023 |
for |
Fresh Acres Nurseries Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 October 2023 |
for |
Fresh Acres Nurseries Limited |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 17 |
Fresh Acres Nurseries Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Registered Auditors |
Wellesely House |
204 London Road |
Waterlooville |
Hampshire |
PO7 7AN |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Strategic Report |
for the Year Ended 31 October 2023 |
The directors present their strategic report for the year ended 31 October 2023. |
REVIEW OF BUSINESS |
The company has seen an increase in turnover in the current year. |
The position of the company remains satisfactory, as reflected in the year end balance sheet. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties remain as the levels of demand in a recovering economy. In the retail sector our product range relies on our consumer base having sufficient disposable income for non essential maintenance and home improvements. |
The company is always looking to improve its margin by monitoring the cost price of its goods whilst not compromising the quality. |
A key risk to the company is obsolescence of stock due to its shelf life. |
KEY PERFORMANCE INDICATORS (KPIS) |
Turnover has grown by 1% during the year, whilst the gross profit margin has decreased from 12.7% to 11.2%. |
The directors consider the performance against KPIs this year to be satisfactory in light of market conditions. |
ON BEHALF OF THE BOARD: |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Report of the Directors |
for the Year Ended 31 October 2023 |
The directors present their report with the financial statements of the company for the year ended 31 October 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 October 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Report of the Directors |
for the Year Ended 31 October 2023 |
AUDITORS |
The auditors, MMO Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Fresh Acres Nurseries Limited |
Opinion |
We have audited the financial statements of Fresh Acres Nurseries Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Fresh Acres Nurseries Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Fresh Acres Nurseries Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was considered of detecting irregularities, including fraud irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. |
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. |
Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. |
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: |
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; |
- Reviewing minutes of meetings of those charged with governance; |
- Assessing the extent of compliance with the laws and regulations considered have a direct material effect on the financial statement or the operations of the company through enquiry and inspection; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for the appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. |
Report of the Independent Auditors to the Members of |
Fresh Acres Nurseries Limited |
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Registered Auditors |
Wellesely House |
204 London Road |
Waterlooville |
Hampshire |
PO7 7AN |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Income Statement |
for the Year Ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(446,756 | ) | (477,672 | ) |
Other operating income |
OPERATING LOSS | 4 | ( | ) | ( | ) |
Interest payable and similar expenses | 5 |
LOSS BEFORE TAXATION | ( | ) | ( | ) |
Tax on loss | 6 | ( | ) | ( | ) |
LOSS FOR THE FINANCIAL YEAR | ( | ) | ( | ) |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Other Comprehensive Income |
for the Year Ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
LOSS FOR THE YEAR | (80,258 | ) | (53,592 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (80,258 | ) | (53,592 | ) |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 17 | ( | ) | ( | ) |
NET ASSETS |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Balance Sheet - continued |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 18 | 27,480 | 27,480 |
Share premium | 19 | 142,320 | 142,320 |
Other reserves | 19 | 13,000 | 13,000 |
Retained earnings | 19 | 5,418,096 | 5,498,354 |
SHAREHOLDERS' FUNDS | 5,600,896 | 5,681,154 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Statement of Changes in Equity |
for the Year Ended 31 October 2023 |
Called up |
share | Retained | Share | Other | Total |
capital | earnings | premium | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 November 2021 | 27,480 | 5,551,946 | 142,320 | 13,000 | 5,734,746 |
Changes in equity |
Total comprehensive income | - | (53,592 | ) | - | - | (53,592 | ) |
Balance at 31 October 2022 | 27,480 | 5,498,354 | 142,320 | 13,000 | 5,681,154 |
Changes in equity |
Total comprehensive income | - | (80,258 | ) | - | - | (80,258 | ) |
Balance at 31 October 2023 | 27,480 | 5,418,096 | 142,320 | 13,000 | 5,600,896 |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Cash Flow Statement |
for the Year Ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( | ) |
Interest paid | ( | ) | ( | ) |
Tax paid | ( | ) |
Net cash from operating activities | ( | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( | ) | ( | ) |
Sale of tangible fixed assets |
Net cash from investing activities | ( | ) |
Cash flows from financing activities |
Loan repayments in year | ( | ) | ( | ) |
Capital repayments in year | ( | ) |
Net cash from financing activities | ( | ) | ( | ) |
Increase/(decrease) in cash and cash equivalents | ( | ) |
Cash and cash equivalents at beginning of year | 2 | (293,300 | ) | (201,020 | ) |
Cash and cash equivalents at end of year | 2 | ( | ) | ( | ) |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Cash Flow Statement |
for the Year Ended 31 October 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Loss before taxation | ( | ) | ( | ) |
Depreciation charges |
Profit on disposal of fixed assets | ( | ) |
Finance costs | 15,630 | 8,780 |
(23,340 | ) | (8,072 | ) |
Decrease/(increase) in stocks | ( | ) |
(Increase)/decrease in trade and other debtors | ( | ) |
Increase/(decrease) in trade and other creditors | ( | ) |
Cash generated from operations | ( | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2023 |
31/10/23 | 1/11/22 |
£ | £ |
Cash and cash equivalents | 240 | 3,349 |
Bank overdrafts | ( | ) | ( | ) |
(214,447 | ) | (293,300 | ) |
Year ended 31 October 2022 |
31/10/22 | 1/11/21 |
£ | £ |
Cash and cash equivalents | 3,349 | 318 |
Bank overdrafts | ( | ) | ( | ) |
(293,300 | ) | (201,020 | ) |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Cash Flow Statement |
for the Year Ended 31 October 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/11/22 | Cash flow | At 31/10/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,349 | (3,109 | ) | 240 |
Bank overdrafts | (296,649 | ) | 81,962 | (214,687 | ) |
(293,300 | ) | (214,447 | ) |
Debt |
Debts falling due within 1 year | (9,997 | ) | (178 | ) | (10,175 | ) |
Debts falling due after 1 year | (26,633 | ) | 10,174 | (16,459 | ) |
(36,630 | ) | 9,996 | (26,634 | ) |
Total | (329,930 | ) | 88,849 | (241,081 | ) |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Fresh Acres Nurseries Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements are prepared for Fresh Acres Nurseries Limited as a single entity. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Land and buildings held and used in the Company's own activities are stated in the financial statements at their fair value. |
Revaluations are carried out regularly so that the carrying values give a true and fair view. Any revaluation amount is reflected through the profit and loss reserve. |
Investment property |
Investment properties are shown at their open market value. The surplus or deficit arising from the annual |
revaluation is recognised through the profit and loss account. |
This is in line with FRS 102 section 1A which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the |
company and so are reflected at the fair value. This departure from the provisions of the Companies Act 2006 is required in order to give a true and fair view. |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value on an average cost method, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Operations | 57 | 63 |
Administration | 1 | 1 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
4. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( | ) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Bank loan interest |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Deferred tax | ( | ) | ( | ) |
Tax on loss | ( | ) | ( | ) |
7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
AMORTISATION |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
8. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Included in cost or valuation of land and buildings is freehold land of £ 792,608 (2022 - £ 792,608 ) which is not depreciated. |
Cost or valuation at 31 October 2023 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2020 | 1,444,584 | - | - |
Cost | 555,416 | 111,118 | 33,708 |
2,000,000 | 111,118 | 33,708 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2020 | - | - | - | 1,444,584 |
Cost | 34,768 | 31,593 | 70,995 | 837,598 |
34,768 | 31,593 | 70,995 | 2,282,182 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 555,416 | 555,416 |
Aggregate depreciation | 48,296 | 48,296 |
Value of land in freehold land and buildings | 2,000,000 | 2,000,000 |
Freehold land and buildings were valued on an open market basis on 31 October 2023 by the directors . |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
9. | FIXED ASSET INVESTMENTS |
Unlisted |
investment |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2017 | 264,159 |
Valuation in 2019 | 410,000 |
Valuation in 2020 | 1,135,183 |
Valuation in 2021 | (185,354 | ) |
Cost | 2,351,012 |
3,975,000 |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
10. | INVESTMENT PROPERTY - continued |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,351,012 | 2,351,012 |
Investment property was valued on an open market basis on 31 October 2023 by the directors . |
11. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Social security and other taxes |
VAT | 39,582 | 33,544 |
Other creditors |
Directors' loan accounts | 231,688 | 231,688 |
Accrued expenses |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Included within secured debt (overdraft) is £214,687 (2022: £296,649) owed to HSBC plc. |
HSBC plc has a fixed charge over all assets of the company. The facility was renewed post year end. |
Fresh Acres Nurseries Limited (Registered number: 00451031) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
17. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | - | 22,612 |
32,421 | 33,276 |
Deferred |
tax |
£ |
Balance at 1 November 2022 |
Accelerated capital allowances | (855 | ) |
Deferred tax on revaluations |
Balance at 31 October 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
27,480 | Ordinary | £1 | 27,480 | 27,480 |
19. | RESERVES |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 November 2022 | 142,320 | 13,000 |
Deficit for the year | ( | ) | ( | ) |
At 31 October 2023 | 142,320 | 13,000 | 5,573,416 |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |