IRIS Accounts Productionv24.1.0.57800451031Board of Directors1.11.2231.10.2331.10.23running a commercial garden centre and restauranttruefalsetruetruefalsefalsefalsetruefalseFair value modelOrdinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh004510312022-10-31004510312023-10-31004510312022-11-012023-10-31004510312021-10-31004510312021-11-012022-10-31004510312022-10-3100451031ns15:EnglandWales2022-11-012023-10-3100451031ns14:PoundSterling2022-11-012023-10-3100451031ns10:Director12022-11-012023-10-3100451031ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3100451031ns10:FRS1022022-11-012023-10-3100451031ns10:Audited2022-11-012023-10-3100451031ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-11-012023-10-3100451031ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-11-012023-10-3100451031ns10:FullAccounts2022-11-012023-10-310045103112022-11-012023-10-3100451031ns10:OrdinaryShareClass12022-11-012023-10-3100451031ns10:Director22022-11-012023-10-3100451031ns10:Director32022-11-012023-10-3100451031ns10:Director42022-11-012023-10-3100451031ns10:RegisteredOffice2022-11-012023-10-3100451031ns5:CurrentFinancialInstruments2023-10-3100451031ns5:CurrentFinancialInstruments2022-10-3100451031ns5:Non-currentFinancialInstruments2023-10-3100451031ns5:Non-currentFinancialInstruments2022-10-3100451031ns5:ShareCapital2023-10-3100451031ns5:ShareCapital2022-10-3100451031ns5:SharePremium2023-10-3100451031ns5:SharePremium2022-10-3100451031ns5:RetainedEarningsAccumulatedLosses2023-10-3100451031ns5:RetainedEarningsAccumulatedLosses2022-10-3100451031ns5:ShareCapital2021-10-3100451031ns5:RetainedEarningsAccumulatedLosses2021-10-3100451031ns5:SharePremium2021-10-3100451031ns5:FurtherSpecificReserve1ComponentTotalEquity2021-10-3100451031ns5:RetainedEarningsAccumulatedLosses2021-11-012022-10-3100451031ns5:FurtherSpecificReserve1ComponentTotalEquity2021-11-012022-10-3100451031ns5:FurtherSpecificReserve1ComponentTotalEquity2022-10-3100451031ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3100451031ns5:FurtherSpecificReserve1ComponentTotalEquity2022-11-012023-10-3100451031ns5:FurtherSpecificReserve1ComponentTotalEquity2023-10-3100451031ns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-11-012023-10-3100451031ns5:LeaseholdImprovements2022-11-012023-10-3100451031ns5:PlantMachinery2022-11-012023-10-3100451031ns5:FurnitureFittings2022-11-012023-10-3100451031ns5:MotorVehicles2022-11-012023-10-3100451031ns5:ComputerEquipment2022-11-012023-10-3100451031ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-11-012023-10-3100451031ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2021-11-012022-10-3100451031ns5:OwnedAssets2022-11-012023-10-3100451031ns5:OwnedAssets2021-11-012022-10-3100451031ns5:NetGoodwill2022-10-3100451031ns5:NetGoodwill2023-10-3100451031ns5:NetGoodwill2022-10-3100451031ns5:LandBuildings2022-10-3100451031ns5:LeaseholdImprovements2022-10-3100451031ns5:PlantMachinery2022-10-3100451031ns5:LandBuildings2022-11-012023-10-3100451031ns5:LandBuildings2023-10-3100451031ns5:LeaseholdImprovements2023-10-3100451031ns5:PlantMachinery2023-10-3100451031ns5:LandBuildings2022-10-3100451031ns5:LeaseholdImprovements2022-10-3100451031ns5:PlantMachinery2022-10-3100451031ns5:FurnitureFittings2022-10-3100451031ns5:MotorVehicles2022-10-3100451031ns5:ComputerEquipment2022-10-3100451031ns5:FurnitureFittings2023-10-3100451031ns5:MotorVehicles2023-10-3100451031ns5:ComputerEquipment2023-10-3100451031ns5:FurnitureFittings2022-10-3100451031ns5:MotorVehicles2022-10-3100451031ns5:ComputerEquipment2022-10-3100451031ns5:UnlistedNon-exchangeTradedns5:CostValuation2022-10-3100451031ns5:UnlistedNon-exchangeTraded2023-10-3100451031ns5:UnlistedNon-exchangeTraded2022-10-3100451031ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3100451031ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3100451031ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-10-3100451031ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-10-3100451031ns5:Secured2023-10-3100451031ns5:Secured2022-10-3100451031ns5:AcceleratedTaxDepreciationDeferredTax2023-10-3100451031ns5:AcceleratedTaxDepreciationDeferredTax2022-10-3100451031ns5:DeferredTaxation2022-10-3100451031ns5:DeferredTaxation2023-10-3100451031ns10:OrdinaryShareClass12023-10-3100451031ns5:RetainedEarningsAccumulatedLosses2022-10-3100451031ns5:SharePremium2022-10-3100451031ns5:FurtherSpecificReserve1ComponentTotalEquity2022-10-31

REGISTERED NUMBER: 00451031 (England and Wales)
















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:

Mr M J Carroll


Mrs S M Lovejoy


Mr R A Lovejoy


Ms A M Lovejoy







REGISTERED OFFICE:

Manor Nursery


Lagness Road


Runcton


Chichester


West Sussex


PO20 1LJ







REGISTERED NUMBER:

00451031 (England and Wales)







AUDITORS:

MMO Limited


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:






Mr M J Carroll - Director



31 October 2024


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.


Mr M J Carroll

Mrs S M Lovejoy

Mr R A Lovejoy

Ms A M Lovejoy


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:






Mr M J Carroll - Director



31 October 2024


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.





Mrs Gillian McIntosh (Senior Statutory Auditor)

for and on behalf of MMO Limited

Chartered Accountants and Registered Auditors

Wellesely House

204 London Road

Waterlooville

Hampshire

PO7 7AN


11 November 2024


Fresh Acres Nurseries Limited (Registered number: 00451031)


Income Statement

for the Year Ended 31 October 2023



2023


2022


Notes

£   

£   



TURNOVER

1,940,937


1,920,572




Cost of sales

1,723,588


1,676,481



GROSS PROFIT

217,349


244,091




Administrative expenses

664,105


721,763



(446,756

)

(477,672

)



Other operating income

381,273


432,742



OPERATING LOSS

4

(65,483

)

(44,930

)




Interest payable and similar expenses

5

15,630


8,780



LOSS BEFORE TAXATION

(81,113

)

(53,710

)



Tax on loss

6

(855

)

(118

)


LOSS FOR THE FINANCIAL YEAR

(80,258

)

(53,592

)



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

2,054,055


2,090,890



Investments

9

1,223


1,223



Investment property

10

3,975,000


3,975,000



6,030,278


6,067,113




CURRENT ASSETS

Stocks

11

229,775


280,072



Debtors

12

40,146


99,478



Cash in hand

240


3,349



270,161


382,899



CREDITORS

Amounts falling due within one year

13

650,663


708,949



NET CURRENT LIABILITIES

(380,502

)

(326,050

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

5,649,776


5,741,063




CREDITORS

Amounts falling due after more than

one year

14

(16,459

)

(26,633

)



PROVISIONS FOR LIABILITIES

17

(32,421

)

(33,276

)


NET ASSETS

5,600,896


5,681,154




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 31 October 2024 and were signed on its behalf by:






Mr M J Carroll - Director



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

34,262


(44,941

)


Interest paid

(15,630

)

(8,780

)


Tax paid

75,525


(34,296

)


Net cash from operating activities

94,157


(88,017

)



Cash flows from investing activities

Purchase of tangible fixed assets

(5,307

)

(15,945

)


Sale of tangible fixed assets

-


22,450



Net cash from investing activities

(5,307

)

6,505




Cash flows from financing activities

Loan repayments in year

(9,997

)

(9,436

)


Capital repayments in year

-


(1,332

)


Net cash from financing activities

(9,997

)

(10,768

)



Increase/(decrease) in cash and cash equivalents

78,853


(92,280

)


Cash and cash equivalents at

beginning of year

2

(293,300

)

(201,020

)



Cash and cash equivalents at end of

year

2

(214,447

)

(293,300

)



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

(81,113

)

(53,710

)



Depreciation charges

42,143


41,637




Profit on disposal of fixed assets

-


(4,779

)



Finance costs

15,630


8,780



(23,340

)

(8,072

)



Decrease/(increase) in stocks

50,297


(94,206

)



(Increase)/decrease in trade and other debtors

(16,193

)

67,303




Increase/(decrease) in trade and other creditors

23,498


(9,966

)



Cash generated from operations

34,262


(44,941

)



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

(214,687

)

(296,649

)


(214,447

)

(293,300

)



Year ended 31 October 2022


31/10/22


1/11/21

£   

£   



Cash and cash equivalents

3,349


318




Bank overdrafts

(296,649

)

(201,338

)


(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

)

78,853


(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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



These financial statements are prepared for Fresh Acres Nurseries Limited as a single entity.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Freehold property

-

2% on cost


Improvements to property

-

10% on reducing balance


Plant and machinery

-

15% on reducing balance


Fixtures and fittings

-

15% on reducing balance


Motor vehicles

-

15% on reducing balance


Computer equipment

-

33% on cost


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

863,206


827,122




Social security costs

59,429


62,625




Other pension costs

23,018


20,383



945,653


910,130




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



58


64





2023


2022

£   

£   



Directors' remuneration

131,265


147,884




4.

OPERATING LOSS



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



2023


2022

£   

£   



Hire of plant and machinery

4,220


3,339




Other operating leases

9,161


8,139




Depreciation - owned assets

42,142


41,638




Profit on disposal of fixed assets

-


(4,779

)



5.

INTEREST PAYABLE AND SIMILAR EXPENSES



2023


2022

£   

£   



Bank interest

14,978


7,569




Bank loan interest

652


1,211



15,630


8,780




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

(855

)

(118

)



Tax on loss

(855

)

(118

)



7.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 November 2022


and 31 October 2023

21,000




AMORTISATION


At 1 November 2022


and 31 October 2023

21,000




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

2,000,000


111,118


33,708




Additions

-


-


-




At 31 October 2023

2,000,000


111,118


33,708




DEPRECIATION


At 1 November 2022

48,296


23,104


15,418




Charge for year

24,148


8,801


2,431




At 31 October 2023

72,444


31,905


17,849




NET BOOK VALUE


At 31 October 2023

1,927,556


79,213


15,859




At 31 October 2022

1,951,704


88,014


18,290





Fixtures



and


Motor


Computer



fittings


vehicles


equipment


Totals

£   

£   

£   

£   



COST OR VALUATION


At 1 November 2022

33,074


31,593


67,382


2,276,875




Additions

1,694


-


3,613


5,307




At 31 October 2023

34,768


31,593


70,995


2,282,182




DEPRECIATION


At 1 November 2022

18,993


14,928


65,246


185,985




Charge for year

2,366


2,499


1,897


42,142




At 31 October 2023

21,359


17,427


67,143


228,127




NET BOOK VALUE


At 31 October 2023

13,409


14,166


3,852


2,054,055




At 31 October 2022

14,081


16,665


2,136


2,090,890




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

1,223




NET BOOK VALUE


At 31 October 2023

1,223




At 31 October 2022

1,223




10.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 November 2022


and 31 October 2023

3,975,000




NET BOOK VALUE


At 31 October 2023

3,975,000




At 31 October 2022

3,975,000





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

229,775


280,072




12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

26,960


9,610




Other debtors

-


2,100




Tax

-


75,525




Prepayments

13,186


12,243



40,146


99,478




13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Bank loans and overdrafts (see note 15)

224,862


306,646




Trade creditors

114,711


106,459




Social security and other taxes

16,998


18,272




VAT

39,582


33,544




Other creditors

7,793


3,561




Directors' loan accounts

231,688


231,688




Accrued expenses

15,029


8,779



650,663


708,949




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)

16,459


26,633




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

214,687


296,649




Bank loans

10,175


9,997



224,862


306,646





Amounts falling due between one and two years:


Bank loans - 1-2 years

16,459


26,633




16.

SECURED DEBTS



The following secured debts are included within creditors:


2023

2022


£   

£   



Bank overdrafts

214,687


296,649





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

32,421


10,664




Other timing differences

-


22,612



32,421


33,276





Deferred



tax


£   



Balance at 1 November 2022

33,276




Accelerated capital allowances

(855

)



Deferred tax on revaluations



Balance at 31 October 2023

32,421




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

5,498,354


142,320


13,000


5,653,674




Deficit for the year

(80,258

)

(80,258

)



At 31 October 2023

5,418,096


142,320


13,000


5,573,416




20.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party is Mr R A Lovejoy.