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Registered number: 00820387









SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED

CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

COMPANY INFORMATION


DIRECTORS
C A E Owen 
B T W Rayner 




REGISTERED NUMBER
00820387



REGISTERED OFFICE
120 Cambridge Road
Great Shelford

Cambridge

CB22 5JT




INDEPENDENT AUDITORS
Lakin Rose Limited
Chartered Accountants & Statutory Auditors

Pioneer House

Vision Park

Histon

Cambridge

CB24 9NL




BANKERS
Lloyds TSB Bank Plc
Sidney Street

Cambridge

CB2 3HG




SOLICITORS
Mills and Reeve LLP
Botanic House

100 Hills Road

Cambridge

CB2 1PH





 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 7
Directors' Report
 
8 - 10
Independent Auditors' Report
 
11 - 14
Consolidated Statement of Comprehensive Income
 
15
Consolidated Balance Sheet
 
16
Company Balance Sheet
 
17
Consolidated Statement of Changes in Equity
 
18
Company Statement of Changes in Equity
 
18
Consolidated Statement of Cash Flows
 
19
Notes to the Financial Statements
 
20 - 39


 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

INTRODUCTION
 
We aim to present a balanced and comprehensive report on the development and performance of our business during the year and its position at the year end.  
Our report is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties we face.  

BUSINESS REVIEW
 
The principal activity of the Company continued to be that of being a garden centre retailer. 
The environment in which we operate continues to be challenging.
The garden centre retailing market is highly competitive and margins are constantly being pressured. The Directors and senior management are constantly looking at options to enhance customer retention and  customer experience.  The loyalty scheme relaunched in April 2022 is going from strength to strength.  With over 45,000 members signed up and those loyal members resulting at times in nearly 50% of sales.  The loyalty scheme is also used to identify appropriate enhanced store visits.
We face increasing competition from all retailers.  The general economic uncertainty for all, is highly challenging. 2024 saw a lessening of price increases, however freight charges continue to vary widely due to Global issues.  The Company reviews prices on a quarterly basis to remain competitive with a sufficient margin whilst remaining competitively priced. 
With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control.
Staff costs being the largest overhead to the business are under constant review, especially in the light of the budget together with the continuing pressure of the National Minimum Wage combined with the 'Cambridge' effect on wages and salaries.

Page 1

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
 
There are a number of potential risks and uncertainties which could have a material impact on Company performance and could cause actual results to differ materially from expected and historic results.
Weather
One of the main risks to the Company is unpredictable weather conditions due to the nature of the principal activity which is highly seasonal.
The Directors seek to mitigate this risk by increasing investment in areas less weather dependent highlighted with the financial commitment to the current development of the plant and cafe areas at the Shelford site. 
Liquidity
The business relies on adequate access to funding and maintaining liquidity together with enabling future business investment and growth.
Liquidity risk is managed by maintaining adeqaute reserves and banking facilities together with continuous monitoring of cash flows.
Price
Due to the nature of the business being retail it is heavily reliant on suppliers and their associated cost prices. If suppliers were to increase their prices the business would have to decide whether to pass these prices on to customers.  The business has developed relationships with suppliers over many years and is well placed in negotiating prices. The Directors are aware of potential issues with freight costs for shipping and are liaising with suppliers to ensure they can reflect this in prices as necessary whilst remaining competitive. A constant review of margins, cost prices and supply costs is undertaken to ensure the Company remains competitive. As with all industries prices on all costs are constantly changing.

Page 2

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

FINANCIAL KEY PERFORMANCE INDICATORS
 
We consider that our key performance indicators are those that communicate the financial performance and strength of the Company as a whole, being turnover, gross profit and net assets.
There has been a marginal decrease in turnover from 2022/23 of 0.80%.
Gross margin has marginally decreased from 47.07% in 2022/23 to 45.85% in 2023/24.
Net assets have increased from £19.63m in 2022/23 to £21.09m in 2023/24.
Overall the results for the year and the financial position of the Company at the year-end were considered by the Directors to be reasonable considering Shelford lost up to 30% of its retail space whilst undergoing the continuing redevelopment.
With the continuing redevelopment and poor weather from March through June growth has faltered.
The Directors are hopeful of some growth in 2024/25 though Phase 2 is not expected to be complete until the end of March 2025 followed by Phase 3 whcih will have an impact on sales in general.
The Directors started the redevelopment at Shelford in the summer of 2023 are pleased Phase 1 was completed by the end of March 2024 on time and on budget.

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP
Our Directors use Section 172 of the Companies Act 2006 to act in a manner that promotes the success of the business. Section 172 requires the Directors to have regard to the following matters:
(a) The likely consequences of any decision in the long-term; 
(b) The interests of the Group’s employees’;
(c) The need to foster the Group’s business relationships with suppliers, customers and others;
(d) The impact of the Group’s operations on the community and the environment; 
(e) The desirability of the Group maintaining a reputation for high standards of business conduct; and 
(f) The need to act fairly between members of the Group. 
The Directors believe that Scotsdales is well positioned to seize the opportunity to adapt its brand and marketing to ensure the brand is relevant and inspiring to new consumer bases and their shopping trends without alienating current customers. In order to do this, we must consider what is important to our stakeholders, including our employees’, customers and suppliers.
(a) The likely consequences of any decision in the long-term
The Directors and the Senior Leadership Team at Scotsdales recognise that the long-term success of the company is dependent on the sustainability of its business model and management of risk. The Directors accept that decisions made by the board will have a direct impact on the company over differing time periods. Accordingly all strategic decisions are made in close association with the shareholders and with regular and controlled reporting procedures in place. The Directors consider ‘success’ to be a long-term increase in value for the benefit of its stakeholders as a whole.
(b) The interests of the Group’s employees’
Our team of employees’ is the backbone of our business and our biggest asset. We invest in the development of our teams and encourage each other to excel through actionable feedback. 
Our Senior Leadership Team engage with employees’ in many different ways. There are also multiple channels in which our Senior Leadership Team can take account of the views of employees.

Page 3

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

 
(b) The interests of the Group’s employees’ (continued)
img6417.png
(c) The need to foster the Group’s business relationship with suppliers, customers and others
Our customers are the lifeblood of our business. Our key task is to ensure their experience is unforgettable. We focus on meeting the needs and building long-term relationships with our customers. 
Our relationships with our suppliers are also integral to our success and growth as a business. Our suppliers assist with supplying our business with high quality products for our customers.

Page 4

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

(c) The need to foster the Group’s business relationship with suppliers, customers and others (continued)
img1503.png

Page 5

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

(d) The impact of the Group’s operations on the community and the environment 
 
COMMUNITY
Our impact as a business on our wider community is extremely important to us. We provide a quality and personalised retail experience and aim to share our success for the good of the community. 
 
Gardening enhances people’s lives and provides a sense of community and we encourage this as a business. Our communities seek guidance and support from us and we are more than happy to provide this in various forms. 
The Scotsdales Charitable Foundation was set up in 2007 and assisted in building the David Rayner Centre which is the home of the Cambridge Cancer Centre as well as being used by other charities. The Foundation has brought the community together in raising funds and hosting events for the good of the community. 
The Scotsdales Charitable Foundation continues to gift to various schools, community groups and charities.  We believe it is extremely important to provide support for those who need it most in our local community and the Scotsdales Charitable Foundation provides us with a platform to do so.  
Scotsdales supports the Foundation by raising funds through Staff initiatives, plus selling goods on behalf of the Foundation. 
Scotsdales also supports the community through multiple sponsorships and donations. We sponsor many local sports clubs and teams including Cambridge united Women's Football Teams and Shelford Rugby Club. We sponsor local Gardening Clubs with the aim to enhance the lives of our customers and community. Scotsdales also sponsors school events through the donations of goods/services.

ENVIRONMENT
The Company is working to de-carbonate our operations as quickly as possible. We are also working across our own operations and supply chains to find innovative solutions to divert as much waste from landfill as possible.  Phase 1 of our Shelford Development has included Solar Power as will Phase 2 and we are exploring Solar Options at our Hourningsea Site
 
We have made progress in peat reduction within our growing media products sold and will promote peat free alternative produce where possible. The use of peat as a mulch or soil conditioner will not be recommended.


(e) The desirability of the Group maintaining a reputation for high standards of business conduct
 
As a business, we have a strong reputation for high standards of business conduct. This was firmly established in our Company’s 'CART'’:  Customer, Accountability, Respect, Teamwork. These principles are reiterated to all levels of our staff on a regular basis. As a business we inspire those who are in need of ideas, we give warmth and familiarity to those who seek it and we serve all our customers with expertise and 100% commitment. Our high standards of business conduct contribute positively to achieving our business strategy. Our Senior Leadership Team constantly review the business strategy ensuring it is the best it can be.

 
(f) The need to act fairly between members of the Group
 
Our Shareholders meet regularly with the Finance Director. We hold regular meetings with Shareholders and Accountants. 
These regular meetings give the opportunity to review and discuss providing a clear line of communication. 

Page 6

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


This report was approved by the board on 23 December 2024 and signed on its behalf.



C A E Owen
Director

Page 7

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The Directors present their report and the financial statements for the year ended 31 July 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,459,642 (2023 - £2,403,313).

Ordinary dividends of £NIL (2023: £NIL) have been paid during the year.

DIRECTORS

The Directors who served during the year were:

C A E Owen 
B T W Rayner 

Page 8

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

FUTURE DEVELOPMENTS

The Directors have begun implementing plans to enhance the operations at the Great Shelford, Fordham and Horningsea sites. Consequently they are holding a substantial amount of cash and short term investments which are earmarked for the anticipated costs associated with the planned improvements to the sites or expansion in the number of sites.
A major redevelopment of the plants, compost pots and Café areas at the Great Shelford site commenced in Summer 2023, and the Directors are hoping for completion of the Cafe Area in March 2025.  The Directors are also looking at improving the Shelford Car Park and Front Facia as the completion of Phase 1 has shown this needs improvement..
The Fordham Car Park is still being reviewed to see how it can be best improved.
The Directors are constantly reviewing operations at the Horningsea site looking at ways to increase footfall and converting cafe sales into more retail sales.  The Directors are reviewing how best to improve the cafe food preparation, cooking and washing areas together with enhancing staff and customer facilities.

ENGAGEMENT WITH EMPLOYEES

The Group keeps employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the Group.

DISABLED EMPLOYEES

The Group employs disabled persons when the requirements of the position and the individual's disability make this possible.
In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Group continues and appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

For the year ended 31 July 2024 the Group had energy consumption and related emissions of carbon dioxide equivalent as follows:
- Purchase of electricity for lighting and electrical use of equipment within stores - 189 tonnes (2022 - 255 tonnes)
- Use of gas in Café's - 49 tonnes (2023 - 54 tonnes)
- Use of LPG for heating within stores - 44 tonnes (2023 - 50 tonnes)
- Use of heating oil within stores - 22 tonnes (2023 - 45 tonnes)
- Vehicle fuel for use of deliveries and travel between the stores - 17 tonnes (2023 - 27 tonnes)
 - Flights - 1 tonne (2023 - 1 tonne)
 - Mileage payments - 1 tonne (2023 - 2 tonnes)
The Group's emissions of carbon dioxide per full time equivalent person was 1.30 tonnes (2023 - 2.01 tonnes).

The figures for energy consumption from combustion of gas and purchase of electricity for own use were calculated based on information from the Group’s gas and electricity suppliers. The related carbon dioxide equivalent emissions were then calculated using the Greenhouse Gas Conversion Factors for Company Reporting published by the Department for Business, Energy and Industrial Strategy.



Page 9

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

DISCLOSURE OF INFORMATION TO AUDITORS

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 and the Group's auditors are 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 and the Group's auditors are aware of that information.

AUDITORS

The auditorsLakin Rose Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board on 23 December 2024 and signed on its behalf.
 




C A E Owen
Director

Page 10

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

OPINION


We have audited the financial statements of Scotsdale Nursery and Garden Centre Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 July 2024 and of the Group's profit 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 Group 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 Group's or the parent 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.


Page 11

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.


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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 8, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 12

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED (CONTINUED)


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 an Auditors' 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 Group 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to:
 - identifying, evaluating and complying with laws and regulations and whether they were aware of any    instances of non-compliance;
 - detecting and responding to the risks of fraud and whether they have knowledge of any actual,     suspected or alleged fraud;
 - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
- the matters discussed among the audit engagement team and involving relevant internal specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty. We identified no such laws and regulations applicable to the Group.
 
Page 13

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED (CONTINUED)


Audit response to risks identified
As a result of performing the above, we identified revenue recognition as a key audit risk related to the potential risk of fraud. Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


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 Auditors' Report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 Auditors' 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.





Natalie Peacock FCA (Senior Statutory Auditor)
  
for and on behalf of
Lakin Rose Limited
 
Chartered Accountants
Statutory Auditors
  
Pioneer House
Vision Park
Histon
Cambridge
CB24 9NL

 
Date: 
31 December 2024
Page 14

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024


2024
2023
Note
£
£

  

Turnover
 4 
21,468,992
21,642,560

Cost of sales
  
(11,625,679)
(11,454,457)

GROSS PROFIT
  
9,843,313
10,188,103

Distribution costs
  
(118,090)
(73,465)

Administrative expenses
  
(9,199,936)
(7,983,863)

OPERATING PROFIT
 5 
525,287
2,130,775

Income from participating interests
  
797,662
792,721

Interest receivable and similar income
 10 
369,725
117,969

Interest payable and similar expenses
 11 
(64,540)
(68,272)

Other finance income
  
367,663
36,207

PROFIT BEFORE TAX
  
1,995,797
3,009,400

Tax on profit
 12 
(536,155)
(606,087)

PROFIT FOR THE FINANCIAL YEAR
  
1,459,642
2,403,313

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 20 to 39 form part of these financial statements.

Page 15

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
REGISTERED NUMBER: 00820387

CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

  

FIXED ASSETS
  

Tangible assets
 14 
9,613,358
5,685,276

Investments
 15 
671,490
623,828

  
10,284,848
6,309,104

CURRENT ASSETS
  

Stocks
 16 
2,309,665
2,467,775

Debtors: amounts falling due within one year
 17 
1,619,819
2,174,416

Current asset investments
 18 
2,701,655
3,316,831

Cash at bank and in hand
 19 
9,590,914
9,918,623

  
16,222,053
17,877,645

Creditors: amounts falling due within one year
 20 
(5,214,910)
(4,483,501)

NET CURRENT ASSETS
  
 
 
11,007,143
 
 
13,394,144

TOTAL ASSETS LESS CURRENT LIABILITIES
  
21,291,991
19,703,248

  

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 23 
(202,961)
(73,860)

  

NET ASSETS
  
21,089,030
19,629,388


CAPITAL AND RESERVES
  

Called up share capital 
 24 
100,000
100,000

Profit and loss account
 29 
20,989,030
19,529,388

  
21,089,030
19,629,388


The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 23 December 2024.




C A E Owen
Director

The notes on pages 20 to 39 form part of these financial statements.

Page 16

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
REGISTERED NUMBER: 00820387

COMPANY BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 14 
9,518,975
5,590,893

Investments
 15 
500,001
500,001

  
10,018,976
6,090,894

CURRENT ASSETS
  

Stocks
 16 
2,309,664
2,467,772

Debtors: amounts falling due within one year
 17 
1,258,425
855,952

Current asset investments
 18 
2,701,655
3,316,831

Cash at bank and in hand
 19 
9,557,088
9,508,488

  
15,826,832
16,149,043

Creditors: amounts falling due within one year
 20 
(5,724,910)
(4,469,664)

NET CURRENT ASSETS
  
 
 
10,101,922
 
 
11,679,379

TOTAL ASSETS LESS CURRENT LIABILITIES
  
20,120,898
17,770,273

  

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 23 
(202,961)
(73,860)

NET ASSETS
  
19,917,937
17,696,413


CAPITAL AND RESERVES
  

Called up share capital 
 24 
100,000
100,000

Profit and loss account
  
19,817,937
17,596,413

  
19,917,937
17,696,413


The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 23 December 2024.


C A E Owen
Director

The notes on pages 20 to 39 form part of these financial statements.

Page 17

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
100,000
17,126,075
17,226,075


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
2,403,313
2,403,313


TOTAL TRANSACTIONS WITH OWNERS
-
-
-



At 1 August 2023
100,000
19,529,388
19,629,388


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
1,459,642
1,459,642


AT 31 JULY 2024
100,000
20,989,030
21,089,030


The notes on pages 20 to 39 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
100,000
14,160,662
14,260,662


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
3,435,751
3,435,751


TOTAL TRANSACTIONS WITH OWNERS
-
-
-



At 1 August 2023
100,000
17,596,413
17,696,413


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
2,221,524
2,221,524


AT 31 JULY 2024
100,000
19,817,937
19,917,937


The notes on pages 20 to 39 form part of these financial statements.

Page 18

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
1,459,642
2,403,313

ADJUSTMENTS FOR:

Depreciation of tangible assets
957,447
528,664

Profit on disposal of tangible assets
(633,194)
(434,134)

Interest paid
64,540
68,272

Interest received
(369,725)
(117,969)

Taxation charge
536,155
606,087

Decrease in stocks
158,110
269,211

(Increase)/decrease in debtors
(34,710)
34,325

Decrease in amounts owed by joint ventures
1,079,585
328,943

Increase in creditors
848,921
182,823

Corporation tax (paid)
(897,332)
(1,050,000)

Income from participating interests
(797,662)
(792,721)

NET CASH GENERATED FROM OPERATING ACTIVITIES

2,371,777
2,026,814


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(4,910,200)
(769,357)

Sale of tangible fixed assets
657,865
694,137

Movement of short-term listed investments
615,176
199,105

Interest received
325,488
29,425

Joint ventures interest received
44,237
62,308

Income from participating interests
750,000
1,567,500

NET CASH FROM INVESTING ACTIVITIES

(2,517,434)
1,783,118

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of loans
(117,512)
(344,569)

Interest paid
(64,540)
(68,272)

NET CASH USED IN FINANCING ACTIVITIES
(182,052)
(412,841)

(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(327,709)
3,397,091

Cash and cash equivalents at beginning of year
9,918,623
6,521,532

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
9,590,914
9,918,623


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
9,590,914
9,918,623

9,590,914
9,918,623


The notes on pages 20 to 39 form part of these financial statements.

Page 19

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


GENERAL INFORMATION

Scotsdale Nursery and Garden Centre Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 120 Cambridge Road, Great Shelford, Cambridge, CB22 5JT.
The nature of the Group's operations and principal activity is that of garden centre retailing. 

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are presented in sterling which is the functional currency of the Company and are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group Companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 20

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

ASSOCIATES AND JOINT VENTURES

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.4

GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the Group will continue as a going concern for the foreseeable future.
In light of the historic profitability of the Group and the significant cash balances (including current asset investments) held, coupled with the comments made in the Strategic Report, the Directors believe the Group will continue to trade profitably and generate cash sufficient to meet its liabilites as they fall due, being a period of not less than 12 months from the approval of the financial statements.

 
2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group 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.

Page 21

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

  
2.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight-line method or the reducing balance method.
Depreciation is provided on the following basis:
  Freehold buildings and   - Straight line over 5 to 50 years
            improvements                                                                                                        
  Plant and machinery  - Straight line over 2, 3, 4 or 5 years
  Motor vehicles   - Straight line over 4 or 5 years
  Computer equipment  - Straight line over 2 or 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.

 
2.7

IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.8

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 22

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

  
2.9

STOCKS

Stocks 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.
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 Consolidated Statement of Comprehensive Income.

  
2.10

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.11

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.12

FINANCIAL INSTRUMENTS

The Group 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 Group's Balance Sheet when the Group 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors 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.
Page 23

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.12
FINANCIAL INSTRUMENTS (continued)


Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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 instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 24

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

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.

  
2.14

FOREIGN CURRENCY TRANSLATION

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 the Consolidated Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.15

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.16

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.17

OPERATING LEASES: THE GROUP AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.18

OPERATING LEASES: THE GROUP AS LESSEE

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

  
2.19

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.

Page 25

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.20

LEASED ASSETS: THE GROUP AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.21

PENSIONS

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.22

INTEREST INCOME

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

 
2.23

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.24

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except that a change 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 corporation 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 Group operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
 - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 26

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.25

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of this amount, events or actions, actual results ultimately may differ from those estimates.
The key assumptions concerning the future, and other key sources of estimation uncertainty at the Balance Sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Stock provisions
Determining stock provisions involves estimating the recoverable amount of stock held by the Group. Calculating the recoverable amount of stock requires a degree of estimation in terms of the likely demand and prices for individual items.
Depreciation and carrying amounts of fixed assets
Calculation of the depreciation charge and hence the carrying value of fixed assets requires estimates to be made of the useful life of the assets. The estimates are based on the Group's experience of similar assets and details are set out in note 2.6.


4.


TURNOVER

The total turnover of the Group for the year has been derived from it's principal activity.

All turnover arose within the United Kingdom.


5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
957,447
528,664

Exchange differences
1,937
249

Defined contribution pension cost
270,630
188,260

Page 27

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
20,000
15,000


.



2024
2023
£
£
Fees payable to the Group's auditor and its associates in respect of:
The auditing of accounts of subsidiaries of the Group pursuant to legislation

9,000

9,000
 


7.


EMPLOYEES

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
5,786,807
4,871,655
5,786,808
4,871,655

Social security costs
516,447
443,801
516,447
443,801

Cost of defined contribution scheme
270,630
188,260
270,630
188,260

6,573,884
5,503,716
6,573,885
5,503,716


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management
22
18
22
18



Office
17
16
17
16



Sales and production
211
198
211
198

250
232
250
232

Page 28

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
1,335,667
859,373

Directors' pensions
84,960
9,960

1,420,627
869,333


During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £832,037 (2023 - £562,752).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £84,960 (2023 - £NIL).


9.


INCREASE / (DECREASE) IN VALUE OF INVESTMENTS

2024
2023
£
£

Increase / (decrease) in value of investments
367,663
36,207







10.


INTEREST RECEIVABLE

2024
2023
£
£


Interest receivable from joint venture
44,237
62,308

Other interest receivable
325,488
55,661

369,725
117,969


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
686
10,558

Other interest payable
63,854
57,714

64,540
68,272

Page 29

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


TAXATION


2024
2023
£
£

Corporation tax


Current tax on profits for the year
395,567
591,258

Adjustments in respect of previous periods
11,487
-


407,054
591,258


Total current tax
407,054
591,258

Deferred tax


Origination and reversal of timing differences
129,101
14,829

Total deferred tax
129,101
14,829


Tax on profit
536,155
606,087

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 21%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,995,797
3,009,400


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
498,949
631,974

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,789
-

Capital allowances for year in excess of depreciation
(203,163)
(83,749)

Adjustments to tax charge in respect of prior periods
11,487
-

Short-term timing difference leading to an increase (decrease) in taxation
129,101
14,829

Other timing differences leading to an increase (decrease) in taxation
1,677
(210)

Capital gains
92,315
43,243

Total tax charge for the year
536,155
606,087


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.



Page 30

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £2,221,524 (2023 - £3,435,751).


14.


TANGIBLE FIXED ASSETS

Group






Freehold land and buildings and property 
improvem'nts
Plant & machinery
Motor vehicles
Computer Equipment
Total

£
£
£
£
£



COST


At 1 August 2023
11,334,245
1,823,805
217,928
136,827
13,512,805


Additions
4,529,608
241,546
122,758
16,288
4,910,200


Disposals
(256,724)
(139,343)
(3,000)
(35,510)
(434,577)



At 31 July 2024

15,607,129
1,926,008
337,686
117,605
17,988,428



Depreciation


At 1 August 2023
6,118,133
1,476,956
137,290
95,150
7,827,529


Charge for the year on owned assets
575,174
284,242
69,222
28,809
957,447


Disposals
(232,053)
(139,343)
(3,000)
(35,510)
(409,906)



At 31 July 2024

6,461,254
1,621,855
203,512
88,449
8,375,070



Net book value



At 31 July 2024
9,145,875
304,153
134,174
29,156
9,613,358



At 31 July 2023
5,216,112
346,849
80,638
41,677
5,685,276

Freehold land and buildings includes £4,106,837 (2023 - £4,123,068) as the Directors estimate of the cost of land. In accordance with Section 17 of FRS102 "Property, Plant and Equipment", land is not depreciated.

Page 31

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           14.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Freehold land and buildings and property improvem'nts
Plant & machinery
Motor vehicles
Computer Equipment
Total

£
£
£
£
£

COST


At 1 August 2023
11,239,863
1,823,805
217,928
136,827
13,418,423


Additions
4,529,608
241,546
122,758
16,288
4,910,200


Disposals
(256,724)
(139,343)
(3,000)
(35,510)
(434,577)



At 31 July 2024

15,512,747
1,926,008
337,686
117,605
17,894,046



Depreciation


At 1 August 2023
6,118,134
1,476,956
137,290
95,150
7,827,530


Charge for the year on owned assets
575,174
284,242
69,222
28,809
957,447


Disposals
(232,053)
(139,343)
(3,000)
(35,510)
(409,906)



At 31 July 2024

6,461,255
1,621,855
203,512
88,449
8,375,071



Net book value



At 31 July 2024
9,051,492
304,153
134,174
29,156
9,518,975



At 31 July 2023
5,121,729
346,849
80,638
41,677
5,590,893

Freehold land and buildings includes £3,841,858 (2023 - £3,858,089) as the Directors estimate of the cost of land. In accordance with Section 17 of FRS102 "Property, Plant and Equipment", land is not depreciated.






Page 32

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

15.


FIXED ASSET INVESTMENTS

Group





Investment in joint ventures

£



COST AND NET BOOK VALUE


At 1 August 2023
623,828


Disposals
(750,000)


Share of profit/(loss)
797,662



At 31 July 2024
671,490




Company





Investments in subsidiary companies

£



COST AND NET BOOK VALUE


At 1 August 2023
500,001



At 31 July 2024
500,001





SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Scotsdale Fordham Limited
120 Cambridge Road, Great Shelford, Cambridge, CB22 5JT
-
Ordinary and Redeemable preference shares
-
100%
-

Joint ventures
The Group holds 50% (2023 - 50%) of the members' capital of Scotsdale Hill LLP, an LLP incorporated in England that undertakes property development. Scotsdale Hill is not deemed to be under the control of the Group and is therefore accounted for as a joint venture.

Page 33

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


STOCKS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
2,309,665
2,467,775
2,309,664
2,467,772


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
17,066
34,677
17,066
34,679

Amounts owed by joint ventures and associated undertakings
-
1,079,585
-
-

Other debtors
35,154
39,989
35,153
39,982

Prepayments and accrued income
483,869
426,713
483,869
426,713

Tax recoverable
1,083,730
593,452
722,337
354,578

1,619,819
2,174,416
1,258,425
855,952



18.


CURRENT ASSET INVESTMENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Listed investments
2,701,655
3,316,831
2,701,655
3,316,831


Listed investments
The listed investments are held at market value. The investments are held on a short term basis as the funds are earmarked for the anticipated costs associated with improvements and expansion plans.


19.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
9,590,914
9,918,623
9,557,088
9,508,488


Page 34

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


CREDITORS: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
117,512
-
117,512

Trade creditors
2,047,995
1,178,786
2,047,995
1,178,750

Amounts owed to group undertakings
-
-
525,000
-

Other taxation and social security
443,726
764,317
443,727
764,317

Other creditors
1,556,716
1,217,514
1,556,716
1,217,514

Accruals and deferred income
1,166,473
1,205,372
1,151,472
1,191,571

5,214,910
4,483,501
5,724,910
4,469,664


Bank loans, overdrafts and hire purchase contracts of £Nil (2023 - £117,512) are secured by way of fixed and floating charge over the Company's assets.


21.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
-
117,512
-
117,512




Page 35

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

22.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
2,701,655
3,316,831
2,701,655
3,316,831

Financial assets that are debt instruments measured at amortised cost
52,220
1,154,251
52,219
74,661

2,753,875
4,471,082
2,753,874
3,391,492


Financial liabilities

Financial liabilities measured at amortised cost
(4,771,184)
(3,714,384)
(5,281,183)
(3,705,347)


Financial assets measured at fair value through profit or loss comprise current asset investments.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings, amounts owed by joint ventures and associated undertakings and other debtors.


Financial liabilities measured at amortised cost comprise bank loans, trade creditors, other creditors, accruals and amounts owed to group undertakings.

Page 36

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

23.


DEFERRED TAXATION


Group



2024
2023


£

£






At beginning of year
(73,860)
(59,031)


Charged to profit or loss
(129,101)
(14,829)



At end of year
(202,961)
(73,860)

Company


2024
2023


£

£






At beginning of year
(73,860)
(59,031)


Charged to profit or loss
(129,101)
(14,829)



At end of year
(202,961)
(73,860)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Lagged capital allowances
(210,633)
(79,851)
(210,633)
(79,851)

Other timing differences
7,672
5,991
7,672
5,991

(202,961)
(73,860)
(202,961)
(73,860)


24.


SHARE CAPITAL

2024
2023
£
£
Authorised, allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £1.00 each
100,000
100,000


Page 37

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

25.


CAPITAL COMMITMENTS




At 31 July 2024 the Group and Company had capital commitments as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Contracted for but not provided in these financial statements
5,219,591
9,389,771
5,219,591
9,389,771


26.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund amounted to £270,630 (2023 - £188,260). Contributions totalling £30,670 (2023 - £23,150) were payable to the fund at the Balance Sheet date and are included in creditors.


27.


COMMITMENTS UNDER OPERATING LEASES

At 31 July 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
41,147
8,832
41,147
8,832

Later than 1 year and not later than 5 years
90,159
39,746
90,159
39,746

131,306
48,578
131,306
48,578


28.FINANCIAL COMMITMENTS

The freehold land and buildings includes garden centre sites purchased which, as part of the purchase agreements, there are overage commitments in connection with any potential enhanced site values obtained through planning permission. In the Directors' opinion no liability is expected to crystalise in the foreseeable future.


29.


RESERVES

Profit & loss account

The profit and loss account represents cumulative profits and losses less dividends paid.

Page 38

 
SCOTSDALE NURSERY AND GARDEN CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

30.


RELATED PARTY TRANSACTIONS

During the year there was a loan due to D A Rayner, a former Director of the parent company.
The amount due to The D A Rayner Estate  at the year end was £6,605 (2022 - £6,605).
During the year there was a loan due to C A E Owen, a Director of the parent Company.
The amount due to  C A E Owen at the year end was £1,505,337 (2023 - £1,172,477).
During the year the parent Company was charged interest of £63,854 (2023 - £57,714) from the Directors, relating to interest on their Directors loan accounts. The interest charge relating to C A E Owen's loan account was £63,854 (2023 - £57,714).
During the year the parent Company made sales of £1,927 (2023 - £2,097) to B T W Rayner, a Director of the parent Company. The balance due from B T W Rayner at the year end was £Nil (2023 -  £Nil).
During the year the parent Company made sales of £4,648 (2023 - £4,207) to C A E Owen, a Director of the parent Company. The balance due from C A E Owen at the year end was £Nil (2023 - £61).
During the year the parent Company leased land for an annual rent of £1 (2023 - £1) and made sales of £1,282 (2023 - £2,356), to the Scotsdales Charitable Foundation, a trust in which B T W Rayner and C A E Owen are trustees. The amount due from the Scotsdales Charitable Foundation at the year end was £Nil (2023 - £Nil).
During the year the parent company traded with David Rayner Farms Partnership, a business in which B T W Rayner is a partner. Sales to the partnership amounted to £671 (2023 - £Nil). At the year end £450 (2023 - £Nil) was owed from David Rayner Farms Partnership.
During the year the subsidiary Company, Scotsdale Fordham Limited made sales of £143,501 (2023 - £55,085) to Scotsdale Hill LLP, an LLP in which Scotsdale Fordham Limited owns 50%.
The amount received by the subsidiary Company in income from interests in the Scotsdale Hill LLP joint venture was £797,662 (2023 - £792,721).
Debtors due from Scotsdale Hill LLP accrue interest at a rate of 5% per annum. The interest received by the subsidiary Company during the year was £44,236 (2023 - £62,308).
The amount due from Scotsdale Hill LLP at the year end was £Nil (2023 - £1,079,585).
The gross remuneration of key management personnel was £1,525,828 (2023 - £955,253).
The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned Group Companies.


Page 39