Caseware UK (AP4) 2023.0.135 2023.0.135 The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2). FRS102 allows certain disclosure exemptions for qualifying entities and the Company has taken advantage of the following exemptions for the Company financial statements: From preparing a statement of cash flows, on the basis that it is a qualifying entity; From the financial instruments disclosures required under FRS102 paragraphs 11.42 to 11.48(a)(iii), (iv), (b), (c) and paragraphs 12.26 – 12.29 (a), (b), A and 12.30, as the information is provided in the consolidated statement disclosures; and From disclosing the Company key management personnel compensation, as required by FRS102 paragraph 33.7, as the information is included within the consolidated statement disclosures.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 Company 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 Company. 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 the straight-line method. 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 profit or loss.Business combinations are accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction. On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities. Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the Company’s interest in the identifiable net assets, liabilities and contingent liabilities acquired.The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the financial reporting 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 discussed below: The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the financial reporting 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 discussed below: Estimating useful lives of depreciable assets The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantity the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted. Estimating allowance for impairment losses in intangible and tangible fixed assets The Company assesses impairment on intangible and tangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the Company considers important which could trigger an impairment review include the following: 1.) Significant underperformance relative to expected historical or projected future operating results 2.) Significant changes in the manner of use of the acquired assets or the strategy for overall business; and 3.) Significant negative industry or economic trends. In determining the present value of estimated future cashflows expected to be generated from the continued use of the assets, the Company is required to make estimates and assumptions that can materially affect the financial statements. These assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss would be recognised whenever evidence exists that the carrying value is not recoverable. For purposes of assessing impairment, assets are grouped at the lowest levels of which there are separately identifiable cashflows. An impairment loss is recognised and charged to profit or loss if the discounted expected future cash flows are less than the carrying amount. Fair value is estimated by discounting the expected future cashflows using a discount factor that reflects the risk-free rate of interest for a term consistent with the period of expected cashflows. Allowances for impairment of debtors The Company estimates the allowance for doubtful debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship.Management performed an assessment of exceptional costs. In the prior year, these arose from once off legal costs incurred by the company. In the current year, exceptional costs arose from the closure of one of the Company's warehouses. Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.112103falsetrue2023-01-01false 03711684 2023-01-01 2023-12-31 03711684 2022-01-01 2022-12-31 03711684 2023-12-31 03711684 2022-12-31 03711684 2022-01-01 03711684 c:Exceptional 2023-01-01 2023-12-31 03711684 c:Exceptional 2022-01-01 2022-12-31 03711684 d:CompanySecretary1 2023-01-01 2023-12-31 03711684 d:Director1 2023-01-01 2023-12-31 03711684 d:Director2 2023-01-01 2023-12-31 03711684 d:Director3 2023-01-01 2023-12-31 03711684 d:Director4 2023-01-01 2023-12-31 03711684 d:Director5 2023-01-01 2023-12-31 03711684 d:Director6 2023-01-01 2023-12-31 03711684 d:RegisteredOffice 2023-01-01 2023-12-31 03711684 d:Agent1 2023-01-01 2023-12-31 03711684 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 03711684 c:Buildings c:LongLeaseholdAssets 2023-12-31 03711684 c:Buildings c:LongLeaseholdAssets 2022-12-31 03711684 c:MotorVehicles 2023-01-01 2023-12-31 03711684 c:MotorVehicles 2023-12-31 03711684 c:MotorVehicles 2022-12-31 03711684 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711684 c:FurnitureFittings 2023-01-01 2023-12-31 03711684 c:FurnitureFittings 2023-12-31 03711684 c:FurnitureFittings 2022-12-31 03711684 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711684 c:OfficeEquipment 2023-01-01 2023-12-31 03711684 c:OfficeEquipment 2023-12-31 03711684 c:OfficeEquipment 2022-12-31 03711684 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711684 c:ComputerEquipment 2023-01-01 2023-12-31 03711684 c:ComputerEquipment 2023-12-31 03711684 c:ComputerEquipment 2022-12-31 03711684 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711684 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711684 c:CurrentFinancialInstruments 2023-12-31 03711684 c:CurrentFinancialInstruments 2022-12-31 03711684 c:Non-currentFinancialInstruments 2023-12-31 03711684 c:Non-currentFinancialInstruments 2022-12-31 03711684 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 03711684 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 03711684 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 03711684 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 03711684 c:UKTax 2023-01-01 2023-12-31 03711684 c:UKTax 2022-01-01 2022-12-31 03711684 c:ShareCapital 2023-12-31 03711684 c:ShareCapital 2022-12-31 03711684 c:ShareCapital 2022-01-01 03711684 c:OtherMiscellaneousReserve 2023-01-01 2023-12-31 03711684 c:OtherMiscellaneousReserve 2023-12-31 03711684 c:OtherMiscellaneousReserve 2022-12-31 03711684 c:OtherMiscellaneousReserve 2022-01-01 03711684 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03711684 c:RetainedEarningsAccumulatedLosses 2023-12-31 03711684 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03711684 c:RetainedEarningsAccumulatedLosses 2022-12-31 03711684 c:RetainedEarningsAccumulatedLosses 2022-01-01 03711684 d:OrdinaryShareClass1 2023-01-01 2023-12-31 03711684 d:OrdinaryShareClass1 2022-01-01 2022-12-31 03711684 d:OrdinaryShareClass1 2023-12-31 03711684 d:OrdinaryShareClass1 2022-12-31 03711684 d:FRS102 2023-01-01 2023-12-31 03711684 d:Audited 2023-01-01 2023-12-31 03711684 d:FullAccounts 2023-01-01 2023-12-31 03711684 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03711684 1 2023-01-01 2023-12-31 03711684 c:ComputerSoftware 2023-12-31 03711684 c:ComputerSoftware 2022-12-31 03711684 c:HirePurchaseContracts c:WithinOneYear 2023-12-31 03711684 c:HirePurchaseContracts c:WithinOneYear 2022-12-31 03711684 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-12-31 03711684 c:HirePurchaseContracts c:BetweenOneFiveYears 2022-12-31 03711684 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03711684 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03711684 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 03711684 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

img3904.png






Financial Statements
Leisuregrow Products Limited
For the year ended 31 December 2023





































Registered number: 03711684

 
Leisuregrow Products Limited
 

Company Information


Directors
Mr. R. P. Grimmer 
Mr. J. R. Grimmer 
Mr. J. Travis 
Mr. F. D. Kaminski 
Mr. J. Quigley 
Mr. J. G. Pullen 




Company secretary
Mr. J. Travis



Registered number
03711684



Registered office
Dewmead Farm, New Inn Road
Hinxworth

Baldock

Hertfordshire

SG7 5HG




Independent auditor
Grant Thornton
Chartered Accountants &  
Statutory Auditors

13-18 City Quay

Dublin 2




Bankers
HSBC
Town Centre

Danestrete

Stevenage




Solicitors
Hopsons Solicitors
2 Imperial Square

Cheltenham

Gloucester

GL50 1QB





 
Leisuregrow Products Limited
 

Contents



Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 28


 
Leisuregrow Products Limited
 

Strategic report
For the year ended 31 December 2023

Introduction
 
The directors are pleased to present their strategic report for the Company for the year ended 31 December 2023.

Business review
 
The principal activity of the Company during the year was the marketing and distribution of a range of products for the leisure and garden products market.
The directors' aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Their review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties they face. As with many businesses of their size, the business environment in which they operate continues to be challenging. With this in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control.
There were no significant changes in the activities of the Company during the year.
The directors consider that the key performance indicators (KPIs) are turnover, gross margin and EBITDA and these indicators are closely monitored. These KPIs allow the directors to assess both the growth and profitability of the Company against competitors and the internal and external factors that affect the business. The directors are satisfied with the performance in respect of these KPIs.

The performance of the Company was as follows: 


2023
£
2022
£
Turnover  
41,436,619
57,466,223
Gross margin %  
29.2%
24.9%
EBITDA    
1,795,671
4,140,563

The directors are pleased with the overall performance of the business. The results of the Company for the year show a profit before tax of £639,212 (2022: £3,252,718). The shareholders' funds of the Company total £12,735,987 (2022: £12,268,824). The group has reported a profit with a decrease in turnover during the period. The directors continue to expect the company's performance to improve in the succeeding periods based on budgets and projections and actions taken by the company to address any risks affecting the business. They will continue to identify and develop new business opportunities within the industry sector with the view to continued growth.

Principal risks and uncertainties
 
The directors consider that the principal risks and uncertainties faced by the Company are in the following categories:
Economic risk
Uncertainty about global economic conditions due to the current economic climate could result in difficulties for the Company. 
 
Page 1

 
Leisuregrow Products Limited
 

Strategic report (continued)
For the year ended 31 December 2023

Principal risks and uncertainties (continued)
 
Brexit risk
The Company sources the vast majority of goods from the Far East and as such, there is some degree of risk reduction from Brexit depending on the trade negotiations with the Far East by the UK Government. As such the Company does not anticipate a major change to existing trade tariffs on its imported goods.

Competition risk
The directors of the Company manage competition risk through close attention to customer service levels.

Financial risk
All key financial figures are monitored on an ongoing basis.

People in our business
The continued success of the Company has been achieved by the people working in it. There are many long serving members of staff and the relatively low turnover of personnel reflects the general policy of providing good terms and conditions of employment while dealing with staff as well as other stakeholders in the business, in a fair and consistent manner. Their continued loyalty and hard work is much appreciated.

Financial key performance indicators
 
The Company considers the following measures to be important indicators of the underlying performance of the business:
Gross margin 
Gross margin for the Company was 29.2% compared with 24.9% in 2022.

Future developments

The Company plans to continue and grow its present activities.
 


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





................................................
Mr. R. P. Grimmer
Director

Date: 17 December 2024

Page 2

 
Leisuregrow Products Limited
 
 
Directors' report
For the year ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the Company during the year was the marketing and distribution of a range of products for the leisure and garden products market.

Results and dividends

The profit for the year, after taxation, amounted to £527,163 (2022: £2,691,698).

The directors have recommended a dividend of £60,000 for 2023 (2022: £92,321).

Directors

The directors who served during the year were:

Mr. R. P. Grimmer 
Mr. J. R. Grimmer 
Mr. J. Travis 
Mr. F. D. Kaminski 
Mr. J. Quigley 
Mr. J. G. Pullen 

Research and development activities

The Company engaged in research and development activities of £886,606 (2022: £914,529) during the year.

Branches outside the State

There are no branches of the Company outside the State.

Matters covered in the Strategic report

As permitted by Section 414 (c) (11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the "Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008", in the Strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 3

 
Leisuregrow Products Limited
 

Directors' report (continued)
For the year ended 31 December 2023


Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
Mr. R. P. Grimmer
Director

Date: 17 December 2024

Page 4

 
Leisuregrow Products Limited
 

Directors' responsibilities statement
For the year ended 31 December 2023

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the board



...................................................
Mr. R. P. Grimmer
Director

Date: 17 December 2024
Page 5

 
 
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Independent auditor's report to the members of Leisuregrow Products Limited
 

Opinion


We have audited the financial statements of Leisuregrow Products Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the 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, Leisuregrow Products Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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 6

 
 
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Independent auditor's report to the members of Leisuregrow Products Limited (continued)


 
Other information


Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 statementsour 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements. 


Matters on which we are required to report by exception


In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report and the Strategic Report.

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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Page 7

 
 
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Independent auditor's report to the members of Leisuregrow Products Limited (continued)


Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their 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.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent the audit was considered capable 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, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

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

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection and Employment laws, Health and Safety Regulation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 8

 
 
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Independent auditor's report to the members of Leisuregrow Products Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:
inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company’s legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including useful lives of depreciable assets, estimating allowance for impairment losses in intangible and tangible fixed assets and allowances for impairment of trade debtors; and
review of the financial statements disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
 
 
Tracey Sullivan (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Audit Firm
13-18 City Quay
Dublin 2
Ireland
 
 17 December 2024
Page 9

 
Leisuregrow Products Limited
 

Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

Turnover
  
41,436,619
57,466,223

Cost of sales
  
(29,116,412)
(43,181,407)

Gross profit
  
12,320,207
14,284,816

Warehouse and distribution costs
  
(4,552,400)
(4,733,010)

Administrative expenses
  
(5,957,032)
(5,328,186)

Other operating income
 4 
120,000
-

Extraordinary costs
 11 
(430,943)
(255,462)

Operating profit
 5 
1,499,832
3,968,158

Interest receivable and similar income
  
336
-

Interest payable and similar expenses
 9 
(860,956)
(715,440)

Profit before tax
  
639,212
3,252,718

Tax on profit
 10 
(112,049)
(561,020)

Profit for the year
  
527,163
2,691,698

All amounts relate to continuing operations.
There was no other comprehensive income for 2023 (2022£Nil).

The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
Leisuregrow Products Limited
Registered number:03711684

Statement of financial position
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible fixed assets
 13 
19,095
-

Tangible fixed assets
 14 
1,845,992
1,326,774

  
1,865,087
1,326,774

Current assets
  

Stocks
 15 
14,454,021
18,198,877

Debtors: amounts falling due within one year
 16 
9,012,015
9,576,205

Cash at bank and in hand
 17 
246,681
87,054

  
23,712,717
27,862,136

Current liabilities
  

Creditors: amounts falling due within one year
 18 
(11,785,296)
(15,121,206)

Net current assets
  
 
 
11,927,421
 
 
12,740,930

Total assets less current liabilities
  
13,792,508
14,067,704

Creditors: amounts falling due after more than one year
 19 
(972,697)
(1,715,056)

Provisions for liabilities
  

Deferred tax
 22 
(83,824)
(83,824)

  
 
 
(83,824)
 
 
(83,824)

Net assets
  
12,735,987
12,268,824


Capital and reserves
  

Called up share capital 
 23 
2
2

Other reserves
 24 
7,235,085
7,235,085

Profit and loss account
 24 
5,500,900
5,033,737

Shareholders' funds
  
12,735,987
12,268,824


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 December 2024.


................................................
Mr. R. P. Grimmer
Director

The notes on pages 13 to 28 form part of these financial statements.

Page 11

 
Leisuregrow Products Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
2
7,235,085
5,033,737
12,268,824



Profit for the year
-
-
527,163
527,163


Contributions by and distributions to owners

Dividends
-
-
(60,000)
(60,000)


At 31 December 2023
2
7,235,085
5,500,900
12,735,987



Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
2
7,235,085
2,434,360
9,669,447



Profit for the year
-
-
2,691,698
2,691,698


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(92,321)
(92,321)


At 31 December 2022
2
7,235,085
5,033,737
12,268,824


The notes on pages 13 to 28 form part of these financial statements.

Page 12

 
Leisuregrow Products Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies

  
1.1

General information

Leisuregrow Products Limited (the Company) is a members' limited company which is registered and incorporated in the United Kingdom. The Company's registered office is Dewmead Farm, New Inn Road, Hinxworth, Baldock, Hertfordshire, SG7 5HG. The principal activity of the Company is disclosed in the Directors' Report.

 
1.2

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

FRS102 allows certain disclosure exemptions for qualifying entities and the Company has taken advantage of the following exemptions for the Company financial statements:

From preparing a statement of cash flows, on the basis that it is a qualifying entity;
From the financial instruments disclosures required under FRS102 paragraphs 11.42 to 11.48(a)(iii), (iv), (b), (c)  and paragraphs 12.26 – 12.29 (a), (b), A and 12.30, as the information is provided in the consolidated statement disclosures; and
From disclosing the Company key management personnel compensation, as required by FRS102 paragraph 33.7, as the information is included within the consolidated statement disclosures.

 
1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 13

 
Leisuregrow Products Limited
 

Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies (continued)

  
1.4

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquire at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life at a rate of 25%.

 
1.5

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 Company 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 Company. 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 the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the life of the lease (6 years)
Motor vehicles
-
25% straight line
Fixtures and fittings
-
10% straight line
Office equipment
-
25% straight line
Computer equipment
-
25% straight line

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 profit or loss.

  
1.6

Business combinations and goodwill

Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Page 14

 
Leisuregrow Products Limited
 

Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies (continued)

  
1.6

Business combinations and goodwill (continued)

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the Company’s interest in the identifiable net assets, liabilities and contingent liabilities acquired.

  
1.7

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 includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.8

Debtors

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

 
1.9

 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.

 
1.10

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 15

 
Leisuregrow Products Limited
 

Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies (continued)


1.10
 Financial instruments (continued)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

 
1.11

 Creditors

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

 
1.12

 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.

 
1.13

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
1.14

 Leased assets: the company 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.

Page 16

 
Leisuregrow Products Limited
 

Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies (continued)

 
1.15

 Pensions

Defined contribution pension plan

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

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

 
1.16

 Borrowing costs

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

 
1.17

 Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
1.18

 Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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.

Page 17

 
Leisuregrow Products Limited
 

Notes to the financial statements
For the year ended 31 December 2023

1.Accounting policies (continued)


1.18
 Taxation (continued)

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 reporting date.

 
1.19

 Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


2.


Judgments in applying accounting policies and key sources of estimation uncertainty

The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the financial reporting 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 discussed below:

Estimating useful lives of depreciable assets
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantity the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.

Estimating allowance for impairment losses in intangible and tangible fixed assets
The Company assesses impairment on intangible and tangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the Company considers important which could trigger an impairment review include the following:
 
1.) Significant underperformance relative to expected historical or projected future operating results
2.) Significant changes in the manner of use of the acquired assets or the strategy for overall business; and 
3.) Significant negative industry or economic trends.
In determining the present value of estimated future cashflows expected to be generated from the continued use of the assets, the Company is required to make estimates and assumptions that can materially affect the financial statements.
These assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss would be recognised whenever evidence exists that the carrying value is not recoverable. For purposes of assessing impairment, assets are grouped at the lowest levels of which there are separately identifiable cashflows.
An impairment loss is recognised and charged to profit or loss if the discounted expected future cash flows are less than the carrying amount. Fair value is estimated by discounting the expected future cashflows using a discount factor that reflects the risk-free rate of interest for a term consistent with the period of expected cashflows.

Page 18

 
Leisuregrow Products Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Judgments in applying accounting policies and key sources of estimation uncertainty (continued)

Allowances for impairment of debtors
The Company estimates the allowance for doubtful debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship.


3.


Turnover

The whole of the turnover is attributable to its principal activity. The directors consider it to be seriously prejudicial to the interests of the Company to disclose information regarding turnover, therefore the fact that such information has not been disclosed must be stated in accordance with SI2008/410, schedule 1(68).


4.


Other operating income

2023
2022
£
£

Management fee income
120,000
-



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(326,047)
86,660


6.


Auditor's remuneration

2023
2022
£
£



Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
36,000
15,625

Page 19

 
Leisuregrow Products Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
4,046,162
3,904,403

Social security costs
301,627
323,370

Cost of defined contribution scheme
87,770
85,915

4,435,559
4,313,688


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


        2023
        2022
            No.
            No.







Number of administration and warehouse staff
82
78



Number of sales staff
30
25

112
103


8.


Directors' remuneration

2023
2022
£
£



Director's emoluments
684,051
622,212

The highest paid director received remuneration of £186,831 (2022: £150,800).

The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £10,978 (2022: £10,556).

The number of directors to whom pension benefits are accruing is 5 (2022: 5).


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
435,555
405,111

Finance leases and hire purchase contracts
22,858
111

Other interest payable
402,543
310,218

860,956
715,440

Page 20

 
Leisuregrow Products Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
533,041

Adjustments in respect of previous periods
112,049
-

Deferred tax


Origination and reversal of timing differences
-
27,979

Total deferred tax
-
27,979


Taxation on profit on ordinary activities
112,049
561,020

Factors affecting tax charge for the financial year

The tax assessed for the financial year is ***select*** (2022: lower than) the standard rate of corporation tax in the UK of 19% (2022:19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
639,212
3,252,718


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022: 19%)
150,215
618,016

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
66,639
93,638

Capital allowances for year in excess of depreciation
(28,110)
(49,231)

Adjustment to opening and closing deferred tax amounts
-
27,979

Other timing differences
100
-

R&D tax credit
(76,795)
(129,382)

Total tax charge for the year
112,049
561,020

Page 21

 
Leisuregrow Products Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023
 
10.Taxation (continued)


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


11.


Dividends

2023
2022
£
£


Dividends
60,000
92,321


12.


Exceptional items

2023
2022
£
£


Exceptional costs
430,943
-

Exceptional legal costs
-
255,462

430,943
255,462

Management performed an assessment of exceptional costs. In the prior year, these arose from once off legal costs incurred by the company. In the current year, exceptional costs arose from the closure of one of the Company's warehouses.

Page 22

 
Leisuregrow Products Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

13.


Intangible assets




Computer software

£



Cost


At 1 January 2023
-


Additions
19,095



At 31 December 2023

19,095






Net book value



At 31 December 2023
19,095



At 31 December 2022
-

Amortisation of intangible fixed assets is included in administrative expenses.



Page 23
 

Leisuregrow Products Limited
 
 
 

Notes to the financial statements
For the year ended 31 December 2023


14.


Tangible fixed assets






Long-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
1,199,601
23,195
948,126
67,428
643,755
2,882,105


Additions
478,362
-
278,336
-
41,856
798,554



At 31 December 2023
1,677,963
23,195
1,226,462
67,428
685,611
3,680,659



Depreciation


At 1 January 2023
463,485
13,531
503,612
65,258
509,445
1,555,331


Charge for the year on owned assets
133,609
5,799
77,175
554
62,199
279,336



At 31 December 2023
597,094
19,330
580,787
65,812
571,644
1,834,667



Net book value



At 31 December 2023
1,080,869
3,865
645,675
1,616
113,967
1,845,992



At 31 December 2022
736,116
9,664
444,514
2,170
134,310
1,326,774

Page 24  
 
Leisuregrow Products Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

15.


Stocks

2023
2022
£
£

Finished goods and goods for resale
14,454,021
18,198,877


An impairment write off of £Nil (2022: £Nil) was recognised in cost of sales against stock during the year due to slow moving stock.


16.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
4,241,894
4,625,975

Amounts owed by joint ventures and associated undertakings
3,569,306
3,569,306

Other debtors
325,416
333,856

Prepayments and accrued income
875,399
866,106

Corporation tax repayable
-
180,962

9,012,015
9,576,205


An impairment loss of £217,348 (2022: £125,288) was recognised against trade debtors.


17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
246,681
87,054

Less: bank overdrafts
(2,969,209)
(6,251,147)

(2,722,528)
(6,164,093)


Page 25

 
Leisuregrow Products Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
2,969,209
6,251,147

Bank loans
3,966,155
4,089,160

Trade creditors
3,688,957
3,726,421

Amounts owed to group undertakings
202,355
79,412

Corporation tax
349,951
64,690

Other taxation and social security
324,528
178,485

Obligations under finance lease and hire purchase contracts
83,634
-

Other creditors (incl directors loans)
24,097
402,456

Accruals and deferred income
176,410
329,435

11,785,296
15,121,206


The Company's financing facility includes a shipment credit facility of £4,000,000 to cover working capital and liquidity commitments. The shipping credit facility is repayable on demand and interest rates of 2.57% over base was charged during 2023.
These are secured by:

Debenture comprising fixed and floating charges over all the assets and undertaking of the Company including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future;
charge over contract monies of the Company; and
general pledge over documents and goods from the Company.

The directors loan is repayable on demand and there is zero interest charged.


19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
708,079
1,715,056

Net obligations under finance leases and hire purchase contracts
264,618
-

972,697
1,715,056


Page 26

 
Leisuregrow Products Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
3,966,155
4,089,160

Amounts falling due 2-5 years

Bank loans
708,079
1,715,056

4,674,234
5,804,216



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Under 1 year
83,634
-

Between 1-5 years
264,618
-

348,252
-

Hire purchase payable is secured by the Company's underlying assets.


22.


Deferred taxation




2023


£






At beginning of year
(83,824)



At end of year
(83,824)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
83,824
83,824

Page 27

 
Leisuregrow Products Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

23.


Share capital

2023
2022
£
£
Authorised



1,000 (2022: 1,000) Ordinary shares of £1.00 each
1,000
1,000

Allotted, called up and fully paid



2 (2022: 2) Ordinary shares of £1.00 each
2
2



24.


Reserves

Other reserves

Other reserves represent capital contributions received in prior periods.

Profit and loss account

Includes all current and prior period retained profits and losses. 


25.


Contingent liabilities

The bankers who hold this guarantee have a fixed and floating charge over the Company's properties.


26.


Related party transactions

The Company was under the control of Mr R.P. Grimmer throughout the current and previous year.


27.


Post balance sheet events

There have been no significant events affecting the Company since the financial year end.


28.


Controlling party

The immediate parent of the Company is Broomco (1356) Limited, a company registered in England and Wales. The ultimate parent is RGHVBRM Limited, a company registered in England and Wales.  
The smallest and largest consolidated financial statements presented are that of RGHVBRM Limited. They are publicly available from the Companies House, Crown Way, Cardiff, CF14 3UZ, DX 33050 Cardiff, United Kingdom.

Page 28