Company registration number 13478157 (England and Wales)
COLLISON CUT FLOWERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
COLLISON CUT FLOWERS LIMITED
COMPANY INFORMATION
Directors
Mrs D E Collison
Mr I S Collison
Mrs J A Collison
Mr P C Collison
Company number
13478157
Registered office
Tuxhill Farm
Hay Green
Terrington St. Clement
Kings Lynn
Norfolk
PE34 4PX
Auditor
Whitings LLP
Fenland House
15B Hostmoor Avenue
March
Cambridgeshire
PE15 0AX
Accountant
Whitings LLP
12/13 The Crescent
Wisbech
PE13 1EH
COLLISON CUT FLOWERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
COLLISON CUT FLOWERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors are pleased to present the company's strategic report for the year ended 30 June 2024.

Review of the business

 

The business has continued to grow at a pace with tulips being the main contributor towards this with a 13% increase in turnover compared to the previous season.

 

Overall the turnover was increased by 17% largely due to the increase in tulips sold, some of these being our own production, the remainder being stems bought in from other UK growers and packed to fulfil our orders. We also saw a marked increase in gross margin as the result of the large investment made in automation leading to greater efficiency of labour across many aspects of the tulip growing and packing operation.

 

The company maintained a similar level of gross margin on scented stocks year on year, asters performed well with good weather conditions suiting the crop, the eryngium and sundew lilies also yielded very well and demand was good however we saw the continued fall in popularity of longiflorum lilies leading us to take the decision not to buy any of these bulbs for 2024 planting, and finally the ornamental brassicas yielded as forecast with a similar waste level to previous seasons.

 

There was a number of successful trial autumn crops grown and presented to customers with a view to expanding the volumes grown in the future to fill the gap in production during the later part of the year.

 

The directors will continue to invest in technology and innovate with new varieties and crops in order to remain at the forefront of the UK flower growing industry.

Principal risks and uncertainties

 

As a business the directors continually assess the significant risks posed to the company. The following areas headline the major uncertainties which can affect the current profitability and therefore future sustainability of the business.

 

Economic conditions – a number of costs incurred by the business are influenced by the wider economy such as labour, fuel & electricity prices, foreign exchange rates and water supply. As a business the directors are decision making to minimise the costs of these risks by investing in automation, regular monitoring of productivity & energy usage and forward buying currency where appropriate. A new reservoir is due to be completed within the next financial year.

 

Competitive pressures – the main competition for the end product comes from abroad and other comparison products on the supermarket shelves. The directors therefore need to continue to monitor costs closely to prevent loss of sales whilst maintaining a sustainable margin.

 

Bulb Availability – this poses an increasing risk with the recent extreme weather conditions leading to a poor tulip bulb harvest in Holland coupled with rising global demand. This has massively affected the tulip bulb market leading to marked price increases and limited availability. The directors are well aware of the potential effect on the business if they cannot purchase the number of bulbs required to supply customers. Buying the majority of the bulbs direct from growers in the Netherlands in the past has helped build important and strong relationships with bulb growers which the directors will strive to maintain and strengthen.

 

Regulation – complying with legislation and industry standards is an ever-growing demand on the company and directors’ time. The directors are committed to implementing all necessary policies and procedures to ensure compliance with existing laws and regulations. A wide range of areas are covered including health and safety, employment, environment and pollution. The company is compliant with a number of industry standards undertaking audits with OHAS on the growing and packhouse operations, SEDEX on ethical issues, LEAF Marque on environmental impact as well as a number of individual customer requirements.

COLLISON CUT FLOWERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Key performance indicators

 

The company uses a number of financial measures to monitor the business performance. These include weekly management comparison reports, sales figures, crop margin monitoring and internal audits. The analysis of these key facts is then used by the directors to make the necessary and relevant decisions regarding the future strategy of the company.

On behalf of the board

Mrs D E Collison
Director
7 January 2025
COLLISON CUT FLOWERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of flower growing and farming.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £120,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs D E Collison
Mr I S Collison
Mrs J A Collison
Mr P C Collison
Auditor

Whitings LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mrs D E Collison
Director
7 January 2025
2025-01-07
COLLISON CUT FLOWERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

COLLISON CUT FLOWERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COLLISON CUT FLOWERS LIMITED
- 5 -
Qualified opinion

We have audited the financial statements of Collison Cut Flowers Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements:

Basis for qualified opinion

We were unable to observe the physical counting of stocks at 30 June 2023 due to being appointed as auditor after the year end. We were unable to satisfy ourselves by alternative means concerning stock quantities of £340,258 held at 30 June 2023 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 30 June 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 30 June 2024.

 

We conducted our audit procedures in accordance with International Standards of Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Councils 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 qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

COLLISON CUT FLOWERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COLLISON CUT FLOWERS LIMITED (CONTINUED)
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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:

 

COLLISON CUT FLOWERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COLLISON CUT FLOWERS LIMITED (CONTINUED)
- 7 -

- the identification, evaluation and compliance with laws and regulations; and

- the detection and response to the risks of fraud.

- evaluation of the programmes and controls established to address the risks related to irregularities and fraud;

- testing journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions;

- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing related party transactions.

 

- understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;

- knowledge of the industry in which the client operates;

- understanding of the legal and regulatory requirements specific to the Company including: - the provisions of the applicable legislation;

- the regulators' rules and related guidance, including guidance issued by relevant authorities that interprets those rules;

- the applicable statutory provisions.

 

- the Company's operations, including the nature of its revenue sources and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement;

- the applicable statutory provisions;

- the Company's control environment, including the policies and procedures implemented to comply with the requirements of its regulator, the adequacy of procedures for authorisation of transactions, internal review procedures over the Company's compliance with regulatory requirements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

COLLISON CUT FLOWERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COLLISON CUT FLOWERS LIMITED (CONTINUED)
- 8 -

Other matters

The prior period financial statements were not audited due to the company previously being entitled to exemption from audit under Section 477 of the Companies Act 2006 related to small companies.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.

Ben Beech ACA
Senior Statutory Auditor
For and on behalf of Whitings LLP
7 January 2025
Chartered Accountants
Statutory Auditor
Fenland House
15B Hostmoor Avenue
March
Cambridgeshire
PE15 0AX
COLLISON CUT FLOWERS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
10,372,669
8,843,427
Cost of sales
(7,599,216)
(6,839,921)
Gross profit
2,773,453
2,003,506
Administrative expenses
(2,064,586)
(1,746,709)
Other operating income
81,980
108,036
Operating profit
4
790,847
364,833
Interest receivable and similar income
7
4,111
3,397
Interest payable and similar expenses
8
(355,210)
(242,250)
Profit before taxation
439,748
125,980
Tax on profit
9
(164,575)
84,074
Profit for the financial year
275,173
210,054

The profit and loss account has been prepared on the basis that all operations are continuing operations.

COLLISON CUT FLOWERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
£
£
Profit for the year
275,173
210,054
Other comprehensive income
Revaluation of tangible fixed assets
-
0
1,050,015
Tax relating to other comprehensive income
57,408
(268,468)
Other comprehensive income for the year
57,408
781,547
Total comprehensive income for the year
332,581
991,601
COLLISON CUT FLOWERS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
9,501,721
10,211,780
Current assets
Stocks
12
423,303
340,258
Debtors
13
902,917
867,197
Cash at bank and in hand
695,819
6,863
2,022,039
1,214,318
Creditors: amounts falling due within one year
14
(1,397,155)
(1,338,831)
Net current assets/(liabilities)
624,884
(124,513)
Total assets less current liabilities
10,126,605
10,087,267
Creditors: amounts falling due after more than one year
15
(3,609,151)
(3,889,561)
Provisions for liabilities
Deferred tax liability
18
340,689
233,522
(340,689)
(233,522)
Net assets
6,176,765
5,964,184
Capital and reserves
Called up share capital
20
200
200
Share premium account
4,890,748
4,890,748
Revaluation reserve
725,270
781,547
Profit and loss reserves
560,547
291,689
Total equity
6,176,765
5,964,184

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 7 January 2025 and are signed on its behalf by:
Mr I S Collison
Mr P C Collison
Director
Director
Company registration number 13478157 (England and Wales)
COLLISON CUT FLOWERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
200
4,890,748
-
0
201,635
5,092,583
Year ended 30 June 2023:
Profit
-
-
-
210,054
210,054
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
1,050,015
-
1,050,015
Tax relating to other comprehensive income
-
-
(268,468)
-
0
(268,468)
Total comprehensive income
-
-
781,547
210,054
991,601
Dividends
10
-
-
-
(120,000)
(120,000)
Balance at 30 June 2023
200
4,890,748
781,547
291,689
5,964,184
Year ended 30 June 2024:
Profit
-
-
-
275,173
275,173
Other comprehensive income:
Tax relating to other comprehensive income
-
-
57,408
-
0
57,408
Total comprehensive income
-
-
57,408
275,173
332,581
Dividends
10
-
-
-
(120,000)
(120,000)
Transfers
-
-
(113,685)
113,685
-
Balance at 30 June 2024
200
4,890,748
725,270
560,547
6,176,765
COLLISON CUT FLOWERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
1,480,453
(412,351)
Interest paid
(355,210)
(242,250)
Income taxes refunded/(paid)
22,537
(22,538)
Net cash inflow/(outflow) from operating activities
1,147,780
(677,139)
Investing activities
Purchase of tangible fixed assets
(553,545)
(2,062,290)
Proceeds from disposal of tangible fixed assets
761,415
26,328
Loans made to other entities
(52,270)
-
0
Interest received
4,111
3,397
Net cash generated from/(used in) investing activities
159,711
(2,032,565)
Financing activities
Proceeds from new bank loans
-
0
3,400,000
Repayment of bank loans
(176,202)
(56,996)
Payment of finance leases obligations
(112,794)
(182,589)
Dividends paid
(120,000)
(120,000)
Net cash (used in)/generated from financing activities
(408,996)
3,040,415
Net increase in cash and cash equivalents
898,495
330,711
Cash and cash equivalents at beginning of year
(202,676)
(533,387)
Cash and cash equivalents at end of year
695,819
(202,676)
Relating to:
Cash at bank and in hand
695,819
6,863
Bank overdrafts included in creditors payable within one year
-
0
(209,539)
COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information

Collison Cut Flowers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tuxhill Farm, Hay Green, Terrington St. Clement, Kings Lynn, Norfolk, PE34 4PX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
Glasshouses and tunnels - over 10 to 20 years straight line
Sheds, barns & coldstores - over 15 to 30 years straight line
Boiler houses and boilers - over 10 to 15 years straight line
Office building - over 25 years straight line
Improvements to property
over 10 to 20 years straight line
Plant and equipment
25% reducing balance, apart from certain items depreciated over 10 years straight line
Office equipment
over 3 years straight line
Computer software development
over 4 years straight line
Motor vehicles
20% reducing balance
COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases and hire purchase contracts are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease or hire purchase obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Flower growing
10,309,860
8,728,069
Arable farming
62,809
115,358
10,372,669
8,843,427
2024
2023
£
£
Other revenue
Interest income
4,111
3,397

The only material geographical market for the company is the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(605)
871
Fees payable to the company's auditor for the audit of the company's financial statements
16,000
-
0
Depreciation of owned tangible fixed assets
510,274
200,446
Depreciation of tangible fixed assets held under finance leases
73,751
68,621
Profit on disposal of tangible fixed assets
(62,355)
(17,223)
Operating lease charges
9,230
8,507
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Operatives
67
63
Administrative
5
5
Total
72
68
COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,192,661
2,043,619
Social security costs
205,902
189,473
Pension costs
31,669
29,765
2,430,232
2,262,857
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
325,128
306,282
Company pension contributions to defined contribution schemes
3,963
3,963
329,091
310,245

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
104,040
98,010
Company pension contributions to defined contribution schemes
1,321
1,321
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
4,111
3,397
COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
325,318
223,503
Other finance costs:
Interest on finance leases and hire purchase contracts
29,892
18,741
Other interest
-
0
6
355,210
242,250
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(22,537)
Deferred tax
Origination and reversal of timing differences
24,231
582,786
Tax losses carried forward
140,344
(644,323)
Total deferred tax
164,575
(61,537)
Total tax charge/(credit)
164,575
(84,074)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
439,748
125,980
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
109,937
31,495
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1
Permanent capital allowances in excess of depreciation
-
0
(122,687)
Depreciation on assets not qualifying for tax allowances
34,533
-
0
Gain on disposal recognised in prior years revaluation reserve
20,105
-
0
Losses carried back relieved at 19%
-
0
7,117
Taxation charge/(credit) for the year
164,575
(84,074)
COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 22 -

In addition to the amount charged/(credited) to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(57,408)
268,468
10
Dividends
2024
2023
£
£
Final paid
120,000
120,000
COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
11
Tangible fixed assets
Freehold property
Improvements to property
Plant and equipment
Office equipment
Computer software development
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 July 2023
7,719,000
-
0
2,816,913
2,072
2,824
39,437
10,580,246
Additions
113,266
38,706
359,720
1,059
-
0
60,275
573,026
Disposals
(695,000)
-
0
(2,229)
-
0
-
0
(3,667)
(700,896)
At 30 June 2024
7,137,266
38,706
3,174,404
3,131
2,824
96,045
10,452,376
Depreciation and impairment
At 1 July 2023
-
0
-
0
352,966
1,369
2,824
11,307
368,466
Depreciation charged in the year
183,133
1,935
380,892
908
-
0
17,157
584,025
Eliminated in respect of disposals
-
0
-
0
(784)
-
0
-
0
(1,052)
(1,836)
At 30 June 2024
183,133
1,935
733,074
2,277
2,824
27,412
950,655
Carrying amount
At 30 June 2024
6,954,133
36,771
2,441,330
854
-
0
68,633
9,501,721
At 30 June 2023
7,719,000
-
0
2,463,947
703
-
0
28,130
10,211,780
COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
386,249
445,859

Land and buildings with a carrying amount of £7,024,000 were revalued at April 2023 by Quintons Commercial, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

The valuations have not been updated for 2024 as the directors are not aware of any material change in value.

Freehold property is carried at valuation. If freehold property was measured using the cost model, the carrying amounts would have been £6,017,803 (2023 - £6,668,985), being cost £6,167,668 (2023 - £6,668,985) and depreciation £149,865 (2023 - £nil).

12
Stocks
2024
2023
£
£
Raw materials and consumables
423,303
340,258
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
782,666
814,210
Corporation tax recoverable
-
0
22,537
Other debtors
52,270
-
0
Prepayments and accrued income
50,340
30,450
885,276
867,197
2024
2023
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
17,641
-
0
Total debtors
902,917
867,197
COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
186,476
385,741
Obligations under finance leases and hire purchase contracts
17
113,414
112,793
Trade creditors
386,006
151,590
Corporation tax
17,641
-
0
Other taxation and social security
517,802
543,324
Other creditors
90,277
99,723
Accruals and deferred income
85,539
45,660
1,397,155
1,338,831
15
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
16
3,353,037
3,539,513
Obligations under finance leases and hire purchase contracts
17
256,114
350,048
3,609,151
3,889,561

The bank borrowings are secured by a legal charge over the freehold property and a debenture over all other assets of the company.

Amounts included above which fall due after five years are as follows:
Payable by instalments
2,492,242
2,741,199
16
Loans and overdrafts
2024
2023
£
£
Bank loans
3,539,513
3,715,715
Bank overdrafts
-
0
209,539
3,539,513
3,925,254
Payable within one year
186,476
385,741
Payable after one year
3,353,037
3,539,513

The bank borrowings are secured by a legal charge over the freehold property and a debenture over all other assets of the company.

COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
Loans and overdrafts
(Continued)
- 26 -

Long term debt comprises:

 

1. A bank loan repayable by monthly instalments over 10 years from December 2021 with variable interest at Bank of England Base Rate plus 2.4%. The liability at the balance sheet date is £301,435 and the final repayment is due to be made in December 2031.

 

2. A bank loan repayable by monthly instalments over 15 years from April 2023 with variable interest at Bank of England Base Rate plus 2.25%. The liability at the balance sheet date is £3,238,078 and the final repayment is due to be made in April 2038.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
134,785
142,685
In two to five years
278,819
379,679
In over five years
1,204
15,649
414,808
538,013
Less: future finance charges
(45,280)
(75,172)
369,528
462,841

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
633,609
609,378
Tax losses
(503,980)
(644,324)
Revaluations
211,060
268,468
340,689
233,522
COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18
Deferred taxation
(Continued)
- 27 -
2024
Movements in the year:
£
Liability at 1 July 2023
233,522
Charge to profit or loss
164,575
Credit to other comprehensive income
(57,408)
Liability at 30 June 2024
340,689
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
31,669
29,765

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with a Dutch company controlled by three of the company's directors:

Purchases
Purchases
2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
1,519,943
1,424,102
Interest received
2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
3,341
3,397
COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Related party transactions
(Continued)
- 28 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
13,568
26,507
22
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Dividends totalling £120,000 (2023 - £120,000) were paid in the year in respect of shares held by the company's directors.

The directors make up the key management personnel of the company. Details of their remuneration is shown under the Directors' remuneration note.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan to director (interest free)
-
-
52,270
52,270
-
52,270
52,270
23
Ultimate controlling party

In the opinion of the directors, the Company is not controlled by any one individual.

COLLISON CUT FLOWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
24
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
275,173
210,054
Adjustments for:
Taxation charged/(credited)
164,575
(84,074)
Finance costs
355,210
242,250
Investment income
(4,111)
(3,397)
Gain on disposal of tangible fixed assets
(62,355)
(17,223)
Depreciation and impairment of tangible fixed assets
584,025
269,067
Movements in working capital:
Increase in stocks
(83,045)
(11,716)
Decrease/(increase) in debtors
11,654
(481,577)
Increase/(decrease) in creditors
239,327
(535,735)
Cash generated from/(absorbed by) operations
1,480,453
(412,351)
25
Analysis of changes in net debt
1 July 2023
Cash flows
New finance leases
30 June 2024
£
£
£
£
Cash at bank and in hand
6,863
688,956
-
695,819
Bank overdrafts
(209,539)
209,539
-
-
0
(202,676)
898,495
-
0
695,819
Borrowings excluding overdrafts
(3,715,715)
176,202
-
(3,539,513)
Obligations under finance leases
(462,841)
112,794
(19,481)
(369,528)
(4,381,232)
1,187,491
(19,481)
(3,213,222)
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