Company registration number 04611247 (England and Wales)
WRIGHT LANDSCAPES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
WRIGHT LANDSCAPES LIMITED
COMPANY INFORMATION
Directors
K P Thornton
L Webster
S F Young
S J Price
F C R Blaisdale
Mrs J E Ismail
(Appointed 3 September 2024)
Mr S Ismail
(Appointed 3 September 2024)
Company number
04611247
Registered office
Douglas House
Green Street
Wigan
WN3 4DQ
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
WRIGHT LANDSCAPES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 23
WRIGHT LANDSCAPES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Fair review and development of the business

The company is engaged in landscape construction and grounds maintenance services.

The company has made steady growth in both turnover and EBITDA, which has given us confidence to continue our investment into people and equipment.

The main focus has been building the civil engineering and hard landscaping divisions of the business, while continuing growth within the soft landscaping and residential schemes. We have also continued the development of Pickmere Nursery and its facilities.

A significant addition has been the introduction of the design division, which has helped give visibility to the forward pipeline of work, again giving us confidence to invest for the future.

The headcount as of April 2024 is 70 employees.

Principal risks and uncertainties

The principal risks and uncertainties facing the group include the general economic climate in the UK which could impact funding of future developments. Other risks are recruitment of staff and climate change.

Key performance indicators

The key performance indicators (KPI’s) that the company regards as important are:

a. gross profit margin;

b. the ratio of administrative expenses to turnover;

c. the ratio of operating profit to turnover; and

d. earnings before interest, tax, depreciation, impairment charge and amortisation (EBITDA). For the year under review, those Key Performance Indicators were:

 

2024

2023

Gross margin

10.6%

9.6%

Administrative expenses to turnover

6.0%

4.5%

Operating profit to turnover

4.6%

5.1%

Earnings before interest, tax, depreciation and amortisation

£1,063,511

£839,054

 

Future developments

The Board are optimistic for the short & medium term with a significant pipeline of work either secured, or likely to win.

A number of potential acquisitions are being considered, including both horizontal and vertical integration.

The development of the Pickmere site will continue, to support existing operations and facilitate other opportunities.

WRIGHT LANDSCAPES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

On behalf of the board

K P Thornton
Director
31 January 2025
WRIGHT LANDSCAPES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of landscaping.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a further dividend.

No preference dividends were paid.

Directors

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

L S McCarren
(Resigned 3 September 2024)
K P Thornton
L Webster
S F Young
S J Price
F C R Blaisdale
Mrs J E Ismail
(Appointed 3 September 2024)
Mr S Ismail
(Appointed 3 September 2024)
Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

                                

Statement of directors' responsibilities

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.

WRIGHT LANDSCAPES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
K P Thornton
Director
31 January 2025
WRIGHT LANDSCAPES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WRIGHT LANDSCAPES LIMITED
- 5 -
Opinion

We have audited the financial statements of Wright Landscapes Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

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.

Opinions on other matters prescribed by the Companies Act 2006

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

WRIGHT LANDSCAPES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WRIGHT LANDSCAPES LIMITED (CONTINUED)
- 6 -
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.

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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an effect: laws related to health and safety, construction, the nature of the company's activities and the regulated nature of the company's activities.

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

WRIGHT LANDSCAPES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WRIGHT LANDSCAPES LIMITED (CONTINUED)
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

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.

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.

Stuart Stead
Senior Statutory Auditor
For and on behalf of Sumer Auditco Limited
31 January 2025
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
WRIGHT LANDSCAPES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
16,100,000
12,487,257
Cost of sales
(14,389,311)
(11,284,886)
Gross profit
1,710,689
1,202,371
Administrative expenses
(964,301)
(562,921)
Operating profit
5
746,388
639,450
Interest receivable and similar income
-
0
425
Interest payable and similar expenses
2,218
-
0
Profit before taxation
748,606
639,875
Tax on profit
8
(254,774)
-
0
Profit for the financial year
493,832
639,875
WRIGHT LANDSCAPES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
23,736
31,648
Tangible assets
11
1,415,299
924,199
1,439,035
955,847
Current assets
Stocks
12
1,233,711
881,925
Debtors
13
1,725,980
2,201,887
Cash at bank and in hand
1,274,317
743,029
4,234,008
3,826,841
Creditors: amounts falling due within one year
14
(3,421,941)
(3,209,549)
Net current assets
812,067
617,292
Total assets less current liabilities
2,251,102
1,573,139
Creditors: amounts falling due after more than one year
15
-
0
(7,659)
Provisions for liabilities
Deferred tax liability
17
291,790
-
0
(291,790)
-
Net assets
1,959,312
1,565,480
Capital and reserves
Called up share capital
19
140,100
140,100
Profit and loss reserves
1,819,212
1,425,380
Total equity
1,959,312
1,565,480

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 31 January 2025 and are signed on its behalf by:
K P Thornton
Director
Company registration number 04611247 (England and Wales)
WRIGHT LANDSCAPES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
140,100
785,505
925,605
Year ended 30 April 2023:
Profit and total comprehensive income
-
639,875
639,875
Balance at 30 April 2023
140,100
1,425,380
1,565,480
Year ended 30 April 2024:
Profit and total comprehensive income
-
493,832
493,832
Dividends
9
-
(100,000)
(100,000)
Balance at 30 April 2024
140,100
1,819,212
1,959,312
WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information

Wright Landscapes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Douglas House, Green Street, Wigan, WN3 4DQ.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Domis Property Group Limited. These consolidated financial statements are available from its registered office, Douglas House, Green Street, Wigan, England, WN3 4DQ.

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 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
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:

Plant and equipment
25% Reducing Balance & 20% Straight Line
Fixtures and fittings
25% Reducing Balance & 33% Straight Line
Motor vehicles
25% Reducing Balance & 20% Straight Line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.7
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.

1.8
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.

1.9
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.

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.

WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
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.

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.

WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

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

1.10
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.

1.11
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.

1.12
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.

1.13
Retirement benefits

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

WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.14
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 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 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.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimation of costs to complete for construction contracts

In line with accounting standards for construction contracts, the company recognises revenue and profit based on the stage of completion and costs to complete. In doing so, management must make certain estimations. The management review all contracts on a monthly basis and assess financial and operational performance versus budget as well as physically inspecting the work to corroborate the stage of completion.

 

At the balance sheet date there is work in progress of £283,461 (2023: £142,598) and construction accruals of £931,888 (2023: £730,672).

 

Refer to note 12, showing the work in progress. Refer to note 14, with construction accruals being included within accruals and deferred income.

Depreciation

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the tangible fixed assets and residual values are assessed annually and may vary depending on a number of factors. In reassessing asset lives, all relevant known factors are taken into account but there is inherent uncertainty present in making this assessment.

 

During the period a depreciation charge of £309,211 (2023: £191,692) was calculated based on accounting policies applied.

 

Refer to note 11, showing the tangible fixed assets carrying values impacted by the key accounting estimate.

WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
3
Turnover and other revenue

Turnover in the year was £16,100,000 (2023: £12,487,257). All turnover was generated from the principal activity in the United Kingdom.

2024
2023
£
£
Other revenue
Interest income
-
425
4
Exceptional item
2024
2023
£
£
Expenditure
Intercompany loan write off
-
(60,000)
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(297)
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0
Depreciation of owned tangible fixed assets
309,211
191,692
Amortisation of intangible assets
7,912
7,912
Operating lease charges
99,133
72,473
6
Employees

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

2024
2023
Number
Number
70
58

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,633,141
1,918,507
Social security costs
265,890
224,348
Pension costs
87,869
64,178
2,986,900
2,207,033
WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
377,078
465,265
Company pension contributions to defined contribution schemes
87,869
64,178
464,947
529,443
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
125,297
168,422
Company pension contributions to defined contribution schemes
26,283
55,927
8
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(37,016)
-
0
Deferred tax
Origination and reversal of timing differences
291,790
-
0
Total tax charge
254,774
-
0
2024
2023
£
£
Profit before taxation
748,606
639,875
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
187,152
159,969
Tax effect of expenses that are not deductible in determining taxable profit
(1,188)
37,773
Unutilised tax losses carried forward
-
0
(197,742)
Permanent capital allowances in excess of depreciation
105,826
-
0
Research and development tax credit
(37,016)
-
0
Taxation charge for the year
254,774
-
WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
9
Dividends
2024
2023
£
£
Final paid
100,000
-
0
10
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
140,000
Amortisation and impairment
At 1 May 2023
108,352
Amortisation charged for the year
7,912
At 30 April 2024
116,264
Carrying amount
At 30 April 2024
23,736
At 30 April 2023
31,648
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
1,022,941
164,284
600,191
1,787,416
Additions
553,103
91,739
171,534
816,376
Disposals
(2,800)
-
0
(53,990)
(56,790)
At 30 April 2024
1,573,244
256,023
717,735
2,547,002
Depreciation and impairment
At 1 May 2023
499,759
61,128
302,330
863,217
Depreciation charged in the year
178,777
41,147
89,287
309,211
Eliminated in respect of disposals
(1,970)
-
0
(38,755)
(40,725)
At 30 April 2024
676,566
102,275
352,862
1,131,703
Carrying amount
At 30 April 2024
896,678
153,748
364,873
1,415,299
At 30 April 2023
523,182
103,156
297,861
924,199
WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
12
Stocks
2024
2023
£
£
Work in progress
283,461
142,598
Finished goods and goods for resale
950,250
739,327
1,233,711
881,925
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,039,232
2,026,144
Amounts owed by group undertakings
458,153
-
0
Other debtors
147,272
109,003
Prepayments and accrued income
81,323
66,740
1,725,980
2,201,887
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
16
-
0
7,901
Trade creditors
1,475,600
1,472,396
Amounts owed to group undertakings
548,408
674,776
Taxation and social security
66,718
57,993
Other creditors
78,497
59,389
Accruals and deferred income
1,252,718
937,094
3,421,941
3,209,549
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
-
0
7,659
WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
7,901
In two to five years
-
0
7,659
-
0
15,560
17
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
291,790
-
2024
Movements in the year:
£
Liability at 1 May 2023
-
Charge to profit or loss
291,790
Liability at 30 April 2024
291,790
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
87,869
64,178

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.

WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
140,000 Preference B shares of £1 each
140,000
140,000
140,000
140,000
Preference shares classified as equity
140,000
140,000
Total equity share capital
140,100
140,100

Ordinary shares have the sole right to receive notice of and to attend, note and speak at any general meeting of the Company and shall be entitled to vote on any written resolution of the Company.

 

Preference shares do not carry voting rights within the company. On the event of the company being wound up or liquidated, preference share holders will be ranked before ordinary share holders in the distribution of any remaining funds.

20
Reserves

Called up share capital

Called up share capital represents the nominal value of the shares issued.

 

Retained earnings

Retained earnings represents the cumulative profit and losses net of dividends paid and other adjustments.

21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
88,124
100,203
Between two and five years
194,687
282,286
282,811
382,489
WRIGHT LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
22
Related party transactions

The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, "Related party disclosures" Section 33.1A not to disclose details of related party transactions with entities that are 100% owned members of the same group. There are no other related party transactions other than as disclosed.

23
Ultimate controlling party

The immediate parent of the company is Landscape Holdco Limited, which is registered in England and Wales. The registered office address of Domis Property Group Limited is Douglas House, Green Street, Wigan, United Kingdom, WN3 4DQ.

The ultimate parent of the company is Domis Property Group Limited, which is registered in England and Wales. Domis Property Group Limited prepares group accounts of which this company is a member. The registered office address of Domis Property Group Limited is Douglas House, Green Street, Wigan, United Kingdom, WN3 4DQ.

 

Following the year end, the ultimate controlling party changed from Domis Property Group Limited to Domis Property Group Holdings Limited, a company registered in England and Wales.

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