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REGISTERED NUMBER: 02158288 (England and Wales)















BAY TREE NURSERIES LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 8

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16 to 27


BAY TREE NURSERIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: R F F Biehler
Mrs Y Biehler
N Wallis
Mrs J Whitworth Biehler
Mrs E Biehler-Birch





SECRETARY: Mrs J Whitworth Biehler





REGISTERED OFFICE: High Road
Weston
Spalding
Lincolnshire
PE12 6JU





REGISTERED NUMBER: 02158288 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their strategic report of the company and the group for the year ended 31 August 2024.

REVIEW OF BUSINESS
Despite difficult trading conditions during 2023/24 the Bay Tree consolidated accounts reported a pre-tax profit of £220,156 from sales of £7,446,216.

2023/24 financial year has been a turbulent year, with the continuation of the war in Ukraine and the one in and around Israel. The British Government was in turmoil and labour voted in during July 24. Energy prices increased at a slower rate and inflation seemed to settle around 3%

No assets at either site will require impairment. Depreciation will be calculated in the normal way for the next financial year. Any asset purchase made in 2024 will be considered and comply with the both group and bank policies.

All current liabilities are paid in full, including the vat and corporation tax to HMRC. Suppliers are paid in full and in a timely manner in accordance to their negotiated trade agreements.

Cost savings are reviewed on an ongoing basis to ensure best price is paid. These include utility bills, credit card and cash collection charges and other overheads. Wastage is monitored and recorded and savings made where possible with upcycling and recycling.

The bank has agreed to an ongoing overdraft for both sites. The overdrafts are in place for 'just in case' scenarios and not required for the day to day running of the business.

The Weston food hall still exceeds all targets and is now established within the community.

Our franchises continue to support us and there has been interest shown by other parties to come on site. Klass opened in late August 23 and Bonmarche opened their site October 23. Our customer base is very loyal and we have very dedicated staff that go above and beyond their job role. We have maintained some of the procedures introduced due to COVID-19, but our customers once again have the freedom to move around our site in any direction. This increase is reflected in the turnover figure.

Over the last year we have improved and increased our online presence. Our website and web shop have more traffic and showing more sales than in the past. We did sell one of our investment properties, to help consolidate our portfolio.

The next twelve months of trading will continue to test us and ensure that we continue to innovate. We must retain the customers that we have and entice new ones to shop with us. It is a fact that high streets and retail outlets are struggling but I feel garden centres when promoted and managed correctly will keep on drawing customers in.

Our main strategy for 2024/25 will be:

- To tighten stock control.
- To monitor spend closely and to ensure that any variances in overheads are investigated.
- Ensuring that our online presence continues to be positive and current.
- To foresee any problems before they manifest.
- To look at our energy use and look to alternative supplies.
- To keep up to date with any government guidelines.
- To take advantage of any government assistance.
- To continue to train and retain our core members of staff.
- To give our customers the best service we can even in difficult condition.

In my opinion, both sites are positive going concerns and that whilst next year will be challenging, we are best prepared for any obstacles that come our way.

KEY PERFORMANCE INDICATORS
The main key performance indicator for the group is the gross profit margin as seen in the consolidated profit and loss account. Given the straightforward nature of the group, the directors are of the opinion that a more detailed analysis using key performance indicators is not necessary for an understanding of the development, performance or position.


BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The major risks that the group faces are from competition from new garden centres and the consolidation being seen in the industry.

A second risk faced by the group is that of reduced disposable income of customers due to the inflation, interest rate rises and energy prices.

Both of these risks are mitigated by the group's reputation which has helped to retain a loyal customer base. The group also offers a wide range within its centre to be a destination, not just a garden centre. We have increased production in our nursery to help to mitigate cost inflation. This also endorses our greener policy because we use less transport when growing our own plants on site.

A third risk is energy prices. Prices seem to increase daily with little or no government help. The business rates may be increased to pre COVID-19 levels which will have a major impact on costs.

A final risk is the weather, as bad weather in the key sales period between April and July reduces customer gardening activities and thus customer spending.

ON BEHALF OF THE BOARD:





Mrs J Whitworth Biehler - Director


7 January 2025

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the operation of garden centres.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
B Ordinary £1 - 5.603p - 9 April 2024
C Ordinary £1 - 0.625p - 9 April 2024

The total distribution of dividends for the year ended 31 August 2024 will be £ 53,500 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

R F F Biehler
Mrs Y Biehler
N Wallis
Mrs J Whitworth Biehler
Mrs E Biehler-Birch

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mrs J Whitworth Biehler - Director


7 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BAY TREE NURSERIES LIMITED

Opinion
We have audited the financial statements of Bay Tree Nurseries Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BAY TREE NURSERIES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BAY TREE NURSERIES LIMITED


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

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Food Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external food safety audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company’s employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

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. The further removed non-compliance with laws and regulations 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. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BAY TREE NURSERIES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

21 January 2025

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

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

2024 2023
Notes £    £   

TURNOVER 7,446,216 7,045,242

Cost of sales 5,419,823 5,025,823
GROSS PROFIT 2,026,393 2,019,419

Administrative expenses 2,064,518 2,119,498
(38,125 ) (100,079 )

Other operating income 335,521 270,238
OPERATING PROFIT 4 297,396 170,159

Interest receivable and similar income 15,525 2,018
312,921 172,177

Interest payable and similar expenses 5 92,765 80,711
PROFIT BEFORE TAXATION 220,156 91,466

Tax on profit 6 93,463 68,804
PROFIT FOR THE FINANCIAL YEAR 126,693 22,662

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 126,693 22,662

Profit attributable to:
Owners of the parent 126,693 22,662

Total comprehensive income attributable to:
Owners of the parent 126,693 22,662

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 277,244 330,110
Tangible assets 10 5,045,539 5,173,534
Investments 11 - -
Investment property 12 370,436 579,289
5,693,219 6,082,933

CURRENT ASSETS
Stocks 13 911,996 943,500
Debtors 14 107,629 50,102
Cash at bank and in hand 1,505,643 997,390
2,525,268 1,990,992
CREDITORS
Amounts falling due within one year 15 1,127,381 923,967
NET CURRENT ASSETS 1,397,887 1,067,025
TOTAL ASSETS LESS CURRENT LIABILITIES 7,091,106 7,149,958

CREDITORS
Amounts falling due after more than one year 16 (993,631 ) (1,114,094 )

PROVISIONS FOR LIABILITIES 20 (84,680 ) (96,262 )
NET ASSETS 6,012,795 5,939,602

CAPITAL AND RESERVES
Called up share capital 21 4,750,000 4,750,000
Share premium 22 8,898 8,898
Retained earnings 22 1,253,897 1,180,704
SHAREHOLDERS' FUNDS 6,012,795 5,939,602

The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2025 and were signed on its behalf by:





N Wallis - Director


BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

COMPANY STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 277,244 330,110
Tangible assets 10 3,475,867 3,561,017
Investments 11 1 1
Investment property 12 370,436 579,289
4,123,548 4,470,417

CURRENT ASSETS
Stocks 13 655,095 669,060
Debtors 14 400,241 290,333
Cash at bank and in hand 862,069 519,055
1,917,405 1,478,448
CREDITORS
Amounts falling due within one year 15 760,856 644,685
NET CURRENT ASSETS 1,156,549 833,763
TOTAL ASSETS LESS CURRENT LIABILITIES 5,280,097 5,304,180

PROVISIONS FOR LIABILITIES 20 66,550 75,178
NET ASSETS 5,213,547 5,229,002

CAPITAL AND RESERVES
Called up share capital 21 4,750,000 4,750,000
Share premium 22 8,898 8,898
Retained earnings 22 454,649 470,104
SHAREHOLDERS' FUNDS 5,213,547 5,229,002

Company's profit/(loss) for the financial year 38,045 (162,206 )

The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2025 and were signed on its behalf by:





N Wallis - Director


BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 September 2022 4,750,000 1,212,426 8,898 5,971,324

Changes in equity
Dividends - (54,384 ) - (54,384 )
Total comprehensive income - 22,662 - 22,662
Balance at 31 August 2023 4,750,000 1,180,704 8,898 5,939,602

Changes in equity
Dividends - (53,500 ) - (53,500 )
Total comprehensive income - 126,693 - 126,693
Balance at 31 August 2024 4,750,000 1,253,897 8,898 6,012,795

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 September 2022 4,750,000 686,694 8,898 5,445,592

Changes in equity
Dividends - (54,384 ) - (54,384 )
Total comprehensive income - (162,206 ) - (162,206 )
Balance at 31 August 2023 4,750,000 470,104 8,898 5,229,002

Changes in equity
Dividends - (53,500 ) - (53,500 )
Total comprehensive income - 38,045 - 38,045
Balance at 31 August 2024 4,750,000 454,649 8,898 5,213,547

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

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

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 589,618 748,903
Interest paid (92,685 ) (80,629 )
Interest element of hire purchase or finance
lease rental payments paid

(80

)

(82

)
Tax paid (35,230 ) (109,743 )
Net cash from operating activities 461,623 558,449

Cash flows from investing activities
Purchase of tangible fixed assets (49,611 ) (312,138 )
Sale of tangible fixed assets - 23,500
Sale of investment property 238,432 -
Interest received 15,525 2,018
Net cash from investing activities 204,346 (286,620 )

Cash flows from financing activities
Loan repayments in year (96,641 ) (62,702 )
Amount withdrawn by directors (7,575 ) (22,786 )
Equity dividends paid (53,500 ) (54,384 )
Net cash from financing activities (157,716 ) (139,872 )

Increase in cash and cash equivalents 508,253 131,957
Cash and cash equivalents at beginning of year 2 997,390 865,433

Cash and cash equivalents at end of year 2 1,505,643 997,390

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 220,156 91,466
Depreciation charges 230,472 402,142
Profit on disposal of fixed assets (29,579 ) (11,972 )
Finance costs 92,765 80,711
Finance income (15,525 ) (2,018 )
498,289 560,329
Decrease in stocks 31,504 213,046
(Increase)/decrease in trade and other debtors (57,527 ) 23,418
Increase/(decrease) in trade and other creditors 117,352 (47,890 )
Cash generated from operations 589,618 748,903

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 1,505,643 997,390
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 997,390 865,433


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 997,390 508,253 1,505,643
997,390 508,253 1,505,643
Debt
Debts falling due within 1 year (48,219 ) (23,822 ) (72,041 )
Debts falling due after 1 year (1,114,094 ) 120,463 (993,631 )
(1,162,313 ) 96,641 (1,065,672 )
Total (164,923 ) 604,894 439,971

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. GENERAL INFORMATION

Bay Tree Nurseries Limited is a limited company incorporated in England and Wales. The address of the registered office is given in the company information on page one of these financial statements. The nature of the company's operations and principal activities are detailed in the report of the directors on page 5.

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

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group accounts consolidate the financial statements of the company and its subsidiary undertakings. Intra-group profits are eliminated on consolidation.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are stock provisions on 'live' products.These are based on knowledge of the product range and review of losses throughout the year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill arising on the acquisition of a business is capitalised as an intangible asset and amortised against profit over 20 years, or it's expected useful life, whichever is the shorter.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance and 15% on reducing balance


Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

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. Accounts 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,096,105 1,867,007
Social security costs 105,952 101,500
Other pension costs 338,343 184,330
2,540,400 2,152,837

The average number of employees during the year was as follows:
2024 2023

Directors 5 5
Management & administration 17 16
Retail 76 73
98 94

2024 2023
£    £   
Directors' remuneration 219,377 212,120
Directors' pension contributions to money purchase schemes 105,432 84,458

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 63,643 63,327
Pension contributions to money purchase schemes 58,187 42,868

4. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 22,363 18,198
Other operating leases 749 9,788
Depreciation - owned assets 177,606 189,276
Profit on disposal of fixed assets (29,579 ) (11,972 )
Goodwill amortisation 52,866 212,866
Auditors' remuneration 10,650 10,000
Auditors' remuneration for non audit work 3,450 2,500

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 92,685 80,629
Hire purchase interest 80 82
92,765 80,711

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 105,045 29,972

Deferred tax (11,582 ) 38,832
Tax on profit 93,463 68,804

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 220,156 91,466
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
25 %)

55,039

22,867

Effects of:
Expenses not deductible for tax purposes 23,449 223
Income not taxable for tax purposes (81,752 ) (56,962 )
Depreciation in excess of capital allowances 38,146 55,739
Chargeable gains 7,395 -
Change in tax rates - (7,406 )
Income from UK land and buildings 70,476 53,838
Non-trading loan relationships (19,290 ) 505
Total tax charge 93,463 68,804

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
B Ordinary shares of £1 each
Interim 49,500 46,384
C Ordinary shares of £1 each
Interim 4,000 8,000
53,500 54,384

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 1,457,323
AMORTISATION
At 1 September 2023 1,127,213
Amortisation for year 52,866
At 31 August 2024 1,180,079
NET BOOK VALUE
At 31 August 2024 277,244
At 31 August 2023 330,110

Company
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 1,057,323
AMORTISATION
At 1 September 2023 727,213
Amortisation for year 52,866
At 31 August 2024 780,079
NET BOOK VALUE
At 31 August 2024 277,244
At 31 August 2023 330,110

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 5,900,777 755,394 118,583 105,443 6,880,197
Additions 36,602 13,009 - - 49,611
At 31 August 2024 5,937,379 768,403 118,583 105,443 6,929,808
DEPRECIATION
At 1 September 2023 1,136,502 441,445 57,492 71,224 1,706,663
Charge for year 108,866 48,335 15,273 5,132 177,606
At 31 August 2024 1,245,368 489,780 72,765 76,356 1,884,269
NET BOOK VALUE
At 31 August 2024 4,692,011 278,623 45,818 29,087 5,045,539
At 31 August 2023 4,764,275 313,949 61,091 34,219 5,173,534

Included in cost of land and buildings is freehold land of £443,279 (2023 - £443,279) which is not depreciated.

Company
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 4,277,978 545,091 106,588 87,559 5,017,216
Additions 27,712 13,009 - - 40,721
At 31 August 2024 4,305,690 558,100 106,588 87,559 5,057,937
DEPRECIATION
At 1 September 2023 1,001,403 343,644 49,293 61,859 1,456,199
Charge for year 76,232 31,460 14,324 3,855 125,871
At 31 August 2024 1,077,635 375,104 63,617 65,714 1,582,070
NET BOOK VALUE
At 31 August 2024 3,228,055 182,996 42,971 21,845 3,475,867
At 31 August 2023 3,276,575 201,447 57,295 25,700 3,561,017

Included in cost of land and buildings is freehold land of £ 443,279 (2023 - £ 443,279 ) which is not depreciated.

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 1
NET BOOK VALUE
At 31 August 2024 1
At 31 August 2023 1

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary


Bay Tree Hilgay Limited
Registered office: High Road, Weston, Spalding, Lincolnshire, PE12 6JU
Nature of business: Garden Centre
%
Class of shares: holding
Ordinary Shares 100.00


The financial statements in respect of Bay Tree Hilgay Limited for the year ended 31 August 2024 have not been audited as an exemption has been claimed under section 479a of the Companies Act 2006. Bay Tree Nurseries Limited guarantees the liabilities of Bay Tree Hilgay Limited under section 479c of the Companies Act 2006 in respect of the financial year ended 31 August 2024.

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 September 2023 579,289
Disposals (208,853 )
At 31 August 2024 370,436
NET BOOK VALUE
At 31 August 2024 370,436
At 31 August 2023 579,289

The property was purchased in 2022 and so the purchase price is the valuation used.

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

12. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 September 2023 579,289
Disposals (208,853 )
At 31 August 2024 370,436
NET BOOK VALUE
At 31 August 2024 370,436
At 31 August 2023 579,289

The property was purchased in 2022 and so the purchase price is the valuation used.

13. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 911,996 943,500 655,095 669,060

There is no material difference between the carrying cost of stocks and its replacement value.

Provisions totalling £24,633 (2023 - £24,633) are currently being provided for against the total stock figure at the balance sheet date.

14. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 22,465 10,376 22,465 10,376
HTA Vouchers 1,580 320 1,580 320
Sundry debtors 1,675 1,672 1,465 1,465
Directors' current accounts - 272 - 272
Prepayments and accrued income 81,909 37,462 49,231 24,093
107,629 50,102 74,741 36,526

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 325,500 253,807

Aggregate amounts 107,629 50,102 400,241 290,333

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 72,041 48,219 - -
Trade creditors 482,208 411,479 365,106 306,037
Taxation 99,834 30,019 59,370 11,986
Social Security and Taxation 25,869 44,263 23,897 34,597
VAT 175,344 168,681 127,517 125,505
Sundry Creditors 14,680 14,234 12,879 12,379
Directors' current accounts 48,637 56,212 48,637 56,212
Accruals and deferred income 208,768 150,860 123,450 97,969
1,127,381 923,967 760,856 644,685

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Bank loans (see note 17) 993,631 1,114,094

17. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 72,041 48,219
Amounts falling due between two and five years:
Bank loans - 2-5 years 188,596 211,423
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 805,035 902,671

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 1,065,672 1,162,313

HSBC Bank plc hold a debenture including a fixed charge over all present and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future.

HSBC Bank plc also holds a first legal charge over the freehold property of the company.

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

19. FINANCIAL INSTRUMENTS

Group

The group has the following financial instruments:

2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 22,465 10,376
Other debtors 85,164 39,726
Financial liabilities measured at amortised cost
Bank loans and overdraft 1,065,672 1,162,313
Trade creditors 482,208 411,482
Other creditors 272,085 263,373

Company

The company has the following financial instruments:

2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 22,465 10,376
Amounts owed by group undertakings 325,500 253,807
Other debtors 52,275 26,150
Financial liabilities measured at amortised cost
Bank loans and overdraft - -
Trade creditors 365,106 306,037
Amounts owed to group undertakings - -
Other creditors 184,965 166,560

There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit and loss.

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 84,680 96,262 66,550 75,178

Group
Deferred
tax
£   
Balance at 1 September 2023 96,262
Credit to Statement of Comprehensive Income during year (11,582 )
Balance at 31 August 2024 84,680

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

20. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 September 2023 75,178
Credit to Statement of Comprehensive Income during year (8,628 )
Balance at 31 August 2024 66,550

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,226,500 A Ordinary £1 3,226,500 3,226,500
883,500 B Ordinary £1 883,500 883,500
640,000 C Ordinary £1 640,000 640,000
4,750,000 4,750,000

22. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2023 1,180,704 8,898 1,189,602
Profit for the year 126,693 - 126,693
Dividends (53,500 ) - (53,500 )
At 31 August 2024 1,253,897 8,898 1,262,795

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2023 470,104 8,898 479,002
Profit for the year 38,045 - 38,045
Dividends (53,500 ) - (53,500 )
At 31 August 2024 454,649 8,898 463,547

Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Share premium account
The amount above the nominal value received for shares.

23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme whose assets are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company and amounted to £338,343 (2023 - £184,330).

BAY TREE NURSERIES LIMITED (REGISTERED NUMBER: 02158288)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

24. RELATED PARTY DISCLOSURES

In the year, the company paid wages totalling £372,188 (2023 - £357,578) to family members.

In the year, the group charged a family member rent of £13,000 (2023 - £13,000).

25. ULTIMATE CONTROLLING PARTY

The group is under the control of R F F Biehler and Mrs Y Biehler due to their combined majority shareholding.