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REGISTERED NUMBER: 04820053 (England and Wales)















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 July 2024

for

NICHOLSON NURSERIES LTD

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Contents of the Financial Statements
for the year ended 31 July 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


NICHOLSON NURSERIES LTD

Company Information
for the year ended 31 July 2024







Directors: N R Nicholson
Mrs E M Nicholson
M L Brooke-Little
S J Gibson
J S R Mumford
Mr A Mortimer



Secretary: N R Nicholson



Registered office: The Park
North Aston
Bicester
Oxfordshire
OX25 6HL



Registered number: 04820053 (England and Wales)



Senior statutory auditor: G O Style ACA



Auditors: Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Strategic Report
for the year ended 31 July 2024


The directors present their strategic report for the year ended 31 July 2024.

Review of business and future developments
The principal activity of the business is that of Landscape and Forestry Consultants and Contractors.

The company has three divisions:

- Landscapes covering Landscape Architecture, Garden Design, Construction and Maintenance.
- Forestry covering Professional Advice and Consultancy, Ecology and Soils Consultancy, Woodland Contractors, Tree Surgery and Arboriculture, and Fencing.
- Plants covering Wholesale and Retail Plant Centre, and Tree Nursery, and Yurt Cafe.
- The company's Plant Centre and Nursery are located in North Aston, Oxfordshire.

The environmental credentials of the business continue to be a focus:
- We have updated our carbon report and are continuing to reduce our carbon footprint as a measure of carbon vs turnover.
- We have pushed our Ecology offering and now offer BNG, and other baseline surveys.

We will continue to monitor opportunities for expansion via acquisition and are currently in discussion with a small forestry company.


NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Strategic Report
for the year ended 31 July 2024

Principal risks and uncertainties
The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties are considered on a regular basis by the executive team.

The key risks comprise:

Weather
In Landscaping and Forestry the majority of the work is outside and so at the mercy of the weather. While we can predict that it will have an effect, we cannot predict "bad weather" and although we allow contingencies, long spells of very inclement weather could affect sales.

This year has seen increased incidences of long spells of unusual weather patterns, meaning that some work that can only be done in dry periods and within other constraints (eg bird nesting season) become more difficult as the window of opportunity deceases.

Supply chain
The supply of plants and materials are vital to the successful progress of all projects and these are procured from a variety of sources, all of whom are checked to ensure that they comply with our quality assurance standards. Additional quality and biosecurity risks arise from the purchase of plants for resale, or for use in client projects. The company maintains strict quality control and biosecurity procedures over bought-in plants which are regularly monitored by the board. With the imminent Brexit we will have added complications of new biosecurity rules and extra import and customs regulations. These will add costs in terms of time and increased cost of the goods themselves. We have seen an increased issue within the supply chain over the latter months of the year and these will continue into next, but we have tried to mitigate against these by forward ordering.

Contract management
The Company manages a number of large and complex contracts in progress at any one time. Failure to manage the risks associated with these contracts could materially and adversely affect the Company's financial performance. The board regularly monitors and reviews the progress of large and complex contracts to identify early warnings of under-performing contracts and take appropriate action.

We are in the process of achieving ISO 9001 and this has supported our drive of project excellence.

Competition
The company operates within a competitive market, and regularly monitors its performance against competitors to ensure customers and clients receive good value for money. Careful investigation is done on completed projects to monitor and check costings, and the company maintains a process to investigate the loss of contract tenders - we have now taken on an estimator to assist in this role.

Labour
Cost of living, Inflation and Brexit have all paid their part in meaning that this is an area we have to continually monitor. We are also in a relatively low paid industry and within an affluent area where the wages and cost of housing are not in line, making it difficult for staff to get on the housing ladder - we support where we can.

Pest and Diseases
With climate change continuing to cause more issues and our continued need for a wide variety of resilient plants for all of our projects, we are always watching for pest and diseases that could affect our work. Changes in climate at the rate we are getting is affecting seasons, plant growth and health in ways that have not been seen before.

Results
The results for the period show net sales of £16,856,165 (2023 - £18,813,407) and a profit before tax of £967,354 (2023 - £964,771). The retained profit, before dividends paid, for the period was £702,543 (2023 - £691,109).


NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Strategic Report
for the year ended 31 July 2024

Key performance indicators
We use a variety of KPIs to monitor and drive the performance of the business.
The key financial and other performance indicators during the year were as
follows:




2024 2023

£ £ % change

Turnover 16,856,165 18,813,407 (10%)
Gross Profit 4,329,510 4,447,246 (3%)
Operating profit 801,277 975,257 (18%)






On behalf of the board:





N R Nicholson - Director


17 February 2025

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Report of the Directors
for the year ended 31 July 2024


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

Dividends
The directors recommend that no final dividends be paid.

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

N R Nicholson
Mrs E M Nicholson
M L Brooke-Little
S J Gibson
J S R Mumford
Mr A Mortimer

Directors' responsibilities statement
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies 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 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.

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 company'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 company's auditors are aware of that information.

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Report of the Directors
for the year ended 31 July 2024


Auditors
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:



N R Nicholson - Director


17 February 2025

Report of the Independent Auditors to the Members of
Nicholson Nurseries Ltd


Opinion
We have audited the financial statements of Nicholson Nurseries Ltd (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 July 2024 and of its 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 unqualified 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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
Nicholson Nurseries Ltd


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 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page five, 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 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.

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 obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our experience and through discussion with the management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102), GDPR and relevant tax legislation.
We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included:

- making enquires of directors and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud;
- obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
- assessing the design effectiveness of the controls in place to prevent and detect fraud;
- assessing the risk of management override of internal controls, including identifying and testing journal entries;
- challenging the assumptions and judgements made by management in its significant accounting estimates.
- 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.

Report of the Independent Auditors to the Members of
Nicholson Nurseries Ltd


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.

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.

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.




G O Style ACA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

19 February 2025

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Income Statement
for the year ended 31 July 2024

2024 2023
Notes £ £

Turnover 16,856,165 18,813,407

Cost of sales (12,526,655 ) (14,366,161 )
Gross profit 4,329,510 4,447,246

Administrative expenses (3,618,451 ) (3,588,402 )
711,059 858,844

Other operating income 90,218 116,413
Operating profit 4 801,277 975,257

Income from fixed asset investments 920,834 -
Interest receivable and similar income 59,288 3,046
1,781,399 978,303
Amounts written off investments 5 (804,162 ) 11,612
977,237 989,915

Interest payable and similar expenses 6 (9,883 ) (25,144 )
Profit before taxation 967,354 964,771

Tax on profit 7 (264,811 ) (273,662 )
Profit for the financial year 702,543 691,109

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Other Comprehensive Income
for the year ended 31 July 2024

2024 2023
Notes £ £

Profit for the year 702,543 691,109


Other comprehensive income
Goodwill amortisation on hive up - (76,956 )
Income tax relating to other comprehensive
income

-

-
Other comprehensive income for the year,
net of income tax

-

(76,956

)
Total comprehensive income for the year 702,543 614,153

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Balance Sheet
31 July 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 9 386,779 542,690
Tangible assets 10 821,810 659,114
Investments 11 86,293 890,455
1,294,882 2,092,259

Current assets
Stocks 12 1,091,358 1,053,437
Debtors 13 2,351,118 3,242,321
Cash at bank and in hand 2,575,072 2,637,402
6,017,548 6,933,160
Creditors
Amounts falling due within one year 14 2,352,664 4,804,669
Net current assets 3,664,884 2,128,491
Total assets less current liabilities 4,959,766 4,220,750

Provisions for liabilities 16 192,976 156,503
Net assets 4,766,790 4,064,247

Capital and reserves
Called up share capital 17 469,000 469,000
Retained earnings 18 4,297,790 3,595,247
Shareholders' funds 4,766,790 4,064,247

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





N R Nicholson - Director


NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Statement of Changes in Equity
for the year ended 31 July 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 August 2022 20,000 3,781,094 3,801,094

Changes in equity
Issue of share capital 449,000 - 449,000
Dividends - (800,000 ) (800,000 )
Total comprehensive income - 614,153 614,153
Balance at 31 July 2023 469,000 3,595,247 4,064,247

Changes in equity
Total comprehensive income - 702,543 702,543
Balance at 31 July 2024 469,000 4,297,790 4,766,790

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Cash Flow Statement
for the year ended 31 July 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 764,685 2,139,141
Interest paid (9,883 ) -
Finance costs paid - (25,144 )
Tax paid (354,299 ) (160,220 )
Net cash from operating activities 400,503 1,953,777

Cash flows from investing activities
Purchase of tangible fixed assets (436,242 ) (402,470 )
Purchase of fixed asset investments - (28,507 )
Sale of tangible fixed assets 10,000 172
Interest received 59,288 3,046
Net cash from investing activities (366,954 ) (427,759 )

Cash flows from financing activities
Amount withdrawn by directors (95,879 ) -
Net cash from financing activities (95,879 ) -

(Decrease)/increase in cash and cash equivalents (62,330 ) 1,526,018
Cash and cash equivalents at beginning of
year

2

2,637,402

1,111,384

Cash and cash equivalents at end of year 2 2,575,072 2,637,402

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Notes to the Cash Flow Statement
for the year ended 31 July 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£ £
Profit before taxation 967,354 964,771
Depreciation charges 426,969 391,152
(Profit)/loss on disposal of fixed assets (7,510 ) 37,122
Finance costs 9,883 25,144
Finance income (980,122 ) (3,046 )
416,574 1,415,143
(Increase)/decrease in stocks (37,921 ) 92,823
Decrease/(increase) in trade and other debtors 980,428 (1,653,555 )
(Decrease)/increase in trade and other creditors (594,396 ) 2,284,730
Cash generated from operations 764,685 2,139,141

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2024
31/7/24 1/8/23
£ £
Cash and cash equivalents 2,575,072 2,637,402
Year ended 31 July 2023
31/7/23 1/8/22
£ £
Cash and cash equivalents 2,637,402 1,111,384


3. Analysis of changes in net funds

At 1/8/23 Cash flow At 31/7/24
£ £ £
Net cash
Cash at bank and in hand 2,637,402 (62,330 ) 2,575,072
2,637,402 (62,330 ) 2,575,072
Total 2,637,402 (62,330 ) 2,575,072

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Notes to the Financial Statements
for the year ended 31 July 2024


1. Statutory information

Nicholson Nurseries Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Preparation of consolidated financial statements
The financial statements contain information about Nicholson Nurseries Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, New Nicholsons Limited, The Park, North Aston, Bicester, Oxfordshire, OX25 6HL.

Critical accounting judgements and key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are as follows:

Revenue and profit recognition

In order to assess the appropriateness of the revenue, accrued expenditure and profit recognition in respect of construction contacts the company is required to make estimations of sales prices, costs and margins on long term contracts. The Directors assess the expected scope of work, contract programmes, maintenance and defects liabilities and expected changes in costs. The revenues and expenditures recognised are highly sensitive to the assumptions used and the Directors therefore also consider whether there has been a sustained change in market conditions and the wider economic environment existing at the balance sheet date.

Recoverable value of recognised receivables

The recoverability of trade and other receivables is regularly reviewed in the light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable.

Stocks

A stock provision is booked for cases where the realisable value from sale of stock is estimated to be lower than the stock carrying value. The stock provision is estimated taking into account various factors including the age of the stock, prevailing sales prices, the seasonality of the sales profile and losses associated with slow moving stock.

Impairment of Intangible Assets

The recoverability of goodwill is reviewed annually for evidence of any impairment.

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


2. Accounting policies - continued

Turnover
Turnover is the amount derived from ordinary activities stated after trade discounts, other sales taxes and net of vat.

The principal activity of the business is that of landscape and forestry consultants and contractors. Revenue from these activities arises from increases in valuations on contracts and is normally determined by external valuations. It is the gross value of work carried out for the period to the balance sheet date (including retentions) but excludes claims until they are actually certified. Profit on contracts is calculated in accordance with accounting standards and industry practice. Industry practice is to assess the estimated final outcome of each contract and recognise the profit based upon the percentage of completion of the contract at the relevant date. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete the contract. Consistent contract review procedures are in place in respect of contract forecasting.

The general principles for profit recognition are as follows:

- Profits on short duration contracts are taken when the contract is complete:
- Profits on other contracts are recognised on a percentage of completion basis when the contract's outcome can be estimated reliably:
- Provision is made for losses incurred or foreseen in bringing the contract to completion as soon as they become apparent.

Revenue is also generated from sales through its shop and restaurant. Revenue from its retail outlets are reported net of returns, vouchers and value added tax.

Goodwill
Goodwill is being amortised evenly over its estimated useful life of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - Straight line over 6 years and Straight line over 10 years

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash at bank, trade and other receivables and trade and other payables. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.

Financial assets - classified as basic financial instruments

(i) Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement.

Financial liabilities - classified as basic financial instruments

(iii) Trade and other payables and loans and borrowings
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid.


NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


2. Accounting policies - continued

Going concern
At 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. The directors have considered a period of twelve months from the date of approval of the financial statements. Having taken account of all available information about the future, including the company’s most recent trading results, budgets and cash flow forecasts, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. Employees and directors
2024 2023
£ £
Wages and salaries 6,911,254 7,129,765
Other pension costs 11,851 11,101
6,923,105 7,140,866

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

Management 5 5
Staff 190 199
195 204

2024 2023
£ £
Directors' remuneration 395,141 340,171

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 87,500 75,000

4. Operating profit

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

2024 2023
£ £
Hire of plant and machinery 588,720 540,515
Other operating leases 271,152 273,100
Depreciation - owned assets 271,056 235,061
(Profit)/loss on disposal of fixed assets (7,510 ) 37,122
Goodwill amortisation 155,911 155,912
Auditors' remuneration 20,000 20,000
Auditors' remuneration for non audit work 11,345 20,018
Foreign exchange differences - (199 )

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


5. Amounts written off investments
2024 2023
£ £
Investments written off 804,162 (11,612 )

6. Interest payable and similar expenses
2024 2023
£ £
Interest payable - overdue tax 9,883 -
5.6% preference dividends - 25,144
9,883 25,144

7. 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 228,338 204,298
Tax over/(under) provided for - (5,196 )
Total current tax 228,338 199,102

Deferred tax 36,473 74,560
Tax on profit 264,811 273,662

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 967,354 964,771
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.005%)

241,839

212,298

Effects of:
Expenses not deductible for tax purposes 13,162 25,786
Capital allowances in excess of depreciation - (20,934 )
Depreciation in excess of capital allowances 2,505 -
Adjustments to tax charge in respect of previous periods - (5,196 )
Other differences (29,168 ) (12,852 )
Movement in deferred tax 36,473 74,560
Total tax charge 264,811 273,662

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


7. Taxation - continued

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 July 2024.

2023
Gross Tax Net
£ £ £
Goodwill amortisation on hive up (76,956 ) - (76,956 )

8. Dividends
2024 2023
£ £
Ordinary shares of £1 each
Interim - 400,000
shares of each
Interim - 400,000
- 800,000

9. Intangible fixed assets
Computer
Goodwill software Totals
£ £ £
Cost
At 1 August 2023
and 31 July 2024 1,239,558 15,595 1,255,153
Amortisation
At 1 August 2023 696,868 15,595 712,463
Amortisation for year 155,911 - 155,911
At 31 July 2024 852,779 15,595 868,374
Net book value
At 31 July 2024 386,779 - 386,779
At 31 July 2023 542,690 - 542,690

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


10. Tangible fixed assets
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
Cost
At 1 August 2023 836,367 83,877 1,389,143 2,309,387
Additions 203,266 16,639 216,337 436,242
Disposals (24,220 ) - (56,547 ) (80,767 )
At 31 July 2024 1,015,413 100,516 1,548,933 2,664,862
Depreciation
At 1 August 2023 565,979 81,490 1,002,804 1,650,273
Charge for year 135,763 4,955 130,338 271,056
Eliminated on disposal (24,220 ) - (54,057 ) (78,277 )
At 31 July 2024 677,522 86,445 1,079,085 1,843,052
Net book value
At 31 July 2024 337,891 14,071 469,848 821,810
At 31 July 2023 270,388 2,387 386,339 659,114

11. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 August 2023 890,455
Impairments (804,162 )
At 31 July 2024 86,293
Net book value
At 31 July 2024 86,293
At 31 July 2023 890,455

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Lockhart Garratt Limited
Registered office: The Park, North Aston, Bicester, Oxfordshire, England, OX25 6HL
Nature of business: Horticulture
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 86,293 1,007,127

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


12. Stocks
2024 2023
£ £
Stocks 1,091,358 1,053,437

13. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 1,826,287 2,445,468
Amounts owed by group undertakings 65,219 71,873
Other debtors 275,325 556,571
Directors' current accounts 95,879 -
Prepayments 88,408 168,409
2,351,118 3,242,321

14. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 727,750 1,091,799
Amounts owed to group undertakings 131,221 1,007,127
Corporation tax 78,390 204,351
Social security and other taxes 111,155 (151,693 )
VAT 413,564 233,405
Other creditors 112,481 103,300
Accruals and deferred income 346,842 930,747
Payments in advance 431,261 1,385,633
2,352,664 4,804,669

15. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 240,000 240,000

16. Provisions for liabilities
2024 2023
£ £
Deferred tax 192,976 156,503

Deferred tax
£
Balance at 1 August 2023 156,503
Charge to Income Statement during year 36,473
Balance at 31 July 2024 192,976

NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


17. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
469,000 Ordinary £1 469,000 469,000
NIL - -
NIL - -
469,000 469,000

18. Reserves
Retained
earnings
£

At 1 August 2023 3,595,247
Profit for the year 702,543
At 31 July 2024 4,297,790

19. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£ £
N R Nicholson
Balance outstanding at start of year - -
Amounts advanced 95,879 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 95,879 -

20. Related party disclosures

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.

21. Ultimate controlling party

The immediate parent undertaking is New Nicholsons Ltd.

The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is New Nicholsons Ltd. Copies of the New Nicholsons Ltd Group consolidated financial statements can be obtained from the Company Secretary at The Park, North Aston, Bicester, Oxfordshire, OX25 6HL.

The ultimate controlling parties are Mr N R Nicholson and Mrs E M Nicholson.