REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
NICHOLSON NURSERIES LTD |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053) |
Income Statement |
for the year ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
711,059 | 858,844 |
Other operating income |
Operating profit | 4 |
Income from fixed asset investments |
Interest receivable and similar income |
1,781,399 | 978,303 |
Amounts written off investments | 5 | (804,162 | ) | 11,612 |
977,237 | 989,915 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
Profit before taxation |
Tax on profit | 7 | ( |
) | ( |
) |
Profit for the financial year |
NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053) |
Other Comprehensive Income |
for the year ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
Profit for the year |
Other comprehensive income |
Goodwill amortisation on hive up | ( |
) |
Income tax relating to other comprehensive income |
Other comprehensive income for the year, net of income tax |
( |
) |
Total comprehensive income for the year |
NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Current assets |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 14 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 16 |
Net assets |
Capital and reserves |
Called up share capital | 17 |
Retained earnings | 18 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2024 |
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 |
Interest paid | ( |
) |
Finance costs paid | - | (25,144 | ) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | - | (28,507 | ) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | (95,879 | ) | - |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
Finance costs | 9,883 | 25,144 |
Finance income | (980,122 | ) | (3,046 | ) |
416,574 | 1,415,143 |
(Increase)/decrease in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 | ( |
) | 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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management | 5 | 5 |
Staff | 190 | 199 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
4. | Operating profit |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
Goodwill amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences | ( |
) |
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 |
5.6% preference dividends | - | 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 |
Tax over/(under) provided for | - | (5,196 | ) |
Total current tax |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
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 | ) |
8. | Dividends |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
shares of each |
Interim |
9. | Intangible fixed assets |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
Cost |
At 1 August 2023 |
and 31 July 2024 |
Amortisation |
At 1 August 2023 |
Amortisation for year |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
Depreciation |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
11. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 August 2023 |
Impairments | ( |
) |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: The Park, North Aston, Bicester, Oxfordshire, England, OX25 6HL |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
NICHOLSON NURSERIES LTD (REGISTERED NUMBER: 04820053) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
12. | Stocks |
2024 | 2023 |
£ | £ |
Stocks |
13. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 95,879 | - |
Prepayments |
14. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes | ( |
) |
VAT | 413,564 | 233,405 |
Other creditors |
Accruals and deferred income |
Payments in advance |
15. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
16. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 192,976 | 156,503 |
Deferred tax |
£ |
Balance at 1 August 2023 |
Charge to Income Statement during year |
Balance at 31 July 2024 |
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: | £ | £ |
Ordinary | £1 | 469,000 | 469,000 |
NIL | - | - |
NIL | - | - |
469,000 | 469,000 |
18. | Reserves |
Retained |
earnings |
£ |
At 1 August 2023 |
Profit for the year |
At 31 July 2024 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |