IRIS Accounts Production v24.3.2.46 00971446 Board of Directors 1.6.23 31.5.24 31.5.24 true false true true false false false true true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh009714462023-05-31009714462024-05-31009714462023-06-012024-05-31009714462022-05-31009714462022-06-012023-05-31009714462023-05-3100971446ns15:EnglandWales2023-06-012024-05-3100971446ns14:PoundSterling2023-06-012024-05-3100971446ns10:Director12023-06-012024-05-3100971446ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3100971446ns10:FRS1022023-06-012024-05-3100971446ns10:Audited2023-06-012024-05-3100971446ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-06-012024-05-3100971446ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-06-012024-05-3100971446ns10:FullAccounts2023-06-012024-05-310097144612023-06-012024-05-3100971446ns10:OrdinaryShareClass12023-06-012024-05-3100971446ns10:Director22023-06-012024-05-3100971446ns10:Director32023-06-012024-05-3100971446ns10:CompanySecretary12023-06-012024-05-3100971446ns10:RegisteredOffice2023-06-012024-05-3100971446ns5:CurrentFinancialInstruments2024-05-3100971446ns5:CurrentFinancialInstruments2023-05-3100971446ns5:Non-currentFinancialInstruments2024-05-3100971446ns5:Non-currentFinancialInstruments2023-05-3100971446ns5:ShareCapital2024-05-3100971446ns5:ShareCapital2023-05-3100971446ns5:RetainedEarningsAccumulatedLosses2024-05-3100971446ns5:RetainedEarningsAccumulatedLosses2023-05-3100971446ns5:ShareCapital2022-05-3100971446ns5:RetainedEarningsAccumulatedLosses2022-05-3100971446ns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-3100971446ns5:RetainedEarningsAccumulatedLosses2023-06-012024-05-3100971446ns5:NetGoodwill2023-06-012024-05-3100971446ns5:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3100971446ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-06-012024-05-3100971446ns5:PlantMachinery2023-06-012024-05-3100971446ns5:FurnitureFittings2023-06-012024-05-3100971446ns5:MotorVehicles2023-06-012024-05-3100971446ns5:ComputerEquipment2023-06-012024-05-3100971446ns15:UnitedKingdom2023-06-012024-05-3100971446ns15:UnitedKingdom2022-06-012023-05-3100971446ns15:Europe2023-06-012024-05-3100971446ns15:Europe2022-06-012023-05-3100971446ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-06-012024-05-3100971446ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-06-012023-05-3100971446ns10:HighestPaidDirector2023-06-012024-05-3100971446ns10:HighestPaidDirector2022-06-012023-05-3100971446ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-06-012024-05-3100971446ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-06-012023-05-3100971446ns5:OwnedAssets2023-06-012024-05-3100971446ns5:OwnedAssets2022-06-012023-05-310097144612023-06-012024-05-310097144612022-06-012023-05-3100971446ns10:OrdinaryShareClass12022-06-012023-05-3100971446ns5:NetGoodwill2023-05-3100971446ns5:NetGoodwill2024-05-3100971446ns5:NetGoodwill2023-05-3100971446ns5:LandBuildings2023-05-3100971446ns5:PlantMachinery2023-05-3100971446ns5:FurnitureFittings2023-05-3100971446ns5:LandBuildings2023-06-012024-05-3100971446ns5:LandBuildings2024-05-3100971446ns5:PlantMachinery2024-05-3100971446ns5:FurnitureFittings2024-05-3100971446ns5:LandBuildings2023-05-3100971446ns5:PlantMachinery2023-05-3100971446ns5:FurnitureFittings2023-05-3100971446ns5:MotorVehicles2023-05-3100971446ns5:ComputerEquipment2023-05-3100971446ns5:MotorVehicles2024-05-3100971446ns5:ComputerEquipment2024-05-3100971446ns5:MotorVehicles2023-05-3100971446ns5:ComputerEquipment2023-05-3100971446ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3100971446ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3100971446ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3100971446ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3100971446ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-05-3100971446ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-05-3100971446ns5:HirePurchaseContracts2024-05-3100971446ns5:HirePurchaseContracts2023-05-3100971446ns5:DeferredTaxation2023-05-3100971446ns5:DeferredTaxation2023-06-012024-05-3100971446ns5:DeferredTaxation2024-05-3100971446ns10:OrdinaryShareClass12024-05-3100971446ns5:RetainedEarningsAccumulatedLosses2023-05-31
REGISTERED NUMBER: 00971446 (England and Wales)















O.A.TAYLOR & SONS BULBS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 6

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11 to 18


O.A.TAYLOR & SONS BULBS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Hon A E J Taylor
R D Taylor
S R Taylor





SECRETARY: S R Taylor





REGISTERED OFFICE: Washway House Farm
Washway Road
Holbeach
Spalding
Lincolnshire
PE12 7PP





REGISTERED NUMBER: 00971446 (England and Wales)





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

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

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

REVIEW OF BUSINESS
O A Taylor & Sons Bulbs Limited maintains their position as the preferred supplier of all types of flowering bulbs to UK and Irish garden centres.

The results of the company are in line with the targets set, changes in the market and climatic conditions experienced during the growing and retail seasons.

The company continues to innovate and introduce new products, packaging types and varieties throughout the range.

KEY PERFORMANCE INDICATORS
Given the straightforward commercial nature of the business, the directors' opinion is that supplementary KPI analysis over and above that in the financial statements is not necessary to an understanding of the development, performance and financial strength of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks. Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them.

The key risks affecting the company are set out below:

Customers
To reduce any potential loss of custom, the company values integrity and seeks to conduct its business with professionalism and aspire to provide excellent service in the eyes of customers.

Employees
The company continues to use the principle of staff training in return for loyalty, openness, commitment and performance, respecting and caring for staff and investing in their employment potential. The company operates a variety of progression based structures, invests in personal and professional development and remains committed to involving all staff in the operation of the business. The company believes in remunerating its staff fairly for doing a good job which includes taking on responsibility, working as a team and supporting the company's continuous improvement. The company continuously reviews working practices to reflect the reduction in availability of seasonal workers.

Commodity risk
As a bulb supplier, the company is also exposed to the vagaries of the climate and consequent impacts upon the price and availability of product. The company operates a variety of key mitigating tools to reduce exposure to commodity risk, these summarise in contracting supply price and quantity with growers, growing own crops and having a wide customer spectrum to ensure optimum crop utilisation.

Foreign exchange risk
The company imports a wide range of products from Europe, and consequently is at risk from unfavourable exchange rate changes. The company mitigates this risk by working closely with the company's bankers to forward buy currency at appropriate rates for the business.

Natural resources
A further key risk is the environment and the consumption of natural resources. The company respects the environment in which it operates and works to conserve natural resources and enhance the natural environment. The company is working on a range of initiatives to reduce the carbon footprint associated with its supply chains in active participation with customers and suppliers. Various alternative materials are being assessed for use in the packing of bulbs.

ON BEHALF OF THE BOARD:





Hon A E J Taylor - Director


18 December 2024

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of bulb wholesalers.

DIVIDENDS
An interim dividend of £75.97 per share was paid on 4th of March 2024, totalling £759,639.

FUTURE DEVELOPMENTS
The company will continue to invest in people, machinery and warehouse facilities. We continue to plan renovations using materials with improved insulation to decrease fuel usage. The group is expecting another profitable year.

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

Hon A E J Taylor
R D Taylor
S R Taylor

FINANCIAL INSTRUMENTS
The company imports a wide range of products from Europe, and consequently is at risk from unfavourable exchange rate changes. The company mitigates this risk by working closely with the company's bankers to forward buy currency at appropriate rates for the business.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Hon A E J Taylor - Director


18 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
O.A.TAYLOR & SONS BULBS LIMITED

Opinion
We have audited the financial statements of O.A.Taylor & Sons Bulbs Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 May 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 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
O.A.TAYLOR & SONS BULBS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. This included the identification and testing of unusual material journal entries, and challenging management on key estimates. These key areas of uncertainty are disclosed in the accounting policies.

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, 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 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
O.A.TAYLOR & SONS BULBS 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

19 December 2024

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 3 15,893,599 16,533,588

Cost of sales 10,267,388 10,613,025
GROSS PROFIT 5,626,211 5,920,563

Administrative expenses 3,604,396 3,132,078
2,021,815 2,788,485

Other operating income 232,453 136,005
OPERATING PROFIT 6 2,254,268 2,924,490

Interest receivable and similar income 7 27,469 11,391
2,281,737 2,935,881

Interest payable and similar expenses 8 1,712 1,279
PROFIT BEFORE TAXATION 2,280,025 2,934,602

Tax on profit 9 581,274 485,923
PROFIT FOR THE FINANCIAL YEAR 1,698,751 2,448,679

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,698,751 2,448,679


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,698,751 2,448,679

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 7,491,222 7,585,126
7,491,222 7,585,126

CURRENT ASSETS
Stocks 13 529,953 730,097
Debtors 14 12,692,177 12,992,305
Cash at bank and in hand 5,373,040 3,154,540
18,595,170 16,876,942
CREDITORS
Amounts falling due within one year 15 1,885,766 1,182,538
NET CURRENT ASSETS 16,709,404 15,694,404
TOTAL ASSETS LESS CURRENT LIABILITIES 24,200,626 23,279,530

CREDITORS
Amounts falling due after more than one year 16 (7,502 ) -

PROVISIONS FOR LIABILITIES 19 (278,216 ) (303,734 )
NET ASSETS 23,914,908 22,975,796

CAPITAL AND RESERVES
Called up share capital 20 9,999 9,999
Retained earnings 21 23,904,909 22,965,797
SHAREHOLDERS' FUNDS 23,914,908 22,975,796

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





Hon A E J Taylor - Director


O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 9,999 21,082,357 21,092,356

Changes in equity
Dividends - (565,239 ) (565,239 )
Total comprehensive income - 2,448,679 2,448,679
Balance at 31 May 2023 9,999 22,965,797 22,975,796

Changes in equity
Dividends - (759,639 ) (759,639 )
Total comprehensive income - 1,698,751 1,698,751
Balance at 31 May 2024 9,999 23,904,909 23,914,908

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

O.A.Taylor & Sons Bulbs Limited 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Turnover
Turnover represents the total value, excluding value added tax, of sales made during the year. Revenue from the sale of goods and services is recognised when significant risks and benefits of ownership of the product have transferred to the buyer at either despatch or acceptance by the customer of the delivery.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

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.

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 and Nil
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

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.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised within the profit and loss account in other administrative expenses.

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

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

2. ACCOUNTING POLICIES - continued

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 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 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 balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 in respect of the directors. The scheme and its assets are held by independent managers. The company also makes a contribution towards selected employee's personal pension policies.

The pension costs charged in the financial statements represent the contributions payable by the company during the year.

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

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

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 15,519,652 16,173,889
Europe 373,947 359,699
15,893,599 16,533,588

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,057,093 3,079,385
Social security costs 286,034 273,753
Other pension costs 117,104 84,587
3,460,231 3,437,725

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

Management 3 3
Administration 40 38
Warehouse & Drivers 59 67
102 108

5. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 250,903 236,535
Directors' pension contributions to money purchase schemes 40,000 8,000

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 100,000 94,167
Pension contributions to money purchase schemes 20,000 4,000

6. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 88,804 124,345
Depreciation - owned assets 405,599 372,607
Profit on disposal of fixed assets (4,234 ) (6,629 )
Auditors' remuneration 13,850 13,420
Auditors' remuneration for non audit work 8,036 11,684
Foreign exchange differences 46,406 (55,773 )

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

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

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 27,469 9,626
Other interest - 1,765
27,469 11,391

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1,712 1,279

9. 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 606,792 280,654
Prior year tax adjustment - (107,235 )
Group loss relief - 202,346
Total current tax 606,792 375,765

Deferred tax (25,518 ) 110,158
Tax on profit 581,274 485,923

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 2,280,025 2,934,602
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
25%)

570,006

733,651

Effects of:
Expenses not deductible for tax purposes 648 824
Capital allowances in excess of depreciation - (10,147 )
Utilisation of tax losses - (253,234 )
Change in tax rate 10,620 14,829
Total tax charge 581,274 485,923

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim 759,639 565,239

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

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

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 150,500
AMORTISATION
At 1 June 2023
and 31 May 2024 150,500
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 6,210,320 2,708,178 183,080
Additions 6,829 18,548 4,285
Disposals - (59,458 ) (3,052 )
At 31 May 2024 6,217,149 2,667,268 184,313
DEPRECIATION
At 1 June 2023 56,503 1,603,480 140,861
Charge for year 5,476 184,785 6,092
Eliminated on disposal - (52,159 ) (2,148 )
At 31 May 2024 61,979 1,736,106 144,805
NET BOOK VALUE
At 31 May 2024 6,155,170 931,162 39,508
At 31 May 2023 6,153,817 1,104,698 42,219

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

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

12. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 681,391 1,553,538 11,336,507
Additions 187,805 114,487 331,954
Disposals (121,963 ) - (184,473 )
At 31 May 2024 747,233 1,668,025 11,483,988
DEPRECIATION
At 1 June 2023 569,799 1,380,738 3,751,381
Charge for year 71,840 137,406 405,599
Eliminated on disposal (109,907 ) - (164,214 )
At 31 May 2024 531,732 1,518,144 3,992,766
NET BOOK VALUE
At 31 May 2024 215,501 149,881 7,491,222
At 31 May 2023 111,592 172,800 7,585,126

Included in cost of land and buildings is freehold land of £ 5,815,709 (2023 - £ 5,815,709 ) which is not depreciated.

13. STOCKS
2024 2023
£    £   
Raw materials 501,920 698,310
Work-in-progress 28,033 31,787
529,953 730,097

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

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 82,538 199,904
Amounts owed by group undertakings 11,957,632 12,395,259
Other debtors 1,276 712
Tax 384,562 108,999
VAT 146,516 192,538
Prepayments and accrued income 119,653 94,893
12,692,177 12,992,305

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 17) 2,306 -
Trade creditors 700,817 640,955
Taxation 606,792 19,852
Other taxes and social security 73,037 81,502
Other creditors 43,172 43,172
Accruals and deferred income 459,642 397,057
1,885,766 1,182,538

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

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

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 17) 7,502 -

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 2,306 -
Between one and five years 7,502 -
9,808 -

18. FINANCIAL INSTRUMENTS

The company has the following financial instruments:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 82,538 199,904
Amounts owed by group undertakings 11,957,632 12,395,259
Financial liabilities measured at amortised cost
Trade creditors 700,817 640,954

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

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 278,216 303,734

Deferred
tax
£   
Balance at 1 June 2023 303,734
Provided during year (25,518 )
Balance at 31 May 2024 278,216

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
9,999 Ordinary 1 9,999 9,999

O.A.TAYLOR & SONS BULBS LIMITED (REGISTERED NUMBER: 00971446)

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

20. CALLED UP SHARE CAPITAL - continued

Shareholders' Rights

The ordinary shares confer the right to receive notice of and attend general meetings as well as the right to vote. The shares have full rights, with respect to dividends and capital, to participate in a distribution. The shares are not to be redeemed.

21. RESERVES
Retained
earnings
£   

At 1 June 2023 22,965,797
Profit for the year 1,698,751
Dividends (759,639 )
At 31 May 2024 23,904,909

22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are held by independent managers. During the year the company made contributions on behalf of 2 directors totalling £40,000 (2023 £8,000). The company also makes contributions towards selected employees' personal pension policies. The pension charge represents contributions due from the company and amounted to £77,104 (2023 £76,587).

23. ULTIMATE PARENT COMPANY

OAT 2012 Limited is regarded by the directors as being the company's ultimate parent company.

24. OTHER FINANCIAL COMMITMENTS

At the balance sheet date, the company had outstanding currency forward contract deals of a sterling equivalent of £1,362,862. This is in respect of forward contracts in Euros purchased as a hedge against fluctuations in the currency.

25. 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.

Sales of £39,459 (2023 - £24,495) and purchases of £3,334,106 (2023 - £3,833,796) were made with entities under common control. Amounts of £23,860 (2023 - £53,206) were owed to these entities at the year end and £nil (2023 - £nil) was owed by these entities at the year end.

26. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.