Registration number:
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St. John's Nurseries (North Devon) Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Independent Auditor's Report |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Notes to the Financial Statements |
St. John's Nurseries (North Devon) Limited
Company Information
Directors |
Mr J Mellett Mr N Oliver Mr M Toon |
Registered office |
|
Auditors |
|
St. John's Nurseries (North Devon) Limited
Strategic Report for the Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
Principal activity
The principal activity of the company is growing and selling plants, horticultural products and related goods.
Fair review of the business
Turnover increased by 2% in the year ended 30 September 2024 compared with 2023. This is as a result of the increased sales from both the Barnstaple and Ashford site. This has resulted in the profit before tax increasing from £604k in 2023 to £634k in 2024.
The company has a very strong balance sheet and at the end of the year, net assets totalled £4,115,599 (2023 - £3,941,111).
During the year, a management buyout was successfully completed on 28th March 2024.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Gross profit margin |
% |
57 |
55 |
Principal risks and uncertainties
The demand for the garden centre products is affected by several factors, including consumers' disposable income, fashion trends, seasonality and the weather. The trading results over the 2024 year are a testament to the robust nature of the business and management will continue to ensure the viability of the business by maintaining a very strict control on employee and overhead cost.
Approved by the Board on
Mr J Mellett
Director
St. John's Nurseries (North Devon) Limited
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
Directors of the company
The directors who held office during the year were as follows:
Directors' responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
Financial instruments
Objectives and policies
The business' principal financial instruments comprise bank balances, trade
debtors, trade creditors, loans to related parties and finance lease agreements. The main purpose of
these instruments is to finance the business' operations.
St. John's Nurseries (North Devon) Limited
Directors' Report for the Year Ended 30 September 2024
Price risk, credit risk, liquidity risk and cash flow risk
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the
continuity of funding and flexibility.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit
offered to customers and the regular monitoring of amounts outstanding for both time and credit
limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. Trade
creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Future developments
The company will continue to look for further opportunities to enhance the profitability of the current Garden Centres and ancillary businesses.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the Board on
Mr J Mellett
Director
St. John's Nurseries (North Devon) Limited
Independent Auditor's Report to the Members of St. John's Nurseries (North Devon) Limited
Opinion
We have audited the financial statements of St. John's Nurseries (North Devon) Limited (the 'company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, Balance Sheet, 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 30 September 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.
St. John's Nurseries (North Devon) Limited
Independent Auditor's Report to the Members of St. John's Nurseries (North Devon) Limited
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
St. John's Nurseries (North Devon) Limited
Independent Auditor's Report to the Members of St. John's Nurseries (North Devon) Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
1. The nature of the industry and sector, control environment and business performance;
2. results of our enquiries of management about their own identification and assessment of the risks of irregularities;
3. any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
4. the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK corporate governance legislation and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
Audit response to risks identified
As a result of performing the above, we have not identified any contradictory evidence during our enquiries.
St. John's Nurseries (North Devon) Limited
Independent Auditor's Report to the Members of St. John's Nurseries (North Devon) Limited
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 auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
30 Bear Street
Devon
EX32 7DD
St. John's Nurseries (North Devon) Limited
Statement of Comprehensive Income for the Year Ended 30 September 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
|
|
|
Income from other fixed asset investments |
- |
|
|
Other interest receivable and similar income |
|
|
|
43,684 |
10,232 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
6,628,873 |
6,218,236 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
6,822,670 |
6,628,873 |
The above results were derived from continuing operations.
St. John's Nurseries (North Devon) Limited
(Registration number: 00612259)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
|
Fixed Assets |
|||
Tangible Assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Other financial assets |
- |
49,273 |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and Reserves |
|||
Called up share capital |
|
|
|
Retained Earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised for issue by the
Mr J Mellett
Director
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
All amounts are in £'s
Summary of disclosure exemptions
The individual accounts of St. John's Nurseries (North Devon) Limited have also adopted the following disclosure exemptions:
The company has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a statement of cash flows on the basis that it is a qualifying entity and its ultimate parent company, St Johns Country Stores Limited, includes the company’s cash flows in its own consolidated financial statements. Being a qualifying entity, it has also taken advantage of the exemption from disclosing key management personnel compensation as this is disclosed in the parent company's consolidated accounts as well as the exemption from disclosing remuneration receivable by auditors for other services..
Name of parent of group
These financial statements are consolidated in the financial statements of St Johns Country Stores Limited.
The financial statements of St Johns Country Stores Limited may be obtained from the Registrar of Companies from England and Wales..
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
There are no judgements which management have made in the process of applying the accounting policies. |
Key sources of estimation uncertainty
There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible Assets
Tangible Assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Asset class |
Depreciation method and rate |
Land and buildings freehold |
2% per annum on cost of buildings (no depreciation on land) |
Tenant's improvements |
4.55% per annum (22 years) on cost |
Plant and machinery |
15% per annum on written down value |
Fixtures, fittings and equipment |
15% per annum on written down value |
Motor vehicles |
25% per annum on cost |
Office equipment |
25% per annum on written down value |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade Debtors
Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade Creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Financial instruments
Classification
Recognition and measurement
Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.
Impairment
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Rendering of services |
|
|
Franchise |
|
|
|
|
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
Gain on disposal of Tangible Assets |
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other interest received |
|
- |
|
|
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Landscape, maintenance & horticulture |
|
|
Office and management |
|
|
Selling (including part-time employees) |
|
|
Cafe (including part-time employees) |
|
|
|
|
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
198,455 |
378,853 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
- |
|
Company contributions to money purchase pension schemes |
- |
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Total tax charge |
|
|
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Tangible Assets |
Freehold land and buildings |
Tenant's improvements |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||||||
At 1 October 2023 |
|
|
|
|
|
|
|
Additions |
- |
- |
|
|
|
|
|
Disposals |
- |
- |
- |
- |
- |
( |
( |
At 30 September 2024 |
|
|
|
|
|
|
|
Depreciation |
|||||||
At 1 October 2023 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
- |
( |
( |
At 30 September 2024 |
|
|
|
|
|
|
|
Carrying amount |
|||||||
At 30 September 2024 |
|
|
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Motor Vehicles |
16,756 |
3,393 |
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Stocks |
2024 |
2023 |
|
Finished goods and goods for resale |
|
|
Debtors |
Current |
Note |
2024 |
2023 |
Trade Debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade Creditors |
|
|
|
Social security and VAT |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
130,952 |
122,456 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
- |
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 October 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 30 September 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
4,061 |
|
4,061 |
Reserves |
Distributable Reserves
The company retained earnings contain amounts totalling £500,139 (2023: £439,016) which are considered to be non-distributable, relating to the revaluation of land and buildings.
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Loans and borrowings |
2024 |
2023 |
|
Non-current loans and borrowings |
||
HP and finance lease liabilities |
13,902 |
- |
2024 |
2023 |
|
Current loans and borrowings |
||
Loans from related parties |
6,000 |
- |
HP and finance lease liabilities |
3,969 |
6,129 |
|
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
- |
|
|
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Operating leases - lessor
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Total contingent rents recognised as income in the period are £Nil (2023 - £Nil).
Dividends |
2024 |
2023 |
|||
£ |
£ |
|||
Interim dividend of £ |
324,920 |
75,268 |
||
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Related party transactions |
Transactions with directors |
2024 |
At 1 October 2023 |
Advances to director |
At 30 September 2024 |
Mr J Mellett |
|||
Directors loan account - no interest charged & repayable on demand |
- |
|
|
Summary of transactions with other related parties
St. John's Nurseries (North Devon) Limited rented the Bay View site owned by St John's Pension Scheme, which is a small self administered pension scheme of which Thomas, Simon and Nicholas Oliver are trustees and members.
During the year £15,984 was charged for rent. (2023 - £15,984)
At the balance sheet date the amounts due to St John's Pension Scheme was £Nil (2023 - £Nil)
Murphy and Neville Limited
During the year, the company received in full the £1,963,727 that was owed from Murphy and Neville Limited in respect of monies loaned to Murphy and Neville Limited for the purchase of land at Roundswell. No interest was charged on the loan and was repaid by 28/03/2024. Murphy and Neville Limited is a related party by virtue of common directors.
Directors Family
During the year, remuneration was paid to the Directors spouses and children totalling £258,291.
Loans to related parties
2024 |
Parent |
Total |
Advanced |
|
|
At end of period |
|
|
|
Terms of loans to related parties
St. John's Nurseries (North Devon) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from the parent company's registered office which is located at St. John's Garden Centre, St. John's Lane, Barnstaple, Devon, EX32 9DD