Company registration number 03865004 (England and Wales)
Elite Landscapes Limited
Annual report and financial statements
For the year ended 30 June 2024
Elite Landscapes Limited
Company information
Directors
Mr L J Upcott
Mr D A Twist
Mr O Sorabjee
(Appointed 16 November 2023)
Mr S Hawkes
(Appointed 1 November 2024)
Mr M Robinson
(Appointed 1 November 2024)
Ms E Twist
(Appointed 1 November 2024)
Company number
03865004
Registered office
Unit 7 The Priory
Stomp Road
Burnham
Buckinghamshire
SL1 7LW
Auditor
DJH Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Elite Landscapes Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Income statement
9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 24
Elite Landscapes Limited
Strategic report
For the year ended 30 June 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
The company has had a successful year of trading with profitability at similar levels to last year, albeit with slightly lower sales, down by 13.4%, due to experiencing longer tender periods often involving several changes to design and specification. There were also delays caused by a renegotiated contract following the administration of the main contractor.
During the year the company has broadened its client base and is now tendering for more public realm contracts.
The directors are pleased to see an increase in the gross margin percentage from 7.1% to 9.3%.
The increase of 53.3% in administrative expenses is largely down to the increase in estimating resources.
Profit after taxation has decreased as a result of the above from £1,484,112 in 2023 to £1,312,753 in the current period.
At the statement of financial position date, net assets increased from £5,942,966 in 2023 to £6,653,482 in 2024.
Principal risks and uncertainties
The directors continually assess the risks around security of assets.
IT and systems are regularly reviewed to ensure that data is secure and the company is protected from any external threats.
Health and safety compliance is covered by the use of an external health and safety consultant carrying out site visits and preparing necessary reports as required. They also monitor and assess the health and safety provisions of subcontractors that the company uses.
Financial Risk Management Objectives & Policies
The company uses various financial instruments that arise from its normal trading activities.
Risks around these relate to credit risk and liquidity risk. The directors continually monitor these risks as below:-
Credit – the company’s principal financial assets are cash and trade debtors, with credit risk arising from trade debtors. Third party credit checks are regularly carried out to along with specific due diligence with clients where required to ensure that risks are minimised.
Liquidity – the company continues to ensure that adequate resources are available to meet foreseeable needs by maintaining a healthy cash balance.
Key performance indicators
The company’s main measures of performance are as follows:-
Sales – a decrease of 13.4% over the previous year.
Gross and net profits – gross profit has shown an increase of 13.9% and net profit before tax has decreased by 3.8%.
Return on sales before tax has increased slightly from 4.6% to 5.2% in the year.
Elite Landscapes Limited
Strategic report (continued)
For the year ended 30 June 2024
- 2 -
Other information and explanations
Future developments
The company has secured a good level of orders for the following financial year on the back of an increased level of tendering as a result of its investment in additional estimating resources.
The company continues to experience longer lead times from carrying out the initial tender to receiving an order as many projects are revised multiple times.
Since the year end, three new directors have been appointed from within the company as part of its plans for the future.
Mr L J Upcott
Director
12 March 2025
Elite Landscapes Limited
Directors' report
For the year ended 30 June 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of landscaping contractors.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £602,237. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr L J Upcott
Mr D A Twist
Mr O Sorabjee
(Appointed 16 November 2023)
Mr S Hawkes
(Appointed 1 November 2024)
Mr M Robinson
(Appointed 1 November 2024)
Ms E Twist
(Appointed 1 November 2024)
Statement of directors' responsibilities
The directors are responsible 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 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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Elite Landscapes Limited
Directors' report (continued)
For the year ended 30 June 2024
- 4 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr L J Upcott
Director
12 March 2025
Elite Landscapes Limited
Independent auditor's report
To the member of Elite Landscapes Limited
- 5 -
Opinion
We have audited the financial statements of Elite Landscapes Limited (the 'company') for the year ended 30 June 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 June 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.
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's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
Elite Landscapes Limited
Independent auditor's report (continued)
To the member of Elite Landscapes Limited
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the 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 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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 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, 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.
Auditor's 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.
Elite Landscapes Limited
Independent auditor's report (continued)
To the member of Elite Landscapes Limited
- 7 -
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation; and
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal and professional fee invoices.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries posted during the period and at the period end to identify unusual transactions;
investigated the rationale behind significant or unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
performed walkthrough tests on major transaction cycles.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims;
reviewing any correspondence with HMRC; and
reviewing legal and professional fees incurred during the period to identify any potential indications of non-compliance with laws and regulations.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Elite Landscapes Limited
Independent auditor's report (continued)
To the member of Elite Landscapes Limited
- 8 -
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Nicola Johnson
Senior Statutory Auditor
For and on behalf of DJH Audit Limited
14 March 2025
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Elite Landscapes Limited
Income statement
For the year ended 30 June 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
33,572,169
38,763,598
Cost of sales
(30,439,503)
(36,013,018)
Gross profit
3,132,666
2,750,580
Administrative expenses
(1,435,292)
(936,418)
Other operating income
33,296
Operating profit
4
1,730,670
1,814,162
Interest receivable and similar income
7
332
Interest payable and similar expenses
8
(15,251)
Profit before taxation
1,731,002
1,798,911
Tax on profit
9
(418,249)
(314,799)
Profit for the financial year
1,312,753
1,484,112
Elite Landscapes Limited
Statement of comprehensive income
For the year ended 30 June 2024
- 10 -
2024
2023
£
£
Profit for the year
1,312,753
1,484,112
Other comprehensive income
-
-
Total comprehensive income for the year
1,312,753
1,484,112
Elite Landscapes Limited
Statement of financial position
As at 30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,575
1,191
Current assets
Debtors
12
11,269,712
9,335,956
Cash at bank and in hand
1,831,480
2,296,822
13,101,192
11,632,778
Creditors: amounts falling due within one year
13
(6,448,885)
(5,691,003)
Net current assets
6,652,307
5,941,775
Total assets less current liabilities
6,655,882
5,942,966
Provisions for liabilities
Deferred tax liability
14
2,400
(2,400)
-
Net assets
6,653,482
5,942,966
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
17
6,653,382
5,942,866
Total equity
6,653,482
5,942,966
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
Mr L J Upcott
Director
Company registration number 03865004 (England and Wales)
Elite Landscapes Limited
Statement of changes in equity
For the year ended 30 June 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
100
5,516,394
5,516,494
Year ended 30 June 2023:
Profit and total comprehensive income
-
1,484,112
1,484,112
Dividends
10
-
(1,057,640)
(1,057,640)
Balance at 30 June 2023
100
5,942,866
5,942,966
Year ended 30 June 2024:
Profit and total comprehensive income
-
1,312,753
1,312,753
Dividends
10
-
(602,237)
(602,237)
Balance at 30 June 2024
100
6,653,382
6,653,482
Elite Landscapes Limited
Notes to the financial statements
For the year ended 30 June 2024
- 13 -
1
Accounting policies
Company information
Elite Landscapes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 The Priory, Stomp Road, Burnham, Buckinghamshire, SL1 7LW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Whiting Holdings Limited. These consolidated financial statements are available from its registered office, Whiting Landscape, Wildmoor Lane, Bromsgrove, B61 0RH.
1.2
Going concern
Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Stage of completion of work and construction contracts are certified by Quantity Surveyors. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Elite Landscapes Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 14 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on cost
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and cash at bank.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, loans from fellow group companies and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Elite Landscapes Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.
If there is a 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Elite Landscapes Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 16 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
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 group entities where the relationship is one of being wholly owned.
Elite Landscapes Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 17 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
In the directors' opinion there are no critical judgements, apart from those involving estimates (as detailed below), that they have made in applying the accounting policies and that have had significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of contracts
Management review each construction contract which is ongoing at the year end in order to obtain an accurate valuation of the wok completed to date and therefore any profits or losses on contracts to recognise. Management recognise profits on contacts once the outcome can be measured with reasonable certainty. Management will review the level of work completed and costs incurred on each individual contract at the year and estimate the expected costs to complete the contract. This will identify the stage of completion and the profit or loss from the contract. The contract valuation will be based on this, with any increases in valuations being recorded in debtors and any reductions in the valuations of contracts being recorded in creditors. Any anticipated future losses are recognised in full. Uncertainties in the valuation of individual contracts relate to the stage of completion as a result of the anticipated costs being estimated and therefore the actual profit expected to be made on each contract.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction
32,846,435
38,316,355
Maintenance
725,734
447,243
33,572,169
38,763,598
2024
2023
£
£
Other revenue
Interest income
332
-
Elite Landscapes Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 18 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
15,900
15,250
Depreciation of owned tangible fixed assets
2,085
596
Operating lease charges
41,594
37,279
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
2
2
Administration
13
11
Total
15
13
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
720,451
550,532
Social security costs
85,652
63,834
Pension costs
56,371
40,358
862,474
654,724
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
118,858
38,431
Company pension contributions to defined contribution schemes
15,220
20,000
134,078
58,431
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Elite Landscapes Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 19 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
332
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
15,251
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
415,849
344,758
Adjustments in respect of prior periods
(29,959)
Total current tax
415,849
314,799
Deferred tax
Origination and reversal of timing differences
2,400
Total tax charge
418,249
314,799
Elite Landscapes Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
9
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,731,002
1,798,911
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
432,751
449,728
Tax effect of expenses that are not deductible in determining taxable profit
15,308
9,456
Adjustments in respect of prior years
(29,959)
Effect of change in corporation tax rate
(75,763)
Group relief
(27,237)
(38,365)
Deferred tax adjustments in respect of prior years
1,804
Deferred tax underprovided for
(298)
Underprovision of corporation tax
(4,377)
Taxation charge for the year
418,249
314,799
10
Dividends
2024
2023
£
£
Interim paid
602,237
1,057,640
Elite Landscapes Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 21 -
11
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2023
1,349
4,223
5,572
Additions
4,469
4,469
At 30 June 2024
1,349
8,692
10,041
Depreciation and impairment
At 1 July 2023
1,349
3,032
4,381
Depreciation charged in the year
2,085
2,085
At 30 June 2024
1,349
5,117
6,466
Carrying amount
At 30 June 2024
3,575
3,575
At 30 June 2023
1,191
1,191
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,774,923
5,234,867
Amounts owed by group undertakings
56,605
139,341
Other debtors
93,612
2,500
Prepayments and accrued income
3,075,394
2,626,876
10,000,534
8,003,584
2024
2023
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
1,269,178
1,332,372
Total debtors
11,269,712
9,335,956
Accrued income includes estimated work in progress for construction of £2,035,000 (2023 - £1,580,000) and retentions of £2,217,882 (2023 - £2,306,834).
Elite Landscapes Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 22 -
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,418,936
4,659,131
Corporation tax
124,431
343,385
Other taxation and social security
630,843
391,944
Other creditors
236,502
243,112
Accruals and deferred income
38,173
53,431
6,448,885
5,691,003
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
900
-
Retirement benefit obligations
1,500
-
2,400
-
2024
Movements in the year:
£
Liability at 1 July 2023
-
Charge to profit or loss
2,400
Liability at 30 June 2024
2,400
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
56,371
40,358
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount due to the fund at the year end was £11,371 (2023 - £9,963).
Elite Landscapes Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 23 -
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Each ordinary share has full voting rights, full dividend rights and the right to participate in distributions on winding up.
17
Profit and loss reserves
Profit and loss reserves represents the accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
28,800
37,280
Between two and five years
23,480
52,371
52,280
89,651
19
Related party transactions
Transactions with group companies
During the year the company made sales to fellow group companies totalling £91,808 (2023 - £157,903). The company also made purchases from fellow group companies totalling £7,512 (2023 - £1,100). At the year-end, £56,605 (2023 - £139,341) was owed from group companies and £nil (2023 - £nil) was owed to group companies.
Transactions with other related parties
Included within other creditors is a balance due to the directors totalling £180 (2023 - £73).
Included within trade debtors are balances due from the directors totalling £nil (2023 - £1,322). There are also balances due from close family members of key management personnel in trade debtors totalling £nil (2023 - £247).
Included within trade creditors are balances due to close family members of key management personnel totalling £nil (2023 - £664). There is also a balance due to a key management personnel member totalling £142 (2023 - £935).
During the year, remuneration to close family members of key management personnel totalled £15,600 (2023 - £nil).
Elite Landscapes Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 24 -
20
Ultimate controlling party
The company is a subsidiary of Elite Landscapes Holdings Limited which is incorporated in England and Wales. The ultimate controlling party is Whiting Holdings Limited as a result of its shareholding in Elite Landscapes Holdings Limited. This company heads the only group in which the results of the company are consolidated. The accounts of Whiting Holdings Limited can be obtained from Wildmoor Lane, Wildmoor, Bromsgrove, B61 0RH.
There is no ultimate controlling party.
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