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Registered number: 13556163
Bell Plantation Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3—4
Independent Auditor's Report 5—8
Consolidated Statement of Comprehensive Income 9
Consolidated Balance Sheet 10
Company Balance Sheet 11—12
Consolidated Statement of Changes in Equity 13
Company Statement of Changes in Equity 14
Consolidated Statement of Cash Flows 15
Notes to the Consolidated Statement of Cash Flows 16
Notes to the Financial Statements 17—27
Page 1
Company Information
Directors Mrs S L Gee
Mr A R Warren
Mr F R Warren
Mr J H Warren
Mr L D Warren
Mrs S L Warren
Company Number 13556163
Registered Office Bell Plantation (Garden Centre) Ltd
Watling Street
Towcester
NN12 6GX
Accountants KRW Accountants Ltd
Auditors KRW Accountants Ltd
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 30 September 2024.
Review of the Business
The directors are very satisfied with the performance of the Group during the year, with turnover increasing by 12.4%. Gross profit margin has also been maintained during the year, which is encouraging given the inflationary pressures faced during the year.
Overall the directors are pleased with the financial performance and these results, with significant credit due to the management and all staff throughout the Group.
Principal Risks and Uncertainties
The directors consider that the Group and Company has potential risks and uncertainties similar to thosefaced by other companies in the sector, namely retaining the loyalty of its customers and suppliers. For customers this is addressed by maintaining a constant focus on quality of product and high service levels.
Supply risk is managed by maintaining good business relationships with suppliers. The Group and Company finances its operations through bank loans and retained earnings. It has comfortable interest cover but is aware of interest rate risk and liaises regularly with the bank regarding the interest rates on the bank loan
Future Developments
The directors consider that the Group's market place will remain competitive for the foreseeable future. However they believe that with its quality product, high level of service and strong management team, the Group and Company are well placed to take advantage of every opportunity during that time.
Financial Instruments
The Group and Company does not actively use financial instruments as part of its risk management. It is exposed to the usual credit risk and cash flow risk associated with the sector.
On behalf of the board
Mr F R Warren
Director
27 March 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 30 September 2024.
Principal Activity
The group's principal activity continues to be that of a a retail garden centre.
Dividends
The value of dividends paid amounted to £279,580 (2023 - £145,360).
Directors
The directors who held office during the year were as follows:
Mrs S L Gee
Mr A R Warren
Mr F R Warren
Mr J H Warren
Mr L D Warren
Mrs S L Warren
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Page 3
Page 4
Independent Auditors
The auditors, KRW Accountants Limited have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr F R Warren
Director
27 March 2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Bell Plantation Holdings Limited for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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/(loss) 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'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 entity's ability to continue as a going concern for a period of at least 12 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 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. 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 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 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 or 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.
Page 5
Page 6
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, 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.
Page 6
Page 7
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: 
Extent to which the audit was considered capable of detecting irregularities, including fraud
The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
a) 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, the following approach was taken:
  • Understanding the nature of the industry and sector, control environment and business performance;
  • Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities;
  • Understanding the group and the parent company's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud;
  • Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
  • Understanding the legal and regulatory frameworks that the group operates in through enquiry of management and those charged with governance and understanding the group's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation.
b) Audit response to risks identified
Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:
  • Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement;
  • Enquiring of management, those charged with governance and, where applicable, the group's solicitors concerning actual and potential litigation and claims;
  • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
  • Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators;
  • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;
  • Communication of potential fraud risks to all engagement team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 7
Page 8
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 that 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.
Mr K R Witchell (Senior Statutory Auditor)
for and on behalf of KRW Accountants Ltd , Statutory Auditor
27 March 2025
KRW Accountants Ltd
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS
Page 8
Page 9
Consolidated Statement of Comprehensive Income
2024 2023
Notes £ £
TURNOVER 5,847,110 5,200,750
Cost of sales (4,013,929 ) (3,476,205 )
GROSS PROFIT 1,833,181 1,724,545
Administrative expenses (1,229,009 ) (1,142,344 )
Other operating income 745,395 694,940
OPERATING PROFIT 4 1,349,567 1,277,141
Profit on revaluation of investments - 1,245,867
Other interest receivable and similar income 9 13,436 4,121
Interest payable and similar charges 10 (539,362 ) (448,565 )
PROFIT BEFORE TAXATION 823,641 2,078,564
Tax on Profit 11 (189,458 ) (570,968 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 634,183 1,507,596
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 634,183 1,507,596
The notes on pages 16 to 27 form part of these financial statements.
Page 9
Page 10
Consolidated Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 9,107,472 9,281,078
Investment Properties 13 3,062,368 3,062,368
12,169,840 12,343,446
CURRENT ASSETS
Stocks 15 967,106 920,902
Debtors 16 155,452 115,209
Cash at bank and in hand 598,105 721,263
1,720,663 1,757,374
Creditors: Amounts Falling Due Within One Year 17 (3,448,290 ) (3,711,385 )
NET CURRENT ASSETS (LIABILITIES) (1,727,627 ) (1,954,011 )
TOTAL ASSETS LESS CURRENT LIABILITIES 10,442,213 10,389,435
Creditors: Amounts Falling Due After More Than One Year 18 (6,474,211 ) (6,727,634 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (461,429 ) (509,831 )
NET ASSETS 3,506,573 3,151,970
CAPITAL AND RESERVES
Called up share capital 23 102 102
Fair value reserve 27 934,400 934,400
Profit and Loss Account 2,572,071 2,217,468
SHAREHOLDERS' FUNDS 3,506,573 3,151,970
On behalf of the board
Mr F R Warren
Director
27 March 2025
The notes on pages 16 to 27 form part of these financial statements.
Page 10
Page 11
Company Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 8,354,065 8,417,652
Investment Properties 13 3,062,368 3,062,368
Investments 14 101 101
11,416,534 11,480,121
CURRENT ASSETS
Debtors 16 72,188 34,853
Cash at bank and in hand 56,694 226,189
128,882 261,042
Creditors: Amounts Falling Due Within One Year 17 (2,596,066 ) (2,931,954 )
NET CURRENT ASSETS (LIABILITIES) (2,467,184 ) (2,670,912 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,949,350 8,809,209
Creditors: Amounts Falling Due After More Than One Year 18 (6,264,217 ) (6,369,881 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (387,433 ) (414,366 )
NET ASSETS 2,297,700 2,024,962
CAPITAL AND RESERVES
Called up share capital 23 102 102
Fair value reserve 27 934,400 934,400
Profit and Loss Account 1,363,198 1,090,460
SHAREHOLDERS' FUNDS 2,297,700 2,024,962
Page 11
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In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 552,318 (2023: £ 1,234,395 profit).
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Frederick Warren
Director
27 March 2025
The notes on pages 16 to 27 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Fair value reserve Profit and Loss Account Total
£ £ £ £
As at 1 October 2022 102 - 1,789,632 1,789,734
Profit for the year and total comprehensive income - - 1,507,596 1,507,596
Dividends paid - - (145,360) (145,360)
Movements in fair value reserve - 1,245,867 - 1,245,867
Movements type A - (311,467) - (311,467)
Transfer to/from Fair value reserve - - (934,400) (934,400)
As at 30 September 2023 and 1 October 2023 102 934,400 2,217,468 3,151,970
Profit for the year and total comprehensive income - - 634,183 634,183
Dividends paid - - (279,580) (279,580)
As at 30 September 2024 102 934,400 2,572,071 3,506,573
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Company Statement of Changes in Equity
Share Capital Fair value reserve Profit and Loss Account Total
£ £ £ £
As at 1 October 2022 as previously stated 102 - 1,040,508 1,040,610
Prior year adjustment - - (104,683 ) (104,683 )
As at 1 October 2022 as restated 102 - 935,825 935,927
935,825
Profit for the year and total comprehensive income - - 1,234,395 1,234,395
Dividends paid - - (145,360) (145,360)
Movements in fair value reserve - 1,245,867 - 1,245,867
Movements type A - (311,467) - (311,467)
Transfer to/from Fair value reserve - - (934,400) (934,400)
As at 30 September 2023 and 1 October 2023 102 934,400 1,090,460 2,024,962
Profit for the year and total comprehensive income - - 552,318 552,318
Dividends paid - - (279,580) (279,580)
As at 30 September 2024 102 934,400 1,363,198 2,297,700
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,398,299 1,731,465
Interest paid (539,362 ) (448,565 )
Tax paid (139,222 ) (113,379 )
Net cash generated from operating activities 719,715 1,169,521
Cash flows from investing activities
Purchase of tangible assets (132,200 ) (1,120,190 )
Interest received 13,436 4,121
Net cash used in investing activities (118,764 ) (1,116,069 )
Cash flows from financing activities
Equity dividends paid (279,580 ) (145,360 )
Proceeds from new bank borrowings - 708,397
Repayment of bank borrowings (343,743 ) -
Repayment of finance leases (10,048 ) (10,048 )
Amount withdrawn by directors (90,738) (697,705)
Net cash used in financing activities (724,109 ) (144,716 )
Decrease in cash and cash equivalents (123,158 ) (91,264 )
Cash and cash equivalents at beginning of year 2 721,263 812,527
Cash and cash equivalents at end of year 2 598,105 721,263
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 634,183 1,507,596
Adjustments for:
Tax on profit 189,458 570,968
Interest expense 539,362 448,565
Interest income (13,436 ) (4,121 )
Depreciation of tangible assets 305,806 297,474
Profit on revaluation of fixed assets - (1,245,867)
Movements in working capital:
Increase in stocks (46,204 ) (50,794 )
Increase in trade and other debtors (40,243 ) (17,956 )
(Decrease)/increase in trade and other creditors (170,627 ) 225,600
Net cash generated from operations 1,398,299 1,731,465
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 598,105 721,263
3. Analysis of changes in net debt
As at 1 October 2023 Cash flows As at 30 September 2024
£ £ £
Cash at bank and in hand 721,263 (123,158) 598,105
Finance leases (14,235) 10,048 (4,187)
Debts falling due within one year (469,697 ) 94,507 (375,190 )
Debts falling due after more than one year (6,723,447) 249,236 (6,474,211)
(6,486,116) 230,633 (6,255,483)
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Notes to the Financial Statements
1. General Information
Bell Plantation Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13556163 . The registered office is Bell Plantation (Garden Centre) Ltd, Watling Street, Towcester, NN12 6GX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and its subsidiary undertaking made up to 30 September 2024.
The consolidated financial statements present the results of the company and its subsidiary (the"Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
On 31 March 2022, following a share for share exchange, Bell Plantation Holdings Limited became the new parent company of Bell Plantation (Garden Centre) Limited.
The introduction of the new holding company constitutes a group reconstruction and has been accounted for using merger accounting principles. Therefore, although the Group reconstruction did not become effective until 31 March 2022, the consolidated financial statements of Bell Plantation Holdings Limited are presented as if the new group had always been in existence.
Related party exemption
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.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
2.3. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.
The balance sheet for both the Group and Company show net current liabilities as at 30 September 2024. Included in creditors are directors loan accounts of £2,107,439 (2023 - £2,198,177) and the directors have confirmed their intention to continue to support the Group and Company for the foreseeable future.
2.4. Significant judgements and estimations
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are reviewed annually. They are amended when necessary to reflect current accounting estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets.
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2.5. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Sale of goods are recognised at the point of sale to the customer when the Company has transferred the significant risks and rewards of
ownership to the buyer.
Rendering of services
Turnover for use of the play barn and other events is recognised when the event occurs.
Rental income
Rental income is recognised in the period to which the rent relates.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Improvements to property 4% - 10% straight line
Plant & Machinery 20% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings straight line over 7 years
Computer Equipment 20% straight line
2.7. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.8. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.9. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.10. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.11. Financial Instruments
The group and company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
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2.12. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.13. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Other Operating Income
2024 2023
£ £
Rental income 702,599 694,940
Other operating income 42,796 -
745,395 694,940
4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 25,368 58
Depreciation of tangible fixed assets 305,806 297,474
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 14,000 13,000
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6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Wages and salaries 1,246,466 1,055,044 4,548 9,096
Social security costs 90,893 70,499 - -
Other pension costs 18,659 15,138 - -
1,356,018 1,140,681 4,548 9,096
7. Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
2024 2023
Garden Centre Staff 76 73
Directors 6 6
82 79
Company
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
8. Directors' remuneration
2024 2023
£ £
Emoluments 13,644 18,192
Company contributions to money purchase pension schemes 86 86
13,730 18,278
9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 13,436 4,121
10. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 33,297 35,805
Interest payable on other loans 505,114 411,809
Finance charges payable under finance leases and hire purchase contracts 951 951
539,362 448,565
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11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 22.0% 237,860 128,606
Deferred Tax
Deferred taxation (48,402 ) 442,362
Total tax charge for the period 189,458 570,968
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 823,641 2,078,564
Tax on profit at 25% (UK standard rate) 205,910 457,284
Goodwill/depreciation not allowed for tax 76,452 50,422
Expenses not deductible for tax purposes 5,539 4,140
Capital allowances (48,557 ) (2,058 )
Short term timing differences (1,484 ) -
Difference in tax rates (48,402 ) 61,180
Total tax charge for the period 189,458 570,968
12. Tangible Assets
Group
Land & Property
Freehold Improvements to property Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 October 2023 8,597,403 428,962 220,770 65,492
Additions 61,657 - 7,636 -
As at 30 September 2024 8,659,060 428,962 228,406 65,492
Depreciation
As at 1 October 2023 182,409 73,969 158,690 41,308
Provided during the period 125,411 17,147 44,865 15,946
As at 30 September 2024 307,820 91,116 203,555 57,254
Net Book Value
As at 30 September 2024 8,351,240 337,846 24,851 8,238
As at 1 October 2023 8,414,994 354,993 62,080 24,184
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Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 October 2023 580,950 196,888 10,090,465
Additions 53,519 9,388 132,200
As at 30 September 2024 634,469 206,276 10,222,665
Depreciation
As at 1 October 2023 257,233 95,778 809,387
Provided during the period 72,981 29,456 305,806
As at 30 September 2024 330,214 125,234 1,115,193
Net Book Value
As at 30 September 2024 304,255 81,042 9,107,472
As at 1 October 2023 323,717 101,110 9,281,078
Company
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2023 8,597,403 2,584 690 8,600,677
Additions 61,657 - 958 62,615
As at 30 September 2024 8,659,060 2,584 1,648 8,663,292
Depreciation
As at 1 October 2023 182,409 447 169 183,025
Provided during the period 125,411 489 302 126,202
As at 30 September 2024 307,820 936 471 309,227
Net Book Value
As at 30 September 2024 8,351,240 1,648 1,177 8,354,065
As at 1 October 2023 8,414,994 2,137 521 8,417,652
13. Investment Property
Group
2024
£
Fair Value
As at 1 October 2023 and 30 September 2024 3,062,368
The 2023 valuations were made by the directors, on an open market value for existing use basis.
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Company
2024
£
Fair Value
As at 1 October 2023 and 30 September 2024 3,062,368
14. Investments
Company
Subsidiaries
£
Cost
As at 1 October 2023 101
As at 30 September 2024 101
Provision
As at 1 October 2023 -
As at 30 September 2024 -
Net Book Value
As at 30 September 2024 101
As at 1 October 2023 101
Subsidiaries
Details of the company's subsidiaries as at 30 September 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Bell Plantation (Garden Centre) Limited Bell Plantation (Garden Centre) Ltd, Watling Street, Towcester, NN12 6GX Ordinary 100.00% -
15. Stocks
2024 2023
£ £
Stock 967,106 920,902
16. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 64,711 25,509 64,711 25,456
Other debtors 90,741 89,700 7,477 9,397
155,452 115,209 72,188 34,853
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17. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 4,187 10,048 - -
Trade creditors 466,042 554,828 52,778 35,568
Bank loans and overdrafts 375,190 469,697 235,440 339,320
Amounts owed to group undertakings - - 32,469 131,741
Other creditors 2,152,769 2,359,355 2,139,801 2,344,364
Corporation tax 237,860 139,222 73,746 39,034
Taxation and social security 156,713 112,616 43,621 35,627
Accruals and deferred income 55,529 65,619 18,211 6,300
3,448,290 3,711,385 2,596,066 2,931,954
18. Creditors: Amounts Falling Due After More Than One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts - 4,187 - -
Bank loans 6,474,211 6,723,447 6,264,217 6,369,881
6,474,211 6,727,634 6,264,217 6,369,881
Of the creditors the following amounts are secured.
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 4,187 14,235 - -
Bank loans and overdrafts 6,849,401 7,193,145 6,499,657 6,709,201
The bank loans are secured over the freehold property of the group.
The hire purchase contracts are secured against the fixed assets that they relate to.
19. Loans
An analysis of the maturity of loans is given below:
Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 375,190 469,697 235,440 339,320
Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due between one and five years:
Bank loans 6,474,211 6,723,447 6,264,217 6,369,881
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A 20 year bank loan is repayable monthly until its maturity in March 2042. Interest is charged at a rate of 2.39% over the Bank of Engand base rate.
A 20 year bank loan is repayable monthly until its maturity in July 2042. Interest is charged at a rate of 2.39% over the Bank of England base rate.
A 6 year bank loan is repayable monthly until its maturity in March 2028. Interest is chargef at a rate of 2.5% over the Bank of England base rate.
A 20 year bank loan is repayable monthly until its maturity in January 2043. Interest is charged at a rate of 2.39% over the Bank of England base rate.
A 5 year bank loan is repayment monthly until its maturity in January 2028. Interest is charged as a rate of 2.39% over the Bank of England base rate.
A 7.5 year bank loan is repayable monthly unitl its maturity in August 2027. Interest is charged at a rates of 2% over the Bank of England base rate.
A 6 year CBILS loan is repayable monthly until its maturity in April 2026. Interest is charged at a rate of 3.99% over the Bank of England base rate.
20. Obligations Under Finance Leases and Hire Purchase
Group
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,187 10,048
Later than one year and not later than five years - 4,187
4,187 14,235
4,187 14,235
21. Deferred Taxation
The provision for deferred tax is made up as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Other timing differences 461,429 509,831 387,433 414,366
22. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 October 2023 509,831 509,831
Utilised (48,402 ) (48,402)
Balance at 30 September 2024 461,429 461,429
Company
Deferred Tax Total
£ £
As at 1 October 2023 414,366 414,366
Utilised (26,933 ) (26,933)
Balance at 30 September 2024 387,433 387,433
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23. Share Capital
2024 2023
Allotted, called up but not fully paid £ £
10,201 Ordinary A shares of £ 0.005 each 51 51
10,201 Ordinary B shares of £ 0.005 each 51 51
102 -
The A ordinary share classes carry full voting rights with no restrictions and have no restrictions on the repayment of capital. The directors are entitled to vote an individual dividend on one class of share without the same dividend being voted to any other type of share.
The B ordinary share classes carry no voting rights and only participate in capital derived from the subsidiary Bell Plantation (Garden Centre) Ltd. The directors are entitled to vote an individual dividend on one class of share without the same dividend being voted to any other type of share.
24. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 7,334 7,334
Later than one year and not later than five years 2,445 9,779
9,779 17,113
25. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £18,659 (2023: £15,138).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
26. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 279,580 145,360
27. Reserves
Group
Called up share capital
This represents the nominal value of shares that have been issued.
Retained Earnings
This includes all current and prior period retained profits and losses.
Fair Value Reserve
This relates to the difference between the historical cost and the fair value of investments properties recognised in the financial statements.
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28. Related Party Disclosures
Alban Mann LLPA limited liability partnership in which the directors are also members.During the year the Group was charged £12,000 (2023 - £12,000) rent by the LLP. At the year-end the amount outstanding to the LLP and included in trade creditors was £14,400 (2023 - £14,400).

Alban Mann LLP

A limited liability partnership in which the directors are also members.

During the year the Group was charged £12,000 (2023 - £12,000) rent by the LLP. At the year-end the amount outstanding to the LLP and included in trade creditors was £14,400 (2023 - £14,400).

Artifex Build LtdA company in which a director has an interest.During the year the Group provided services to the Company of £NIL (2023 - £2,233). The Group also purchased goods and services from the Company valued at £35,686 (2023 - £150,661). At the year-end the amounted owed to the company and included in trade creditors was £NIL (2023 - £17,690).

Artifex Build Ltd

A company in which a director has an interest.

During the year the Group provided services to the Company of £NIL (2023 - £2,233). The Group also purchased goods and services from the Company valued at £35,686 (2023 - £150,661). At the year-end the amounted owed to the company and included in trade creditors was £NIL (2023 - £17,690).

Complete Ground Management LimitedA company in which a director has an interest.During the year the Group provided services to the Company of £179 (2023 - £NIL). The Group also purchased goods and services from the Company valued at £62,225 (2023 - £47,683). At the year-end the amounted owed to the company and included in trade creditors was £3,171 (2023 - £2,500).

Complete Ground Management Limited

A company in which a director has an interest.

During the year the Group provided services to the Company of £179 (2023 - £NIL). The Group also purchased goods and services from the Company valued at £62,225 (2023 - £47,683). At the year-end the amounted owed to the company and included in trade creditors was £3,171 (2023 - £2,500).

Bell Plantation partnershipA partnership in which directors are members.During the year the Group provided services to the Partnership of £NIL (2023 - £113). The Group also purchased goods and services from the Partnership valued at £361 (2023 - £1,656). At the year-end the amounted owed to the company and included in trade creditors was £NIL (2023 - £1,987).

Bell Plantation partnership

A partnership in which directors are members.

During the year the Group provided services to the Partnership of £NIL (2023 - £113). The Group also purchased goods and services from the Partnership valued at £361 (2023 - £1,656). At the year-end the amounted owed to the company and included in trade creditors was £NIL (2023 - £1,987).

Watling Land LtdA company in which directors have an interest.During the year the Group provided services to the Company of £61,179 (2023 - £NIL). At the year-end the amount due to the Group and included in trade debtors was £73,414 (2023 - £NIL) The Group also purchased goods and services from the Company valued at £32,250 (2023 - £NIL). At the year-end the amounted owed to the company and included in trade creditors was £28,700 (2023 - £NIL).

Watling Land Ltd

A company in which directors have an interest.

During the year the Group provided services to the Company of £61,179 (2023 - £NIL). At the year-end the amount due to the Group and included in trade debtors was £73,414 (2023 - £NIL) The Group also purchased goods and services from the Company valued at £32,250 (2023 - £NIL). At the year-end the amounted owed to the company and included in trade creditors was £28,700 (2023 - £NIL).

Other related party transactions
Included in other creditors is £31,489 (2023 - £19,800) owed to relatives of the directors.
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