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Company registration number:
00469113
(England and Wales)
POPLAR NURSERIES LIMITED
Financial statements
for the year ended
31 January 2025
POPLAR NURSERIES LIMITED
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
POPLAR NURSERIES LIMITED
Directors and other information
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Directors |
Mr M A Cowan |
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Mr M C Cowan |
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Secretary |
Mrs M Cowan |
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Company number |
00469113 |
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Registered office |
Poplar Nurseries |
|
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Marks Tey |
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Colchester |
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Essex |
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|
CO6 1HR |
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Auditor |
Griffin Chapman |
|
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4 & 5 The Cedars |
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Old Ipswich Road |
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Colchester |
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Essex |
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CO7 7QR |
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POPLAR NURSERIES LIMITED
Strategic report
Year ended 31 January 2025
Introduction
The aim of this strategic report is to provide a summary of the year's performance and plans.
Business review
Poplar Nurseries has experienced a solid year of growth, reflecting the increasing demand for gardening products and services. Our financial performance has been marked by a consistent rise in revenue; our restaurant having its highest turnover per annum since opening. This growth has allowed us to reinvest in our business, enhance product offerings, and improve customer service, all while maintaining a strong focus on value for money.
Although the start of the year seemed quiet, with wet weather losing us big numbers on plant sales in the spring, our revenue was driven by strong sales across the garden centre in the last six months, but it was truly the success of the Christmas season which helped us regain sales. The department increased turnover by 5.5% on the previous year. Our gross profit margin shows a slight improvement from last year, which reflects our efforts to streamline operations, reduce waste, and better manage overheads.
Operating costs have risen largely due to staff salaries increasing, however we are actively working on cost control measures in other areas and efficiencies to mitigate these increases.
We have continued to diversify our product offerings attending more trade shows in all departments. Additionally, we have invested in improving the shopping experience both in-store and online with upgraded website functionality and new shop fittings and movement of products so the shop remains interesting and engaging for both customers and staff.
Principal risks and uncertainties
While the overall financial outlook for Poplar Nurseries is positive, we recognise several principal risks and uncertainties that could impact our future performance:
1. Supply Chain Disruptions: Although the shipping market has settled within the last 12 months. We are very aware that any ongoing or new global supply chain issues could impact product availability, cost of goods, and delivery times.
2. Weather-Related Risks: Our business is heavily influenced by weather patterns - as we saw in the early part of 2024. Unexpected severe weather conditions negatively affect plant sales, we were 10% down on previous year going in to the final six months, and our high ticket items such as furniture and BBQs were 19% down mid-year but this was heavily regained in the third quarter. This remains a seasonal uncertainty that we monitor and try and react as best we can. This is a benefit of being an independent business that we can react quickly.
3. Regulatory Changes: NMW increases and NI increases for the employer. Also, environmental regulations continue to evolve, we face new compliance requirements relating to the sourcing of plants, packaging, and the sale of certain gardening chemicals. Staying ahead of these regulations requires constant monitoring, which could impose additional costs or operational adjustments.
4. E-commerce Risks - We are competing against increased online businesses, and although have not chosen to sell via E-commerce we are confident that our business built on fantastic customer service and aftercare will continue to remain strong.
Despite these risks, we remain confident in the strength of our business and our ability to adapt to changing market conditions. We are committed to managing these uncertainties proactively through strategic planning and maintaining strong supplier relationships. Our long-term focus remains on sustainable growth, new concessions and delivering exceptional value to our customers which we have built our business upon.
Development and performance
Our year has been driven by several key initiatives:
1. Expansion of Product Range: This year, we have introduced a wider variety of plants, gardening tools, and eco-friendly products. We have carefully curated our offerings to reflect the increasing customer demand for sustainable and organic gardening solutions, making us a trusted destination for environmentally conscious gardeners.
2. New Store and Facility Enhancements: Our physical store has undergone some redevelopment. We have expanded our outdoor plant area with all new benches, providing more room for plant displays and seasonal collections. In addition, our indoor plant section has expanded offering a broader range of tropical and houseplants, meeting the needs of the trendy urban gardeners and plant enthusiasts. Car parking has also been improved, as with so many arms of the business, we have become a place of destination not just a retailer.
3. Website Development: As part of our commitment to providing a seamless customer experience, we have invested in the improvement of our website. Our enhanced website now offers an easier browsing experience, increased video content and acts as an ever-essential tool to the team.
4. Employee Development: Over the past year, we have invested in sourcing an HR company to support us with staff training and development to ensure our team is well-equipped to serve customers. We have also been able to roll out a new employee assistance app now offering all our staff mental health support and a range of wellbeing services. Our dedicated workforce is key to our success, and we remain focused on fostering a positive, inclusive work culture.
5. Miniature Railway: Our first year of running the railway has been eventful - with increased maintenance costs to both the locos and the track as we aimed to offer a seven-day week service. Our team of drivers have been fantastic, and the previous owner now provides a maintenance service. We built a new tunnel, which allows us to offer themed train rides, making the railway even more of a reason to visit.
Financial and other key performance indicators
With increased sales and customer numbers on the previous year this was really positive as we continue to compete with online competitors. Our average basket spend has also increased.
Our TikTok presence has drawn a lot of customers to the centre, not through selling posts but purely "organic/comedic" style posting - engaging with a much younger audience than we have ever had before.
Our staff are happy and happy and engaged, we have made departments more fluid, allowing a more variable job role, which keeps interest and allows staff to learn new skills providing greater job satisfaction.
We strive to provide great customer service and this shows in the footfall we have encountered this year, with great reviews online and from face to face feedback.
Future Developments and Research
Events - We will be offering a bespoke Poplar Barbecue School, which we will run onsite. Depending on the success we will look to build a facility to run these from.
This report was approved by the board of directors on 9 April 2025 and signed on behalf of the board by:
Mr M C Cowan
Director
Mr M A Cowan
Director
POPLAR NURSERIES LIMITED
Directors report
Year ended 31 January 2025
The directors present their report and the financial statements of the company for the year ended 31 January 2025.
Directors
The directors who served the company during the year were as follows:
|
Mr M A Cowan |
Mr M C Cowan |
|
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 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 judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 485 of the Companies Act 2006.
This report was approved by the board of directors on
09 April 2025
and signed on behalf of the board by:
Mr M C Cowan
Mr M A Cowan
Director
Director
POPLAR NURSERIES LIMITED
Independent auditor's report to the members of
POPLAR NURSERIES LIMITED
Year ended 31 January 2025
Opinion
We have audited the financial statements of POPLAR NURSERIES LIMITED (the 'company') for the year ended 31 January 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’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.
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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the strategic report and 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 has 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 where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The objectives of our audit in respect of fraud are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: - We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation. - We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. We assessed the managements own identification processes and assessment of risks, to ensure internal procedures and controls would help mitigate and identify such issues. - We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. This included testing the appropriateness of journals and other adjustments, assessed areas where judgement has been used and testing significant transactions for the appropriateness of the accounting treatment. - We inquired of management and those charged with governance as to any known instances of non compliance or suspected non-compliance with laws and regulations. We reviewed legal correspondence and meeting minutes to identify any matters of fraud or non-compliance. - Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance, obtaining additional corroborative evidence as required.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Daniel Aldworth
(Senior Statutory Auditor)
For and on behalf of
Griffin Chapman
Chartered Accountants and Statutory Auditors
4 & 5 The Cedars
Old Ipswich Road
Colchester
Essex
CO7 7QR
09 April 2025
POPLAR NURSERIES LIMITED
Statement of income and retained earnings
Year ended 31 January 2025
|
|
|
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2025 |
|
2024 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
4 |
|
7,400,745 |
|
7,222,536 |
|
|
Cost of sales |
|
|
|
(
5,878,306) |
|
(
5,655,110) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Gross profit |
|
|
|
1,522,439 |
|
1,567,426 |
|
|
|
|
|
|
|
|
|
|
|
Distribution costs |
|
|
|
(
76,611) |
|
(
85,510) |
|
|
Administrative expenses |
|
|
|
(
1,203,767) |
|
(
1,079,662) |
|
|
Other operating income |
|
5 |
|
141,673 |
|
158,266 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Operating profit |
|
6 |
|
383,734 |
|
560,520 |
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable and similar income |
|
9 |
|
57,970 |
|
34,268 |
|
|
Interest payable and similar expenses |
|
10 |
|
(
1,340) |
|
(
4,895) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit before taxation |
|
|
|
440,364 |
|
589,893 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit |
|
11 |
|
(
126,716) |
|
(
156,165) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit for the financial year and total comprehensive income |
|
|
|
313,648 |
|
433,728 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and paid or payable during the year |
|
12 |
|
(
222,000) |
|
(
155,000) |
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at the start of the year |
|
|
|
5,324,886 |
|
5,046,158 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Retained earnings at the end of the year |
|
|
|
5,416,534 |
|
5,324,886 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
POPLAR NURSERIES LIMITED
Statement of financial position
31 January 2025
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
|
3,229,439 |
|
|
|
3,342,257 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
3,229,439 |
|
|
|
3,342,257 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
14 |
1,234,054 |
|
|
|
1,296,321 |
|
|
Debtors |
|
15 |
56,415 |
|
|
|
82,997 |
|
|
Cash at bank and in hand |
|
|
1,799,621 |
|
|
|
1,445,837 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
3,090,090 |
|
|
|
2,825,155 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
16 |
(
782,089) |
|
|
|
(
704,680) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
2,308,001 |
|
|
|
2,120,475 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
5,537,440 |
|
|
|
5,462,732 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
17 |
|
|
- |
|
|
|
(
5,540) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
18 |
|
|
(
117,506) |
|
|
|
(
128,906) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
5,419,934 |
|
|
|
5,328,286 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
21 |
|
|
3,400 |
|
|
|
3,400 |
Profit and loss account |
|
|
|
|
5,416,534 |
|
|
|
5,324,886 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
5,419,934 |
|
|
|
5,328,286 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
09 April 2025
, and are signed on behalf of the board by:
Mr M C Cowan
Mr M A Cowan
Director
Director
Company registration number:
00469113
POPLAR NURSERIES LIMITED
Statement of cash flows
Year ended 31 January 2025
|
|
2025 |
|
2024 |
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit for the financial year |
|
313,648 |
|
433,728 |
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
Depreciation of tangible assets |
|
132,942 |
|
133,314 |
|
Other interest receivable and similar income |
|
(
57,970) |
|
(
34,268) |
|
Interest payable and similar expenses |
|
1,340 |
|
4,895 |
|
Gain/(loss) on disposal of tangible assets |
|
15,669 |
|
- |
|
Tax on profit |
|
126,716 |
|
156,165 |
|
|
|
|
|
|
|
Changes in: |
|
|
|
|
|
Stocks |
|
62,267 |
|
166,883 |
|
Trade and other debtors |
|
26,582 |
|
(
3,308) |
|
Trade and other creditors |
|
103,245 |
|
16,788 |
|
Tax paid |
|
(125,000) |
|
(168,675) |
|
|
|
_______ |
|
_______ |
|
Cash generated from operations |
|
599,439 |
|
705,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of tangible assets |
|
(
35,793) |
|
(
220,500) |
|
Interest received |
|
57,970 |
|
34,268 |
|
|
|
_______ |
|
_______ |
|
Net cash from/(used in) investing activities |
|
22,177 |
|
(
186,232) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from borrowings |
|
(
45,301) |
|
(
42,240) |
|
Proceeds from loans from group undertakings |
|
809 |
|
(
315) |
|
Interest paid |
|
(
1,340) |
|
(
4,895) |
|
Equity dividends paid |
|
(
222,000) |
|
(
155,000) |
|
|
|
_______ |
|
_______ |
|
Net cash used in financing activities |
|
(
267,832) |
|
(
202,450) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
353,784 |
|
316,840 |
|
Cash and cash equivalents at beginning of year |
|
1,445,837 |
|
1,128,997 |
|
|
|
_______ |
|
_______ |
|
Cash and cash equivalents at end of year |
|
1,799,621 |
|
1,445,837 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
POPLAR NURSERIES LIMITED
Notes to the financial statements
Year ended 31 January 2025
1.
General information
The principal activity of the company is a
garden centre
.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
Estimates and judgments 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.Critical accounting estimates and assumptions:The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will by definition, seldom equal the actual results.Significant estimates and judgements are made regarding the valuation of stock.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
Freehold property |
- |
2 % |
|
Long leasehold property |
- |
1.39 % |
|
Plant and machinery |
- |
15 % |
|
Fittings fixtures and equipment |
- |
10 % |
|
Motor vehicles |
- |
25 % |
|
Other tangible assets |
- |
10 % |
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Other operating income
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Rental income |
|
141,673 |
158,266 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
2025 |
2024 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
132,942 |
133,314 |
|
(Gain)/loss on disposal of tangible assets |
|
|
15,669 |
- |
|
Foreign exchange differences |
|
|
(
3,936) |
- |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
|
|
2025 |
2024 |
|
Production staff |
|
110 |
105 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
1,991,547 |
1,868,463 |
|
Social security costs |
|
149,740 |
128,418 |
|
Other pension costs |
|
110,189 |
81,308 |
|
|
|
_______ |
_______ |
|
|
|
2,251,476 |
2,078,189 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Remuneration |
|
58,382 |
50,000 |
|
Company contributions to pension schemes in respect of qualifying services |
|
60,000 |
40,000 |
|
Directors healthcare benefit |
|
19,219 |
15,315 |
|
|
|
_______ |
_______ |
|
|
|
137,601 |
105,315 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Other interest receivable and similar income
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Bank deposits |
|
51,385 |
34,268 |
|
Other interest receivable and similar income |
|
6,585 |
- |
|
|
|
_______ |
_______ |
|
|
|
57,970 |
34,268 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Interest payable and similar expenses
|
|
|
|
2025 |
2024 |
|
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
1,340 |
4,812 |
|
Other interest payable and similar expenses |
|
|
- |
83 |
|
|
|
|
_______ |
_______ |
|
|
|
|
1,340 |
4,895 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
11.
Tax on profit
Major components of tax expense
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
138,116 |
119,560 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Deferred tax: |
|
|
|
|
Origination and reversal of timing differences |
|
(
11,400) |
36,605 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
126,716 |
156,165 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Dividends
Equity dividends
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |
|
222,000 |
155,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
13.
Tangible assets
|
|
Freehold property |
Long leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Shop buildings |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
|
|
|
At 1 February 2024 |
2,019,371 |
54,778 |
171,664 |
573,940 |
176,901 |
2,019,922 |
5,016,576 |
|
|
|
Additions |
- |
- |
- |
28,608 |
- |
7,185 |
35,793 |
|
|
|
Disposals |
- |
- |
(
2,825) |
(
77,923) |
(
5,000) |
- |
(
85,748) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 January 2025 |
2,019,371 |
54,778 |
168,839 |
524,625 |
171,901 |
2,027,107 |
4,966,621 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
|
|
At 1 February 2024 |
79,224 |
6,595 |
139,310 |
316,195 |
100,016 |
1,032,979 |
1,674,319 |
|
|
|
Charge for the year |
8,722 |
761 |
4,309 |
27,935 |
19,222 |
71,993 |
132,942 |
|
|
|
Disposals |
- |
- |
(
2,766) |
(
62,316) |
(
4,997) |
- |
(
70,079) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 January 2025 |
87,946 |
7,356 |
140,853 |
281,814 |
114,241 |
1,104,972 |
1,737,182 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
|
|
At 31 January 2025 |
1,931,425 |
47,422 |
27,986 |
242,811 |
57,660 |
922,135 |
3,229,439 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 January 2024 |
1,940,147 |
48,183 |
32,354 |
257,745 |
76,885 |
986,943 |
3,342,257 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
I
ncluded in freehold property is land of £1,583,271 where depreciation is not applied
.
14.
Stocks
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Finished goods and goods for resale |
|
1,234,054 |
1,296,321 |
|
|
|
_______ |
_______ |
|
|
|
|
|
15.
Debtors
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Trade debtors |
|
11,372 |
31,367 |
|
Prepayments and accrued income |
|
27,155 |
32,348 |
|
Other debtors |
|
17,888 |
19,282 |
|
|
|
_______ |
_______ |
|
|
|
56,415 |
82,997 |
|
|
|
_______ |
_______ |
|
|
|
|
|
16.
Creditors: amounts falling due within one year
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
4,115 |
43,876 |
|
Trade creditors |
|
407,018 |
412,731 |
|
Amounts owed to group undertakings |
|
1,140 |
331 |
|
Accruals and deferred income |
|
155,988 |
100,511 |
|
Corporation tax |
|
38,926 |
25,810 |
|
Social security and other taxes |
|
144,717 |
114,815 |
|
Director loan accounts |
|
15,603 |
- |
|
Other creditors |
|
14,582 |
6,606 |
|
|
|
_______ |
_______ |
|
|
|
782,089 |
704,680 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loan and overdraft are secured by a general charge over the company assets.
17.
Creditors: amounts falling due after more than one year
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
- |
5,540 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loan and overdraft are secured by a general charge over the company assets.
18.
Provisions
|
|
Deferred tax (note 19) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 February 2024 |
128,906 |
128,906 |
|
|
|
|
Additions |
(
11,400) |
(
11,400) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 January 2025 |
117,506 |
117,506 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
19.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Included in provisions (note 18) |
|
117,506 |
128,906 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
117,506 |
128,906 |
|
|
|
_______ |
_______ |
|
|
|
|
|
20.
Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £
131,944
(2024: £
99,660
).
21.
Called up share capital
Issued, called up and fully paid
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
3,400 |
|
3,400 |
|
3,400 |
|
3,400 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
22.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr M A Cowan |
18,554 |
81,255 |
(
115,000) |
(
15,191) |
|
|
|
Mr M C Cowan |
728 |
93,860 |
(
95,000) |
(
412) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
19,282 |
175,115 |
(
210,000) |
(
15,603) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr M A Cowan |
9,554 |
82,000 |
(
73,000) |
18,554 |
|
|
|
Mr M C Cowan |
5,063 |
68,665 |
(
73,000) |
728 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
14,617 |
150,665 |
(
146,000) |
19,282 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|