Year Ended
Registration number:
Kernock Park Plants Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Kernock Park Plants Limited
Company Information
Directors |
Mr R F Harnett Mrs J P Harnett Mr B R Harnett |
Company secretary |
Mr R F Harnett |
Registered office |
|
Auditors |
|
Kernock Park Plants Limited
Strategic Report for the Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
Principal activity
The principal activity of the company is that of growing and selling ornamental flowers and plants, primarily young plants.
Fair review of the business
It is reasonable to say that the year had decent potential that was not fully realised. The unseasonally wet and cool weather through the key sales months, did not allow for the additional orders that typically emerge from more favourable weather years. Growers and other customers were often committed to try to sell what they planned, but less intent on increasing their risk. So, whilst we experienced increased turnover through strengthening our offer and marketing to our loyal customer base, we did not realise the full potential that the season could well have delivered. The cautionary approach therefore continued to be the dominant strategy from our customers.
Whilst cost of inputs generally increased by up to 10%, the actual cost of sales has been held due to a more stringent buying strategy with strong focus on anticipated customer requirement. Labour costs increased as was to be expected following the continued increase in salaries but saw a slight reduction when considering percentage of turnover, through effective planning matching labour input with production as far as possible.
Principal risks and uncertainties
The Great British weather has well and truly been reinstated as the most influential factor determining success of the industry, as has been traditional for many decades. However, continued concerns surrounding the cost of living and external global forces remain at play. Concerns of supply from politically sensitive areas has dictated a more pragmatic strategy to sourcing initial input material. We have continued to deal with the increased difficulties placed upon import and export of live plant material as we enter a new era of the Target Operating Model including Border Control Posts. Financial pressures will be increased from budgetary changes as a new government makes its mark. Businesses such as ours will have to be vigilant for opportunities that increase sales and reduce input costs to be able to navigate these challenges.
We continue to be committed to heavy investment in research and development, aiming to introduce new products and services that engage and captivate our customer base. Our focus remains on items that ensure profitability across the supply chain while also prioritising sustainable growing methods to minimize our environmental impact for the benefit of future generations.
Approved by the
|
Kernock Park Plants Limited
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
Directors of the company
The directors who held office during the year were as follows:
Objectives and policies
In the opinion of the directors, the company's operations are not exposed to any significant financial risks. However, management monitors and takes action to mitigate the company's price, credit and liquidity risk.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
The company is at risk of volatility in prices of raw materials such as chemicals, compost and oil. The company mitigates its risk to this volatility by working to anticipate a contingency in price setting before orders are quoted.
Credit risk
The company works to mitigate credit risk by running a credit application process before taking on a new customer. Outstanding debt is actively monitored, and credit terms are updated when necessary.
Liquidity risk
There is a risk that the company could over trade and have insufficient funds available to pay debts as they fall due. This risk is mitigated by the fact that stock holdings are carefully managed and rapidly turned over, any outstanding debts are actively chased and good relationships are maintained with suppliers.
Future developments
We continue to develop and seek new products with a constant eye on innovation and better performance. We are developing new customers and more contract work for specific partners that wish to use our facilities. We also have an eye on other potential revenue streams outside of ornamental horticulture, so with our facilities we are not necessarily fixed in our current model and product portfolio. We also have a constant research and development program in new processes, production methods and technologies.
Research and development
As mentioned in future developments, we have a constant research and development program in new processes, production methods and technologies.
Kernock Park Plants Limited
Directors' Report for the Year Ended 30 September 2024
Going concern
We anticipate an increase in turnover for the financial year ending September 2025. Whilst it will not hit the heights of YE 2020/21, interest in gardening and plants remains strong, we explore new opportunities and products and many customers are not holding significant amounts of excess stock as they were this time last year, so need to replenish their supplies.
We are placing orders with our suppliers accordingly and we are optimistic that some momentum will be regained into the coming years and beyond. The upcoming minimum wage increase means that labour costs are inevitably going to be higher this year along with ever rising prices of materials, transport and energy. We recognise this and are constantly striving to find ways to improve our own efficiency and minimise the effect that these increases have on our own productivity and profitability, through consolidating inputs and outputs, reviewing environmental controls or revisiting potential technological advances. As before, we start the year with no borrowing, a strong asset foundation, a large and diverse customer base and believe we are in a strong position to progress through another year of trading and beyond.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
|
Kernock Park Plants Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Kernock Park Plants Limited
Independent Auditor's Report to the Members of Kernock Park Plants Limited
Opinion
We have audited the financial statements of Kernock Park Plants Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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.
Kernock Park Plants Limited
Independent Auditor's Report to the Members of Kernock Park Plants Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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 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:
Kernock Park Plants Limited
Independent Auditor's Report to the Members of Kernock Park Plants Limited
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to applicable laws and regulations, including fraud.
We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting.
Audit procedures performed by the engagement team include, but were not limited to, discussion and inquiries with management of compliance with laws and regulations and review of correspondence and contracts with third parties. We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Unit 18, 23 Melville Building East
Royal William Yard
Devon
PL1 3GW
Kernock Park Plants Limited
Profit and Loss Account
Year Ended 30 September 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
228,378 |
25,047 |
|
Gain on financial assets at fair value through profit and loss |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
256,012 |
92,682 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Kernock Park Plants Limited
Balance Sheet
30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Other financial assets |
1,650,648 |
1,448,731 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2,300 |
2,300 |
|
Fair value reserves |
427,807 |
269,170 |
|
Profit and loss account |
4,430,626 |
4,433,913 |
|
Shareholders' funds |
4,860,733 |
4,705,383 |
Approved and authorised by the
|
Company Registration Number: 03297350
Kernock Park Plants Limited
Statement of Changes in Equity
Year Ended 30 September 2024
Share capital |
Fair value reserve |
Profit and loss account |
Total |
|
At 1 October 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Fair value adjustments |
- |
158,637 |
(158,637) |
- |
At 30 September 2024 |
|
|
|
|
Share capital |
Fair value reserves |
Profit and loss account |
Total |
|
At 1 October 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Fair value adjustments |
- |
60,727 |
(60,727) |
- |
At 30 September 2023 |
2,300 |
269,170 |
4,433,913 |
4,705,383 |
Kernock Park Plants Limited
Statement of Cash Flows
Year Ended 30 September 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
Fair value changes in investment portfolio |
(211,516) |
(80,969) |
|
|
|
||
Working capital adjustments |
|||
Decrease in stocks |
|
|
|
Increase in trade debtors |
( |
( |
|
Increase/(decrease) in trade creditors |
|
( |
|
Decrease in deferred income, including government grants |
( |
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Net income and expenditure on investments |
9,599 |
9,764 |
|
Net cash flows from investing activities |
|
|
|
Cash flows from financing activities |
|||
Interest on preference shares |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 October |
|
|
|
Cash and cash equivalents at 30 September |
2,895,045 |
2,855,733 |
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
After preparing forecasts using expected and actual orders for the next financial year and considering the asset position of the company, the Board believes that the company has adequate resources to continue trading. More details can be found in the Strategic Report. For these reasons the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Buildings |
2% straight line |
Motor vehicles |
25% reducing balance |
Furniture, fittings and equipment |
33% straight line |
Plant and machinery |
25% reducing balance |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Financial investments held at fair value,
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Revenue |
The analysis of the company's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Government grants |
|
|
Sub lease rental income |
|
|
Miscellaneous other operating income |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Foreign exchange gains |
- |
( |
Operating lease expense - plant and machinery |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
131,200 |
130,356 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditor's remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
- |
|
|
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on preference shares |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of revenues exempt from taxation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax expense relating to changes in tax rates or laws |
|
|
Decrease from effect of tax incentives |
- |
( |
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
Total tax charge |
|
|
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Fixed asset timing differences |
- |
|
Provisions timing differences |
- |
( |
Fair value movement on property |
- |
|
Fair value movement on investments |
- |
|
- |
|
2023 |
Asset |
Liability |
Fixed asset timing differences |
- |
|
Provisions timing differences |
- |
( |
Fair value movement on property |
- |
|
Fair value movement on investments |
- |
|
- |
|
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 October 2023 |
|
|
At 30 September 2024 |
|
|
Amortisation |
||
At 1 October 2023 |
|
|
At 30 September 2024 |
|
|
Carrying amount |
||
At 30 September 2024 |
- |
- |
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 October 2023 |
|
|
|
|
|
Additions |
- |
- |
- |
|
|
At 30 September 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 October 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 30 September 2024 |
|
- |
|
|
|
At 30 September 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £819,000 (2023 - £837,000) in respect of freehold land and buildings.
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Other investments |
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 October 2023 |
1,448,731 |
1,448,731 |
Fair value adjustments |
201,917 |
201,917 |
At 30 September 2024 |
1,650,648 |
1,650,648 |
Impairment |
||
At 30 September 2024 |
- |
- |
Carrying amount |
||
At 30 September 2024 |
|
1,650,648 |
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
Accrued income |
|
|
|
|
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Corporation tax |
78,998 |
32,328 |
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Accruals |
|
|
|
Deferred income |
|
|
|
|
|
||
Due after one year |
|||
Deferred income |
|
|
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
|
Redeemable preference shares |
|
|
Redeemable preference shares
The redeemable preference shares are redeemable at the option of the holder. They are redeemable at £1 per share and carry no voting rights. On a winding up of the company the holders of the shares have a right to receive a pari passu distribution. Winding up value for each redeemable preference share is £1. Holders are entitled to fixed cumulative preferential dividends at the rate of 2% per annum. The dividends are recognised as an interest expense in the profit and loss.
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 October 2023 |
|
|
Increase in existing provisions |
|
|
At 30 September 2024 |
|
|
|
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
100 |
|
100 |
|
|
100 |
|
100 |
|
|
100 |
|
100 |
|
|
1,800 |
|
1,800 |
|
|
100 |
|
100 |
|
|
990,000 |
|
990,000 |
|
|
2,426 |
|
2,426 |
|
|
2,426 |
|
2,426 |
|
|
2,426 |
|
2,426 |
|
|
2,722 |
|
2,722 |
|
|
|
|
Redeemable preference shares
The redeemable preference shares are redeemable at the option of the holder. They are redeemable at £1 per share and carry no voting rights. On a winding up of the company the holders of the shares have a right to receive a pari passu distribution. Winding up value for each redeemable preference share is £1. The redeemable preference, redeemable preference A, redeemable preference B, redeemable preference C and redeemable preference D shares are recognised as a liability in note 20. Holders are entitled to fixed cumulative preferential dividends at the rate of 2% per annum. The dividends are recognised as an interest expense in the profit and loss.
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £Nil per each |
- |
- |
||
Interim dividend of £Nil per each |
- |
- |
||
Interim dividend of £ |
|
|
||
Interim dividend of £Nil per each |
- |
- |
||
Interim dividend of £Nil per each |
- |
- |
||
Interim dividend of £ |
|
|
||
|
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Kernock Park Plants Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Related party transactions |
Summary of transactions with other related parties
Income and receivables from related parties
2024 |
Other related parties |
Receipt of services |
|
|
2023 |
Other related parties |
Receipt of services |
|
Amounts receivable from related party |
|
|
Expenditure with and payables to related parties
2024 |
Other related parties |
Rendering of services |
|
|
2023 |
Other related parties |
Rendering of services |
|
Amounts payable to related party |
|
|
Parent and ultimate parent undertaking |
The ultimate controlling party is