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Registered Number:12828548













PERRYWOOD LIMITED





ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024











 
PERRYWOOD LIMITED
 

 
COMPANY INFORMATION


Directors
T J Bourne  
K K Bourne  
A L Bourne  
S C Bourne  
H C Powell  




Company number
12828548



Registered office
Perrywood
Kelvedon Road

Inworth

Colchester

Essex

CO5 9SX




Auditor
Sumer Auditco Limited
Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG






 
PERRYWOOD LIMITED
 


CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Balance Sheet
 
12 - 13
Company Balance Sheet
 
14
Consolidated Statement of Changes in Equity
 
15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Consolidated Analysis of Net Debt
 
19
Notes to the Financial Statements
 
20 - 39



 
PERRYWOOD LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their Strategic Report for the year ended 31 July 2024.

Business review
 
The principal activity of the company and group continued to be that of garden centres and nurseries.
The overall turnover has increased minimally this year to £14,955,422.
The Coffee Shop enjoyed an increase in turnover of 10.3% on the prior year, which reflects the strong brand name that Perrywood holds.
External and internal cost pressures continue,although there is has been a decrease of 3.6% in administrative expenses (excluding the exceptional item recognised in the prior period). Overall and including the exceptional item in the prior year, operating profit increased by 251% to £994,858.
The Group's net current asset position improved significantly by 12.8% to £8,000,902 primarily due to increased cash balanaces as a result of more proftiable trading this year.
The Group maintains a strong balance sheet position heading into the next financial year, with net assets amounting to £13,058,630 (2023 - £12,194,931).

Principal risks and uncertainties
 
The Group faces uncertainties from both its own internal financial risks as well as external industry and economic risks.
There is also the constant risk that the poor weather would deter customers from gardening. 
The Group is exposed to the risk of competitors stealing market share, and as a result, the directors continue to ensure that products are marketed and are of sufficient quality and variety to allow continued growth in turnover and profitability. Pricing risks are mitigated by the directors negotiating with suppliers and ensuring their prices are competitive to the market.
The directors manage the Group’s exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the Group’s providers of finance.
The healthy cash reserves held help limit any liquidity risk. The directors ensure sufficient cash reserves are maintained to aid on-going operations and are available to finance future development.

Financial key performance indicators
 
The Group aims to maximise its value through increasing profitability in both the long and short term. As referenced in the Business review, both turnover and operating profit show improvement on the prior year.


- 1 -



 
PERRYWOOD LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Future developments
 
The Group has an ongoing commitment to add long term value through the continued improvement of its garden centres, coffee shop and car parking areas. The Group aims to maintain and improve long term customer goodwill by providing high quality goods at reasonable and competitive prices.
Like most business, the Group continues to be under pressure due to increased costs in 2024/25, which is being closely monitored.
The Directors have exciting and ambitious plans for 2024/25:
New build investment on site at Sudbury
Post this year end work has started on the expansion of the Sudbury Garden Centre, with  completion of the new building expected in Autumn 2025. Current site operations will not be disrupted during the course of the build. 
Purchase of Buckhatch for Perrywood Ltd accounts
Additionally, post this financial year end, the directors are pleased to announce the acquisition of the trade and assets relating to the trading entity previously known as Buckhatch Garden Centre from 24 September 2024. The newly acquired garden centre and nursery will be trading under the company name Perrywood  Buckhatch Limited and becomes the third in group of companies within Perrywood Limited.
We look forward to replicating the success of the Group Tiptree and Sudbury garden centres at this additional site.


This report was approved by the board on 28 April 2025 and signed on its behalf.



S C Bourne
Director


- 2 -



 
PERRYWOOD LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £863,699 (2023 - £200,668).

Dividends totalling £NIL (2023 - £150,000) were declared during the year.

Directors

The directors who served during the year were:

T J Bourne  
K K Bourne  
A L Bourne  
S C Bourne  
H C Powell  


- 3 -



 
PERRYWOOD LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Financial instruments

The Group's financial assets and liabilities consist of trade debtors and creditors and intercompany loans, as well as cash balances.
The directors manage the Group's exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the Group's providers of finance and its other external financial advisers.
Currency risk is restricted to the short term settlement of trading balances with customers and suppliers.

Qualifying third party indemnity provisions

The Group has made qualifying third party indemnity provisions for the benefit of its directors during the year.  These provisions remain in force at the reporting date.

Matters covered in the Group Strategic Report

The Group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Group's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of "Future developments and Principal risks".

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

On 24 September 2024 Perrywood Limited purchased the trade and assets of Buckhatch Nursery & Garden Centre.  Further information is given in the Group Strategic Report.
On 14 November 2024 the Company entered into a cross guarantee in respect of borrowings by the Group. Those borrowings are secured via a debenture containing fixed and floating charges over all assets of the Group. 

Auditor

On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Group and Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising.The auditor, Sumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.


- 4 -



 
PERRYWOOD LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

This report was approved by the board on 28 April 2025 and signed on its behalf.
 





S C Bourne
Director


- 5 -



 
PERRYWOOD LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PERRYWOOD LIMITED

Opinion


We have audited the financial statements of Perrywood Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 July 2024 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.



- 6 -



 
PERRYWOOD LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PERRYWOOD LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.



- 7 -



 
PERRYWOOD LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PERRYWOOD LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.



- 8 -



 
PERRYWOOD LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PERRYWOOD LIMITED (CONTINUED)

Auditors' 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 Auditors' 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 Group 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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Group.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery and corruption, human rights and employment law, GDPR, trade/import compliance, food safety and plant health legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of entries in the nominal ledger, including journal entries, reviewing transactions around the end of the reporting period and the performance of analytical procedures to identify any unexpected movements in account balances which may be indicative of fraud. 
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.



- 9 -



 
PERRYWOOD LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PERRYWOOD LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





Steven Burgess (Senior Statutory Auditor)
for and on behalf of
Sumer Auditco Limited
Statutory Auditor
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

28 April 2025

- 10 -



 
PERRYWOOD LIMITED
 

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,955,422
14,954,693

Cost of sales
  
(7,123,805)
(7,331,732)

Gross profit
  
7,831,617
7,622,961

Administrative expenses
  
(6,836,789)
(7,095,147)

Exceptional administrative expenses
  
-
(240,849)

Other operating income
 5 
30
-

Fair value movements
  
-
(3,748)

Operating profit
 6 
994,858
283,217

Interest receivable and similar income
 10 
221,683
110,718

Profit before taxation
  
1,216,541
393,935

Tax on profit
 11 
(352,842)
(193,267)

Profit for the financial year
  
863,699
200,668

Profit attributable to owners of the parent Company
  
863,699
200,668

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 20 to 39 form part of these financial statements.


- 11 -



 
PERRYWOOD LIMITED
REGISTERED NUMBER:12828548


CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Notes
£
£

Fixed assets
  

Intangible assets
 15 
-
77,284

Tangible assets
 16 
7,398,610
7,379,230

  
7,398,610
7,456,514

Current assets
  

Stocks
 18 
1,861,608
2,356,267

Debtors: amounts falling due within one year
 19 
368,896
318,053

Cash at bank and in hand
 20 
7,725,900
6,197,889

  
9,956,404
8,872,209

Creditors: amounts falling due within one year
 21 
(1,955,502)
(1,776,555)

Net current assets
  
 
 
8,000,902
 
 
7,095,654

Total assets less current liabilities
  
15,399,512
14,552,168

Creditors: amounts falling due after more than one year
 22 
(2,100,000)
(2,100,000)

Provisions for liabilities
  

Deferred taxation
 23 
(240,882)
(257,237)

Net assets
  
13,058,630
12,194,931


Capital and reserves
  

Called up share capital 
 24 
300
300

Merger reserve
 25 
9,569,607
9,569,607

Profit and loss account
 25 
3,488,723
2,625,024

Equity attributable to owners of the parent Company
  
13,058,630
12,194,931



- 12 -



 
PERRYWOOD LIMITED
REGISTERED NUMBER:12828548

    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 April 2025.




S C Bourne
Director

The notes on pages 20 to 39 form part of these financial statements.


- 13 -



 
PERRYWOOD LIMITED
REGISTERED NUMBER:12828548


COMPANY BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Notes
£
£

Fixed assets
  

Tangible assets
 16 
2,194,500
2,194,500

Investments
 17 
301
300

  
2,194,801
2,194,800

Current assets
  

Debtors: amounts falling due within one year
 19 
3,809
4,755

Cash at bank and in hand
 20 
2,275,646
1,209,916

  
2,279,455
1,214,671

Creditors: amounts falling due within one year
 21 
(1,115,045)
(97,118)

Net current assets
  
 
 
1,164,410
 
 
1,117,553

Total assets less current liabilities
  
3,359,211
3,312,353

  

Creditors: amounts falling due after more than one year
 22 
(2,100,000)
(2,100,000)

  

Net assets
  
1,259,211
1,212,353


Capital and reserves
  

Called up share capital 
 24 
300
300

Profit and loss account brought forward
  
1,212,053
893

Profit for the year
  
46,858
1,361,160

Other changes in the profit and loss account

  

-
(150,000)

Profit and loss account carried forward
  
1,258,911
1,212,053

  
1,259,211
1,212,353


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 April 2025.


S C Bourne
Director

The notes on pages 20 to 39 form part of these financial statements.


- 14 -



 
PERRYWOOD LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£


At 1 August 2022
300
9,569,607
2,574,356
12,144,263


Profit and total comprehensive income for the year

Profit for the year
-
-
200,668
200,668


Contributions by and distributions to owners

Dividends paid on ordinary shares
-
-
(150,000)
(150,000)



At 1 August 2023
300
9,569,607
2,625,024
12,194,931


Profit and total comprehensive income for the year

Profit for the year
-
-
863,699
863,699


At 31 July 2024
300
9,569,607
3,488,723
13,058,630


The notes on pages 20 to 39 form part of these financial statements.


- 15 -



 
PERRYWOOD LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
300
893
1,193


Comprehensive income for the year

Profit for the year
-
1,361,160
1,361,160


Contributions by and distributions to owners

Dividends: Equity capital
-
(150,000)
(150,000)



At 1 August 2023
300
1,212,053
1,212,353


Comprehensive income for the year

Profit for the year
-
46,858
46,858


At 31 July 2024
300
1,258,911
1,259,211


The notes on pages 20 to 39 form part of these financial statements.


- 16 -



 
PERRYWOOD LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
863,699
200,668

Adjustments for:

Amortisation of intangible assets
77,284
241,285

Depreciation of tangible assets
353,407
380,439

Impairments of fixed assets
-
240,849

Loss on disposal of tangible assets
-
21,712

Loss on disposal of investments
-
3,748

Interest received
(221,683)
(110,718)

Taxation charge
352,842
193,267

Decrease in stocks
494,659
144,784

(Increase)/decrease in debtors
(71,931)
110,587

(Decrease)/increase in creditors
(61,517)
307,124

Net fair value losses/(gains) recognised in P&L
-
(21,711)

Corporation tax (paid)
(107,645)
(301,127)

Net cash generated from operating activities

1,679,115
1,410,907


Cash flows from investing activities

Purchase of tangible fixed assets
(372,787)
(942,338)

Sale of tangible fixed assets
-
8,250

Sale of listed investments
-
834,256

Interest received
221,683
110,718

Net cash from investing activities

(151,104)
10,886

- 17 -



 
PERRYWOOD LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


2024
2023

£
£



Cash flows from financing activities

Dividends paid
-
(150,000)

Net cash used in financing activities
-
(150,000)

Net increase in cash and cash equivalents
1,528,011
1,271,793

Cash and cash equivalents at beginning of year
6,197,889
4,926,096

Cash and cash equivalents at the end of year
7,725,900
6,197,889


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,725,900
6,197,889


The notes on pages 20 to 39 form part of these financial statements.


- 18 -



 
PERRYWOOD LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

6,197,889

1,528,011

7,725,900

Debt due after 1 year

(2,100,000)

-

(2,100,000)

Debt due within 1 year

(3,797)

426

(3,371)


4,094,092
1,528,437
5,622,529

The notes on pages 20 to 39 form part of these financial statements.


- 19 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Perrywood Limited ('the company') is a private limited company domiciled and incorporated in England and Wales. The registered office is Perrywood, Kelvedon Road, Inworth, Colchester, Essex, CO5 9SX.
The group consists of Perrywood Limited and all of its subsidiaries.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

On 9 September 2020 Perrywood Limited undertook a group reconstruction. This exercise involved acquiring the share capital of its subsidiary undertakings Perrywood Garden & Nurseries Limited and Perrywood Sudbury Limited on the same date by way of a share for share exchange.
As the net book value of the acquisitions would have exceeded 10% of the nominal value of the new shares issued, compliance with the detailed requirements of the Companies Act 2006, would have required the restructuring to be accounted for as an acquisition. This would have resulted in all the separable assets and liabilities as at 9 September 2020 being recorded at their fair values, substantial goodwill and amortisation charges arising and only post group reconstruction results of Perrywood Garden & Nurseries Limited and Perrywood Sudbury Limited being reported in the consolidated profit and loss account.
The directors do not believe that this would have given a true and fair view of the state of affairs of the group and of its results as in substance the transfer of the ownership represents a group construction in accordance with FRS102 due to the fact that ultimate ownership has not changed rather than being an acquisition of a business. Consequently the reconstruction has been accounted for using merger accounting principles. Therefore, the Group continues to recognise a merger reserve.
The directors consider that this is necessary in in order to meet the overriding requirement of the Companies Act 2006 to show a true and fair view. The directors consider that is not practical to quantify this departure from the detailed accounting requirements.


- 20 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors have considered a period of at least one year from the date of these financial statements were approved and authorised in assessing the going concern status of the company.
They believe that the company will have sufficient cash available to settle its liabilities and other obligations as they fall due for at least one year. On this basis, the directors believe the company to be a going concern.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.


- 21 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.


- 22 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.11

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over 5 to 10 years.


- 23 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
Over 50 years
Leasehold improvements
-
10% per annum reducing balance basis
Plant and equipment
-
15% per annum reducing balance basis
Motor vehicles
-
15-20% per annum reducing balance basis
Fixtures and fittings
-
15% per annum reducing balance basis
Computers
-
15% per annum reducing balance basis

Freehold land is not depreciated.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.14

Valuation of investments

Interests in subsidiaries are initially measured at cost less impairment charges. A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. 


- 24 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.15

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
 


- 25 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


 


- 26 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 
Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The items in the financial statements where estimates and underlying assumptions have been made include: 
Useful economic life of tangible fixed assets 
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual value of assets. The useful economic lives are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. 
Recoverability of receivables 
Amounts receivable from loans from fellow Group undertakings are assessed individually against the net assets and future expected short term profits. Provisions are made for any of the loans that are considered to be irrecoverable in the short term. 


- 27 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Garden Centre Sales
12,043,711
12,315,816

Coffee Shop Sales
2,911,711
2,638,877

14,955,422
14,954,693


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
30
-

30
-



6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of owned tangible fixed assets
(353,407)
(380,439)

Loss/(Profit) on disposal of tangible fixed assets
-
21,712

Amortisation of intangible assets
77,284
241,285


- 28 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Auditors' remuneration

Fees payable to the company's auditor and subsidiaries:


2024
2023
£
£
For audit services




Audit of the financial statements of the group and company
5,350
4,700

Audit of the financial statements of the company's subsidiaries

25,550
24,400

30,900
29,100


8.


Employees

Group
Group
2024
2023
£
£


Wages and salaries
4,613,385
4,404,974

Social security costs
359,264
338,759

Cost of defined contribution scheme
92,626
82,492

5,065,275
4,826,225


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales (Garden centre)
121
122



Sales and production (Coffee shop)
70
67



Administration and management
28
26



Production (Nursery - Perrywood grown)
9
10

228
225

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

- 29 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
153,599
150,113

153,599
150,113


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.
All key management personnel are directors. 


10.


Interest receivable

2024
2023
£
£


Other interest receivable
221,683
110,718


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
375,364
128,547

Adjustments in respect of previous periods
(6,167)
(898)


369,197
127,649


Total current tax
369,197
127,649

Deferred tax


Origination and reversal of timing differences
(16,355)
65,618

Total deferred tax
(16,355)
65,618


Tax on profit
352,842
193,267

- 30 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,216,541
393,935


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.01%)
304,135
82,766

Effects of:


Tax effect of expenses not deductible for tax purposes
47,261
977

Tax effect of goodwill amortisation not deductible for tax purposes
-
53,001

Adjustments in respect of prior years
1,764
(20,132)

Change in tax rate leading to an increase in tax charge
-
10,535

Other assets not qualifying for CA purposes
-
66,120

Other timing differences leading to an increase (decrease) in taxation
(318)
-

Total tax charge for the year
352,842
193,267


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Interim paid
-
150,000


13.


Exceptional items

2024
2023
£
£


Impairment charge on tangible fixed assets
-
240,849


- 31 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £46,858 (2023 - £1,361,160).


15.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 August 2023
1,592,849



At 31 July 2024

1,592,849



Amortisation


At 1 August 2023
1,515,565


Charge for the year on owned assets
77,284



At 31 July 2024

1,592,849



Net book value



At 31 July 2024
-



At 31 July 2023
77,284


The company had no intangible fixed assets at 31 July 2024 or 31 July 2023.



- 32 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£
£



Cost


At 1 August 2023
9,485,253
1,458,849
134,344
64,321
46,786
11,189,553


Additions
318,527
42,545
10,000
720
995
372,787



At 31 July 2024

9,803,780
1,501,394
144,344
65,041
47,781
11,562,340



Depreciation


At 1 August 2023
2,851,433
851,082
55,034
35,781
16,993
3,810,323


Charge for the year on owned assets
233,353
95,184
15,971
4,356
4,543
353,407



At 31 July 2024

3,084,786
946,266
71,005
40,137
21,536
4,163,730



Net book value



At 31 July 2024
6,718,994
555,128
73,339
24,904
26,245
7,398,610



At 31 July 2023
6,633,820
607,767
79,310
28,540
29,793
7,379,230


- 33 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           16.Tangible fixed assets (continued)


Company






Freehold property

£

Cost


At 1 August 2023
2,194,500



At 31 July 2024

2,194,500






Net book value



At 31 July 2024
2,194,500



At 31 July 2023
2,194,500







- 34 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2023
300


Additions
1



At 31 July 2024
301





Subsidiaries                                                                                                                                                                                      


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Perrywood Garden Centre & Nurseries Limited
   Kelvedon Road, Inworth, Colchester, England, CO5 9SX
Ordinary
100%
Perrywood Sudbury Limited
   Kelvedon Road, Inworth, Colchester, England, CO5 9SX
Ordinary
100%
Perrywood Buckhatch Limited
   Kelvedon Road, Inworth, Colchester, England, CO5 9SX
Ordinary
100%


18.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
1,861,608
2,356,267



- 35 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
16,262
14,415
-
-

Other debtors
69,763
80,354
-
-

Prepayments and accrued income
282,871
223,284
3,809
4,755

368,896
318,053
3,809
4,755



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
7,725,900
6,197,889
2,275,646
1,209,916



21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
598,989
731,031
-
-

Amounts owed to group undertakings
-
-
1,094,500
94,500

Corporation tax
248,188
7,724
15,194
2,618

Other taxation and social security
693,383
679,347
-
-

Other creditors
114,741
93,557
-
-

Accruals and deferred income
300,201
264,896
5,351
-

1,955,502
1,776,555
1,115,045
97,118





- 36 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Share capital treated as debt
2,100,000
2,100,000
2,100,000
2,100,000


Disclosure of the terms and conditions attached to the non-equity shares is made in note 24.




23.


Deferred taxation


Group



2024


£






At beginning of year
(257,237)


Charged to profit or loss
16,355



At end of year
(240,882)

Company


2024





At beginning of year
-


Charged to profit or loss
-



At end of year
-



Group
Group
2024
2023
£
£

Accelerated capital allowances
(242,846)
(259,201)

Other temporary items
1,964
1,964

(240,882)
(257,237)


- 37 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

24.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



200 Ordinary shares of £1.00 each
200
200
20 B Ordinary shares of £1.00 each
20
20
20 C Ordinary shares of £1.00 each
20
20
20 D Ordinary shares of £1.00 each
20
20
40 E Ordinary shares of £1.00 each
40
40

300

300

The Ordinary shares have full voting rights and rights to dividends and distribution on wind up of the company.
The B, C D and E Ordinary shares have rights to a dividend only. They have no voting rights and no share in a distribution on the winding up of the company. 

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



2,100,000 Redeemable preference shares shares of £1.00 each
2,100,000
2,100,000


Preference shares
The non-cumulative, redeemable preference shares have a right to a fixed, non-cumulative preferential dividend at a rate of 2% per year but have no voting rights or shares of distribution of the winding up of the company. These are redeemable from 2 years from the date of issue.


25.


Reserves

Merger Reserve

The merger reserve of £9,569,607 arose following the company's acquistions of its subsidiaries whereby the investment is recorded at par in accordance with Section 612 of the Companies Act 2006.

Profit and loss account

The profit and loss account represents the Company's accumulated profits which are available for distribution to shareholders.


- 38 -



 
PERRYWOOD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £92,626 (2023: £82,492). Contributions totalling £16,784 (2023: £20,812) were payable to the fund at the balance sheet date and are included in creditors.


27.


Related party transactions

Dividends amounting to £NIL (2023: £150,000) were paid to directors during the year in respect of ordinary shares held.


28.


Post balance sheet events

On 24 September 2024 Perrywood Limited purchased the trade and assets of Buckhatch Nursery & Garden Centre. Further information is given in the Group Strategic Report.
On 14 November 2024 the Company entered into a cross guarantee in respect of borrowings by the Group. Those borrowings are secured via a debenture containing fixed and floating charges over all assets of the Group. 


29.


Controlling party

The controlling parties during the period were A L Bourne and K K Bourne by virtue of their combined holding of a majority of the company's issued share capital.

 

- 39 -