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Registered Number:03748436













PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED





ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024











 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

 
COMPANY INFORMATION


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




Registered number
03748436



Registered office
Perrywood
Kelvedon Road

Inworth

Colchester

Essex

CO5 9SX




Independent auditor
Sumer Auditco Limited
Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG






 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 


CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditor's Report
 
6 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 30



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

 
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 continued to be that of a garden centre and nursery.
The overall turnover increased slightly to £11.9m compared with the prior year £11.8m. 
The Coffee Shop enjoyed an increase in turnover of 7.3% on the prior year, which reflects the strong brand name that Perrywood holds.
Administrative expenses have decreased by 2.1% during the period. Operating profit increased by 46.8% to £804,266.
The Group maintains a strong balance sheet position heading into the next financial year, with net assets amounting to £12,037,315 (2023 - £11,394,198).

Principal risks and uncertainties
 
The Company 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 Company 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 Company’s exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the Company'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 Company 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. 

Future developments
 
The Company has an ongoing commitment to add long term value through the continued improvement of the garden centre, coffee shop and car parking areas. The Company aims to maintain and improve long term customer goodwill by providing high quality goods at reasonable and competitive prices.
Like most business, the Company continues to be under pressure due to increased costs in 2024/25, which is being closely monitored.


- 1 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 


STRATEGIC 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


- 2 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES 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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 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 for the Company'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 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 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 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 £643,117 (2023 - £486,597).

Dividends totalling £Nil (2023 - £1,350,000) were declared during the year. Since the year end, dividends totalling £Nil have been declared.

Directors

The Directors who served during the year were:

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


- 3 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

Financial instruments

The company's financial assets and liabilities consist of trade debtors and creditors and intercompany loans, as well as cash balances.
The directors manage the company's exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the company'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 company 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 Strategic Report

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

Disclosure of information to auditor

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's auditor is 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's auditor is aware of that information.

Post balance sheet events

On 14 November 2024 the Company entered into a cross guarantee in respect of borrowings by the Perrywood Group of companies.  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 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 GARDEN CENTRE & NURSERIES 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 GARDEN CENTRE & NURSERIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED

Opinion


We have audited the financial statements of Perrywood Garden Centre & Nurseries Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 31 July 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 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 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 GARDEN CENTRE & NURSERIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 GARDEN CENTRE & NURSERIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERRYWOOD GARDEN CENTRE & NURSERIES 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 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.



- 8 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 company.
Firstly, the company 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 company 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 company 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 Auditor's Report.



- 9 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERRYWOOD GARDEN CENTRE & NURSERIES 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 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.





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 GARDEN CENTRE & NURSERIES LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Notes
£
£

  

Turnover
 4 
11,894,286
11,825,636

Cost of sales
  
(5,742,298)
(5,810,693)

Gross profit
  
6,151,988
6,014,943

Administrative expenses
  
(5,347,752)
(5,463,331)

Other operating income
 5 
30
-

Fair value movements
  
-
(3,748)

Operating profit
 6 
804,266
547,864

Interest receivable and similar income
 10 
112,912
96,907

Profit before tax
  
917,178
644,771

Tax on profit
 11 
(274,061)
(158,174)

Profit for the financial year
  
643,117
486,597

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

The notes on pages 14 to 30 form part of these financial statements.


- 11 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
REGISTERED NUMBER:03748436


BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Notes
£
£

Fixed assets
  

Intangible assets
 13 
-
77,284

Tangible assets
 14 
2,801,885
2,880,301

  
2,801,885
2,957,585

Current assets
  

Stocks
 15 
1,442,083
1,833,753

Debtors: amounts falling due within one year
 16 
6,263,163
5,104,089

Cash at bank and in hand
  
3,156,122
3,077,037

  
10,861,368
10,014,879

Creditors: amounts falling due within one year
 17 
(1,426,681)
(1,368,780)

Net current assets
  
 
 
9,434,687
 
 
8,646,099

Total assets less current liabilities
  
12,236,572
11,603,684

Provisions for liabilities
  

Deferred tax
 18 
(199,257)
(209,486)

Net assets
  
12,037,315
11,394,198


Capital and reserves
  

Called up share capital 
 19 
150
150

Profit and loss account
 20 
12,037,165
11,394,048

  
12,037,315
11,394,198


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 14 to 30 form part of these financial statements.


- 12 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 


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


Called up share capital
Profit and loss account
Total equity

£
£
£


Balance at 1 August 2022
150
12,257,451
12,257,601



Profit for the year
-
486,597
486,597

Dividends: Equity capital
-
(1,350,000)
(1,350,000)



Balance at 31 July 2023
150
11,394,048
11,394,198



Profit for the year
-
643,117
643,117


At 31 July 2024
150
12,037,165
12,037,315


The notes on pages 14 to 30 form part of these financial statements.


- 13 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

1.


General information

Perrywood Garden Centre & Nurseries Limited (the 'Company') is a private company limited by shares incorporated in England and Wales. The registered office is Perrywood, Kelvedon Road, Inworth, Colchester, Essex, CO5 9SX.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Perrywood Limited as at 31 July 2024 and these financial statements may be obtained from Companies House.

 
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.


- 14 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

2.Accounting policies (continued)

 
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 Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.6

Interest income

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


- 15 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.8

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
2.9

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 10 years.


- 16 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company 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.

Land is not depreciated. Depreciation on other assets 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 on a reducing balance basis
Plant and machinery
-
15% per annum on a reducing balance basis
Motor vehicles
-
20% per annum on a reducing balance basis

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.

  
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

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

 
2.13

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.


- 17 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price.

 
2.15

Financial instruments

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

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

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

Basic financial assets

Basic financial assets, which include 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.

Discounting is omitted where the effect of discounting is immaterial. The Company'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 Company after the deduction of all its liabilities.

- 18 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.

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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

 
2.16

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.


- 19 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

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. 


4.


Turnover

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


2024
2023
£
£

Garden Centre Sales
8,781,525
9,072,144

Coffee Shop Sales
2,291,387
2,134,907

Management fees
290,000
185,000

Sales to Perrywood Sudbury Limited
531,374
433,585

11,894,286
11,825,636


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
30
-



- 20 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Amortisation of intangible fixed assets
77,284
77,285

Depreciation of tangible fixed assets
281,728
305,419

Other operating lease rentals
-
6,433


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
13,850
13,100


- 21 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,557,741
3,438,340

Social security costs
282,358
271,247

Cost of defined contribution scheme
73,527
64,648

3,913,626
3,774,235


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


        2024
        2023
            No.
            No.







Sales (Garden centre)
90
91



Sales and production (Coffee shop)
53
50



Administration and management
26
24



Production (Nursery - Perrywood grown)
9
10

178
175


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
153,599
150,113

Company contributions to defined contribution pension schemes
3,436
3,368

157,035
153,481


During the year retirement benefits were accruing to 3 Directors (2023 - 3) in respect of defined contribution pension schemes.


- 22 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

10.


Interest receivable

2024
2023
£
£


Other interest receivable
112,912
96,907


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
290,378
120,832

Adjustments in respect of previous periods
(6,088)
(898)


Total current tax
284,290
119,934

Deferred tax


Origination and reversal of timing differences
(10,229)
38,240

Total deferred tax
(10,229)
38,240


Tax on profit
274,061
158,174

- 23 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES 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 25.00% (2023 - 21.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
917,178
644,771


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023 - 21.01%)
229,295
135,466

Effects of:


Tax effect of expenses that are not deductible in determining taxable profit
42,923
22,163

Non-tax deductible amortisation of goodwill and impairment
-
16,234

Adjustments in respect of prior years
1,843
-

Adjustments to deferred tax in respect of prior periods
-
(20,132)

Effect of change in tax rate
-
4,443

Total tax charge for the year
274,061
158,174


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Ordinary dividends
-
1,350,000


- 24 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

13.


Intangible assets




Goodwill

£



Cost


At 1 August 2023
772,849



At 31 July 2024

772,849



Amortisation


At 1 August 2023
695,565


Charge for the year on owned assets
77,284



At 31 July 2024

772,849



Net book value



At 31 July 2024
-



At 31 July 2023
77,284




- 25 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 August 2023
4,701,061
1,383,674
104,270
6,189,005


Additions
164,021
29,291
10,000
203,312



At 31 July 2024

4,865,082
1,412,965
114,270
6,392,317



Depreciation


At 1 August 2023
2,446,181
823,348
39,175
3,308,704


Charge for the year on owned assets
180,976
86,919
13,833
281,728



At 31 July 2024

2,627,157
910,267
53,008
3,590,432



Net book value



At 31 July 2024
2,237,925
502,698
61,262
2,801,885



At 31 July 2023
2,254,880
560,326
65,095
2,880,301


15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,442,083
1,833,753



16.


Debtors

2024
2023
£
£


Trade debtors
9,866
13,413

Amounts owed by group undertakings
5,974,129
4,841,513

Other debtors
106
30,634

Prepayments and accrued income
279,062
218,529

6,263,163
5,104,089


- 26 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

16.Debtors (continued)



- 27 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
471,354
601,729

Corporation tax
163,202
-

Other taxation and social security
480,906
485,097

Other creditors
16,369
20,307

Accruals and deferred income
294,850
261,647

1,426,681
1,368,780



18.


Deferred taxation




2024


£






At beginning of year
(209,486)


Charged to profit or loss
10,229



At end of year
(199,257)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(201,193)
(210,934)

Tax losses carried forward
1,936
1,448


- 28 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100
10 B Ordinary shares of £1.00 each
10
10
10 C Ordinary shares of £1.00 each
10
10
10 D Ordinary shares of £1.00 each
10
10
20 E Ordinary shares of £1.00 each
20
20

150

150

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.



20.


Reserves

Profit and loss account

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


21.


Pension commitments

The Company operates a defined contribution 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 in the year amounted to £73,527 (2023 - £64,648). Contributions amounting to £12,997 (2023 - £16,510) were payable to the fund at the balance sheet date and are included in other creditors.


22.


Post balance sheet events

On 14 November 2024 the Company entered into a cross guarantee in respect of borrowings by the Perrywood Group of companies.  Those borrowings are secured via a debenture containing fixed and floating charges over all assets of the Group.


- 29 -



 
PERRYWOOD GARDEN CENTRE & NURSERIES LIMITED
 

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

23.


Controlling party

The Company is a wholly owned subsidiary of Perrywood Limited, a private company incorporated in England and Wales with its registered office being Perrywood, Kelvedon Road, Inworth, Colchester, CO5 9SX. Perrywood Limited is the parent of the smallest group for which consolidated financial statements are drawn up. 
The controlling parties during the year were A L and K K Bourne by virtue of their combined holding of a majority of the parent company's issued share capital. 

 

- 30 -