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REGISTERED NUMBER: 02701780 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2024

FOR

DAVID AUSTIN ROSES LIMITED

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


DAVID AUSTIN ROSES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2024







DIRECTORS: Mr D J C Austin
Mr R D C Austin
Miss S E Oldham
Mr T Smith



SECRETARY: Mr T Smith



REGISTERED OFFICE: Bowling Green Lane
Albrighton
Wolverhampton
WV7 3HB



REGISTERED NUMBER: 02701780 (England and Wales)



AUDITORS: Stanton Ralph & Co Limited
Chartered Accountants
Statutory Auditor
The Old Police Station
Whitburn Street
Bridgnorth
Shropshire
WV16 4QP



BANKERS: HSBC Bank plc
Lichfield Street
PO Box 33
9 Queen Square
Wolverhampton
West Midlands
WV1 1TE

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST JULY 2024

The directors present their strategic report for the year ended 31st July 2024.

REVIEW OF BUSINESS
Turnover for the year increased from £26,383,158 in the prior year, to £29,997,495 for the year ended 31st July 2024. The increase is in line with business forecasts, as unit sales have continued to rise following the post-covid drop. The company continues to purchase a significant portion of its rose stock under fixed price contracts and the company's exposure to price increases is limited as prices are negotiated annually. As a result of other direct cost increases the company's gross profit margin has slightly increased 48.67% in the prior year to 48.95% in the current year.

As a result of the above turnover increase, the company's operating profit increased from £1,492,347 in the prior year (2023) to £3,293,537 in the current year, levelling out from the covid-boom operating profit level of £4,660,566 (2022).

Despite the tough economic conditions, the company continues to generate significant profits and maintains a strong net asset position.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in competitive markets and would be adversely impacted by potential further tough economic conditions in the future. It has significant overseas sales, particularly in the USA, rendering it susceptible to adverse foreign currency movements. The directors continue to strengthen the company's branding so as to make it as resistant as possible to tough economic conditions and mitigate foreign exchange risks via the use of currency options and derivatives.

Adverse weather conditions could impact upon growing crop quality and yields within the company's supply chain. The company mitigates this risk via the use of multiple growers in various geographical locations.

KEY PERFORMANCE INDICATORS
Indicator 2024 2023
Turnover £29,997,495 £26,383,158
Gross profit margin 48.95% 48.67%
Operating profit £3,293,537 £1,492,347
Net assets £19,905,190 £19,550,801
Cash £7,110,802 £3,307,243

ON BEHALF OF THE BOARD:





Miss S E Oldham - Director


30th April 2025

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST JULY 2024

The directors present their report with the financial statements of the company for the year ended 31st July 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of rose breeding, wholesaling, licensing and plant centre operation.

DIVIDENDS
Dividends of £1,900,000 (2023: £200,000) were paid during the year.

RESEARCH AND DEVELOPMENT
The company continues to commit substantial funds into research and development activities where its extensive breeding programme continues to facilitate the development of new varieties and is viewed by the director as a foundation for future success. Total research and development costs were £756,305 (2023 : £1,023,552).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st August 2023 to the date of this report.

Mr D J C Austin
Mr R D C Austin

Other changes in directors holding office are as follows:

Miss S E Oldham - appointed 1st September 2023
Mr T Smith - appointed 1st November 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
-make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST JULY 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Miss S E Oldham - Director


30th April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID AUSTIN ROSES LIMITED

Opinion
We have audited the financial statements of David Austin Roses Limited (the 'company') for the year ended 31st July 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID AUSTIN ROSES LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID AUSTIN ROSES LIMITED


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 a Report of the Auditors 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:

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

- Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID AUSTIN ROSES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Darren Foot FCA (Senior Statutory Auditor)
for and on behalf of Stanton Ralph & Co Limited
Chartered Accountants
Statutory Auditor
The Old Police Station
Whitburn Street
Bridgnorth
Shropshire
WV16 4QP

30th April 2025

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST JULY 2024

31.7.23 31.7.24
£    Notes £   

26,383,158 TURNOVER 3 29,997,495

13,543,375 Cost of sales 15,313,864
12,839,783 GROSS PROFIT 14,683,631

11,347,436 Administrative expenses 11,390,094
1,492,347 OPERATING PROFIT 6 3,293,537

534,855 Waiver of inter-group loans 7 -
957,492 3,293,537

1,857 Interest receivable and similar income 8 69,427
959,349 PROFIT BEFORE TAXATION 3,362,964

288,633 Tax on profit 9 1,062,501
670,716 PROFIT FOR THE FINANCIAL YEAR 2,300,463

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST JULY 2024

31.7.23 31.7.24
£    Notes £   

670,716 PROFIT FOR THE YEAR 2,300,463


OTHER COMPREHENSIVE LOSS
(297,320 ) Retranslation foreign operations (46,074 )
- Income tax relating to other
comprehensive loss

-
(297,320 ) OTHER COMPREHENSIVE LOSS FOR THE YEAR,
NET OF INCOME TAX

(46,074

)
373,396 TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

2,254,389

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

BALANCE SHEET
31ST JULY 2024

31.7.23 31.7.24
£    £    Notes £   
FIXED ASSETS
11,260,199 Tangible assets 11 11,234,135
33,582 Investments 12 33,582
11,293,781 11,267,717

CURRENT ASSETS
3,964,294 Stocks 13 4,222,293
5,180,797 Debtors 14 2,232,807
3,307,243 Cash at bank 7,110,802
12,452,334 13,565,902
CREDITORS
3,890,163 Amounts falling due within one year 15 4,527,343
8,562,171 NET CURRENT ASSETS 9,038,559
19,855,952 TOTAL ASSETS LESS CURRENT LIABILITIES 20,306,276

305,151 PROVISIONS FOR LIABILITIES 17 401,086
19,550,801 NET ASSETS 19,905,190

CAPITAL AND RESERVES
5,320 Called up share capital 18 5,320
5,576 Share premium 19 5,576
4,680 Capital redemption reserve 19 4,680
(80,761 ) Foreign exchange reserve 19 (126,835 )
19,615,986 Retained earnings 19 20,016,449
19,550,801 SHAREHOLDERS' FUNDS 19,905,190

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30th April 2025 and were signed on its behalf by:





Miss S E Oldham - Director


DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

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

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1st August 2022 5,320 19,145,270 5,576

Changes in equity
Dividends - (200,000 ) -
Total comprehensive income - 670,716 -
Balance at 31st July 2023 5,320 19,615,986 5,576

Changes in equity
Dividends - (1,900,000 ) -
Total comprehensive income - 2,300,463 -
Balance at 31st July 2024 5,320 20,016,449 5,576
Capital Foreign
redemption exchange Total
reserve reserve equity
£    £    £   
Balance at 1st August 2022 4,680 216,559 19,377,405

Changes in equity
Dividends - - (200,000 )
Total comprehensive income - (297,320 ) 373,396
Balance at 31st July 2023 4,680 (80,761 ) 19,550,801

Changes in equity
Dividends - - (1,900,000 )
Total comprehensive income - (46,074 ) 2,254,389
Balance at 31st July 2024 4,680 (126,835 ) 19,905,190

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

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

1. STATUTORY INFORMATION

David Austin Roses Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are prepared in Sterling and rounded to the nearest £1.

The financial statements contain information about David Austin Roses Limited as an individual company and do not contain consolidated financial information as the parent of a group. David Austin Roses (Holdings) Limited, the company's parent undertaking, prepares consolidated financial statements in which the results of David Austin Roses Limited and its subsidiary undertaking are included. The consolidated financial statements of David Austin Roses (Holdings) Limited are separately available.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

The company is entitled to the above exemptions as the information is included in the consolidated financial statements of the company's ultimate parent undertaking David Austin Roses Holdings Limited.

Turnover
Turnover represents the net amount invoiced by the company to external customers for goods and services excluding value added tax. Turnover is recognised when the risks and rewards of owning the goods has been passed to the customer which is generally on delivery.

Licensing income is included in turnover and is recognised in line with agreements with licensees, either based upon the sales to external customers of the license or at the point of propagation.

Interest income
Interest income is recognised using the effective interest method.

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Plant and machinery - 25% on cost, 20% on cost and 10% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Assets are depreciated from the date that they are brought into use.

Freehold land is not depreciated.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amounts of any affected asset is estimated and compared to the carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised immediately in the income statement.

Stocks
Externally grown growing stock is valued at the estimated cost to bring the goods to their current condition based on the contractual purchase price of the goods.

Internally grown stock, including roses held for resale and consumable materials used in rose production is valued at the lower of average cost and net realisable value.

Remaining stock is valued at the lower of cost, on a FIFO basis, and net realisable value.

All stocks are reviewed annually for indicators of impairment due to slow moving or obsolete items, with impairments recorded in the statement of comprehensive income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

2. ACCOUNTING POLICIES - continued

Research and development
The company undertakes research and development so as to pursue its fundamental aim of developing rose varieties free of disease. The company's policy is not to capitalise and carry forward costs incurred due to the highly speculative nature of the work.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments in subsidiaries have been included at cost less impairment, in line with FRS102.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses from impairment are recognised in the income statement in other administration expenses.

Financing transactions
Basic financial instruments are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Under FRS102, intercompany loans are recorded at present value using a market rate for a similar instrument.

Financial instruments measured at fair value
The company enters into foreign currency options to reduce its exposure to fluctuations in exchange rates. The instruments are recorded at their fair value which is measured at each balance sheet date based on observable market rates.

Foreign currencies
In accordance with FRS102, foreign currency transactions are translated at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the balance sheet date using the spot rate of exchange. Any differences are taken to the income statement.

Foreign operations with differing functional currencies are retranslated into the presentational currency of the company using the consolidation rules under FRS102. Income and expenditure are translated at a rate which approximates the rate prevailing at the date of the transaction, being the average rate for the year. Assets and liabilities are translated at the spot rate prevailing at the balance sheet date. Differences arising on retranslation of the foreign operations are taken to the statement of comprehensive income as other comprehensive income.

Group relief
The benefit of group relief is accounted for within the tax charge of the profit making undertaking. No payment is made for group relief between group undertakings.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.7.24 31.7.23
£    £   
Sales of goods 27,315,025 23,792,793
Licensing and royalties 2,682,470 2,590,365
29,997,495 26,383,158

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

31.7.24 31.7.23
£    £   
United Kingdom 16,377,039 17,026,229
Europe 2,406,742 1,410,552
Rest of the world 11,213,714 7,946,377
29,997,495 26,383,158

4. EMPLOYEES AND DIRECTORS
31.7.24 31.7.23
£    £   
Wages and salaries 7,836,264 6,462,621
Social security costs 769,045 682,716
Other pension costs 407,921 325,174
9,013,230 7,470,511

The average number of employees during the year was as follows:
31.7.24 31.7.23

Selling and administration 115 116
Production and breeding 135 99
250 215

5. DIRECTORS' EMOLUMENTS
31.7.24 31.7.23
£    £   
Directors' remuneration 687,837 391,273
Directors' pension contributions to money purchase schemes 50,500 14,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
31.7.24 31.7.23
£    £   
Emoluments etc 251,840 247,273
Pension contributions to money purchase schemes - 4,000

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

6. OPERATING PROFIT

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

31.7.24 31.7.23
£    £   
Hire of equipment 87,182 119,638
Depreciation - owned assets 967,779 881,652
Auditors' remuneration 36,190 37,025
Foreign exchange differences 63,904 (189,486 )
Research and development costs 756,305 1,023,552

7. EXCEPTIONAL ITEMS
31.7.24 31.7.23
£    £   
Waiver of inter-group loans - (534,855 )

8. INTEREST RECEIVABLE AND SIMILAR INCOME
31.7.24 31.7.23
£    £   
Interest income 46,838 1,857
Interest on corporation tax 22,589 -
69,427 1,857

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.7.24 31.7.23
£    £   
Current tax:
UK corporation tax 665,377 170,329
Under/(over) provision in prior year 322,900 -
Patent box (198,109 ) (67,270 )
Double taxation relief (296,780 ) (103,059 )
Overseas tax 473,178 382,800
Total current tax 966,566 382,800

Deferred tax 95,935 (94,167 )
Tax on profit 1,062,501 288,633

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.7.24 31.7.23
£    £   
Profit before tax 3,362,964 959,349
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 21%)

840,741

201,463

Effects of:
Expenses not deductible for tax purposes 31,921 7,566
Capital allowances in excess of depreciation (18,209 ) -
Depreciation in excess of capital allowances - 176,245
Research and development (189,076 ) (214,946 )
Other timing differences 322,900 -
Patent box claim (198,109 ) (67,270 )
Overseas taxes 176,398 279,742

Deferred tax 95,935 (94,167 )
Total tax charge 1,062,501 288,633

Tax effects relating to effects of other comprehensive income

31.7.24
Gross Tax Net
£    £    £   
Retranslation foreign operations (46,074 ) - (46,074 )

31.7.23
Gross Tax Net
£    £    £   
Retranslation foreign operations (297,320 ) - (297,320 )

The company expects the UK tax charge to continue to be lower than the standard rate in the UK due to substantial ongoing research and development activities and claims under the patent box regime.

10. DIVIDENDS

During the year dividends of £1,900,000 (2023: £200,000) were paid to shareholders.

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

11. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
Totals property machinery vehicles
£    £    £    £   
COST
At 1st August 2023 17,229,310 9,653,158 7,246,950 329,202
Additions 940,016 65,703 781,537 92,776
Disposals (7,500 ) - (7,500 ) -
Exchange differences 3,720 3,405 267 48
At 31st July 2024 18,165,546 9,722,266 8,021,254 422,026
DEPRECIATION
At 1st August 2023 5,969,111 795,329 4,911,400 262,382
Charge for year 967,779 148,300 782,772 36,707
Eliminated on disposal (6,000 ) - (6,000 ) -
Exchange differences 521 220 283 18
At 31st July 2024 6,931,411 943,849 5,688,455 299,107
NET BOOK VALUE
At 31st July 2024 11,234,135 8,778,417 2,332,799 122,919
At 31st July 2023 11,260,199 8,857,829 2,335,550 66,820

Included in cost of land and buildings is freehold land of £ 2,271,077 (2023 - £ 2,271,077 ) which is not depreciated.

12. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST OR VALUATION
At 1st August 2023
and 31st July 2024 33,582
NET BOOK VALUE
At 31st July 2024 33,582
At 31st July 2023 33,582

Cost or valuation at 31st July 2024 is represented by:

Unlisted
investments
£   
Cost 33,582

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

12. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

David Austin Roses Japan KK
Registered office: Japan
Nature of business: Rose retailer and wholesaler
%
Class of shares: holding
Ordinary 100.00
31.7.24 31.7.23
£    £   
Aggregate capital and reserves 1,054,090 1,001,062
Profit for the year 104,254 158,229

13. STOCKS
31.7.24 31.7.23
£    £   
Growing plants 2,606,002 2,126,266
Plants and goods for resale 1,616,291 1,838,028
4,222,293 3,964,294

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 1,698,742 1,640,445
Amounts owed by group undertakings 21,498 2,447,908
Other debtors 48,480 -
Directors' current accounts 1,365 5,810
Taxation 250,589 868,861
Prepayments and accrued income 212,133 217,773
2,232,807 5,180,797

Amounts owed by group undertakings are unsecured, non-interest bearing and are repayable on demand.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 1,570,534 1,135,201
Tax 67,488 -
Social security and other taxes 835,922 646,634
Other creditors 50,818 -
Customer deposits 880,910 1,022,284
Accrued expenses 1,121,671 1,086,044
4,527,343 3,890,163

Amounts owed to group undertakings are unsecured, non-interest bearing and are repayable on demand.

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

16. SECURED DEBTS

An unlimited multilateral guarantee dated October 2019 has been given by the company and its fellow subsidiary undertakings, David Austin Rose Nursery Limited and DA English Roses Limited, and its parent undertaking David Austin Roses (Holdings) Limited, in favour of the company's bankers.

A cross guarantee exists between certain group companies whereby certain compensating bank balances are offset against each other. As at the company's balance sheet date, there are no overdrawn bank balances (2023: Nil ) subject to this offset.

17. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax
Accelerated capital allowances 401,086 305,151

Deferred
tax
£   
Balance at 1st August 2023 305,151
Provided during year 95,935
Balance at 31st July 2024 401,086

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
2,280 Preference £1 2,280 2,280
3,040 Ordinary 'B' £1 3,040 3,040
5,320 5,320

Both share classes are irredeemable, carry voting rights and are entitled to receive dividends. The capital rights of each share class in a winding up are specified in paragraph 2.6 of the company's Articles of Association.

19. RESERVES

Retained earnings
The reserve contains the aggregate historic profits of the company less distributions to shareholders.

Share premium
The reserve reflects the excess subscription price paid above the nominal value of certain shares on issue of the shares.

Capital redemption reserve
The reserve relates to shares previously issued repurchased by the company.

Foreign exchange reserve
The reserve contains the historic differences arising from the retranslation of the company's US division from its functional currency (US Dollars) to the presentational currency of the company (British Pounds).

20. ULTIMATE PARENT COMPANY

David Austin Roses (Holdings) Limited is regarded by the directors as being the company's ultimate parent company.

DAVID AUSTIN ROSES LIMITED (REGISTERED NUMBER: 02701780)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st July 2024 and 31st July 2023:

31.7.24 31.7.23
£    £   
Mr R D C Austin
Balance outstanding at start of year 5,810 4,063
Amounts advanced 732 1,747
Amounts repaid (5,177 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,365 5,810

No interest is charged on the loan. The maximum overdrawn balance on the loan was £6,159.

22. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 684,866 (2023 - £ 665,319 ) was paid.

All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions or balances with its parent undertaking or fellow subsidiary undertakings within the group.

23. POST BALANCE SHEET EVENTS

On 1st August 2024 the ultimate parent undertaking David Austin Roses (Holdings) Limited was acquired by David Austin Holdings Limited via a share for share exchange, from which date David Austin Holdings Ltd became the ultimate parent undertaking. Post restructure the ultimate controlling party of the David Austin Holdings Limited group is The D C H Austin Will Trust, of which D J C Austin is a Trustee.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D J C Austin by virtue of his ownership of the parent undertaking and his ultimate responsibility for all group operating decisions.

25. PENSION COMMITMENTS

The company operates and contributes to defined contribution pension schemes in respect of employees and directors. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £375,058 (2023: £325,174). Amounts owing to the funds at 31st July 2024 were £50,818 (2023: £30,760).

26. CONTINGENT ASSETS AND LIABILITIES

The company has entered into bank cross guarantees with its now fellow subsidiary undertakings David Austin Rose Nursery Limited and D A English Roses Limited. and its parent undertaking David Austin Roses (Holdings) Limited. There were obligations under these guarantees at 31st July 2024 of £Nil (2023: £Nil).

The company has entered into a shared farming arrangement with a third party who grows roses for resale. Under the agreement the company is contractually obliged to purchase all roses meeting the contracted quality grading. At the year end the company estimates additional liabilities arising of £766,368 (2023: £791,943) in respect of growing crops that it has contracted to buy.