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Registration number: 03802241

Coletta and Tyson Limited

Annual Report and Financial Statements

for the Year Ended 31 July 2024

 

Coletta and Tyson Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14 to 24

 

Coletta and Tyson Limited

Company Information

Directors

J M Tyson

P D Tyson

Company secretary

P D Tyson

Registered office

324 Hull Road
Woodmansey
Beverley
East Yorkshire
HU17 0RU

Bankers

HSBC
Hull
3-4 Jameson Street
Hull
HU1 3JX

Auditors

Forrester Boyd Robson Limited
Chartered Accountants
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

 

Coletta and Tyson Limited

Strategic Report for the Year Ended 31 July 2024

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

Principal activity

The principal activity of the company is wholesale horticultural grower and distributor of plants for the garden and home. There have not been any significant changes in the company's principal activities in the year under review. The Directors are not aware, at the date of this report, of any likely major change in the company's activities in the next year.

Fair review of the business

Reported turnover for the financial year is £22.3 million which is a decrease of 1.14% on the previous financial year of £22.6 million. Loss before tax for the financial year is £1.25 million which is a decrease of £98k on the previous financial year loss of £1.15 million. The decrease in profitability was due to several factors that included:

a) Increase in direct labour costs due to a significant increase in the rate of minimum wage
b) Reduction in turnover
c) Higher than expected production waste due to poor weather during the seasonal sales peak

Key performance indicators

The directors consider our key performance indicators to be measured by both turnover and operating profit, details of which can be found in the financial statements. Given the nature of the business, the directors are of the opinion that analysis using non-financial KPI's is not necessary to give a clear understanding of the development, performance or position of the business overall.

Principal risks and uncertainties

The company operates in a challenging economic climate in which the price expectations of our customers have to be balanced against inflationary pressures outside of the company's control. The supply of products is subject to uncertainties associated with the weather which impacts upon the demand of the ultimate customers. As such the management of the company's business and the execution of the company's strategies are subject to a number of risks:

a) Extreme cold weather during production increasing energy costs
b) Unseasonal weather during peak sales, decreasing sales and leading to higher wastage
c) The general uncertainty in the economic climate leading to a lack of customer confidence
d) Volatility in the energy market
e) Increased employment costs driven by the UK government policies

These risks are being mitigated by:

a) Working closer with our customers to ensure that we understand each other's requirements, mitigating cost price increases where possible and agreeing price increases were not
b) Working with customers on greater flexibility to respond to seasonal weather-related supply and demand
c) Agreeing energy contracts in advance

 

Coletta and Tyson Limited

Strategic Report for the Year Ended 31 July 2024

Liquidity Risk

The company is financed by a bank overdraft facility. It therefore has minimal interest rate exposure. The directors monitor facilities regularly and retain sufficient cash to ensure that the company has adequate funds for operations. Facilities with the company's bankers have been maintained in order to provide a safe level of headroom to cover any potential seasonal fluctuations in trading.

Credit Risk

The company maintains its policy of ensuring that credit check are performed appropriately upon potential customers before any supplies are made. Periodic checks on existing customers are also undertaken and actions are taken if required to minimise any risk identified as a result.

Currency Risk

As the company only sells products to UK Customers, currency risk in connection to its customers is non existent. In relation to its suppliers the company does buy products from abroad but actively encourages the supplier to take the risk on exchange fluctuations by working towards fixed price agreements and by paying major suppliers in its home currency.

Approved by the Board on 30 April 2025 and signed on its behalf by:

.........................................
J M Tyson
Director

.........................................
P D Tyson
Company secretary and director

 

Coletta and Tyson 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 of the Company

The directors who held office during the year were as follows:

J M Tyson

P D Tyson

Results and Dividends

The results are set out on page 9.

Ordinary dividends of £nil were paid during the year. The directors do not recommend payment of a final dividend.

Future Developments

The directors consider that the programme of capital expenditure will continue into the new financial year which will result in further increases in the company's future profitability. Management policies will continue to be reviewed in the light of changing trading conditions.

Matters of Strategic Importance

The information on principal risks and uncertainties and financial risk management objectives are not shown in the Directors' Report as they are shown in the Strategic Report in accordance with s414c (11) of the Companies Act 2006.

Disclosure of information to the auditors

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors Forrester Boyd Robson Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

.........................................
J M Tyson
Director

.........................................
P D Tyson
Company secretary and director

 

Coletta and Tyson Limited

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Coletta and Tyson Limited

Independent Auditor's Report to the Members of Coletta and Tyson Limited

Opinion

We have audited the financial statements of Coletta and Tyson Limited (the 'Company') for the year ended 31 July 2024, which comprise the Profit and Loss Account, Statement of 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 31 July 2024 and of its loss 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 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 original financial statements were authorised for issue.

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

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

 

Coletta and Tyson Limited

Independent Auditor's Report to the Members of Coletta and Tyson Limited

Matters on which we are required to report by exception

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

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Using our knowledge of the company and the industry in which it operates, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax legislation. We assessed the susceptibility of the company's financial statements to material misstatement by considering the controls the company has established to address risks identified and how the directors monitor these controls and by evaluating the opportunity to commit fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Our audit procedures included:

Testing management override controls including journal testing and reviewing accounting estimates for reasonableness

Enquiries of management and the company's solicitors of actual and potential litigation claims

Equiries of management including fraud and associated risks

Discussions with management, including consideration of known or suspected instances of non-compliance

Challenging assumptions and judgements made within the significant accounting estimates and judgements such as depreciation and stock

Reviewing legal and professional fees for any potential litigation claims

 

Coletta and Tyson Limited

Independent Auditor's Report to the Members of Coletta and Tyson Limited

Testing focussing on the areas of the financial statements most susceptible to material error including completeness of income, stock valuation and review to ensure correct matching revenue and costs

As part of an audit in accordance with ISAs (UK), we exercise professional judgement 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 Company’s internal control.

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

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

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

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the Company audit. We remain solely responsible for our audit opinion.

Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Coletta and Tyson Limited

Independent Auditor's Report to the Members of Coletta and Tyson Limited

......................................
Neal Watford ACA (Senior Statutory Auditor)
For and on behalf of Forrester Boyd Robson Limited, Statutory Auditor

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

30 April 2025

 

Coletta and Tyson Limited

Profit and Loss Account for the Year Ended 31 July 2024

Note

2024
£

2023
£

Turnover

3

22,319,357

22,575,765

Cost of sales

 

(20,253,563)

(20,328,629)

Gross profit

 

2,065,794

2,247,136

Administrative expenses

 

(3,299,123)

(3,347,602)

Operating loss

4

(1,233,329)

(1,100,466)

Other interest receivable and similar income

5

31,272

-

Interest payable and similar expenses

6

(46,368)

(50,351)

   

(15,096)

(50,351)

Loss before tax

 

(1,248,425)

(1,150,817)

Tax on loss

10

(29,007)

(23,000)

Loss for the financial year

 

(1,277,432)

(1,173,817)

The above results were derived from continuing operations.

The Company has no recognised gains or losses for the year other than the results above.

 

Coletta and Tyson Limited

Statement of Comprehensive Income for the Year Ended 31 July 2024

2024
£

2023
£

Loss for the year

(1,277,432)

(1,173,817)

Total comprehensive income for the year

(1,277,432)

(1,173,817)

 

Coletta and Tyson Limited

(Registration number: 03802241)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

927,851

921,556

Current assets

 

Stocks

12

4,255,863

4,138,329

Debtors

13

14,861,029

15,451,267

Cash at bank and in hand

 

1,371

266

 

19,118,263

19,589,862

Creditors: Amounts falling due within one year

15

(18,695,145)

(17,883,017)

Net current assets

 

423,118

1,706,845

Net assets

 

1,350,969

2,628,401

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

20

1,340,969

2,618,401

Shareholders' funds

 

1,350,969

2,628,401

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

.........................................
J M Tyson
Director

.........................................
P D Tyson
Company secretary and director

 

Coletta and Tyson Limited

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Retained earnings
£

Total
£

At 1 August 2023

10,000

2,618,401

2,628,401

Loss for the year

-

(1,277,432)

(1,277,432)

At 31 July 2024

10,000

1,340,969

1,350,969

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

10,000

3,792,218

3,802,218

Loss for the year

-

(1,173,817)

(1,173,817)

At 31 July 2023

10,000

2,618,401

2,628,401

 

Coletta and Tyson Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 03802241.

The address of its registered office is:
324 Hull Road
Woodmansey
Beverley
East Yorkshire
HU17 0RU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the requirements of the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling, which is the functional currency, and are rounded to the nearest pound.

Summary of disclosure exemptions

The Company has taken advantage of the exemption from disclosing the following information, as permitted by the reduced disclosure regime within FRS 102:

a) Section 7 ''Statement of Cash Flows'' - Presentation of a statement of cash flow and related notes and disclosures

b) Section 33 ''Related Party Disclosures'' - key management personnel compensation in total and related party transactions with other members of the Coletta Group disclosures.

Name of parent of group

These financial statements are consolidated in the financial statements of Coletta Holdings Limited.

The financial statements of Coletta Holdings Limited may be obtained from its registered office of 324 Hull Road, Woodmansey, Beverley, HU17 0RU.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continuing financial support of the company's bankers.

The directors are confident that the company's relations with its customers and suppliers leave the company well placed to manage its business risks successfully. The company meets its working capital requirements through the use of bank overdraft and loan facilities. The company's forecasts and projections backed by solid trading and market conditions shows that the company should be able to operate within the level of its current facilities for the foreseeable future.

The directors are of the opinion that the company will trade profitably in the foreseeable future and therefore believes that it is appropriate for the financial statements to be prepared on a going concern basis.

 

Coletta and Tyson Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Revenue recognition

Turnover is the revenue arising from the sale of goods supplied. It is stated at the fair value of the consideration receivable, net of valued added tax and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the products have passed to the buyer which may be upon shipment, completion of the product or the product being ready for delivery based on specific contract terms.

Other revenue recognised is in relation to business interruption claim insurance income. It is recognised in full when it is receivable and in the period in which the loss of earnings has occurred.

Foreign currency transactions and balances

Transactions in currencies other than the functional currency are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary asset and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date.

All translation differences are either charged or credited to the profit and loss account.

Tax

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

Current tax assets and liabilities and deferred tax assets and liabilities are offset if there is a legally enforceable right to set off the amounts and the entity intends to settle on the net basis.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.

Deferred tax is calculated on tax rates that have been enacted or substantively enacted by the reporting date and will apply to the period when the asset is realised or the liability is settled.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and accounting profits as stated in the profit and loss account that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the Financial Statements. Deferred tax assets are recognised only to the extent that it is probable that the will be recovered by the reversal of deferred tax liabilities or future taxable profits.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% - 33% on cost

Motor vehicles

25% on cost

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within creditors.

 

Coletta and Tyson Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its net realisable value; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the relevant lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless these costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 

Coletta and Tyson Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Judgements 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.

The estimates and underlying assumptions are reviewed on an ongoing basis. 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.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

a) Depreciation
Depreciation is charged to the profit and loss account based on the useful economic life selected, which involves an estimation of the period and profile over which the company expects to consume future economic benefits embodied in the assets.

b) Stock provision
In valuing stocks, management will assess the stock and determine whether they are obsolete, damaged or in any other way likely to be valued below their original cost.

3

Turnover

The analysis of the Company's Turnover for the year from continuing operations is as follows:

The analysis of the company's turnover by class of business is as follows:

2024
£

2023
£

Wholesale of ornamental plants

22,319,357

22,575,765

The analysis of the Company's Turnover for the year by geographical market is as follows:

2024
£

2023
£

UK

22,319,357

22,575,765

 

Coletta and Tyson Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

4

Operating loss

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

417,361

412,259

Operating lease expense - plant and machinery

38,007

38,229

Profit on disposal of property, plant and equipment

(10,473)

(50)

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

31,272

-

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

46,368

50,351

7

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

7,850,719

7,115,094

Social security costs

591,606

554,941

Pension costs, defined contribution scheme

225,256

225,748

8,667,581

7,895,783

The above payroll costs include costs in relation to casual workers and agency staff of £4,528,739 (2023: £3,697,125).

The average number of persons employed by the company (including directors and excluding casual workers and agency staff) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

105

122

Administration and support

7

7

Management

23

23

Directors

2

2

137

154

 

Coletta and Tyson Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

8

Directors' remuneration

The Directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

34,107

33,420

Contributions paid to money purchase schemes

80,233

87,200

114,340

120,620

During the year the number of Directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

16,800

16,000

Other fees to auditors

All other non-audit services

339

320


 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

29,007

23,000

 

Coletta and Tyson Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 21%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(1,248,425)

(1,150,817)

Corporation tax at standard rate

(312,106)

(241,672)

Effect of expense not deductible in determining taxable profit (tax loss)

1,252

7,697

Deferred tax expense relating to changes in tax rates or laws

-

2,516

Tax increase from effect of capital allowances and depreciation

189

2,579

Tax increase arising from group relief

340,315

240,119

Other tax effects for reconciliation between accounting profit and tax expense (income)

(643)

11,761

Total tax charge

29,007

23,000

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Origination and reversal of timing differences

28,993

-

28,993

-

2023

Asset
£

Liability
£

Origination and reversal of timing differences

58,000

-

58,000

-

11

Tangible assets

Plant and machinery
 £

Motor vehicles
 £

Assets under construction
 £

Total
£

Cost or valuation

At 1 August 2023

9,811,748

484,045

501

10,296,294

Additions

392,472

21,998

18,363

432,833

Disposals

-

(19,068)

-

(19,068)

At 31 July 2024

10,204,220

486,975

18,864

10,710,059

Depreciation

At 1 August 2023

8,992,576

382,162

-

9,374,738

Charge for the year

368,238

49,123

-

417,361

Eliminated on disposal

-

(9,891)

-

(9,891)

At 31 July 2024

9,360,814

421,394

-

9,782,208

Carrying amount

At 31 July 2024

843,406

65,581

18,864

927,851

At 31 July 2023

819,172

101,883

501

921,556

 

Coletta and Tyson Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

12

Stocks

2024
£

2023
£

Growing stock

3,152,232

3,153,986

Packaging and dry stock

1,103,631

984,343

4,255,863

4,138,329

13

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

9,909,882

11,195,631

Amounts owed by related parties

3,594,598

2,972,028

Other debtors

 

-

2,913

Prepayments

 

1,327,556

1,222,695

Deferred tax assets

10

28,993

58,000

   

14,861,029

15,451,267

14

Analysis of changes in net debt

At 1 August 2023
£

Financing cash flows
£

At 31 July 2024
£

Cash and cash equivalents

Cash

266

1,105

1,371

Overdrafts

(2,375,553)

1,774,470

(601,083)

(2,375,287)

1,775,575

(599,712)

 

(2,375,287)

1,775,575

(599,712)

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

16

601,083

2,375,553

Trade creditors

 

3,344,598

3,097,071

Amounts due to related parties

13,345,252

11,162,946

Social security and other taxes

 

1,058,124

989,682

Other payables

 

94,441

82,207

Accruals

 

251,647

175,558

 

18,695,145

17,883,017

 

Coletta and Tyson Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

16

Loans and borrowings

2024
£

2023
£

Current secured loans and borrowings

Bank overdrafts

601,083

2,375,553

The bank overdraft is secured by a fixed and floating charge over the current and future assets and undertaking of the company.

17

Financial instruments

2024

2023

£

£

Carrying amount of financial assets

Debt instruments measured at amortised cost

14,832,037

15,393,267

Carrying amount of financial liabilities

Debt instruments measured at amortised cost

17,637,022

16,893,334

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme for all qualifying employees. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £225,256 (2023 - £225,748). The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Coletta and Tyson Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

10,000

10,000

10,000

10,000

       

Rights, preferences and restrictions

Shares have the following rights, preferences and restrictions:

Full voting and participation rights with no restrictions on distribution of dividends or repayment of capital.

20

Reserves

Profit and loss reserve

Cumulative profit and loss net of distribution to owners.

Called up share capital

Called up share capital comprises of the value of issued share capital at par.


21 Financial commitments, guarantees and contingent liabilities
The company has given a guarantee in respect of the bank overdrafts and bank loans of other members of the group which amounted to £3,182,849 (2023: £5,279,166).

22

Obligations under operating leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

33,993

31,658

Later than one year and not later than five years

33,087

51,500

67,080

83,158

The amount of non-cancellable operating lease payments recognised as an expense during the year was £38,007 (2023 - £38,229).

23

Commitments

Capital commitments

Acquisition of tangible fixed assets
The total amount contracted for but not provided in the financial statements was £Nil (2023 - £37,942).

 

Coletta and Tyson Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

24

Parent and ultimate parent undertaking

The Company's immediate parent is Coletta Holdings Limited, incorporated in England.

  These financial statements are available upon request from the registered office of the Company, which is the same as the Parent Company and is listed on page 1.