| REGISTERED NUMBER: 14178616 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 30 September 2024 |
| for |
| Hallas Holdings Limited |
| REGISTERED NUMBER: 14178616 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 30 September 2024 |
| for |
| Hallas Holdings Limited |
| Hallas Holdings Limited (Registered number: 14178616) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 8 |
| Consolidated Other Comprehensive Income | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 11 |
| Consolidated Statement of Changes in Equity | 12 |
| Company Statement of Changes in Equity | 13 |
| Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Financial Statements | 16 |
| Hallas Holdings Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 3rd Floor Pacific Chambers |
| 11-13 Victoria Street |
| Liverpool |
| Merseyside |
| L2 5QQ |
| Hallas Holdings Limited (Registered number: 14178616) |
| Group Strategic Report |
| for the Year Ended 30 September 2024 |
| The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
| The main trading company is Gordale Nurseries Limited. Reproduced below is the Strategic Report from that company. |
| REVIEW OF BUSINESS |
| The company has had a successful year in line with expectations. Turnover for the year has increased by £758,133 (4.06%) to £19,439,372 (2023 - £18,681,239). |
| Gross profit margins increased to 24.8% (2023 - 24.6%). This has kept the company in a position to remain competitive and give good value to its customers along with achieving the desired level of income to meet its staff and overhead costs. |
| The company has made a profit before tax of £2,372,278 (2023 - £2,376,437). This is in line with targets set by the director. |
| Future developments |
| Given that the company has substantial reserves the director is confident that the business is in a strong position to maintain its profitability in the forthcoming year through continued investment in the site. |
| Matters of strategic importance |
| The core business strategy is to develop the attractiveness of the site by investing in the infrastructure to increase footfall. |
| Key performance indicators |
| 2024 | 2023 |
| Gross profit % - Nursery | 51.25 | 45.92 |
| Gross profit % - Garage | 6.85 | 6.97 |
| Net profit % | 9.12 | 9.80 |
| Stock ratio % | 9.88 | 8.31 |
| The director believes they have in place a business plan which will maximise the company's' profits going forward and expect the success of the company to continue into future years. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The major risk to the company is the impact of inflation and rising cost of goods which affect the demand and in turn impact the profitability of the company's operations. The industry has experienced an increase in cost of goods in line with inflation although through the actions of senior management, the company considers that it is in a strong position to see the situation through. The strong performance of the company therefore has not been impacted. |
| ON BEHALF OF THE BOARD: |
| Hallas Holdings Limited (Registered number: 14178616) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of garden centre sales and petrol sales. |
| DIVIDENDS |
| No interim dividends were paid during the year ended 30 September 2024. |
| The directors recommend final dividends per share as follows: |
| Ordinary 1 shares | £29.07 |
| Ordinary A 1 shares | NIL |
| The total distribution of dividends for the year ended 30 September 2024 will be £ 174,430 . |
| FUTURE DEVELOPMENTS |
| The future developments required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the separate Strategic Report in accordance with section 414C (11) of the Companies Act 2006. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| DONATIONS |
| During the year group donations totalling £35,142 (2023: £30,891) have been made to a number of charitable causes. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Hallas Holdings Limited (Registered number: 14178616) |
| Report of the Directors |
| for the Year Ended 30 September 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 group'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 group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Hallas Holdings Limited |
| Opinion |
| We have audited the financial statements of Hallas Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 |
| Hallas Holdings Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included: |
| - | Identifying and assessing the design effectiveness of controls management has in place to |
| prevent and detect fraud; |
| - | Understanding how those charged with governance considered and addressed the potential for |
| override of controls or other inappropriate influence over the financial reporting process; |
| - | Reviewing financial statements disclosures and testing to supporting documentation to |
| assess compliance with applicable law and regulations; |
| - | Challenging assumptions and judgements made by management in its significant accounting |
| estimates, in particular: |
| - Depreciation, Taxation, Accruals and Prepayments. |
| - | Identifying and testing journal entries, in particular any journal entries with unusual characteristics |
| or posted by senior management. |
| Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls. |
| 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 |
| Hallas Holdings 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. |
| for and on behalf of |
| Statutory Auditor |
| 3rd Floor Pacific Chambers |
| 11-13 Victoria Street |
| Liverpool |
| Merseyside |
| L2 5QQ |
| Hallas Holdings Limited (Registered number: 14178616) |
| Consolidated Income Statement |
| for the Year Ended 30 September 2024 |
| Period |
| 17.6.22 |
| Year Ended | to |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| TURNOVER | 19,439,372 | 18,681,239 |
| Cost of sales | 14,609,415 | 14,079,390 |
| GROSS PROFIT | 4,829,957 | 4,601,849 |
| Administrative expenses | 2,992,196 | 2,674,185 |
| 1,837,761 | 1,927,664 |
| Other operating income | 232,514 | 267,060 |
| OPERATING PROFIT | 5 | 2,070,275 | 2,194,724 |
| Interest receivable and similar income | 507,475 | 181,666 |
| PROFIT BEFORE TAXATION | 2,577,750 | 2,376,390 |
| Tax on profit | 6 | 651,140 | 546,639 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,926,610 | 1,829,751 |
| Hallas Holdings Limited (Registered number: 14178616) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 30 September 2024 |
| Period |
| 17.6.22 |
| Year Ended | to |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,926,610 | 1,829,751 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,926,610 |
1,829,751 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,926,610 | 1,829,751 |
| Hallas Holdings Limited (Registered number: 14178616) |
| Consolidated Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 | 3,653,348 | 3,599,660 |
| Investments | 10 | - | - |
| Investment property | 11 | 3,479,047 | 3,479,047 |
| 7,132,395 | 7,078,707 |
| CURRENT ASSETS |
| Nursery Stock | 12 | 1,478,700 | 1,552,432 |
| Debtors | 13 | 140,925 | 154,252 |
| Cash at bank and in hand | 15,222,718 | 13,277,689 |
| 16,842,343 | 14,984,373 |
| CREDITORS |
| Amounts falling due within one year | 14 | 1,929,774 | 1,774,237 |
| NET CURRENT ASSETS | 14,912,569 | 13,210,136 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
22,044,964 |
20,288,843 |
| PROVISIONS FOR LIABILITIES | 16 | 58,904 | 54,963 |
| NET ASSETS | 21,986,060 | 20,233,880 |
| CAPITAL AND RESERVES |
| Called up share capital | 17 | 6,000 | 6,000 |
| Retained earnings | 18 | 21,980,060 | 20,227,880 |
| SHAREHOLDERS' FUNDS | 21,986,060 | 20,233,880 |
| The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2025 and were signed on its behalf by: |
| P Nicholson - Director |
| Hallas Holdings Limited (Registered number: 14178616) |
| Company Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investments | 10 |
| Investment property | 11 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Merger reserves | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 5,154,105 | 4,999,955 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Hallas Holdings Limited (Registered number: 14178616) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 17 June 2022 | 6,000 | 18,468,375 | 18,474,375 |
| Changes in equity |
| Dividends | - | (70,246 | ) | (70,246 | ) |
| Total comprehensive income | - | 1,829,751 | 1,829,751 |
| Balance at 30 September 2023 | 6,000 | 20,227,880 | 20,233,880 |
| Changes in equity |
| Dividends | - | (174,430 | ) | (174,430 | ) |
| Total comprehensive income | - | 1,926,610 | 1,926,610 |
| Balance at 30 September 2024 | 6,000 | 21,980,060 | 21,986,060 |
| Hallas Holdings Limited (Registered number: 14178616) |
| Company Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Merger | Total |
| capital | earnings | reserves | equity |
| £ | £ | £ | £ |
| Balance at 17 June 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| Hallas Holdings Limited (Registered number: 14178616) |
| Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| Period |
| 17.6.22 |
| Year Ended | to |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 2,530,476 | 2,201,517 |
| Tax paid | (688,268 | ) | (375,001 | ) |
| Net cash from operating activities | 1,842,208 | 1,826,516 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (206,782 | ) | (325,957 | ) |
| Purchase of investment property | - | (8,320 | ) |
| Sale of tangible fixed assets | 13,001 | - |
| Interest received | 507,475 | 181,666 |
| Net cash from investing activities | 313,694 | (152,611 | ) |
| Cash flows from financing activities |
| Amount introduced by directors | 174,430 | - |
| Amount withdrawn by directors | (210,873 | ) | (54,425 | ) |
| Equity dividends paid | (174,430 | ) | (70,246 | ) |
| Net cash from financing activities | (210,873 | ) | (124,671 | ) |
| Increase in cash and cash equivalents | 1,945,029 | 1,549,234 |
| Cash and cash equivalents at beginning of year |
2 |
13,277,689 |
11,728,455 |
| Cash and cash equivalents at end of year | 2 | 15,222,718 | 13,277,689 |
| Hallas Holdings Limited (Registered number: 14178616) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period |
| 17.6.22 |
| Year Ended | to |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Profit before taxation | 2,577,750 | 2,376,390 |
| Depreciation charges | 146,826 | 170,769 |
| (Profit)/loss on disposal of fixed assets | (6,733 | ) | 12,504 |
| Finance income | (507,475 | ) | (181,666 | ) |
| 2,210,368 | 2,377,997 |
| Decrease in nursery stock | 73,732 | 301,861 |
| Decrease in trade and other debtors | 13,327 | 26,451 |
| Increase/(decrease) in trade and other creditors | 233,049 | (504,792 | ) |
| Cash generated from operations | 2,530,476 | 2,201,517 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 15,222,718 | 13,277,689 |
| Period ended 30 September 2023 |
| 30.9.23 | 17.6.22 |
| £ | £ |
| Cash and cash equivalents | 13,277,689 | 11,728,455 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 13,277,689 | 1,945,029 | 15,222,718 |
| 13,277,689 | 1,945,029 | 15,222,718 |
| Total | 13,277,689 | 1,945,029 | 15,222,718 |
| Hallas Holdings Limited (Registered number: 14178616) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Hallas Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| These financial statements incorporate those of Hallas Holdings Limited and its subsidiaries (I.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits) up to 30th September 2024. |
| All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated unless the transactions provide evidence of an impairment of the asset transferred. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Land included within freehold property is not depreciated. |
| Investment property |
| Investment property is appropriately valued at cost which is deemed the fair value of the asset per director P A Nicholson. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Nursery stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| Hallas Holdings Limited (Registered number: 14178616) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Hallas Holdings Limited (Registered number: 14178616) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Other income |
| Other Income consists of interest income. |
| Investment in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks. |
| Financial instruments |
| Financial instruments are recognised 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 instruments |
| Basic financial assets, which include trade and other debtors and cash and bank balances, are initially recognised at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other creditors are initially recognised at transaction price. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when, the company's contractual obligations are discharged, cancelled, or they expire. |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| There are no key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
| Hallas Holdings Limited (Registered number: 14178616) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| Their aggregate remuneration comprised: |
| Group | Group | Company | Company |
| Period to | Period to |
| 30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
| £ | £ | £ | £ |
| Wages and salaries | 1,658,409 | 1,519,894 | - | - |
| Social security costs | 130,015 | 109,241 | - | - |
| Pension costs | 33,271 | 27,482 | - | - |
| 1,821,695 | 1,656,617 | - | - |
| The average number of employees during the year was 88 (2023 - 85). |
| Period |
| 17.6.22 |
| Year Ended | to |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Directors' remuneration | 3,048 | 7,956 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 1 | 1 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| Period |
| 17.6.22 |
| Year Ended | to |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Hire of plant and machinery | 2,802 | 9,079 |
| Depreciation - owned assets | 146,826 | 170,771 |
| (Profit)/loss on disposal of fixed assets | (6,733 | ) | 12,504 |
| Auditors' remuneration | 12,063 | 11,190 |
| Hallas Holdings Limited (Registered number: 14178616) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| Period |
| 17.6.22 |
| Year Ended | to |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 647,199 | 541,178 |
| Deferred tax | 3,941 | 5,461 |
| Tax on profit | 651,140 | 546,639 |
| 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: |
| Period |
| 17.6.22 |
| Year Ended | to |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Profit before tax | 2,577,750 | 2,376,390 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
644,438 |
451,514 |
| Effects of: |
| Expenses not deductible for tax purposes | (1,683 | ) | 2,375 |
| Depreciation in excess of capital allowances | 4,444 | 13,308 |
| Adjustments to tax charge in respect of previous periods | - | 73,981 |
| Deferred Taxation | 3,941 | 5,461 |
| Total tax charge | 651,140 | 546,639 |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| Period |
| 17.6.22 |
| Year Ended | to |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Ordinary shares of 1 each |
| Final | 174,430 | 70,246 |
| Hallas Holdings Limited (Registered number: 14178616) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 9. | TANGIBLE FIXED ASSETS |
Freehold |
Plant and |
Fixtures & |
Motor |
Computer |
| Property | Machinery | fittings | Vehicles | Equipment | Totals |
| £ | £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 | 3,915,307 | 1,544,262 | 722,065 | 104,248 | 194,250 | 6,480,132 |
| Additions | 95,564 | 16,618 | 50,760 | 35,229 | 8,611 | 206,782 |
| Disposals | - | (223 | ) | (825 | ) | (50,739 | ) | (2,661 | ) | (54,448 | ) |
| At 30 September 2024 | 4,010,871 | 1,560,657 | 772,000 | 88,738 | 200,200 | 6,632,466 |
| DEPRECIATION |
| At 1 October 2023 | 620,272 | 1,374,443 | 680,855 | 59,036 | 145,864 | 2,880,472 |
| Charge for the year | 40,339 | 38,911 | 27,652 | 18,841 | 21,083 | 146,826 |
| Eliminated on Disposal | - | (170 | ) | (751 | ) | (45,659 | ) | (1,600 | ) | (48,180 | ) |
| At 30 September 2024 | 660,611 | 1,413,184 | 707,756 | 32,218 | 165,349 | 2,979,118 |
| NET BOOK VALUE |
| At 30 September 2024 | 3,350,260 | 147,473 | 64,244 | 56,520 | 34,851 | 3,653,348 |
| At 30 September 2023 | 3,295,035 | 169,819 | 41,210 | 45,212 | 48,384 | 3,599,660 |
| At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Hallas Holdings Limited (Registered number: 14178616) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 10. | FIXED ASSET INVESTMENTS |
| Group | Group | Company | Company |
| 30.9.24 | 30.09.23 | 31.9.24 | 30.9.23 |
| £ | £ | £ | £ |
| Investments in subsidiaries | - | - | 17,986,623 | 17,986,623 |
| Details of the company's subsidiaries at 30th September 2024 are as follows: |
| Name of undertaking | Registered office | Nature of business |
Class of shares held |
% Held Direct/Indirect |
| Gordale Nurseries | 1. | Retail Sales | Ord / A Ord | 100.00 |
| 1. Gordale Nurseries, Chester High Road, Burton, South Wirral, CH64 8TF |
| The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows: |
Name of undertaking |
Profit/(Loss |
) |
Capital and Reserves |
| £ | £ |
| Gordale Nurseries Limited | 1,772,506 | 12,076,678 |
| Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
| In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
| 11. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| and 30 September 2024 | 3,479,047 |
| NET BOOK VALUE |
| At 30 September 2024 | 3,479,047 |
| At 30 September 2023 | 3,479,047 |
| The director believes the value of investment property is not materially different to the orginal purchase cost of the property. |
| Hallas Holdings Limited (Registered number: 14178616) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | NURSERY STOCK |
| Group |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Nursery stock | 1,455,017 | 1,524,818 |
| Garage stock | 23,683 | 27,614 |
| 1,478,700 | 1,552,432 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
| £ | £ | £ | £ |
| Trade debtors | 1,853 | 2,868 |
| Amounts owed by group undertakings | - | - |
| Prepayments and accrued income | 139,072 | 151,384 |
| 140,925 | 154,252 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 30.9.24 | 30.9.23 | 30.9.24 | 30.9.23 |
| £ | £ | £ | £ |
| Trade creditors | 1,126,123 | 895,549 |
| Tax | 346,535 | 387,604 |
| Social security and other taxes | 151,429 | 146,138 |
| Other creditors | 53,229 | 70,027 |
| Directors' current accounts | - | 36,443 | - | 36,443 |
| Accrued expenses | 252,458 | 238,476 |
| 1,929,774 | 1,774,237 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Company |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts owed to group undertakings | - | 223,620 |
| 16. | PROVISIONS FOR LIABILITIES |
| Group |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax | 58,904 | 54,963 |
| Hallas Holdings Limited (Registered number: 14178616) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 16. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred tax |
| £ |
| Balance at 1 October 2023 | 54,963 |
| Provided during year | 3,941 |
| Balance at 30 September 2024 | 58,904 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | 1 | 5,999 | 5,999 |
| Ordinary A | 1 | 1 | 1 |
| 6,000 | 6,000 |
| 18. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 October 2023 | 20,227,880 |
| Profit for the year | 1,926,610 |
| Dividends | (174,430 | ) |
| At 30 September 2024 | 21,980,060 |
| Company |
| Retained | Merger |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 October 2023 | 22,910,332 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 30 September 2024 | 27,890,007 |
| 19. | PENSION COMMITMENTS |
| The company operates a defined contribution scheme on behalf of its directors and employees. The scheme is held in a separately administered fund from the company. Contributions in the year amounted to £33,271 (2023 - £27,482). There were contributions of £5,802 were outstanding at the year end (2023 - £6,673). |
| Hallas Holdings Limited (Registered number: 14178616) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 20. | RELATED PARTY DISCLOSURES |
| Other operating income includes rent of £6,000 (2023- £12,000) received from P A Nicholson, the company's director. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is P A Nicholson by way of his ownership of the majority of the share capital. |