| REGISTERED NUMBER: 01260468 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| HILLIER NURSERIES LIMITED |
| REGISTERED NUMBER: 01260468 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| HILLIER NURSERIES LIMITED |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 8 |
| Consolidated Income Statement | 12 |
| Consolidated Other Comprehensive Income | 13 |
| Consolidated Balance Sheet | 14 |
| Company Balance Sheet | 15 |
| Consolidated Statement of Changes in Equity | 16 |
| Company Statement of Changes in Equity | 17 |
| Consolidated Cash Flow Statement | 18 |
| Notes to the Consolidated Cash Flow Statement | 19 |
| Notes to the Consolidated Financial Statements | 21 |
| HILLIER NURSERIES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Ross Garfitt |
| INDEPENDENT AUDITORS: |
| Statutory Auditor |
| Fleming Court |
| Leigh Road |
| Eastleigh |
| Southampton |
| Hampshire |
| SO50 9PD |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| The directors present their strategic report of the Company and the Group for the year ended 31 August 2024. |
| REVIEW OF BUSINESS |
| We have set out below our review of the development and performance of the business for the year ended 31st August 2024. |
| We operate our business through three major trading divisions which are supported by a central support services operation. The three trading divisions are as follows: |
| Garden Centres - Retailing of garden plants and horticultural products through 23 retail outlets (2023: 23). |
| Wholesale Nursery - Supplying shrubs and herbaceous perennials internally to Hillier garden centres. |
| Amenity Trees - Supplying trees and shrubs to the Landscape/Construction, Property Developers and Local Authority sectors. |
| We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, profit after taxation and return on capital employed. |
| Total company revenues were increased year-on-year due to the first full year's trading of the 3 former Rosebourne garden centres at Weyhill (Hampshire), Aldermaston (Berkshire) and Hampton-in-Arden (Solihull) which were acquired in Nov 2022. |
| The overall group turnover for the year was £72.8m, 5% up on 2023. The weather conditions through the year were, as in the prior year, very disappointing and significantly impacted trading performance. Exceptionally wet conditions through autumn/winter 2023/24 and a prolonged cool, wet spring in 2024 significantly damaged garden centre revenues and Amenity division tree sales. Partially offsetting the impacts of the weather was the growth in revenue resulting from the opening in September 2023 of the redeveloped Newbury garden centre, with 30,000 sq ft of additional retail space in a newly constructed building and extended car park. The centre is now a destination garden centre, with expanded retail operations, farm shop and new concessionaires. |
| As mentioned, Amenity Trees division performance was greatly impacted in the year by the wet winter and early spring. Whilst the demand for Hillier trees remains strong, customer projects have been inevitably delayed by the poor conditions, and field lifting of trees at our nurseries were hampered. However, the Board are confident that with the range and quality of our trees combined with the importance of biosecurity issues continuing to drive demand for our British grown trees, future revenues will continue to grow. |
| Conversion to tree nurseries of Flexcombe Farm, Liss (purchased In October 2022) continued in the year, with significant planting of trees as part of the phased transition programme and commencement of building of a new reservoir and irrigation systems. |
| Wholesale Nursery division continued to supply solely to our own Garden Centres, ensuring the quality and uniqueness of the range that is available to our garden centre customers. Trade was again impacted by the dull spring, but the company continues to invest in new growing facilities, and in broadening the range produced at the nursery and in the development of exclusive new plants. Research through extensive trials continues into optimising growing performance and yields in peat-free composts. |
| Through the year, although the inflationary pressures on input costs eased somewhat from those seen in recent years, those and labour cost increases have continued to put pressures on margins, and the Board has endeavoured to mitigate and offset these through cost reduction initiatives. Looking forward, the Board is concerned about the impact of the significant increases in National Insurance contributions in 2025 and has been reviewing ongoing cost reductions and also pushing back on its future investment plans. |
| Overall as a group we ended the year 5% up on sales at £72,769,843 (2023: £69,414,011) which reflected the above. |
| There was an overall profit after taxation of £1,791,151 (2023: £2,440,549) |
| With strong competition and the challenges of increased costs through recent high levels of inflation and the pressure on wages, the business has had to respond to keep pace with these demanding market conditions. The company has strived to eliminate the use of peat in its growing operations in reducing the impact on the environment, and complying with UK legislation. The slow pace of development of equivalent peat-free alternatives is impacting growing performance and nursery efficiencies, which further increases cost and the trading challenges to overcome. |
| We continue to review potential future investment opportunities, and to focus on improvements in the customer offering and efficiency of operations. The Board feels that we have a strong foundation with which to take the business forward and achieve the company's growth ambitions. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Retained profits as at 31st August 2024 amounted to £44,150,778 (2023: £42,133,627). These retained profits include the defined benefit pension asset as shown in note 26. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group has continued to benefit from the UK market where gardening and horticulture are an important leisure activity. As such, this is also one of the key risks facing the company which can be impacted by factors such as the weather and the economy. The Company is also aware of the risk of pests and disease in its growing stocks. |
| The Board believe that by focusing on our reputation for the quality and variety of our products and our investment in continued innovation of our range it will help offset the economic risks. Investing in our garden centre restaurants helps mitigate the impact of the weather on sales of plants. The risks of disease are being monitored and, as such, we are working with DEFRA to counter such risks. With this focus the Board believes it can maintain and grow its market share going forward. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| SECTION 172(1) STATEMENT |
| The group is required to report how the directors have carried out their duties under Section 172 of the Companies Act 2006. The directors must act in the way it considers, in good faith, would be the most likely to promote the success of the group for the benefit of the members as a whole, and in doing so have regard (amongst other matters) to: |
| a) The likely consequences of any decision in the long term |
| b) The interests of the group's employees |
| c) The need to foster the group's business relationships with suppliers, customers and others |
| d) The impact of the group's operation on the community and the environment |
| e) The desirability of the group maintaining a reputation for high standards of business conduct and |
| f) The need to act fairly as between shareholders of the group |
| The Board makes full consideration of the long-term impact of key decisions, and makes full assessment to ensure they will contribute to the longer-term growth and success of the business. During the year key decisions were in the refurbishment of acquired centres, rapid response to the impact of the Coronavirus epidemic, and planning for future investments. |
| The Board actively ensure that the views and interests of employees are captured in our decision making. This has been done through formal periodic interactions with employees, and also through less formal activity, such as regular visits by Board members to operational locations. |
| Our customers are central to everything that we do; Garden Centres continue to grow and improve the benefits to its retail customers through the ongoing development of the Gardening Club, whilst a trade card membership is available for Cash & Carry customers. Amenity division has continued to develop relationships with landscapers, contractors and public authorities for the long term, with focus on growing the sales team to enable full support of those relationships. The group has a long heritage, and through the year has continued to foster and develop relationships with key suppliers, whilst ensuring value for money and quality of product and service levels. |
| The Board takes very seriously its responsibilities towards the environment and local communities. The group has achieved both ISO14001 and "The Planet Mark" accreditations through focus on reducing carbon footprint, landfill wastage and water usage. Additionally, the group has continued to drastically reduce the proportion of peat-based composts used at its nurseries, and to extend the range of peat free products available at its garden centres. The group's chosen charity has been "Abby's Heroes", which supports children diagnosed with cancer and their families when cared for at Southampton General Hospital. We have conducted fundraising activities during the year, and strived to raise awareness of the wonderful work performed by the charity. |
| The Board is focussed on ensuring a high level of business standards. Ensuring adherence to laws and regulations and ethical standards are forefront to any decisions made. |
| The group's ownership is split equally between two Hillier family trusts. The Board have periodic formal meetings with all of the trustees to give updates on historic business performance, future targets and plans, and to review and agree future investments. Family representatives of both trusts sit on the Board of the group. |
| ON BEHALF OF THE BOARD: |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 August 2024 will be £ 75,000 . |
| RESEARCH AND DEVELOPMENT |
| Research and development in the nursery business is concentrated primarily on the development of new varieties of plants and the improvement of propagation and growing techniques. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| EMPLOYMENT OF DISABLED PERSONS |
| It is the policy of the company, whenever practicable, to employ disabled persons and to continue to employ those persons who become disabled during the period of their employment with the company. Disabled persons are employed under the terms and conditions as laid down by the Equality Act 2010, in common with able-bodied persons employed by the company. |
| EMPLOYEE INVOLVEMENT |
| The company is committed to the personal development and career progression of all members of staff, and has further invested in the year in its Learning and Development facilities and team. |
| Information is distributed to employees on a regular basis by a core brief and by frequent departmental meetings, at which employees are encouraged to express their ideas and thereby contribute to the decision-making processes of the company. |
| STREAMLINED ENERGY AND CARBON REPORTING |
| Overview of Energy Use and CO2 Emissions During The Year |
| 2023-2024 | Prior Year |
kWH |
CO2 (equivalent) Emissions - Tonnes |
kWH |
CO2 (equivalent) Emissions - Tonnes |
| Energy Use | Electricity | 4,712,365 | 976 | 4,778,999 | 990 |
| Gas | Mains | 1,925,620 | 390 | 1,741,612 | 353 |
| Bottled | 1,240,790 | 286 | 1,090,850 | 251 |
| Total | 3,166,410 | 676 | 2,832,462 | 604 |
| Heating oil |
805,952 |
230 |
1,016,317 |
290 |
| Transport | 734,706 | 170 | 788,914 | 184 |
| Tractors | 209,260 | 56 | 274,751 | 74 |
| Total | 9,628,693 | 2,108 | 9,691,443 | 2,142 |
Intensity Ratio |
0.046 |
Tonnes of CO2 per m2 internal floor space |
0.054 |
Tonnes of CO2 per m2 internal floor space |
| Methodology Used |
| Data have been collated centrally from utilities and fuel bills received for the year, and for transportation from fuel card bills and employee expense submissions where private vehicles have been used. These have been converted to kWH and CO2 tonnes equivalent using government published conversion factors. |
| Energy Efficiency Actions |
| We were again awarded the sustainability certification by PlanetMark, reducing our CO2 emissions per £m turnover by 5% comparing to the previous financial year. |
| We continued to prioritise energy effciency when investing in new or replacement equipment and lighting and to encourage through incentives take up of electric cars by staff entitled to company vehicles. |
| Year-over-year total energy usage has increased due to the addition of three acquired garden centres part way during the previous year, and due to the opening of the expanded Newbury garden centre, however we see a reduction in usage per m2 internal floor space and £m turnover. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
| The success of the business has continued to be driven by fostering enduring relationships with its customers, suppliers and others. The board of directors, both individually and collectively, are acutely aware that these relationships are fundamental to the ongoing success of the company and accordingly the impact of any decisions on these stakeholders are always considered as part of any decision making process. |
| 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; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | 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. |
| 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Langdowns DFK Limited, will be proposed for re-appointment. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HILLIER NURSERIES LIMITED |
| Opinion |
| We have audited the financial statements of Hillier Nurseries Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 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 31 August 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 |
| HILLIER NURSERIES 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 seven, 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| HILLIER NURSERIES 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 our audit planning procedures we identify the significant laws and regulations applicable to the company based upon our knowledge of the company, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with Health and Safety regulations and the reporting requirements of the Companies Act 2006 and Financial Reporting Standard 102. |
| Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance, discussing with the client regarding all sites that have been assessed in the year for Health and Safety and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists. |
| We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place. |
| As group auditors we are required to communicate with component auditors to request identification of any instances of non-compliance with laws and regulations that could give rise to a material misstatement of the group financial statements. The engagement partner considers that the engagement team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. |
| Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias. |
| 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. |
| 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 |
| HILLIER NURSERIES 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 |
| Fleming Court |
| Leigh Road |
| Eastleigh |
| Southampton |
| Hampshire |
| SO50 9PD |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| TURNOVER | 4 | 72,769,843 | 69,414,011 |
| Cost of sales | 35,958,845 | 36,027,745 |
| GROSS PROFIT | 36,810,998 | 33,386,266 |
| Distribution costs | 1,594,361 | 1,714,485 |
| Administrative expenses | 33,545,491 | 29,995,782 |
| 35,139,852 | 31,710,267 |
| 1,671,146 | 1,675,999 |
| Other operating income | 5 | 2,247,907 | 2,075,395 |
| OPERATING PROFIT | 7 | 3,919,053 | 3,751,394 |
| Profit/(loss) on sale of fixed |
| assets | 8 | (6,141 | ) | 8,713 |
| 3,912,912 | 3,760,107 |
| Interest receivable and similar income | 38,740 | 44,840 |
| Other finance income | 26 | 51,000 | - |
| 89,740 | 44,840 |
| 4,002,652 | 3,804,947 |
| Interest payable and similar expenses | 9 | 1,391,701 | 1,118,081 |
| Other finance costs | 26 | - | 30,000 |
| 1,391,701 | 1,148,081 |
| PROFIT BEFORE TAXATION | 2,610,951 | 2,656,866 |
| Tax on profit | 10 | 819,800 | 216,317 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,791,151 | 2,440,549 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,791,151 | 2,440,549 |
| OTHER COMPREHENSIVE INCOME |
| Remeasurement gain on pension scheme | 435,000 | 1,551,000 |
| Income tax relating to other comprehensive income |
(134,000 |
) |
(324,000 |
) |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
301,000 |
1,227,000 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,092,151 |
3,667,549 |
| Total comprehensive income attributable to: |
| Owners of the parent | 2,092,151 | 3,667,549 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| CONSOLIDATED BALANCE SHEET |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 13 | 139,623 | 163,168 |
| Tangible assets | 14 | 63,155,274 | 63,251,576 |
| Investments | 15 | 2 | 2 |
| 63,294,899 | 63,414,746 |
| CURRENT ASSETS |
| Stocks | 16 | 12,033,604 | 14,005,421 |
| Debtors | 17 | 2,471,259 | 2,404,055 |
| Cash at bank and in hand | 1,565,663 | 2,310,265 |
| 16,070,526 | 18,719,741 |
| CREDITORS |
| Amounts falling due within one year | 18 | 15,752,696 | 17,057,319 |
| NET CURRENT ASSETS | 317,830 | 1,662,422 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
63,612,729 |
65,077,168 |
| CREDITORS |
| Amounts falling due after more than one year | 19 | (16,711,564 | ) | (19,981,152 | ) |
| PROVISIONS FOR LIABILITIES | 23 | (3,898,387 | ) | (3,641,389 | ) |
| PENSION ASSET | 26 | 1,150,000 | 681,000 |
| NET ASSETS | 44,152,778 | 42,135,627 |
| CAPITAL AND RESERVES |
| Called up share capital | 24 | 2,000 | 2,000 |
| Retained earnings | 25 | 44,150,778 | 42,133,627 |
| SHAREHOLDERS' FUNDS | 30 | 44,152,778 | 42,135,627 |
| The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by: |
| Mr G A M Hillier - Director |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| COMPANY BALANCE SHEET |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 13 |
| Tangible assets | 14 |
| Investments | 15 |
| CURRENT ASSETS |
| Stocks | 16 |
| Debtors | 17 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 18 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 19 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 23 | ( |
) | ( |
) |
| PENSION ASSET | 26 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 24 |
| Retained earnings | 25 |
| SHAREHOLDERS' FUNDS | 30 |
| Company's profit for the financial year | 1,791,151 | 2,318,646 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 | 2,000 | 38,536,078 | 38,538,078 |
| Changes in equity |
| Dividends | - | (70,000 | ) | (70,000 | ) |
| Total comprehensive income | - | 3,667,549 | 3,667,549 |
| Balance at 31 August 2023 | 2,000 | 42,133,627 | 42,135,627 |
| Changes in equity |
| Dividends | - | (75,000 | ) | (75,000 | ) |
| Total comprehensive income | - | 2,092,151 | 2,092,151 |
| Balance at 31 August 2024 | 2,000 | 44,150,778 | 44,152,778 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 7,560,886 | 4,813,595 |
| Interest paid | (1,399,246 | ) | (1,118,081 | ) |
| Tax paid | (264,275 | ) | (1,241,515 | ) |
| Net cash from operating activities | 5,897,365 | 2,453,999 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (2,925,775 | ) | (9,322,423 | ) |
| Purchase of fixed asset investments | - | (14,398,553 | ) |
| Sale of tangible fixed assets | 15,700 | 9,560 |
| Subsidiary acquisition costs | - | (704,242 | ) |
| Cash in subsidiary on acquisition | - | 187,865 |
| Interest received | 38,740 | 44,840 |
| Net cash from investing activities | (2,871,335 | ) | (24,182,953 | ) |
| Cash flows from financing activities |
| New loans in year | - | 15,800,000 |
| Loan repayments in year | (3,692,110 | ) | (480,316 | ) |
| Amount introduced by directors | - | 12,298 |
| Amount withdrawn by directors | (3,522 | ) | - |
| Equity dividends paid | (75,000 | ) | (70,000 | ) |
| Net cash from financing activities | (3,770,632 | ) | 15,261,982 |
| Decrease in cash and cash equivalents | (744,602 | ) | (6,466,972 | ) |
| Cash and cash equivalents at beginning of year |
2 |
2,310,265 |
8,777,237 |
| Cash and cash equivalents at end of year | 2 | 1,565,663 | 2,310,265 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 2,610,951 | 2,656,866 |
| Depreciation charges | 3,000,236 | 2,672,586 |
| Loss/(profit) on disposal of fixed assets | 6,141 | (8,713 | ) |
| Amortisation charges | 23,545 | (231,981 | ) |
| Defined benefit pension scheme | (139,000 | ) | (206,000 | ) |
| Finance costs | 1,391,701 | 1,148,081 |
| Finance income | (89,740 | ) | (44,840 | ) |
| 6,803,834 | 5,985,999 |
| Decrease in stocks | 1,971,817 | 1,603,811 |
| Increase in trade and other debtors | (67,204 | ) | (66,593 | ) |
| Decrease in trade and other creditors | (1,147,561 | ) | (2,709,622 | ) |
| Cash generated from operations | 7,560,886 | 4,813,595 |
| 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 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 1,565,663 | 2,310,265 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 2,310,265 | 8,777,237 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 2,310,265 | (744,602 | ) | 1,565,663 |
| 2,310,265 | (744,602 | ) | 1,565,663 |
| Debt |
| Debts falling due within 1 year | (2,339,612 | ) | 422,522 | (1,917,090 | ) |
| Debts falling due after 1 year | (19,981,152 | ) | 3,269,588 | (16,711,564 | ) |
| (22,320,764 | ) | 3,692,110 | (18,628,654 | ) |
| Total | (20,010,499 | ) | 2,947,508 | (17,062,991 | ) |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 4. | ACQUISITION OF BUSINESS |
| During the previous year, the parent company acquired a trading subsidiary. The cash flow has been adjusted to reflect the following assets and liabilities at acquisition: |
| £ |
| Fixed assets | 18,765,219 |
| Stock | 2,783,143 |
| Debtors | 567,166 |
| Cash at bank and in hand | 187,865 |
| Creditors - debt | (6,944,701 | ) |
| Hillier Nurseries Limited incurred costs on the acquisition of the subsidiary to the sum of £704,242. The total consideration was £15,102,795 which was paid in cash during the year. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | STATUTORY INFORMATION |
| Hillier Nurseries Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address (which is also its principal place of business) can be found on the Company Information page (page 1). |
| The Company's principal activity was that of nurserymen and retailers of garden products. |
| 2. | STATEMENT OF COMPLIANCE |
| 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. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The historical convention has been modified by the use of fair values for certain financial instruments in accordance with the accounting policies set out below. |
| The financial statements are presented in the Pound Sterling (£) which is the functional currency of the company, rounded to the nearest pound. |
| Basis of consolidation |
| The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 August 2024. |
| A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
| The results of subsidiaries acquired of during the previous year are included in the Income Statement from the effective date of acquisition. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. |
| The acquisition method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. |
| Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. |
| Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| In the application of the group's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and the underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| The stock value at the balance sheet date of £12,033,604 is after allowing for a slow moving and obsolete stock provision. The group has a specific policy in place to consider obsolete and slow moving stock. The policy considers the length of time that the stock has been held by the company and based on this analysis, the company then applies a reduction to the value of each stock line that meets the parameters of the policy. The group also keep the value of stock under constant review and if the net realisable value of this stock drops below the original cost then the company make the necessary adjustments to the value in the financial statements. |
| The valuation of the growing stock is carried out by the directors calculating the average age of actual quantities of growing stock to assess associated actual costs for the same average period. Provision is made for foreseeable losses where appropriate based on expected stock losses, age and other environmental factors. No element of profit is included in the valuation of growing stock. |
| The group have made these policies based on the detailed knowledge and understanding that they have of the industry and the business. |
| Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable. The fair value of the consideration received or receivable takes into account the value of any discounts given by the entity and is stated net of VAT. |
| Turnover from sales through garden centre and nursery activities are recognised when the significant risks and rewards of ownership of the goods have passed to the customer, the amount of revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Turnover in respect of rental income is recognised according to agreed terms applicable to the reporting period. |
| Goodwill |
| Positive purchased goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life of 10 years. It is reviewed for impairment at the end of its first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
| Amortisation |
| Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
| Goodwill - 10% per annum straight line |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Negative goodwill has been fully amortised in the previous year. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Deprecation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Freehold property - 2% on cost |
| Leasehold property - 2% on cost / straight line over lease term |
| Plant and machinery - 5% - 15% on reducing balance / 5% - 25% straight line |
| Fixtures and fittings - 10 - 30% on reducing balance / 10% - 33.33% straight line |
| Motor vehicles - 25% on reducing balance |
| All fixed assets are recorded at cost less depreciation and any impairment. |
| 6 properties are leased by the group from the Hillier Family Pension Scheme and the Robert & John Hillier Settlement Trusts. The directors have applied a 50 year straight line depreciation policy to these properties because they are confident that the leases will be renewed on an ongoing basis. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Biological growing stock is measured at cost less impairment, with cost assessed based on the average age of the stock held. Costs include direct costs together with a proportion of direct and indirect overheads incurred in bringing the growing plants to their condition at the end of the year. The directors consider this to be the most appropriate method of valuation without other reliable estimates being available. |
| Garden centre stock has been valued at the lower of cost and net realisable value on an average cost basis. |
| 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. |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| 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. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The group operates staff defined contribution pension schemes which require contributions to be made to separately administered funds. Contributions to the schemes are charged to the profit and loss account as they become payable in accordance with the rules of the schemes. |
| The company operates a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the company. The scheme is closed to new entrants. |
| Pension scheme liabilities are measured on an actuarial basis using a projected unit method and are discounted to their present value using a 4.95% rate. |
| Pension scheme assets are valued at fair value at the balance sheet date. |
| The pension scheme deficit is recognised in full on the balance sheet. |
| The deferred tax relating to a defined benefit liability is offset against the defined benefit liability and not included with other deferred tax assets or liabilities. |
| Details regarding the defined benefit pension scheme can be found in note 26. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Operating lease agreements |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
| There are no lease incentives in relation to any operating leases in operation during the year. |
| 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 arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost. |
| Provisions |
| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the Group. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| Sale of goods | 72,769,843 | 69,414,011 |
| 72,769,843 | 69,414,011 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 5. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Rents received | 2,143,767 | 1,944,441 |
| Logo income | - | 2,500 |
| Wayleaves | 1,394 | 775 |
| Sundry receipts | 93,554 | 101,563 |
| Exchange gains | 9,192 | 26,116 |
| 2,247,907 | 2,075,395 |
| 6. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 19,225,217 | 16,989,252 |
| Social security costs | 1,388,464 | 1,253,635 |
| Other pension costs | 822,920 | 607,875 |
| 21,436,601 | 18,850,762 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Nursery, production and garden centre | 1,086 | 1,037 |
| Administrative | 30 | 26 |
| The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
| Other pension costs are amounts charged to operating profit and do not include amounts credited to finance income, charged to finance costs or amounts recognised in other comprehensive income. |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 584,594 | 544,689 |
| Directors' pension contributions to money purchase schemes | 245,969 | 189,848 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 6 | 5 |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc | 137,590 | 142,381 |
| Pension contributions to money purchase schemes | 66,776 | 49,849 |
| £nil (2023: £41,708) was paid to third parties for directors' services. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 7. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets | 3,000,236 | 2,487,516 |
| Goodwill amortisation | 23,545 | 23,916 |
| Negative goodwill amortisation | - | (191,325 | ) |
| Foreign exchange differences | 6,707 | (26,097 | ) |
| Auditors' remuneration for the audit of these accounts | 36,116 | 34,396 |
| Fees to the company's auditor for taxation services | 9,100 | 6,066 |
| Fees to the company's auditor for all other services | 56,599 | 61,568 |
| Fees to subsidiary auditors | - | 27,373 |
| Operating lease costs - Land & Buildings | 1,749,422 | 1,703,326 |
| Operating lease costs - Plant & Machinery | 362,387 | 308,126 |
| Other services provided include fees in respect of the Company's pension schemes were as follows:- |
| The Hillier Family Pension Scheme, other assurance services from Langdowns DFK totalled £1,770 (2023 - £4,319). |
| The Hillier Staff Pension Scheme, auditors remuneration from Rothmans LLP totalled £5,400 (2023 - £4,950). |
| 8. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Profit/(loss) on sale of fixed |
| assets | (6,141 | ) | 8,713 |
| 9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest | 1,214,377 | 924,492 |
| Other interest | 177,324 | 193,589 |
| 1,391,701 | 1,118,081 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 10. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 527,095 | 290,737 |
| Over/under provision of UK |
| corporation tax in prior years | 13,707 | - |
| Total current tax | 540,802 | 290,737 |
| Deferred tax: |
| Deferred tax | 256,998 | (133,420 | ) |
| Deferred tax on pension scheme | 22,000 | 59,000 |
| Total deferred tax | 278,998 | (74,420 | ) |
| Tax on profit | 819,800 | 216,317 |
| UK corporation tax has been charged at 25 % (2023 - 21.51 %). |
| 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: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 2,610,951 | 2,656,866 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.515 %) |
652,738 |
571,625 |
| Effects of: |
| Utilisation of tax losses | (169,160 | ) | (7,908 | ) |
| Expenses deductible for tax purposes (including goodwill amortisation) | (25,201 | ) | (70,088 | ) |
| Decelerated/(accelerated) capital allowances | 68,718 | (217,829 | ) |
| Over/under provision in prior years | 13,707 | - |
| Deferred Tax | 278,998 | (74,420 | ) |
| Increase in tax losses for the year | - | 14,937 |
| Total tax charge | 819,800 | 216,317 |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Remeasurement gain on pension scheme | 435,000 | (134,000 | ) | 301,000 |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Remeasurement gain/(loss) on pension sch | 1,551,000 | (324,000 | ) | 1,227,000 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 10. | TAXATION - continued |
| The effective rate of corporation tax in the year was 25% (2023: 21.515%). The reason for this change was that the UK main corporation tax rate was 19% up to 31st March 2023 and then changed to 25% from 1st April 2023. |
| The expected reversal of deferred tax liabilities in the succeeding period is £364,623. This is in relation to the deferred tax liability recognised on accelerated capital allowances and other timing differences. |
| 11. | 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. |
| 12. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Interim | 75,000 | 70,000 |
| Dividends proposed after the year end, not recognised as a liability in the financial statements, totalled £80,000 (2023: £75,000). |
| 13. | INTANGIBLE FIXED ASSETS |
| Group |
| Negative |
| Goodwill | goodwill | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | 588,436 | (255,830 | ) | 332,606 |
| AMORTISATION |
| At 1 September 2023 | 425,268 | (255,830 | ) | 169,438 |
| Amortisation for year | 23,545 | - | 23,545 |
| At 31 August 2024 | 448,813 | (255,830 | ) | 192,983 |
| NET BOOK VALUE |
| At 31 August 2024 | 139,623 | - | 139,623 |
| At 31 August 2023 | 163,168 | - | 163,168 |
| Negative goodwill has been amortised in full in the year of acquisition considering the initial losses incurred by the Rosebourne centres in the transition to Hillier branded centres. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 13. | INTANGIBLE FIXED ASSETS - continued |
| Company |
| Negative |
| Goodwill | goodwill | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | ( |
) |
| AMORTISATION |
| At 1 September 2023 | ( |
) |
| Amortisation for year |
| At 31 August 2024 | ( |
) |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Goodwill is being amortised evenly over the directors' estimate of its useful economic life of 10 years. |
| 14. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Land and | Plant and | and | Motor |
| buildings | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2023 | 61,098,302 | 16,044,222 | 10,765,984 | 270,879 | 88,179,387 |
| Additions | 606,512 | 1,663,972 | 640,330 | 14,961 | 2,925,775 |
| Disposals | - | (49,106 | ) | (1,188 | ) | - | (50,294 | ) |
| At 31 August 2024 | 61,704,814 | 17,659,088 | 11,405,126 | 285,840 | 91,054,868 |
| DEPRECIATION |
| At 1 September 2023 | 7,568,585 | 10,301,300 | 6,805,661 | 252,265 | 24,927,811 |
| Charge for year | 1,300,546 | 919,402 | 769,827 | 10,461 | 3,000,236 |
| Eliminated on disposal | - | (28,296 | ) | (157 | ) | - | (28,453 | ) |
| At 31 August 2024 | 8,869,131 | 11,192,406 | 7,575,331 | 262,726 | 27,899,594 |
| NET BOOK VALUE |
| At 31 August 2024 | 52,835,683 | 6,466,682 | 3,829,795 | 23,114 | 63,155,274 |
| At 31 August 2023 | 53,529,717 | 5,742,922 | 3,960,323 | 18,614 | 63,251,576 |
| An analysis of the net book value of land and buildings is shown below : |
| 2024 | 2023 |
| £ | £ |
| Freehold land and buildings | 46,803,432 | 44,291,399 |
| Long leasehold land and buildings | 309,629 | 315,936 |
| Short leasehold land and buildings | 5,722,622 | 8,922,382 |
| 52,835,683 | 53,529,717 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 14. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| Land and | Plant and | and | Motor |
| buildings | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| An analysis of the net book value of land and buildings is shown below : |
| 2024 | 2023 |
| £ | £ |
| Freehold land and buildings | 46,803,432 | 44,291,399 |
| Long leasehold land and buildings | 309,629 | 315,936 |
| Short leasehold land and buildings | 5,722,622 | 8,922,382 |
| 52,835,683 | 53,529,717 |
| 15. | FIXED ASSET INVESTMENTS |
| Group |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | 2 |
| NET BOOK VALUE |
| At 31 August 2024 | 2 |
| At 31 August 2023 | 2 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 15. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| The company's investments are held directly. |
| Subsidiary undertakings |
| Name | Share Class | Holding |
| Hillier SANG Management Limited | Ordinary | 100% |
| Rosebourne Limited | Ordinary | 100% |
| The registered office of the subsidiaries is Ampfield House, Ampfield, Romsey, Hampshire, England, SO51 9PA. |
| Rosebourne Limited (Company no 09002169) has been included in the consolidated accounts. |
| Hillier SANG Management Limited (Company no 12290283) has taken exemption from consolidation as it is not material for the purpose of giving a true and fair view in accordance with the Companies Act 2006 section 405. |
Name |
Aggregate capital and reserves |
Profit/(Loss |
) |
| 2024 | 2024 |
| £ | £ |
| Hillier SANG Management Limited | 2 | Nil |
| Rosebourne Limited | 8,851,129 | Nil |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 16. | STOCKS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Non-trading stock | 351,044 | 353,693 |
| Finished goods and goods for resale | 11,682,560 | 13,651,728 |
| 12,033,604 | 14,005,421 |
| Biological ongrowing stock |
| (included within finished goods and goods for resale) | Growing Plants |
| £ |
| Cost |
| At 1st September 2023 | 2,272,088 |
| Increase in costs from production | 3,737,524 |
| Decrease from sales and plant losses | (3,477,537 | ) |
| At 31st August 2024 | 2,532,075 |
| Impairment |
| At 1st September 2023 | 227,208 |
| Charge / (credit) for year | 25,999 |
| At 31st August 2024 | 253,207 |
| Carrying amount |
| At 31st August 2023 | 2,044,880 |
| At 31st August 2024 | 2,278,868 |
| 17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 501,676 | 646,797 |
| Amounts owed by group undertakings | 100,000 | 100,000 |
| Other debtors | 47,719 | 181,686 |
| Prepayments and accrued income | 1,821,864 | 1,475,572 |
| 2,471,259 | 2,404,055 |
| 18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 20) | 947,368 | 1,447,369 |
| Other loans (see note 20) | 969,722 | 892,243 |
| Trade creditors | 7,385,946 | 8,894,310 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 527,095 | 250,568 |
| Other taxation and social security | 1,961,549 | 1,428,471 |
| Other creditors | 2,484,035 | 2,533,900 |
| Directors' loan accounts | 94,337 | 97,859 | 94,337 | 97,859 |
| Accruals and deferred income | 1,382,644 | 1,512,599 |
| 15,752,696 | 17,057,319 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans (see note 20) | 11,605,263 | 14,352,631 |
| Other loans (see note 20) | 5,106,301 | 5,628,521 |
| 16,711,564 | 19,981,152 |
| 20. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 947,368 | 1,447,369 |
| Other loans | 969,722 | 892,243 |
| 1,917,090 | 2,339,612 |
| Amounts falling due between one and two | years: |
| Bank loans | 947,368 | 1,447,368 |
| Other loans | 536,456 | 522,220 | 536,456 |
| 1,483,824 | 1,969,588 |
| Amounts falling due between two and five | years: |
| Bank loans | 6,750,000 | 8,523,684 |
| Other loans | 1,698,736 | 1,653,466 |
| 8,448,736 | 10,177,150 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans | 3,907,895 | 4,381,579 | 3,907,895 | 4,381,579 |
| Other loans | 2,871,109 | 3,452,835 | 2,871,109 | 3,452,835 |
| 6,779,004 | 7,834,414 | 6,779,004 | 7,834,414 |
| 21. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 1,913,004 | 1,925,030 |
| Between one and five years | 6,545,817 | 6,598,217 |
| In more than five years | 19,657,311 | 20,814,450 |
| 28,116,132 | 29,337,697 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 21. | LEASING AGREEMENTS - continued |
| Company |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 22. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans | 12,552,631 | 15,800,000 |
| Other Loans | 5,628,892 | 6,136,440 | 5,628,892 | 6,136,440 |
| 18,181,523 | 21,936,440 |
| £5,348,892 (2023: £5,816,440) of other loans are secured by mortgages over 8 freehold properties owned by the company. Interest is charged at 2.92% per annum. Repayments are in quarterly instalments. |
| £280,000 (2023: £320,000) of other loans is secured over 1 freehold property. Interest is charged at 1% above base rate per annum. Repayments are made in annual instalments. |
| £12,552,630 (2023: £15,800,000) of bank loans are secured by mortgages over 4 freehold properties owned by the company. Interest is charged at fixed rates of 7.3% and 6.44% per annum. Repayments are in quarterly instalments. |
| 23. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax |
| Other timing differences | 1,721,275 | 1,721,275 | 1,721,275 | 1,721,275 |
| Accelerated capital allowances | 2,177,112 | 1,920,114 | 2,177,112 | 1,920,114 |
| 3,898,387 | 3,641,389 | 3,898,387 | 3,641,389 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 | 3,641,389 |
| Charge to Income Statement during year | 256,998 |
| Balance at 31 August 2024 | 3,898,387 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 23. | PROVISIONS FOR LIABILITIES - continued |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Charge to Income Statement during year |
| Balance at 31 August 2024 |
| 24. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 2,000 | 2,000 |
| The Ordinary Shares all rank equally. Each share is entitled to one vote per share and is entitled pari passu to dividend payments or any other distributions. |
| 25. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 September 2023 | 42,133,627 |
| Profit for the year | 1,791,151 |
| Dividends | (75,000 | ) |
| Deferred tax to Statement of Changes in Equity |
(134,000 |
) |
| Remeasurement gain / (loss) on |
| on defined benefit |
| pension plan | 435,000 |
| At 31 August 2024 | 44,150,778 |
| Company |
| Retained |
| earnings |
| £ |
| At 1 September 2023 |
| Profit for the year |
| Dividends | ( |
) |
| Deferred tax to Statement of Changes in Equity |
(134,000 |
) |
| Remeasurement gain / (loss) on |
| on defined benefit |
| pension plan | 435,000 |
| At 31 August 2024 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 26. | EMPLOYEE BENEFIT OBLIGATIONS |
| The Company operates a defined benefit pension arrangement called the Hillier Staff Pension Scheme (the Scheme). The Scheme provides benefits based on final salary and length of service on retirement, leaving service or death. |
| The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Company must agree with the Trustees of the Scheme the contributions to be paid to meet the Statutory Funding Objective. |
| The most recent comprehensive actuarial valuation of the Scheme was carried out as at 6 April 2022 and the next valuation of the Scheme is due as at 6 April 2025. In the event that the valuation reveals a deficit, the Company may be required to restart contributions. However, the Company is not expected to pay contributions in the year to 31 August 2025. |
| The Scheme is managed by a board of Trustees appointed in part by the Company and part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme's assets. The Trustees delegate some of these functions to their professional advisers where appropriate. |
| The Scheme exposes the Company to a number of risks: |
| - Investment risk. The Scheme holds investments in asset classes, such as equities, which have volatile market values and, while these assets are expected to provide real returns over the long-term, the short-term volatility can cause additional funding to be required if deficits emerge. |
| - Interest rate risk. The Scheme's liabilities are assessed using market yields on high quality corporate bonds to discount the liabilities. As the Scheme holds assets such as equities, the value of the assets and liabilities may not move in the same way. |
| - Inflation risk. A significant proportion of the benefits under the Scheme are linked to inflation. Although the Scheme's assets are expected to provide a good hedge against inflation over the long term, movements over the short-term could lead to deficits emerging. |
| - Mortality risk. In the event that members live longer than assumed deficits may emerge in the Scheme. |
| Profile of defined benefit obligation |
| The weighted average duration of the defined benefit obligation is 13.5 years. |
| The amounts recognised in the balance sheet are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Present value of funded obligations | (14,323,000 | ) | (13,869,000 | ) |
| Fair value of plan assets | 15,856,000 | 14,777,000 |
| 1,533,000 | 908,000 |
| Present value of unfunded obligations | - | - |
| Surplus | 1,533,000 | 908,000 |
| Deferred tax liability | (383,000 | ) | (227,000 | ) |
| Net asset | 1,150,000 | 681,000 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 26. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Current service cost | - | - |
| Net interest from net defined benefit asset/liability |
(51,000 |
) |
30,000 |
| Past service cost | - | - |
| (51,000 | ) | 30,000 |
| Actual return on plan assets | 1,608,000 | 166,000 |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening defined benefit obligation | 13,869,000 | 15,777,000 |
| Interest cost | 704,000 | 651,000 |
| Benefits paid | (668,000 | ) | (553,000 | ) |
| Remeasurements: |
| Actuarial gains/(losses) from |
| changes in financial |
| assumptions | 344,000 | (2,390,000 | ) |
| Experience gains/(losses) on |
| defined benefit obligation | 74,000 | 384,000 |
| 14,323,000 | 13,869,000 |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening fair value of scheme assets | 14,777,000 | 14,958,000 |
| Contributions by employer | 139,000 | 206,000 |
| Interest income on scheme |
| assets | 755,000 | 621,000 |
| Benefits paid | (668,000 | ) | (553,000 | ) |
| Return on plan assets (excluding interest income) |
853,000 |
(455,000 |
) |
| 15,856,000 | 14,777,000 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 26. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Actuarial gains/(losses) from |
| changes in financial |
| assumptions | (344,000 | ) | 2,390,000 |
| Experience gains/(losses) on |
| defined benefit obligation | (74,000 | ) | (384,000 | ) |
| Return on plan assets (excluding interest income) |
853,000 |
(455,000 |
) |
| 435,000 | 1,551,000 |
| The major categories of scheme assets as amounts of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Equities | 7,304,000 | 10,569,000 |
| Bonds | 1,255,000 | 2,623,000 |
| Property | - | 1,350,000 |
| Conventional Gilts | 3,543,000 | - |
| Index Linked Gilts | 3,714,000 | - |
| Cash | 40,000 | 235,000 |
| 15,856,000 | 14,777,000 |
| The assets do not include any investment in shares of the Company. |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 2024 | 2023 |
| Discount rate | 4.95% | 5.20% |
| For the year ended 31st August 2024:- |
| Inflation assumption (RPI) | 3.40% p.a. (2023: 3.60% p.a.) |
| Inflation (CPI) | 2.40% p.a. until 2030 then 3.40% p.a. (2023: 2.60% p.a. until 2030 then 3.60% p.a.) |
| The post-retirement mortality assumption table S3PA CMI 2021 has been used with an allowance for improvements in line with the Actuarial Profession's 2021 CMI projection, with a long term rate of 1.25%. |
| Members are assumed to take 20% of their pension as tax free cash. |
| 2024 | 2023 |
| Life expectancy at age 65 of male aged 45 | 23.4 | 23.3 |
| Life expectancy at age 65 of male aged 65 | 22.1 | 22.0 |
| Life expectancy at age 65 of female aged 45 | 25.9 | 25.8 |
| Life expectancy at age 65 of female aged 65 | 24.5 | 24.4 |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 26. | - continued |
| Sensitivity of the value placed on the liabilities is as follows: |
Adjustments to assumptions |
Approximate effect on liabilities as at 31 August 2024 |
| £ |
| Discount rate |
| Minus 0.10% p.a. | + 172,000 |
| Inflation |
| Plus 0.10% p.a. | +105,000 |
| Mortality |
| Increase the assumed long-term rate of mortality improvement to 1.5% p.a. |
+ 93,000 |
| Note that the above sensitivities are approximate and only show the likely effect of an assumption being adjusted whilst all other assumptions remain the same. |
| Projected Profit & Loss account for year to 31 August 2025 is as follows: |
| 31 August 2025 |
| £ |
| Interest on liabilities | 693,000 |
| Interest on assets | (769,000) |
| Total | (76,000) |
| The above estimate is based on the assumptions adopted at 31st August 2024 and assumes the following: |
| - Cashflows to and from the Scheme are broadly the same as for the current period. |
| - There are no events (other than those already notified to us) that would give rise to a settlement, curtailment or past service cost. |
| Market conditions at 31 August 2024 |
| The following market statistics were considered when setting the FRS 102 assumptions: |
| 31 August 2024 |
| iBoxx Over 15 Year AA Corporate Bond Yield | 4.96% p.a. |
| Bank of England Implied Price Inflation (15 years) | 3.41% p.a. |
| Defined contribution scheme |
| The company also operates staff defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable by the company amounted to £822,920 (2023: £607,875). Included in creditors is an amount of £156,756 (2023: £199,191) in respect of pension payments owed at the year end. |
| 27. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | 289,207 | 1,162,004 |
| At the year end, the company was committed to capital expenditure in relation to a new growing structure in the Wholesale division, development work in the Amenity division and SameSystem (a workforce management solution computer system) implementation work in the Support Services division. The commitments will be funded with the working capital of the company. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 28. | RELATED PARTY DISCLOSURES |
| Entities with control, joint control or significant influence over the entity |
| 2024 | 2023 |
| £ | £ |
| Property rental costs | 125,000 | 127,500 |
| Entities over which the entity has control, joint control or significant influence |
| 2024 | 2023 |
| £ | £ |
| Amount due from related party | 100,000 | 100,000 |
| The amount due from related party was unsecured and interest free. |
| Key management personnel of the entity or its parent (in the aggregate) |
| 2024 | 2023 |
| £ | £ |
| Key management personnel compensation | 830,563 | 734,537 |
| Loan interest payable | 7,313 | 8,702 |
| Amount due to related party | 94,337 | 97,859 |
| The directors' loans receive interest at 2% above the bank's base rate. There are no fixed dates of repayment. |
| Entities that provide key management personnel services to the entity |
| 2024 | 2023 |
| £ | £ |
| Key management personnel services | - | 41,708 |
| Other related parties |
| 2024 | 2023 |
| £ | £ |
| Sales | - | 9,362 |
| Provision of services from related party | 60,742 | 51,987 |
| Income for use of Hillier Logo | - | 2,500 |
| Property rental costs | 172,800 | 172,500 |
| Loan interest payable | 35,855 | 30,002 |
| Amount due from related party | - | 4,225 |
| Amount due to related party | 727,131 | 704,325 |
| £280,000 (2023: £320,000) of amounts due to other related parties is secured over 1 freehold property. Interest is charged at 1% above base rate per annum. Repayments are made in annual instalments. The other amounts due to other related parties receive interest at 2% above the bank's base rate. There are no fixed dates of repayment. The amounts due from other related parties were unsecured and interest free. |
| 29. | ULTIMATE CONTROLLING PARTY |
| The group was controlled throughout the current and previous period by the Robert Hillier Settlement Trust and the John Hillier Settlement Trust who between them own all of the ordinary shares of the group. Neither of the trusts has a controlling party. |
| HILLIER NURSERIES LIMITED (REGISTERED NUMBER: 01260468) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 30. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Profit for the financial year | 1,791,151 | 2,440,549 |
| Dividends | (75,000 | ) | (70,000 | ) |
| 1,716,151 | 2,370,549 |
| Other comprehensive income relating to the year (net) | 301,000 | 1,227,000 |
| Net addition to shareholders' funds | 2,017,151 | 3,597,549 |
| Opening shareholders' funds | 42,135,627 | 38,538,078 |
| Closing shareholders' funds | 44,152,778 | 42,135,627 |
| Company |
| 2024 | 2023 |
| £ | £ |
| Profit for the financial year |
| Dividends | ( |
) | ( |
) |
| 1,716,151 | 2,248,646 |
| Other comprehensive income relating to the year (net) | 301,000 | 1,227,000 |
| Net addition to shareholders' funds | 2,017,151 | 3,475,646 |
| Opening shareholders' funds | 42,013,724 | 38,538,078 |
| Closing shareholders' funds | 44,030,875 | 42,013,724 |