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REGISTERED NUMBER: 01330804 (England and Wales)












STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

JAMES COLES & SONS (NURSERIES) LIMITED

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2024










Page

Company Information 1

Strategic Report 2

Directors' Report 3

Independent Auditors' Report 5

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


JAMES COLES & SONS (NURSERIES) LIMITED

COMPANY INFORMATION
for the year ended 30 September 2024







DIRECTORS: Mr M J Cade
Mr J R Coles
Mrs D J Coles



SECRETARY: Mrs D J Coles



REGISTERED OFFICE: 624 Uppingham Road
Thurnby
Leicestershire
LE7 9QB



REGISTERED NUMBER: 01330804 (England and Wales)



SENIOR STATUTORY AUDITOR: Luke Turner FCA FCCA



AUDITORS: Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

STRATEGIC REPORT
for the year ended 30 September 2024


The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
The results for the year and financial position at the year-end were considered satisfactory by the directors who are pleased that the company's continued tight cost control and systems improvements have enabled the company to report a robust performance despite a challenging economic environment. The directors believe the company is well positioned to maintain a good stronghold on the sector.

PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of potential risks and uncertainties which could have a material impact on the company's performance. The directors view the principal risks to be weather, pest and disease, economy and the continuing impact of Brexit.

The main risk to the company is the weather due to the nature of their principal activity which is highly seasonal. Trees and shrubs are particularly susceptible to the weather with adverse weather having a negative impact on the performance. There is a significant risk with pests and diseases becoming more widespread, with potentially severe measures being enforced by the Plant Health Authorities. We review where we purchase stock and will follow any official guidelines to optimise our chances of keeping a clean nursery. For this reason we continue to be Certified as "Plant Healthy".

Due to the nature of our business we are heavily dependent on our suppliers and their associated prices. If suppliers were to increase their prices the business would have to decide whether to pass these prices on to the customers or whether to seek alternative suppliers.

The company can have exposure to exchange rate volatility in respect of the Euro, but in the opinion of the directors this threat is minimal. It manages the exposure by buying product which is already sold at a known price, therefore keeping margin and profit under control. Some growing stock is also bought, but again this is only done when an agreeable rate is available.

As with many other businesses of our size, its continued success relies on economic and political confidence. By monitoring order intake, the company can adapt to fluctuations in demand internally.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. The directors risk assess these changes each year and adjust company plans accordingly. For this reason we have now relaunched our staff training scheme and are about to launch our management progression training scheme.

KEY PERFORMANCE INDICATORS
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and operating profit.

The company's turnover has decreased to £14,245,510 from £14,386,217. Operating profit has increased to £1,429,937 from £762,873 and a profit before tax has been made of £1,878,883 (2023 - £843,733).

ON BEHALF OF THE BOARD:





Mr J R Coles - Director


21 May 2025

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

DIRECTORS' REPORT
for the year ended 30 September 2024


The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company continued to be that of nurserymen.

DIVIDENDS
Interim dividends were paid amounting to £142,000 (2023: £1,642,000). The directors recommend that no final dividends will be paid.

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

Mr M J Cade
Mr J R Coles
Mrs D J Coles

PRINCIPAL RISKS AND UNCERTAINTIES
Interest rate risk
The company reviews its exposure to interest rates regularly and considers the benefit (or otherwise) of hedging against adverse interest rate movements as part of these reviews.

Foreign currency risk
Foreign currency exposure resulting trade with customers and suppliers abroad is mitigated by a hedging policy adopted by the company.

Credit risk
Managing cashflow and credit risk is a priority of the company. All customers are subject to credit checks to reduce exposure to bad debts and to maintain cashflow to support the working capital required for the operations within the business.

Supply chain
Supply chain is a significant risk currently facing the company and garden centres in general due to significant disruptions of global supply chains over recent years. To mitigate against the risk the company ensures that stock levels are sufficient to allow for supply chain disruptions, which results in additional costs, but has ensured it maintains extremely robust supply arrangements.

Weather
Weather is a key risk to the company due to the seasonal nature of the sale of plant, shrubs and tree products. Adverse weather can lead to reduce footfall impacting on both profitability and stock levels. The company's growth in indoor retail has reduced its reliance on good weather.

Competition
The company competes with a variety of retailers including other garden centres. The company closely monitors its position and remains competitive on range, value, quality and service.

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

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

-select suitable accounting policies and 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.


JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

DIRECTORS' REPORT
for the year ended 30 September 2024

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

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

AUDITORS
The auditors, Magma Audit LLP (part of the Dains Group), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J R Coles - Director


21 May 2025

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
JAMES COLES & SONS (NURSERIES) LIMITED


Opinion
We have audited the financial statements of James Coles & Sons (Nurseries) Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

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

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

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

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

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
JAMES COLES & SONS (NURSERIES) LIMITED


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

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

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

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

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

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

- discussions with management including consideration of known or suspected instances of non-compliance with
laws and regulation and fraud;
- challenging assumptions made by management in their significant accounting estimates, in particular in relation
to the useful economic life of tangible assets and the stock valuation; and
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
journal entries crediting cash and journal entries with specific defined descriptions.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Auditors' Report.

Use of our report
This report is made solely to the company's shareholders, 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 shareholders those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's shareholders as a body, for our audit work, for this report, or for the opinions we have formed.




Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
LE7 4UZ

21 May 2025

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 4 14,245,510 14,386,217

Cost of sales (10,398,836 ) (10,980,482 )
GROSS PROFIT 3,846,674 3,405,735

Distribution costs (1,501,206 ) (1,509,759 )
Administrative expenses (1,006,942 ) (1,192,579 )
1,338,526 703,397

Other operating income 5 91,411 59,476
OPERATING PROFIT 8 1,429,937 762,873

Interest receivable and similar income 9 119,616 80,860
1,549,553 843,733
Gain/loss on revaluation of investment
property

329,330

-
PROFIT BEFORE TAXATION 1,878,883 843,733

Tax on profit 10 (520,046 ) (188,016 )
PROFIT FOR THE FINANCIAL YEAR 1,358,837 655,717

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,358,837

655,717

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

BALANCE SHEET
30 September 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 12 4,370,435 4,507,517
Investment property 13 640,000 -
5,010,435 4,507,517

CURRENT ASSETS
Stocks 14 2,403,986 2,026,819
Debtors 15 1,786,730 1,838,164
Investments 16 1,333,984 1,277,199
Cash at bank 1,883,553 1,431,815
7,408,253 6,573,997
CREDITORS
Amounts falling due within one year 17 (2,274,452 ) (2,258,622 )
NET CURRENT ASSETS 5,133,801 4,315,375
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,144,236

8,822,892

CREDITORS
Amounts falling due after more than one
year

18

(19,267

)

(29,267

)

PROVISIONS FOR LIABILITIES 20 (342,534 ) (228,027 )
NET ASSETS 9,782,435 8,565,598

CAPITAL AND RESERVES
Called up share capital 21 67,000 67,000
Share premium 22 37,492 37,492
Capital redemption reserve 22 25,000 25,000
Fair value reserve 22 322,990 -
Retained earnings 22 9,329,953 8,436,106
SHAREHOLDERS' FUNDS 9,782,435 8,565,598

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:




Mr J R Coles - Director



Mr M J Cade - Director


JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 October 2022 67,000 9,422,389 37,492

Changes in equity
Dividends - (1,642,000 ) -
Total comprehensive income - 655,717 -
Balance at 30 September 2023 67,000 8,436,106 37,492

Changes in equity
Dividends - (142,000 ) -
Total comprehensive income - 1,358,837 -
Transfer to/from profit and
loss account - (322,990 ) -
Balance at 30 September 2024 67,000 9,329,953 37,492
Capital Fair
redemption value Total
reserve reserve equity
£    £    £   
Balance at 1 October 2022 25,000 - 9,551,881

Changes in equity
Dividends - - (1,642,000 )
Total comprehensive income - - 655,717
Balance at 30 September 2023 25,000 - 8,565,598

Changes in equity
Dividends - - (142,000 )
Total comprehensive income - - 1,358,837
Transfer to/from profit and
loss account - 322,990 -
Balance at 30 September 2024 25,000 322,990 9,782,435

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

CASH FLOW STATEMENT
for the year ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 802,270 851,642
Tax paid (154,922 ) (176,394 )
Net cash from operating activities 647,348 675,248

Cash flows from investing activities
Purchase of tangible fixed assets (417,771 ) (646,818 )
Sale of tangible fixed assets 322,336 77,200
Current asset investments (56,785 ) (1,277,199 )
Interest received 119,616 80,860
Net cash from investing activities (32,604 ) (1,765,957 )

Cash flows from financing activities
Capital repayments in year (21,006 ) (71,172 )
Equity dividends paid (142,000 ) (1,642,000 )
Net cash from financing activities (163,006 ) (1,713,172 )

Increase/(decrease) in cash and cash equivalents 451,738 (2,803,881 )
Cash and cash equivalents at beginning
of year

2

1,431,815

4,235,696

Cash and cash equivalents at end of year 2 1,883,553 1,431,815

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 30 September 2024


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit for the financial year 1,358,837 655,717
Depreciation charges 242,747 226,690
Profit on disposal of fixed assets (320,900 ) (40,689 )
Gain on revaluation of fixed assets (329,330 ) -
Finance income (119,616 ) (80,860 )
Taxation 520,046 188,016
1,351,784 948,874
Increase in stocks (377,167 ) (264,596 )
Decrease/(increase) in trade and other debtors 51,434 (57,273 )
(Decrease)/increase in trade and other creditors (223,781 ) 224,637
Cash generated from operations 802,270 851,642

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 1,883,553 1,431,815
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 1,431,815 4,235,696


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/23 Cash flow At 30/9/24
£    £    £   
Net cash
Cash at bank 1,431,815 451,738 1,883,553
1,431,815 451,738 1,883,553

Liquid resources
Current asset investments 1,277,199 56,785 1,333,984
1,277,199 56,785 1,333,984
Debt
Finance leases (42,672 ) 21,006 (21,666 )
(42,672 ) 21,006 (21,666 )
Total 2,666,342 529,529 3,195,871

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024


1. STATUTORY INFORMATION

James Coles & Sons (Nurseries) Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is 624 Uppingham Road, Thurnby, Leics, LE7 9QB and the registered number is 01330804.

2. ACCOUNTING POLICIES

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

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when goods are despatched to a customer.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the 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.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildingsBuildings; 50 years straight line, land not depreciated
Plant and machinery10% to 25% reducing balance, 3 to 10 years straight line
Roads, greenhouses and frames10 years straight line
Motor vehicles15% to 25% reducing balance
Computer equipment33.3% straight line


No depreciation is provided in respect of freehold land and assets under construction.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

Investment property
Investment property is carried at fair value determined annually by the directors. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

Stocks
Stock is valued at the lower of cost and net realisable value. The valuation of growing stock is carried out by the directors using actual quantities evaluated at prices from a previous valuation prepared by external valuers adjusted for subsequent market movements in prices.

Growing stock is valued on the basis of direct cost plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of growing stock.

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

(i) Financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

(ii) Financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.date.

Foreign currencies
Monetary 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.

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


2. ACCOUNTING POLICIES - continued

Operating leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Current asset investments
Current asset investments are cash or cash equivalents with a maturity date of less than one year
valued at fair value.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the property, plant and equipment, and note 2 for the useful economic lives for each class of assets.

(ii) Valuation of growing stock
The valuation of growing stock is carried out by the directors using actual quantities evaluated at prices from a previous valuation prepared by external valuers adjusted for subsequent market movements in prices. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of growing stock. See note 12 for the net carrying amount of the inventory.

4. TURNOVER

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

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

2024 2023
£    £   
Wholesale 13,529,656 13,670,768
Retail 715,854 715,449
14,245,510 14,386,217

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


4. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 14,245,510 14,386,217
14,245,510 14,386,217

5. OTHER OPERATING INCOME
2024 2023
£    £   
Other operating income 91,411 59,476

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,177,146 4,013,872
Social security costs 311,837 300,124
Other pension costs 317,380 308,319
4,806,363 4,622,315

The average number of employees during the year was as follows:
2024 2023

Cost of sales 96 93
Distribution 10 9
Administration 17 16
Directors 3 3
126 121

7. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 138,458 319,313
Directors' pension contributions to money purchase schemes 138,962 183,365

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

Money purchase schemes 3 3

The highest paid director was paid £124,171 (2023: £317,041).

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


8. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 10,263 8,111
Operating leases 926,971 896,076
Depreciation - owned assets 232,547 200,767
Depreciation - assets on hire purchase contracts 10,200 25,923
Profit on disposal of fixed assets (320,900 ) (40,689 )
Auditors' remuneration 15,900 15,400
Auditors' remuneration for non audit work 1,713 2,000

9. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 119,616 80,860

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 405,539 154,922
Adjustment to prior years - 67
Total current tax 405,539 154,989

Deferred tax 114,507 33,027
Tax on profit 520,046 188,016

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 1,878,883 843,733
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22%)

469,721

185,621

Effects of:
Expenses not deductible for tax purposes 20,900 12,546
Capital allowances in excess of depreciation (1,899 ) (34,290 )
Adjustments to tax charge in respect of previous periods - 67
Deferred tax adjustments 114,507 33,027
Profit on disposal of fixed assets (847 ) (8,955 )
investment property
Property business profits (82,336 ) -
Total tax charge 520,046 188,016

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


11. DIVIDENDS
2024 2023
£    £   
Ordinary E shares of £1 each
Interim - 1,500,000
Ordinary A shares of £1 each
Interim 72,000 72,000
Ordinary B shares of £1 each
Interim 70,000 70,000
142,000 1,642,000

12. TANGIBLE FIXED ASSETS
Roads,
Freehold greenhouses
land & Plant and and
buildings machinery frames
£    £    £   
COST
At 1 October 2023 3,507,978 1,011,775 1,218,233
Additions 9,556 76,913 239,181
Disposals - (214,693 ) -
Reclassification (317,010 ) - -
At 30 September 2024 3,200,524 873,995 1,457,414
DEPRECIATION
At 1 October 2023 205,668 685,438 930,914
Charge for year 17,963 45,258 70,244
Eliminated on disposal - (214,693 ) -
Charge written back (6,340 ) - -
At 30 September 2024 217,291 516,003 1,001,158
NET BOOK VALUE
At 30 September 2024 2,983,233 357,992 456,256
At 30 September 2023 3,302,310 326,337 287,319

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


12. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2023 1,449,990 69,983 7,257,959
Additions 89,555 2,566 417,771
Disposals (65,349 ) (11,141 ) (291,183 )
Reclassification - - (317,010 )
At 30 September 2024 1,474,196 61,408 7,067,537
DEPRECIATION
At 1 October 2023 874,308 54,114 2,750,442
Charge for year 99,570 9,712 242,747
Eliminated on disposal (63,913 ) (11,141 ) (289,747 )
Charge written back - - (6,340 )
At 30 September 2024 909,965 52,685 2,697,102
NET BOOK VALUE
At 30 September 2024 564,231 8,723 4,370,435
At 30 September 2023 575,682 15,869 4,507,517

Included in land and buildings is freehold land of £2,292,822 (2023 - £2,292,822) which is not depreciated.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

20242023
££
Motor vehicles57,800146,897

Depreciation charge for the year in respect of leased assets10,20025,923

13. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Revaluations 329,330
Reclassification/transfer 310,670
At 30 September 2024 640,000
NET BOOK VALUE
At 30 September 2024 640,000

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2024 329,330
Cost 310,670
640,000

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


14. STOCKS
2024 2023
£    £   
Growing stock 2,258,055 1,862,131
Goods for resale 145,931 164,688
2,403,986 2,026,819

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,718,750 1,813,177
Other debtors 3,166 4,682
Prepayments and accrued income 64,814 20,305
1,786,730 1,838,164

16. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Investments 1,333,984 1,277,199

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 19) 9,999 21,005
Trade creditors 1,191,322 1,332,865
Corporation tax 405,539 154,922
Social security and other taxes 64,634 120,625
VAT 164,743 146,061
Other creditors 55,280 65,280
Directors' current accounts 2,000 2,000
Accruals and deferred income 380,935 415,864
2,274,452 2,258,622

Obligations under finance leases and hire purchase contracts are secured upon the assets concerned.

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 19) 11,667 21,667
Other creditors 7,600 7,600
19,267 29,267

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 9,999 21,005
Between one and five years 11,667 21,667
21,666 42,672

Finance lease payments represent rentals payable by the company for certain tangible fixed assets. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Non-cancellable operating leases
2024 2023
£    £   
Within one year 221,344 176,333
Between one and five years 654,742 402,384
In more than five years 202,047 262,500
1,078,133 841,217

Operating lease payments represent rentals payable by the company for agricultural land and commercial motor vehicles. Leases are negotiated for an average term of 3-6 years and rentals are fixed during this period.

20. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 342,534 228,027

Deferred
tax
£   
Balance at 1 October 2023 228,027
Charge to Statement of Comprehensive Income during year 114,507
Balance at 30 September 2024 342,534

21. CALLED UP SHARE CAPITAL

There are 67,000 £1 shares in issue, these are split as follows; 26,000 Ordinary, 18,400 Ordinary A, 4,600 Ordinary B, 500 Ordinary C, 500 Ordinary D, 17,000 Ordinary E.

The company's ordinary shares carry full rights with respect to voting, dividends and distribution, with the exception of the Ordinary E shares.

E shares does not carry any voting rights, each share has the right to participate in any income distribution including dividends declared on this class of share. This class of shares does not carry any right to participate in any capital distributions of the company including on a wind up. This class of share is non-redeemable.

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


22. RESERVES

Retained earnings
Retained earnings represent accumulated comprehensive income for the year and prior periods less dividends paid.

Share premium
The share premium account represents amounts received by the company in excess of share cost price.

Capital redemption reserve
The capital redemption reserve arose on the redemption of 25,000 Ordinary £1 shares.

23. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £151,519 (2023 - £140,037) were paid in the year in respect of the defined contribution scheme.

24. OTHER FINANCIAL COMMITMENTS

At 30 September 2024 the company had future minimum rentals recoverable under non-cancellable operating leases as follows:

2024
£

Not later than 1 year51,776
Later than 1 year and not later than 5 years207,104
Later than 5 years185,531
444,411

25. DIRECTORS' TRANSACTIONS

Dividends totalling £142,000 (2023 - £142,000) were paid in the year in respect of shares held by the company's directors.

26. RELATED PARTY DISCLOSURES

Transactions with related parties

G R Coles, J R Coles and a family trust, directors and shareholders of the company, own land on which the company's stocks are grown. In accordance with the agricultural tenancy agreements yearly rent is paid for the use of the land. The rent paid during the year was £24,555 (2023 - £24,555).

G R Coles, S E Coles, J R Coles and D J Coles, directors and shareholders of the company, are trustees and potential beneficiaries of the Coles Pension Scheme. The pension scheme owns land on which the company's stocks are grown. In accordance with the agricultural tenancy agreements yearly rent is paid for use of the land. The rent paid during the year was £16,000 (2023 - £16,000).

G R Coles, a shareholder of the company, holds a current account with the company. The amount owed to the company at year end was £55,280 (2023 - £65,280) and is included in other creditors.

Dividends totalling £Nil (2023 - £1,500,000) were paid to James Coles & Sons (Investments) Limited, a company which has common directors and shareholders.

Key management personnel of the entity or its parent (in the aggregate)

£64,302 has been paid over in the year to the adult children of JR and DJ Coles, who work for the company.

During the year, a total of key management personnel compensation of £ 267,396 (2023 - £ 486,953 ) was paid.

JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024


27. ULTIMATE CONTROLLING PARTY

The company is not controlled by any one party.