| REGISTERED NUMBER: |
| STRATEGIC REPORT, DIRECTORS' REPORT AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| JAMES COLES & SONS (NURSERIES) LIMITED |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditor |
| Unit 2, Charnwood Edge Business Park |
| Syston Road |
| LE7 4UZ |
| JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| for the year ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Distribution costs | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| 1,338,526 | 703,397 |
| Other operating income | 5 |
| OPERATING PROFIT | 8 |
| Interest receivable and similar income | 9 |
| 1,549,553 | 843,733 |
| Gain/loss on revaluation of investment property |
329,330 |
- |
| PROFIT BEFORE TAXATION |
| Tax on profit | 10 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| JAMES COLES & SONS (NURSERIES) LIMITED (REGISTERED NUMBER: 01330804) |
| BALANCE SHEET |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 12 |
| Investment property | 13 |
| CURRENT ASSETS |
| Stocks | 14 |
| Debtors | 15 |
| Investments | 16 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 17 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Share premium | 22 |
| Capital redemption reserve | 22 |
| Fair value reserve | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - | - |
| Transfer to/from profit and |
| loss account | - | (322,990 | ) | - |
| Balance at 30 September 2024 |
| Capital | Fair |
| redemption | value | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Transfer to/from profit and |
| loss account | - | 322,990 | - |
| Balance at 30 September 2024 |
| 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 |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Current asset investments | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Capital repayments in year | ( |
) | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Gain on revaluation of fixed assets | (329,330 | ) | - |
| Finance income | (119,616 | ) | (80,860 | ) |
| Taxation |
| 1,351,784 | 948,874 |
| Increase in stocks | ( |
) | ( |
) |
| Decrease/(increase) in trade and other debtors | ( |
) |
| (Decrease)/increase in trade and other creditors | ( |
) |
| Cash generated from operations |
| 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 | 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 |
| 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 buildings | Buildings; 50 years straight line, land not depreciated |
| Plant and machinery | 10% to 25% reducing balance, 3 to 10 years straight line |
| Roads, greenhouses and frames | 10 years straight line |
| Motor vehicles | 15% to 25% reducing balance |
| Computer equipment | 33.3% 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 |
| £ | £ |
| 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 |
| 5. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Other operating income | 91,411 | 59,476 |
| 6. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| 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 |
| 7. | DIRECTORS' EMOLUMENTS |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 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 |
| Operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| 9. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 2024 | 2023 |
| £ | £ |
| Deposit account interest |
| 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 |
| Adjustment to prior years | - | 67 |
| Total current tax |
| Deferred tax |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Adjustments to tax charge in respect of previous periods |
| 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 |
| 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 |
| Additions |
| Disposals | ( |
) |
| Reclassification | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Charge written back | (6,340 | ) | - | - |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| Reclassification | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| Charge written back | - | - | (6,340 | ) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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. |
| 2024 | 2023 |
| £ | £ |
| Motor vehicles | 57,800 | 146,897 |
| Depreciation charge for the year in respect of leased assets | 10,200 | 25,923 |
| 13. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Revaluations | 329,330 |
| Reclassification/transfer | 310,670 |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| 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 |
| Goods for resale |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 16. | CURRENT ASSET INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Investments |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 19) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 164,743 | 146,061 |
| Other creditors |
| Directors' current accounts | 2,000 | 2,000 |
| Accruals and deferred income |
| 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) |
| Other creditors |
| 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 |
| Between one and five years |
| 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 |
| Between one and five years |
| In more than five years |
| 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 |
| Charge to Statement of Comprehensive Income during year |
| Balance at 30 September 2024 |
| 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 year | 51,776 |
| Later than 1 year and not later than 5 years | 207,104 |
| Later than 5 years | 185,531 |
| 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. |
| During the year, a total of key management personnel compensation of £ |
| 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. |