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Registered number: 11122778
Pollards Nurseries Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 November 2024
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3
Independent Auditor's Report 4—6
Consolidated Profit and Loss Account 7
Consolidated Statement of Comprehensive Income 8
Consolidated Balance Sheet 9
Company Balance Sheet 10
Consolidated Statement of Changes in Equity 11
Company Statement of Changes in Equity 12
Consolidated Statement of Cash Flows 13
Notes to the Consolidated Statement of Cash Flows 14
Company Statement of Cash Flows 15
Notes to the Company Statement of Cash Flows 16
Notes to the Financial Statements 17—23
Page 1
Company Information
Directors Mr D Stevenson
Mrs C Burton
Mr N Stevenson
Company Number 11122778
Registered Office 76 Aldwick Road
Bognor Regis
West Sussex
PO21 2PE
Accountants Bromley Clackett Ltd
76 Aldwick Road
Bognor Regis
West Sussex
PO21 2PE
Auditors 76 Aldwick Road
Bognor Regis
West Sussex
PO21 2PE
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 30 November 2024.
Principal Risks and Uncertainties
A summary of the results and key performance indicators are as follows:
Summary of financial results
Turnover increased from £8,102,414 for the year to 30th November 2023 to £9,801,697 for the year ended 30th November 2024.  The gross profit margin achieved was 10.67% compared to 12.08% last year.  The overall result was a loss before taxation of £660,102 compared to a profit before taxation for 2023 of £541,468.  The loss after taxation was £571,767 and this has reduced the group's net assets from £5,085,006 at 30th November 2023 to £4,513,239 at 30th November 2024.  Reasons for the financial performance are outlined below.
Review of the business
The main activity of the company continues to be the growing and packing of tomatoes on the vine for sale to UK retailers. Some of the growing facilities were also rented to a third-party grower of soft fruit. Following the impact of Tomato brown rugose virus (ToBRFV) in some of crops during the 2023 season, the management changed the complete cropping for 2024 to virus resistant varieties. This change was successful in that no ToBRFV symptoms were experienced, however the resistant variety yields fell short of forecast and so turnover was impacted. The financial impact was once again mitigated by favourable energy contracts but led to the reported loss.
Future performance 
The company has selected the best yielding and best flavour varieties grown in 2024 to continue in the 2025 season. Together with the experience gained in 2024 and changes in working practices to further improve performance the company forecasts a return to profitability in the face of increasing costs.
Principal risks and uncertainties 
The increase in labour costs caused by National Insurance contribution increases with effect from April 2025 will need to be passed on to retail customers and then on to consumers. This could have an impact on demand for UK grown tomatoes which compete with food imported from lower cost countries. 
Gas prices, although hedged against for the 2025 season, remain a risk in the longer term in particular as is the ongoing availability of staff to harvest and pack fruit. Pests and diseases are an ongoing threat which all staff are made aware of and strict hygiene measures implemented to control the risks
On behalf of the board
Mr N Stevenson
Director
29th May 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 30 November 2024.
Principal Activity
The group's principal activity of the group continues to be the growing and packing of tomatoes.
Directors
The directors who held office during the year were as follows:
Mr D Stevenson
Mrs C Burton
Mr N Stevenson
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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditors, Bromley Clackett Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr N Stevenson
Director
29th May 2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Pollards Nurseries Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 November 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 30 November 2024 and of the group's profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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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 in relation to which 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 or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with management of the company.
 -  We obtained an understanding of the legal and regulatory requirements applicable to the Group and considered that the most significant are the Companies Act 2006, Financial reporting Standard 102 and tax legislation.
 -  We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
 -  We inquired of management as to any known instances of irregularities or non-compliance with laws and regulations.
 -  We agreed the financial statement disclosures to underlying supporting documentation and performed detailed testing on accounts balances which were considered to be at a greater risk of susceptibility to fraud.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
 -  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 -  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group’s internal control.
 -  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
 -  Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
 -  Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements.
We communicate with management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Lee Clackett (Senior Statutory Auditor)
for and on behalf of Bromley Clackett Limited , Statutory Auditor
30th May 2025
Bromley Clackett Limited
76 Aldwick Road
Bognor Regis
West Sussex
PO21 2PE
Page 6
Page 7
Consolidated Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 9,801,697 8,102,414
Cost of sales (8,755,714 ) (7,123,362 )
GROSS PROFIT 1,045,983 979,052
Distribution costs (892,580 ) (1,007,081 )
Administrative expenses (1,097,107 ) (1,143,515 )
Other operating income 227,298 1,706,386
OPERATING (LOSS)/PROFIT 4 (716,406 ) 534,842
Other interest receivable and similar income 9 56,304 8,196
Interest payable and similar charges 10 - (1,570 )
(LOSS)/PROFIT BEFORE TAXATION (660,102 ) 541,468
Tax on (Loss)/profit 11 88,335 (131,110 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (571,767 ) 410,358
The notes on pages 14 to 23 form part of these financial statements.
Page 7
Page 8
Consolidated Statement of Comprehensive Income
2024 2023
£ £
LOSS FOR THE FINANCIAL YEAR (571,767 ) 410,358
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (571,767 ) 410,358
Page 8
Page 9
Consolidated Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 160,895 191,540
Tangible Assets 13 1,779,435 1,952,209
Investments 14 1,078,359 1,078,359
3,018,689 3,222,108
CURRENT ASSETS
Stocks 15 253,006 273,049
Debtors 16 1,960,524 1,703,842
Cash at bank and in hand 557,769 1,167,019
2,771,299 3,143,910
Creditors: Amounts Falling Due Within One Year 17 (898,606 ) (871,139 )
NET CURRENT ASSETS (LIABILITIES) 1,872,693 2,272,771
TOTAL ASSETS LESS CURRENT LIABILITIES 4,891,382 5,494,879
Creditors: Amounts Falling Due After More Than One Year 18 (8,777 ) (10,326 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 19 (369,366 ) (399,547 )
NET ASSETS 4,513,239 5,085,006
CAPITAL AND RESERVES
Called up share capital 21 180,480 180,480
Other reserves 4,425,986 4,425,986
Profit and Loss Account (93,227 ) 478,540
SHAREHOLDERS' FUNDS 4,513,239 5,085,006
On behalf of the board
Mr N Stevenson
Director
29th May 2025
The notes on pages 14 to 23 form part of these financial statements.
Page 9
Page 10
Company Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 14 9,233,850 9,233,850
9,233,850 9,233,850
CURRENT ASSETS
Cash at bank and in hand 480 480
480 480
Creditors: Amounts Falling Due Within One Year 17 (4,627,864 ) (4,627,864 )
NET CURRENT ASSETS (LIABILITIES) (4,627,384 ) (4,627,384 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,606,466 4,606,466
NET ASSETS 4,606,466 4,606,466
CAPITAL AND RESERVES
Called up share capital 21 180,480 180,480
Other reserves 4,425,986 4,425,986
SHAREHOLDERS' FUNDS 4,606,466 4,606,466
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit/(loss) for the year was £ (2023: £ profit).
On behalf of the board
Mr N Stevenson
Director
29th May 2025
The notes on pages 14 to 23 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Other reserves Profit and Loss Account Total
£ £ £ £
As at 1 December 2022 180,480 4,425,986 68,182 4,674,648
Profit for the year and total comprehensive income - - 410,358 410,358
As at 30 November 2023 and 1 December 2023 180,480 4,425,986 478,540 5,085,006
Loss for the year and total comprehensive income - - (571,767 ) (571,767)
As at 30 November 2024 180,480 4,425,986 (93,227 ) 4,513,239
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Company Statement of Changes in Equity
Share Capital Other reserves Total
£ £ £
As at 1 December 2022 180,480 4,425,986 4,606,466
As at 30 November 2023 and 1 December 2023 180,480 4,425,986 4,606,466
As at 30 November 2024 180,480 4,425,986 4,606,466
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash (used in)/generated from operations 1 (393,509 ) 1,371,566
Interest paid - (1,570 )
Tax paid (158,451 ) (23,114 )
Net cash (used in)/generated from operating activities (551,960 ) 1,346,882
Cash flows from investing activities
Purchase of tangible assets (113,594 ) (112,923 )
Interest received 56,304 8,196
Loan finance provided - (1,394,000)
Net cash used in investing activities (57,290 ) (1,498,727 )
Decrease in cash and cash equivalents (609,250 ) (151,845 )
Cash and cash equivalents at beginning of year 2 1,167,019 1,318,864
Cash and cash equivalents at end of year 2 557,769 1,167,019
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of (loss)/profit for the financial year to cash (used in)/generated from operations
2024 2023
£ £
(Loss)/profit for the financial year (571,767 ) 410,358
Adjustments for:
Tax on (loss)/profit (88,335 ) 131,110
Interest expense - 1,570
Interest income (56,304 ) (8,196 )
Amortisation of intangible assets 30,645 30,645
Depreciation of tangible assets 286,368 283,800
Movements in working capital:
Decrease in stocks 20,043 126,671
(Increase)/decrease in trade and other debtors (198,528 ) 557,369
Increase/(decrease) in trade and other creditors 184,369 (161,761 )
Net cash (used in)/generated from operations (393,509 ) 1,371,566
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 557,769 1,167,019
3. Analysis of changes in net funds
As at 1 December 2023 Cash flows As at 30 November 2024
£ £ £
Cash at bank and in hand 1,167,019 (609,250) 557,769
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Company Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from/(used in) operations 1 - -
Increase/(decrease) in cash and cash equivalents - -
Cash and cash equivalents at beginning of year 2 480 480
Cash and cash equivalents at end of year 2 480 480
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Notes to the Company Statement of Cash Flows
1. Reconciliation of profit/(loss) for the financial year to cash generated from/(used in) operations
2024 2023
£ £
Profit/(loss) for the financial year - -
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 480 480
3. Analysis of changes in net funds
As at 1 December 2023 Cash flows As at 30 November 2024
£ £ £
Cash at bank and in hand 480 - 480
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Notes to the Financial Statements
1. General Information
Pollards Nurseries Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11122778 . The registered office is 76 Aldwick Road, Bognor Regis, West Sussex, PO21 2PE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 November 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2%, 5% or 10% on cost
Plant & Machinery 15% reducing balance
2.7. Investments
Investments in subisidiary undertakings are recognised at cost.
2.8. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
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2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10. Financial Instruments
Financial instruments are measured at transaction price, adjusted for transaction costs and are not measured at fair value.  The company assesses any evidence of impairment at the end of each reporting period.
2.11. 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.12. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.13. Grants
Funding obtained for the acquisition of tangible fixed assets are recognised as liabilities and released to the profit and loss account on the same basis as depreciation on the assets to which the funding relates is charged.
3. Other Operating Income
2024 2023
£ £
Rental income 86,786 48,104
Other operating income 140,512 1,658,282
227,298 1,706,386
4. Operating (Loss)/profit
The operating (loss)/profit is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets 286,368 283,800
Amortisation of intangible fixed assets 30,645 30,645
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5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 9,650 9,650
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 3,052,373 3,212,567
Social security costs 292,661 312,924
Other pension costs 69,298 71,963
3,414,332 3,597,454
7. Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
2024 2023
Directors 3 3
Management 7 7
Direct labour 96 105
106 115
Company
Average number of employees, including directors, during the year was: NIL (2023: )
- -
8. Directors' remuneration
2024 2023
£ £
Emoluments 142,190 131,953
9. Interest Receivable and Similar Income
2024 2023
£ £
Interest receivable 56,304 6,625
Other interest - 1,571
56,304 8,196
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10. Interest Payable and Similar Charges
2024 2023
£ £
Other loan interest - 1,570
11. Tax on Profit
The tax (credit)/charge on the (loss)/profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 25.0% (58,154 ) 158,451
Deferred Tax
Origination and reversal of timing differences (30,181 ) (27,341 )
Total tax charge for the period (88,335 ) 131,110
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax (660,102) 541,468
Tax on profit at 25% (UK standard rate) (165,025 ) 135,366
Goodwill/depreciation not allowed for tax 9,962 10,039
Difference in tax rates 5,027 (13,802 )
Tax losses for which no deferred tax was recognised 62,157 -
Revenue exempt from taxation (456 ) (493 )
Total tax charge for the period (88,335) 131,110
12. Intangible Assets
Group
Goodwill
£
Cost
As at 1 December 2023 306,459
As at 30 November 2024 306,459
Amortisation
As at 1 December 2023 114,919
Provided during the period 30,645
As at 30 November 2024 145,564
Net Book Value
As at 30 November 2024 160,895
As at 1 December 2023 191,540
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Company
The company had no intangible fixed assets as at 30 November 2024 or 30 November 2023.
13. Tangible Assets
Group
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 December 2023 1,753,958 1,265,130 3,019,088
Additions - 113,594 113,594
As at 30 November 2024 1,753,958 1,378,724 3,132,682
Depreciation
As at 1 December 2023 602,785 464,094 1,066,879
Provided during the period 162,771 123,597 286,368
As at 30 November 2024 765,556 587,691 1,353,247
Net Book Value
As at 30 November 2024 988,402 791,033 1,779,435
As at 1 December 2023 1,151,173 801,036 1,952,209
Company
The company had no tangible fixed assets as at 30 November 2024 or 30 November 2023.
14. Investments
Group
Unlisted Other Total
£ £ £
Cost
As at 1 December 2023 52 1,078,307 1,078,359
As at 30 November 2024 52 1,078,307 1,078,359
Provision
As at 1 December 2023 - - -
As at 30 November 2024 - - -
Net Book Value
As at 30 November 2024 52 1,078,307 1,078,359
As at 1 December 2023 52 1,078,307 1,078,359
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Company
Subsidiaries
£
Cost
As at 1 December 2023 9,233,850
As at 30 November 2024 9,233,850
Provision
As at 1 December 2023 -
As at 30 November 2024 -
Net Book Value
As at 30 November 2024 9,233,850
As at 1 December 2023 9,233,850
15. Stocks
2024 2023
£ £
Stock 253,006 273,049
16. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 378,442 251,684 - -
Other debtors 1,582,082 1,452,158 - -
1,960,524 1,703,842 - -
17. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 328,226 284,425 - -
Amounts owed to group undertakings - - 4,627,864 4,627,864
Other creditors 124,079 8,789 - -
Corporation tax - 158,451 - -
Taxation and social security 75,273 67,199 - -
Accruals and deferred income 371,028 352,275 - -
898,606 871,139 4,627,864 4,627,864
18. Creditors: Amounts Falling Due After More Than One Year
Group
2024 2023
£ £
Accruals and deferred income 8,777 10,326
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19. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances 369,366 399,547
20. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 December 2023 399,547 399,547
Origination and reversal of timing differences (30,181 ) (30,181 )
Balance at 30 November 2024 369,366 369,366
21. Share Capital
2024 2023
Allotted, called up and fully paid £ £
180,480 Ordinary Shares of £ 1.00 each 180,480 180,480
22. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 336,832 -
Later than one year and not later than five years - 642,118
336,832 642,118
23. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £69,298 (2023: £71,963).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
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