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REGISTERED NUMBER: 04015968 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

FREELAND HORTICULTURE LTD

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


FREELAND HORTICULTURE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: G Longmuir
P H Thornton





SECRETARY: Mrs P J Lambourne





REGISTERED OFFICE: Rosedale Nursery
College Road
Hextable
Kent
BR8 7LT





REGISTERED NUMBER: 04015968 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

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
Freeland had a solid year for 23-24 however we continued to witness less activity within the construction industry which transferred into lower soils being sold across the country.

The wet Winter/Spring of 23-24 also had a significant influence over the amount of topsoil which could be sold, and it was April before the rain stopped which then allowed the increase in soil production and landscape sites were then dry enough to receive the soil.

The uncertainty created with the general election in June and the budget in October compounded the problem and with uncertainty comes a shrinking of investment as companies looked to minimise risk and consolidate.

Construction is a good barometer of business in general, and it is best described as steady with no significant projects to really see a real increase in soil business activity.

With the 14 soil sites spread across England and Wales Freeland is in a stronger position than most to attract sales from wider area thus maintaining the company's position as the market leader in Topsoil.

Freeland operate 3 green waste composting sites and the PAS100 compost created from these operations is transferred to both the soil business and the horticultural supply chain which in turn supplies the retail market.

The Spring of 24 was one of the wettest on record and as a result the public were not as active in their gardens either creating green waste or purchasing garden products. As a result - the window for gardening activity was shortened and this reduced the income for the business.

All the compost sites are fully compliant with their waste permits and there are no issues with the Environment Agency.

Freeland does have competitors in soils however much off our competition still sell cheaper soils from recycling operations. The Environment Agency allow this under waste criteria RPS190 - which means the seller had to follow strict guidance with particular attention on the soil analysis.

Many of the soil recycling companies do not follow the guidance and therefore have a much cheaper product to sell as a result of not spending monies on the waste permitting paperwork and laboratory analysis. These soils could potentially possess contamination, and this is being traded to the customer.

The Environmental Agency don't appear to be enforcing RPS190 however it's only a matter of time when they will catch up and bring these companies into line.

Freeland continues with its R&D programme and having spent the last 4 years developing ground breaking technology - we hope to in a position to partner with select companies in this area during 2025 - 26.

ON BEHALF OF THE BOARD:





G Longmuir - Director


17 June 2025

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

REPORT OF THE DIRECTORS
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 in the year under review was that of production and supply of topsoil.

DIVIDENDS
Interim dividends were paid during the year ended 30 September 2024 on the following dates:

31/10/2023 £50,000
29/12/2023 £60,000
29/02/2024 £60,000
31/08/2024 £15,000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £185,000.

RESEARCH AND DEVELOPMENT
The company continues with its R&D programme and having spent the last 4 years developing ground breaking technology - we hope to in a position to partner with select companies in this area during 2025 - 26.

FUTURE DEVELOPMENTS
The company continues to seek out opportunities for new sites as well as maintaining the ones that are currently in operation. Focus is particularly paid on sites which are coming to a natural end as the operations will need to be relocated to a nearby site.

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

G Longmuir
P H Thornton

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

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

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.

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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

AUDITORS
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G Longmuir - Director


17 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FREELAND HORTICULTURE LTD

Opinion
We have audited the financial statements of Freeland Horticulture Ltd (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FREELAND HORTICULTURE LTD


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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.

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

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FREELAND HORTICULTURE LTD


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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the client's operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FREELAND HORTICULTURE LTD

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Aled Davies FCCA (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

17 June 2025

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 4 12,837,708 14,984,166

Cost of sales (10,030,355 ) (11,881,283 )
GROSS PROFIT 2,807,353 3,102,883

Administrative expenses (2,293,088 ) (2,243,282 )
OPERATING PROFIT 6 514,265 859,601

Interest receivable and similar income 9,360 10,373
523,625 869,974

Interest payable and similar expenses 7 (61,217 ) (52,313 )
PROFIT BEFORE TAXATION 462,408 817,661

Tax on profit 8 (10,180 ) (140,685 )
PROFIT FOR THE FINANCIAL YEAR 452,228 676,976

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

452,228

676,976

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,442,702 1,647,704
Investments 11 1,593,517 -
3,036,219 1,647,704

CURRENT ASSETS
Stocks 12 639,603 734,391
Debtors 13 2,407,553 4,196,956
Cash at bank 533,610 1,228,773
3,580,766 6,160,120
CREDITORS
Amounts falling due within one year 14 2,311,014 3,203,727
NET CURRENT ASSETS 1,269,752 2,956,393
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,305,971

4,604,097

CREDITORS
Amounts falling due after more than one
year

15

(995,066

)

(1,527,920

)

PROVISIONS FOR LIABILITIES 18 (288,116 ) (320,616 )
NET ASSETS 3,022,789 2,755,561

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 3,022,689 2,755,461
SHAREHOLDERS' FUNDS 3,022,789 2,755,561

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2025 and were signed on its behalf by:





G Longmuir - Director


FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 100 2,408,485 2,408,585

Changes in equity
Dividends - (330,000 ) (330,000 )
Total comprehensive income - 676,976 676,976
Balance at 30 September 2023 100 2,755,461 2,755,561

Changes in equity
Dividends - (185,000 ) (185,000 )
Total comprehensive income - 452,228 452,228
Balance at 30 September 2024 100 3,022,689 3,022,789

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Freeland Horticulture Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

Going Concern
The financial statements have been prepared on a going concern basis as the directors are of the opinion that the Company will be able to pay its liabilities as and when they fall due.

The directors have reached this conclusion after assessing the Company's future cash and funding requirements along with budgets and medium term plans.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Freeland Horticulture Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Freeland (UK) Limited, incorporated inside the United Kingdom.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of debtors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets and depreciation
Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition of each asset evenly over its expected useful life, as follows:

Plant and machinery - 12.5% - 50%

Motor vehicles - 25%

Computer and office equipment - 25% - 33%

Leasehold improvements - length of lease

No depreciation is provided for on the Freehold land.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition, as follows:

Raw materials, consumables and goods for resale - purchase cost on a first in, first out basis

Work in progress and finished goods - cost of direct materials and labour plus attributable
overheads based on a normal level of activity.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, and then subsequently measured at amortised cost. Financial assets classified as receivable within one year are not amortised. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the assets has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including creditors and 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. 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. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Operating lease commitments
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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:

30.9.24 30.9.23
£    £   
Sale of goods 12,733,357 14,956,723
Services provided 104,351 27,443
12,837,708 14,984,166

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. EMPLOYEES AND DIRECTORS

30.9.2430.9.23
££
Wages and salaries1,724,4611,717,112
Social security costs181,242177,906
Other pension costs77,92474,739
1,983,6261,969,757


The average number of employees during the year was as follows:
30.9.2430.9.23

Production3033
Administration1111
4144

30.9.24 30.9.23
£    £   
Directors' remuneration 181,293 178,294
Directors' pension contributions to money purchase schemes 7,119 7,119

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

Money purchase schemes 1 1

6. OPERATING PROFIT

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

30.9.24 30.9.23
£    £   
Depreciation - owned assets 599,461 595,553
Profit on disposal of fixed assets (42,896 ) (14,791 )
Auditors' remuneration 16,275 18,300

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Hire purchase 61,217 52,313

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 42,680 159,225

Deferred tax (32,500 ) (18,540 )
Tax on profit 10,180 140,685

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
£    £   
Profit before tax 462,408 817,661
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

115,602

204,415

Effects of:
Expenses not deductible for tax purposes 2,975 2,805
Depreciation in excess of capital allowances 32,784 18,829
Pension timing difference (53 ) 140
Research and development claim (43,121 ) (43,381 )
Deferred tax charge (32,500 ) (18,540 )
Movement in bad debt provision 893 (73 )
Group relief (66,400 ) (1,865 )
CT rate movement - (21,645 )
Total tax charge 10,180 140,685

9. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary shares of £0.50 each
Interim 185,000 330,000

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. TANGIBLE FIXED ASSETS
Improvements
to
Freehold leasehold Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 153,763 269,586 4,857,548
Additions - - 336,538
Disposals - - (79,088 )
At 30 September 2024 153,763 269,586 5,114,998
DEPRECIATION
At 1 October 2023 - 265,830 3,529,495
Charge for year - 1,770 523,509
Eliminated on disposal - - (79,088 )
At 30 September 2024 - 267,600 3,973,916
NET BOOK VALUE
At 30 September 2024 153,763 1,986 1,141,082
At 30 September 2023 153,763 3,756 1,328,053

Computer
and
Motor office
vehicles equipment Totals
£    £    £   
COST
At 1 October 2023 459,753 61,170 5,801,820
Additions 67,325 950 404,813
Disposals (66,789 ) - (145,877 )
At 30 September 2024 460,289 62,120 6,060,756
DEPRECIATION
At 1 October 2023 307,271 51,520 4,154,116
Charge for year 69,569 4,613 599,461
Eliminated on disposal (56,435 ) - (135,523 )
At 30 September 2024 320,405 56,133 4,618,054
NET BOOK VALUE
At 30 September 2024 139,884 5,987 1,442,702
At 30 September 2023 152,482 9,650 1,647,704

Included within the above are assets held under hire purchase agreements.

Assets held on such agreements include plant and machinery with a carrying value of £971,800 (2023:
£1,203,981) and depreciation charges for the year of £302,867 (2023: £442,629).

Motor vehicles held on hire purchase agreements have a carrying value of £34,022 (2023: £67,307) and
depreciation charges for the year of £26,548 (2023: £40,908).

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
Additions 1,593,517
At 30 September 2024 1,593,517
NET BOOK VALUE
At 30 September 2024 1,593,517

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Berkswell Recycling Limited
Registered office: United Kingdom
Nature of business: Treatment and disposal of non-hazardous waste
%
Class of shares: holding
Ordinary 100.00
30.9.24
£   
Aggregate capital and reserves 1,284,633
Loss for the year (256,243 )

There is no comparative for the above company as the shares were acquired during the financial year.

12. STOCKS
30.9.24 30.9.23
£    £   
Stocks 639,603 734,391

Included within the above are raw materials totalling £261,401 (2023: £271,088). The balance relates to finished products.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 1,973,453 2,638,974
Other debtors - 4,580
Amounts due from related parties 294,398 2,953
Prepayments and accrued income 139,702 1,550,449
2,407,553 4,196,956

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts (see note 16) 378,350 410,742
Trade creditors 1,189,639 1,986,563
Tax 43,145 159,689
Social security and other taxes 48,243 50,978
VAT 213,245 202,210
Amounts due to related
parties 48,194 6,806
Directors' current accounts 300,000 190,000
Accrued expenses 90,198 196,739
2,311,014 3,203,727

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts (see note 16) 695,066 717,920
Directors' loan accounts 300,000 810,000
995,066 1,527,920

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 378,350 410,742
Between one and five years 695,066 717,920
1,073,416 1,128,662

17. SECURED DEBTS

The company's bankers hold the following security: a debenture including a fixed charge over all freehold and leasehold property including fixtures and fittings, fixed plant and machinery and book and other debts; along with a floating charge over all other assets.

The bank also holds a fixed charge over the deposit accounts of the company in respect of any monies, deposited with the company's bankers to cover performance bonds, amounts deposited at the year end totalled £200,000.

Hire purchase liabilities are secured against the assets to which they relate. There are two hire purchase agreements with a total balance of £53,354 which are secured against plant and machinery held in a 100% owed subsidiary, Berkswell Recycling Limited.

The net book value of these assets held in the subsidiary total £67,521. Depreciation has not been charged in respect of these assets.

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax 288,116 320,616

Deferred
tax
£   
Balance at 1 October 2023 320,616
Provided during year (32,500 )
Balance at 30 September 2024 288,116

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
200 Ordinary £0.50 100 100

The shares have full voting rights, are eligible for dividends and carry the right to participate in a distribution (including on winding up).

20. RESERVES
Retained
earnings
£   

At 1 October 2023 2,755,461
Profit for the year 452,228
Dividends (185,000 )
At 30 September 2024 3,022,689

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with 100% owned subsidiaries within the group.

The immediate and ultimate parent company is Freeland (UK) Limited. Consolidated financial statements are prepared which include Freeland Horticulture Limited, and these are freely available from Companies House. The registered office of the immediate and ultimate parent company is the same as that of Freeland Horticulture Limited.

As at the year end, the company owed Paul Thornton, a director, £600,000 (2023: £1,000,000).

During the year, the company made sales to related parties totalling £6,985 (2023: £24,235). Balances due from related parties at the year-end total £801 (2023: £2,953).

During the year, the company made purchases from related parties totalling £43,851 (2023: £123,054). Balances due to related parties at the year-end total £14,921 (2023: £2,626).

Key management personnel compensation totalled £318,512 (2023: £290,148).

FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22. ULTIMATE CONTROLLING PARTY

The parent company is Freeland (UK) Limited, registered in England and Wales. The registered office is at
Rosedale Nursery, College Road, Hextable, Kent, BR8 7LT.