| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| FREELAND HORTICULTURE LTD |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| 7 Lower Brook Street |
| Oswestry |
| Shropshire |
| SY11 2HG |
| 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 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| 523,625 | 869,974 |
| Interest payable and similar expenses | 7 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| 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 |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| £ | £ |
| FREELAND HORTICULTURE LTD (REGISTERED NUMBER: 04015968) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | EMPLOYEES AND DIRECTORS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Wages and salaries | 1,724,461 | 1,717,112 |
| Social security costs | 181,242 | 177,906 |
| Other pension costs | 77,924 | 74,739 |
| 1,983,626 | 1,969,757 |
| The average number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| Production | 30 | 33 |
| Administration | 11 | 11 |
| 41 | 44 |
| 30.9.24 | 30.9.23 |
| £ | £ |
| 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 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors' remuneration |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Hire purchase |
| 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 |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| Pension timing difference | (53 | ) | 140 |
| Research and development claim | ( |
) | ( |
) |
| Deferred tax charge | (32,500 | ) | (18,540 | ) |
| Movement in bad debt provision | ( |
) |
| Group relief | ( |
) | ( |
) |
| CT rate movement | ( |
) |
| Total tax charge | 10,180 | 140,685 |
| 9. | DIVIDENDS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Ordinary shares of £0.50 each |
| Interim |
| 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 |
| Additions |
| Disposals | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Computer |
| and |
| Motor | office |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 30.9.24 |
| £ |
| Aggregate capital and reserves |
| Loss for the year | ( |
) |
| 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 |
| 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 |
| Other debtors |
| Amounts due from related parties |
| Prepayments and accrued income |
| 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) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 213,245 | 202,210 |
| Amounts due to related |
| parties |
| Directors' current accounts |
| Accrued expenses |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Hire purchase contracts (see note 16) |
| Directors' loan accounts |
| 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 |
| Between one and five years |
| 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 |
| Provided during year | ( |
) |
| Balance at 30 September 2024 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| 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 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 September 2024 |
| 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 Rosedale Nursery, College Road, Hextable, Kent, BR8 7LT. |