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REGISTERED NUMBER: 01531473 (England and Wales)















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30th September 2024

for

SUMMERHILL NURSERIES
LIMITED

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Contents of the Financial Statements
for the year ended 30th September 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


SUMMERHILL NURSERIES
LIMITED

Company Information
for the year ended 30th September 2024







DIRECTORS: Mr S L Humphreys
Miss K B Humphreys





SECRETARY: Miss K B Humphreys





REGISTERED OFFICE: Pipps Hill Road
Arterial Road
Billericay
Essex
CM11 2UJ





REGISTERED NUMBER: 01531473 (England and Wales)





AUDITORS: Barrons Limited
Chartered Accountants
& Statutory Auditors
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Strategic Report
for the year ended 30th September 2024


Introduction

The directors have pleasure in presenting their strategic report for the year ended 30th September 2024.

The directors aim to present a balanced and comprehensive review of the development and performance of the company's business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties that the company faces.

Business review

In the financial year, the directors arranged to enter into a new long term lease with the company's parent, Sorcerer Holdings Limited. The lease provides for a 25 term that provides long term strategic advantages in terms of planning for the future as well as being able to offer valued tenancies longer term arrangements.

During the year, the Company settled all Bank and Other commercial finance with the support of the holding company, removing exposure to interest rates and commitments to monthly loan repayments. Only Hire Purchase finance remained which is secured against the assets to which the finance relates.

The directors note that the trading results for the financial year were impacted by the continued recessionary market conditions in the UK that first began at the end of the previous financial trading year through challenging levels of inflation and interest rate rises for the consumer to address.

The business was able to report a level of gross profit margin of 19.8% (down from 23.2% in FY23). The directors take comfort from noting that the underlying gross margins returned to expected levels in this financial year, recovering from excess stock sell off in the last financial year, noting that the gross profit margin impact arose solely from employment costs that rose significantly over the period through the increasing levels of the National Minimum Pay levels and related pay matters. The directors have taken action to address the clear need to reduce employment costs as a consequence through the implementation of changes to operational trading hours and staffing levels generally. The directors are confident that there will be no impact upon the exemplary levels of customer service in making the requisite changes.

Taking into account the board's ongoing efforts to structure the business to be capable of delivering greater operational efficiencies through investment in both processes and innovation, the directors are satisfied with the level of gross profit margins reported in the year considering the challenges they faced in the market as outlined.

Resultant from the above the company has reported profitability at £0.245m before tax (3.9%) compared to the previous year's profitability of £0.805m before tax (11.7%).

The directors are pleased to report that a successful round of negotiations took place following the financial year end which has seen long term tenants favourably renewing leases for a further term, the benefits of which will accrue with immediate effect.

The directors recognise that economic conditions are challenging at the time of preparing this report, but with the actions around process and controls being fully implemented, the board are confident that recent historic profitability trends are attainable into the coming financial year and beyond.


Principal risks and uncertainties

The directors recognise that risk is inherent in any business and seek to manage risk in a controlled manner.

The key business risks are set out as follows:

Economic - the company is subject to many of the same general economic risks faced by other businesses especially during periods of economic downturn. The business seeks to mitigate this risk by having a diverse range of products with a broad demographic mix of customers.

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Strategic Report
for the year ended 30th September 2024


Commercial - the business operates in a competitive marketplace and faces competition from other retailers. The business seeks to mitigate this risk by continually developing and expanding their product range, and offering an extensive range of high quality products.

Financing - the company retains a significant cash holding to provide flexibility around purchasing and seasonal trading impacts, whilst capital investment funding requirements are met through a combination of medium term loans.

Financial - the business has limited exposure to liquidity risk, and interest rate fluctuations. The business has established a number of policies and management tools to mitigate the risks presented.


Financial key performance indicators

The key performance indicators are as follows:


2024 2023
£'000 £'000

Turnover 6,251 6,874
Gross profit 1,236 1,592
Operating profit 258 844
Pre-tax profit 245 805


The directors monitor a range of KPIs on a regular basis including operating efficiency, asset utilisation, liquidity and asset ratios, as well as cash flow forecasting systems.

ON BEHALF OF THE BOARD:





Mr S L Humphreys - Director


24th June 2025

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Report of the Directors
for the year ended 30th September 2024


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of operating a nursery and garden centre.

DIVIDENDS
The total distribution of dividends for the year ended 30th September 2024 will be £ 421,910 .

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

Mr S L Humphreys
Miss K B Humphreys

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 judgments and accounting estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards 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's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Report of the Directors
for the year ended 30th September 2024


AUDITORS
The auditors, Barrons Limited, will be proposed for appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr S L Humphreys - Director


24th June 2025

Report of the Independent Auditors to the Members of
Summerhill Nurseries
Limited


Opinion
We have audited the financial statements of Summerhill Nurseries Limited (the 'company') for the year ended 30th September 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30th 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
Summerhill Nurseries
Limited


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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Report of the Independent Auditors to the Members of
Summerhill Nurseries
Limited


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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating licence, environmental regulations, health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Report of the Independent Auditors to the Members of
Summerhill Nurseries
Limited


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.




Russell Tillbrook FCCA (Senior Statutory Auditor)
for and on behalf of Barrons Limited
Chartered Accountants
& Statutory Auditors
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

24th June 2025

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Profit and Loss Account
for the year ended 30th September 2024

2024 2023
Notes £    £   

TURNOVER 3 6,251,248 6,873,500

Cost of sales 5,015,564 5,281,899
GROSS PROFIT 1,235,684 1,591,601

Administrative expenses 1,258,662 1,073,118
(22,978 ) 518,483

Other operating income 281,291 325,780
OPERATING PROFIT 5 258,313 844,263

Interest receivable and similar income 46,744 32,015
305,057 876,278

Interest payable and similar expenses 6 60,505 71,639
PROFIT BEFORE TAXATION 244,552 804,639

Tax on profit 7 79,225 202,674
PROFIT FOR THE FINANCIAL YEAR 165,327 601,965

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Other Comprehensive Income
for the year ended 30th September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 165,327 601,965


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

165,327

601,965

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Balance Sheet
30th September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,262,921 1,161,990

CURRENT ASSETS
Stocks 10 1,169,656 1,331,031
Debtors 11 1,146,563 2,050,065
Cash at bank and in hand 408,484 916,279
2,724,703 4,297,375
CREDITORS
Amounts falling due within one year 12 1,215,181 1,658,703
NET CURRENT ASSETS 1,509,522 2,638,672
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,772,443

3,800,662

CREDITORS
Amounts falling due after more than one
year

13

(39,886

)

(817,395

)

PROVISIONS FOR LIABILITIES 17 (41,386 ) (35,513 )
NET ASSETS 2,691,171 2,947,754

CAPITAL AND RESERVES
Called up share capital 18 11,000 11,000
Retained earnings 19 2,680,171 2,936,754
SHAREHOLDERS' FUNDS 2,691,171 2,947,754

The financial statements were approved by the Board of Directors and authorised for issue on 24th June 2025 and were signed on its behalf by:





Mr S L Humphreys - Director


SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Statement of Changes in Equity
for the year ended 30th September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st October 2022 11,000 2,966,584 2,977,584

Changes in equity
Dividends - (631,795 ) (631,795 )
Total comprehensive income - 601,965 601,965
Balance at 30th September 2023 11,000 2,936,754 2,947,754

Changes in equity
Dividends - (421,910 ) (421,910 )
Total comprehensive income - 165,327 165,327
Balance at 30th September 2024 11,000 2,680,171 2,691,171

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Cash Flow Statement
for the year ended 30th September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 416,287 1,488,840
Interest paid (55,227 ) (68,066 )
Interest element of hire purchase payments
paid

(5,278

)

(3,573

)
Tax paid (214,031 ) (60,225 )
Net cash from operating activities 141,751 1,356,976

Cash flows from investing activities
Purchase of tangible fixed assets (194,130 ) (33,496 )
Sale of tangible fixed assets - 3,308
Interest received 46,744 32,015
Net cash from investing activities (147,386 ) 1,827

Cash flows from financing activities
Loan repayments in year (986,126 ) (190,508 )
Capital repayments in year (12,839 ) (5,376 )
Amount introduced by directors 3,060,366 504,630
Amount withdrawn by directors (1,126,336 ) (2,515,967 )
Parent company loan (1,015,315 ) -
Equity dividends paid (421,910 ) (631,795 )
Net cash from financing activities (502,160 ) (2,839,016 )

Decrease in cash and cash equivalents (507,795 ) (1,480,213 )
Cash and cash equivalents at beginning of
year

2

916,279

2,396,492

Cash and cash equivalents at end of year 2 408,484 916,279

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Cash Flow Statement
for the year ended 30th September 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 244,552 804,639
Depreciation charges 136,110 180,921
Loss on disposal of fixed assets - 3,896
Finance costs 60,505 71,639
Finance income (46,744 ) (32,015 )
394,423 1,029,080
Decrease in stocks 161,375 610,936
(Increase)/decrease in trade and other debtors (15,212 ) 120,035
Decrease in trade and other creditors (124,299 ) (271,211 )
Cash generated from operations 416,287 1,488,840

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 408,484 916,279
Year ended 30th September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 916,279 2,396,492


SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Cash Flow Statement
for the year ended 30th September 2024


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

Other
non-cash
At 1.10.23 Cash flow changes At 30.9.24
£    £    £    £   
Net cash
Cash at bank
and in hand 916,279 (507,795 ) 408,484
916,279 (507,795 ) 408,484
Debt
Finance leases (29,893 ) 12,839 - (59,966 )
Debts falling due
within 1 year (192,001 ) 192,001 - -
Debts falling due
after 1 year (794,125 ) 794,125 - -
(1,016,019 ) 998,965 - (59,966 )
Total (99,740 ) 491,170 - 348,518

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Financial Statements
for the year ended 30th September 2024


1. STATUTORY INFORMATION

Summerhill Nurseries Limited 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. ACCOUNTING POLICIES

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

Turnover
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Rent receivable
Rent receivable is measured as the fair value of consideration received as per the terms of the lease agreement. Rent is received on a monthly basis on an accruals basis.

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Financial Statements - continued
for the year ended 30th September 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Land and buildings- Straight Line over 25 years
Plant and machinery etc.- 20% Straight Line, 25% Straight Line and 33% Straight Line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Financial Statements - continued
for the year ended 30th September 2024


2. ACCOUNTING POLICIES - continued

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

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Financial Statements - continued
for the year ended 30th September 2024


3. TURNOVER

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

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

2024 2023
£    £   
Sale of Goods 5,797,901 6,502,315
Sale of Services 453,347 371,185
6,251,248 6,873,500

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,708,191 1,593,841
Social security costs 135,762 127,335
Other pension costs 36,377 30,557
1,880,330 1,751,733

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

Office 9 8
Retail 78 72
87 80

2024 2023
£    £   
Directors' remuneration 17,688 17,688

During the year directors benefits totalled £4.199 (2023: £4,477)

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 9,438 10,688
Depreciation - owned assets 121,840 169,796
Depreciation - assets on hire purchase contracts 14,271 11,125
Loss on disposal of fixed assets - 3,896
Auditors' remuneration 16,500 15,750
Foreign exchange differences (682 ) -
Auditors non audit service fees 113,983 59,187

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Financial Statements - continued
for the year ended 30th September 2024


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 2,805 319
Bank loan interest 52,422 67,747
Hire purchase 5,278 3,573
60,505 71,639

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 73,352 214,031

Deferred tax 5,873 (11,357 )
Tax on profit 79,225 202,674

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

2024 2023
£    £   
Profit before tax 244,552 804,639
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

61,138

201,160

Effects of:
Expenses not deductible for tax purposes 8 3,618
Depreciation in excess of capital allowances 12,206 38,349
Deferred Tax 5,873 (11,357 )
Corporation tax rate change - (29,096 )
Total tax charge 79,225 202,674

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 237,535 346,495
Ordinary C shares of £1 each
Interim 184,375 285,300
421,910 631,795

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Financial Statements - continued
for the year ended 30th September 2024


9. TANGIBLE FIXED ASSETS
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st October 2023 3,129,696 590,427 104,111 40,067 3,864,301
Additions 162,173 61,077 7,078 6,714 237,042
At 30th September 2024 3,291,869 651,504 111,189 46,781 4,101,343
DEPRECIATION
At 1st October 2023 2,075,939 529,924 77,368 19,080 2,702,311
Charge for year 76,000 39,644 10,148 10,319 136,111
At 30th September 2024 2,151,939 569,568 87,516 29,399 2,838,422
NET BOOK VALUE
At 30th September 2024 1,139,930 81,936 23,673 17,382 1,262,921
At 30th September 2023 1,053,757 60,503 26,743 20,987 1,161,990

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st October 2023 - 44,500 44,500
Additions 44,374 - 44,374
At 30th September 2024 44,374 44,500 88,874
DEPRECIATION
At 1st October 2023 - 22,906 22,906
Charge for year 5,177 9,094 14,271
At 30th September 2024 5,177 32,000 37,177
NET BOOK VALUE
At 30th September 2024 39,197 12,500 51,697
At 30th September 2023 - 21,594 21,594

10. STOCKS
2024 2023
£    £   
Finished goods 1,169,656 1,331,031

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Financial Statements - continued
for the year ended 30th September 2024


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 81 399
Amounts owed by group undertakings 1,015,316 -
Other debtors 24,064 12,462
Directors' current accounts - 1,934,030
Prepayments and accrued income 107,102 103,174
1,146,563 2,050,065

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) - 192,001
Hire purchase contracts (see note 15) 20,080 6,623
Trade creditors 896,231 1,078,026
Corporation tax 73,352 214,031
Social security and other taxes 42,574 62,031
Other creditors 39,605 45,945
Accruals and deferred income 143,339 60,046
1,215,181 1,658,703

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) - 794,125
Hire purchase contracts (see note 15) 39,886 23,270
39,886 817,395

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 192,001

Amounts falling due between one and two years:
Bank loans - 1-2 years - 196,856

Amounts falling due between two and five years:
Bank loans - 2-5 years - 234,433

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Financial Statements - continued
for the year ended 30th September 2024


14. LOANS - continued
2024 2023
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans due after 5 years by instalments - 362,836

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 20,080 6,623
Between one and five years 39,886 23,270
59,966 29,893

Non-cancellable operating leases
2024 2023
£    £   
Within one year 532,600 151,847
Between one and five years 1,940,000 47,600
In more than five years 9,700,000 -
12,172,600 199,447

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 986,126
Hire purchase contracts 59,966 29,893
59,966 1,016,019

The bank loan balance is secured by a debenture in favour of Barclays Bank plc and consists of fixed and floating charges over the Company's property and assets.

The hire purchase contracts are secured against the assets to which they relate.

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Financial Statements - continued
for the year ended 30th September 2024


17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 41,386 35,513

Deferred
tax
£   
Balance at 1st October 2023 35,513
Charge to Profit and Loss Account during year 5,873
Balance at 30th September 2024 41,386

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 Ordinary £1 5,000 5,000
1,000 Ordinary B £1 1,000 1,000
5,000 Ordinary C £1 5,000 5,000
11,000 11,000

Ordinary and Ordinary C Shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any right of redemption.

Ordinary B Shares have attached to them dividend rights; they do not confer any right of redemption.

19. RESERVES
Retained
earnings
£   

At 1st October 2023 2,936,754
Profit for the year 165,327
Dividends (421,910 )
At 30th September 2024 2,680,171

20. ULTIMATE PARENT COMPANY

The ultimate parent company is Sorcerer Holdings Limited.

SUMMERHILL NURSERIES
LIMITED (REGISTERED NUMBER: 01531473)

Notes to the Financial Statements - continued
for the year ended 30th September 2024


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Director's current account 2024
20242023
££

Balance outstanding at start of the year1,934,030 (77,307)
Amounts repaid(3,060,366 )(504,630)
Amounts advanced1,126,336 2,515,967
Balance outstanding at end of period- 1,934,030

During the year, the company charged interest on the directors' loan accounts totalling £31,423 (2023: £15,505).

22. RELATED PARTY DISCLOSURES

During the year, Summerhill Nurseries Limited was charged rent of £109,900 (2023: £144,400) by directors of the company.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr S L Humphreys and Ms K B Humpheys.