Company registration number 01259037 (England and Wales)
HOLLYBUSH NURSERIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
HOLLYBUSH NURSERIES LIMITED
COMPANY INFORMATION
Directors
J Moody
Mrs J Moody
R J Moody
C E Moody
K J Moody
Secretary
J Moody
Company number
01259037
Registered office
Hollybush Farm
Warstone Road
Shareshill
Wolverhampton
West Midlands
WV10 7LX
Auditor
Sumer Auditco Limited
The Beehive Building
Beehive Ring Road
Gatwick
Crawley
United Kingdom
RH6 0PA
HOLLYBUSH NURSERIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 23
HOLLYBUSH NURSERIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

The results for the year are set out on page 7 of the accounts, which the directors consider to be acceptable.

Principal risks and uncertainties

The company does not actively use financial instruments as part of its financial risk management and during the year the company has been exposed to risks of supplier price increases, credit risk, liquidity risk and cash flow risk. The directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position.

Development and performance

The business has continued to adapt to ongoing difficulties in market conditions as a result of the cost of living crisis and the general economy. The Board is confident that continual evolving plans will position the business to improve long term financial performance. In the meantime the business has operated within the existing banking facilities and the balance sheet remains strong.

Key performance indicators

The Directors consider the key performance indicators of the company to be revenue and net profit before tax and exceptional items, which are shown on page 7 of the accounts.

On behalf of the board

K J Moody
Director
25 June 2025
HOLLYBUSH NURSERIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company is all types of nursery trading.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Moody
Mrs J Moody
R J Moody
C E Moody
K J Moody
Financial instruments

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Going concern

After making enquiries and preparing integrated profit and loss and cash flow forecasts for one year from the date the financial statements are signed the Directors have formed a judgement that, as at the date of approving the financial statements, there is a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. For further details please see the accounting policies.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the directors are required to:

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.

HOLLYBUSH NURSERIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the review of the business, principal risks and uncertainties, and an analysis of the business' development and performance.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
K J Moody
Director
25 June 2025
HOLLYBUSH NURSERIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOLLYBUSH NURSERIES LIMITED
- 4 -
Opinion

We have audited the financial statements of Hollybush Nurseries Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon.

 

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

 

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 course of 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 our audit:

HOLLYBUSH NURSERIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOLLYBUSH NURSERIES LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

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

 

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

Auditor's responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and the industry in which it operates, we identified that principle risks of non-compliance with laws and regulations related to breaches of the Sale of Goods Act 1979 and employment laws, and we considered the extent to which non-compliance might have a material effect on the financial statements such as the Companies Act 2006.

HOLLYBUSH NURSERIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HOLLYBUSH NURSERIES LIMITED (CONTINUED)
- 6 -

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principle risks related to posting journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions. Audit procedures performed by the engagement team included:

 

Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Mr Alan Jones FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
The Beehive Building
Beehive Ring Road
Gatwick
Crawley
RH6 0PA
United Kingdom
27 June 2025
HOLLYBUSH NURSERIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
6,197,020
6,511,822
Cost of sales
(5,989,296)
(6,092,045)
Gross profit
207,724
419,777
Administrative expenses
(673,144)
(532,115)
Other operating income
238,284
251,040
Operating (loss)/profit
5
(227,136)
138,702
Interest receivable and similar income
8
18
34
Interest payable and similar expenses
9
(4,549)
(4,602)
(Loss)/profit before taxation
(231,667)
134,134
Tax on (loss)/profit
10
51,461
(125,616)
(Loss)/profit for the financial year
(180,206)
8,518
HOLLYBUSH NURSERIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
13,030,764
13,145,759
Current assets
Stocks
12
1,011,448
1,373,743
Debtors
13
2,563,151
2,276,392
Cash at bank and in hand
84,233
69,246
3,658,832
3,719,381
Creditors: amounts falling due within one year
14
(2,267,267)
(2,200,169)
Net current assets
1,391,565
1,519,212
Total assets less current liabilities
14,422,329
14,664,971
Creditors: amounts falling due after more than one year
15
(27,992)
(38,967)
Provisions for liabilities
Deferred tax liability
18
2,695,807
2,747,268
(2,695,807)
(2,747,268)
Net assets
11,698,530
11,878,736
Capital and reserves
Called up share capital
20
100
100
Revaluation reserve
7,964,614
7,964,614
Profit and loss reserves
3,733,816
3,914,022
Total equity
11,698,530
11,878,736

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
K J Moody
Director
Company registration number 01259037 (England and Wales)
HOLLYBUSH NURSERIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
100
7,964,614
3,905,504
11,870,218
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
8,518
8,518
Balance at 30 September 2023
100
7,964,614
3,914,022
11,878,736
Year ended 30 September 2024:
Loss and total comprehensive income
-
-
(180,206)
(180,206)
Balance at 30 September 2024
100
7,964,614
3,733,816
11,698,530
HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
1
Accounting policies
Company information

Hollybush 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.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Laney Green Holdings Ltd. These consolidated financial statements are available from its registered office, West Point, Second Floor, Mucklow Office Park, Mucklow Hill, Halesowen B62 8DY.

 

HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

After making enquiries and preparing integrated profit and loss and cash flow forecasts for one year from the date the financial statements are signed the Directors have formed a judgement that, as at the date of approving the financial statements, there is a reasonable expectation that the Company has adequate resources to continue in existence for the foreseeable future.

In making this assessment the Board of Directors has undertaken a thorough review of the company's budgets and forecasts, and group budget and forecasts and has produced detailed and realistic cash flow projections. They have also considered potential impacts of current uncertainties in the wider economy.

 

These cash flow projections demonstrate that the group has sufficient working capital for the foreseeable future. In light of the assessment, the directors remain of the view that the forecast is achievable and that the headroom within the forecast should be sufficient to enable to company to operate and meet its liabilities as they fall due for payment throughout the year. The financial statements have accordingly been prepared on a going concern basis.

1.3
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the period.

The company recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Nursery trading

Revenue from the sale of goods within nursery trading is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets under the cost model 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.

 

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives.

 

Depreciation is provided on the following basis:

Leasehold land and buildings
0%
Plant and equipment
10% - 25% straight line
Fixtures and fittings
10% - 25% straight line
Motor vehicles
25% straight line

The freehold interest in the leasehold property is pledged to the company by the registered owner and as such a depreciation policy of 0% is considered appropriate.

 

The assets' 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 the statement of comprehensive income.

1.5
Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

1.6
Financial instruments

The company has chosen to adopt Sections 11 of FRS 102 in respect of financial instruments.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial assets

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 asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
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.

HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -

Employee benefit trust

The company operates an employee benefit trust which was established to create a fund to be used to reward employees for their loyalty. The assets of the trust are held separately from those of the company in an independently administered fund and are excluded from the company's balance sheet. Contributions payable by the company to the fund are written off as they arise.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives of depreciable assets

The annual depreciation charge depends primarily on the estimated useful life of the asset and circumstances. The directors annually review the asset life and adjust as necessary to reflect current thinking on the remaining life in light of technological change, prospective economic utilisation and physical condition of the asset concerned. Changes in asset lives can have a significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes to asset lives on an overall basis, as asset lives are individually determined.

Impairment of amounts owed from related parties

The directors make an assessment annually as to the recoverability of balances due from related parties. During the period the directors deemed that £43,160 (2023 NIL) of amounts owed from related parties (including group members) was deemed unrecoverable, and that the remaining £2,469,193 (2023 £2,176,900) was due within one year.

Property valuation

The company's freehold properties are held at their valuation, taking into account the most reliable evidence at each reporting date. The details of any such valuation is shown in note 11 to these financial statements. The total revaluation reserve generated from any such revaluations, including the deferred tax consideration on the revaluation, is £7,964,614 (2023: £7,964,614), as shown on the balance sheet.

HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Nursery trading
6,197,020
6,511,822
2024
2023
£
£
Other revenue
Interest income
18
34
Grants received
1,650
12,008

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.

4
Exceptional item
2024
2023
£
£
Expenditure
Loan write off
43,160
-

The exceptional item of £43,160 in the current year relates to the write off of group loan balances.

5
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Government grants
(1,650)
(12,008)
Fees payable to the company's auditor for the audit of the company's financial statements
13,573
12,500
Depreciation of owned tangible fixed assets
158,704
164,716
HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
101
94
Admin
12
12
Total
113
106

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,987,578
1,771,549
Social security costs
146,089
129,066
Pension costs
33,623
28,462
2,167,290
1,929,077
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
110,769
110,000
Company pension contributions to defined contribution schemes
1,321
1,311
112,090
111,311
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
18
34
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
73
Interest on finance leases and hire purchase contracts
4,549
4,529
4,549
4,602
HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
10
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(51,461)
125,616

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(231,667)
134,134
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(57,917)
33,534
Tax effect of expenses that are not deductible in determining taxable profit
50,466
-
0
Tax effect of utilisation of tax losses not previously recognised
-
0
(33,221)
Group relief
-
0
(2,845)
Capital allowances in excess of depreciation
(7,494)
2,532
Group surrender
313
-
0
Deferred tax movement
(36,829)
125,616
Taxation (credit)/charge for the year
(51,461)
125,616
HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 October 2023
12,751,919
246,633
829,525
62,666
13,890,743
Additions
-
0
-
0
43,709
-
0
43,709
At 30 September 2024
12,751,919
246,633
873,234
62,666
13,934,452
Depreciation and impairment
At 1 October 2023
-
0
246,633
482,685
15,666
744,984
Depreciation charged in the year
-
0
-
0
143,038
15,666
158,704
At 30 September 2024
-
0
246,633
625,723
31,332
903,688
Carrying amount
At 30 September 2024
12,751,919
-
0
247,511
31,334
13,030,764
At 30 September 2023
12,751,919
-
0
346,840
47,000
13,145,759

On 15 September 2022, the valuation of the property was updated by Savills for a value in excess of that noted in the 2021 valuation. The revised valuation has not been incorporated in the accounts at this present time.

 

In both the 30 September 2021 valuation and the 15 September 2022 valuation the property was based on a freehold tenure of the property and was based on the maintainable profits of the trading business. The company developed the properties on site whilst occupying the site on a leasehold tenure however since that date the registered owner of the freehold has confirmed in writing that the freehold interest in the site is pledged to the company and as such the directors consider that the valuation based on a freehold tenure is deemed an appropriate basis of valuation.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold property
2024
2023
£
£
Cost
2,132,433
2,080,514
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,011,448
1,373,743
HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
46,039
52,826
Amounts owed by group undertakings
2,469,193
2,176,900
Amounts owed by undertakings in which the company has a participating interest
70
-
0
Other debtors
8,136
15,958
Prepayments and accrued income
39,713
30,708
2,563,151
2,276,392

Amounts owed by group undertakings, participating interests and associates do not bear interest, are unsecured and repayable on demand.

14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
-
0
264,418
Obligations under finance leases
17
10,975
9,911
Trade creditors
861,014
801,954
Amounts owed to group undertakings
1,191,424
231,553
Amounts owed to undertakings in which the company has a participating interest
-
0
8,819
Taxation and social security
140,646
773,155
Other creditors
6,496
11,880
Accruals and deferred income
56,712
98,479
2,267,267
2,200,169

Amounts owed to group undertakings, participating interests and associates do not bear interest, are unsecured and are repayable on demand.

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
27,992
38,967
HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
16
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
-
0
264,418
Payable within one year
-
0
264,418

Any borrowing from Barclays Bank by the company is secured by a fixed and floating charge over the company's assets dated 1st September 2023. The company also guarantees any borrowing under the same charge in relation to the following companies:

 

Laney Green Holdings Ltd

Hollybush Recycling Ltd

Jack Moody Logistics Ltd

JM Envirofuels (Barry) Ltd

Longworth Holdings Ltd

Jack Moody Holdings Ltd

Jack Moody Plant Hire Ltd

JM Envirofuels (Hull) Ltd

JM Envirofuels Ltd

Lodgewood Recycling Ltd

Jack Moody Landscaping and Civil Engineering Ltd

Grendon Recycling Ltd

Glamorgan Recycling Ltd

Laney Green Holdings Ltd

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
10,975
9,911
In two to five years
27,992
38,967
38,967
48,878

Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4.17 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Finance lease assets are secured against the assets to which they relate.

HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
55,567
92,396
Tax losses
(14,632)
-
Revaluations
2,654,872
2,654,872
2,695,807
2,747,268
2024
Movements in the year:
£
Liability at 1 October 2023
2,747,268
Credit to profit or loss
(51,461)
Liability at 30 September 2024
2,695,807

The majority of the deferred tax provision is as a result of property revaluations in previous years, which is not expected to reverse within the next 12 months, as there is no intention to sell the property.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
33,623
28,462
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
21
Financial commitments, guarantees and contingent liabilities

On 7 December 2018, the Company entered into a form of unlimited guarantee and indemnity in favour of AIB Group (UK) plc, pursuant to which the Company will guarantee the obligations of the Company, and those other undertakings within the Group. This charge was satisfied on 5 September 2023.

 

The bank overdraft and bank loans of the group are subsequently secured by way of a mortgage debenture dated 1 September 2023 in favour of Barclays Bank over all the assets of the group. Details of the companies included are shown in the loans and overdraft note (note 16) in these financial statements.

HOLLYBUSH NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
22
Ultimate controlling party

The directors regard Laney Green Holdings Limited as the company's ultimate parent undertakings, whose registered office is West Point, Second Floor, Mucklow Office Park, Mucklow Hill, Halesowen, B62 8DY. The consolidated accounts of this company may be obtained from the Registrar of Companies Registration Office, Crown Way, Maindy, Cardiff, CF14 3UZ.

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