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Registration number: 05576710

XL Horticulture Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

XL Horticulture Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

XL Horticulture Limited

(Registration number: 05576710)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

364,111

371,698

Other financial assets

6

21

21

 

364,132

371,719

Current assets

 

Stocks

7

747,623

653,283

Debtors

8

1,136,393

601,122

Cash at bank and in hand

 

144,322

197,098

 

2,028,338

1,451,503

Creditors: Amounts falling due within one year

9

(1,136,841)

(623,031)

Net current assets

 

891,497

828,472

Total assets less current liabilities

 

1,255,629

1,200,191

Creditors: Amounts falling due after more than one year

9

(295,117)

(329,945)

Provisions for liabilities

(10,390)

(11,287)

Net assets

 

950,122

858,959

Capital and reserves

 

Called up share capital

100

100

Retained earnings

950,022

858,859

Shareholders' funds

 

950,122

858,959

 

XL Horticulture Limited

(Registration number: 05576710)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2025 and signed on its behalf by:
 

O R E Lane
Director

   
     
 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Devonshire Lavenders
Exmouth Road
West Hill
Ottery St. Mary
Devon
EX11 1JZ
UK

These financial statements were authorised for issue by the Board on 28 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

4% straight line

Plant and machinery

25% reducing balance

Computer equipment

33% straight line

Motor vehicles

25% reducing balance

Office equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally generated goodwill

equal installments over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 17 (2023 - 16).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

138,290

138,290

At 30 November 2024

138,290

138,290

Amortisation

At 1 December 2023

138,290

138,290

At 30 November 2024

138,290

138,290

Carrying amount

At 30 November 2024

-

-

At 30 November 2023

-

-

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

308,601

11,961

180,993

25,138

102,128

628,821

Additions

-

-

3,325

-

16,000

19,325

Disposals

-

(11,056)

(2,750)

(9,998)

(8,919)

(32,723)

At 30 November 2024

308,601

905

181,568

15,140

109,209

615,423

Depreciation

At 1 December 2023

11,980

11,846

147,677

17,735

67,885

257,123

Charge for the year

2,344

111

9,157

1,198

12,523

25,333

Eliminated on disposal

-

(11,057)

(2,736)

(8,583)

(8,768)

(31,144)

At 30 November 2024

14,324

900

154,098

10,350

71,640

251,312

Carrying amount

At 30 November 2024

294,277

5

27,470

4,790

37,569

364,111

At 30 November 2023

296,621

115

33,316

7,403

34,243

371,698

Included within the net book value of land and buildings above is £294,277 (2023 - £296,621) in respect of freehold land and buildings.
 

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2023

21

21

At 30 November 2024

21

21

Carrying amount

At 30 November 2024

21

21

At 30 November 2023

21

21

7

Stocks

2024
£

2023
£

Other inventories

747,623

653,283

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,129,249

551,692

Amounts owed by related parties

11

2,424

1,996

Other debtors

 

769

42,685

Prepayments

 

3,951

4,749

 

1,136,393

601,122

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

10

34,687

33,946

Trade creditors

 

450,875

238,446

Amounts due to related parties

11

2,054

-

Social security and other taxes

 

183,367

14,880

Other creditors

 

381,659

262,784

Accruals

 

31,790

10,877

Corporation tax liability

52,409

62,098

 

1,136,841

623,031

Due after one year

 

Loans and borrowings

10

295,117

329,945

2024
£

2023
£

Due after more than five years

After more than five years by instalments

186,849

213,373

-

-

The bank borrowings are secured by fixed and floating charges over the undertaking and all property and assets, present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

295,117

329,945

Current loans and borrowings

2024
£

2023
£

Bank borrowings

34,687

33,946

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The amount of the bank loan due by instalments after five years is £186,849 (2023 - £213,373).

11

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

259,562

259,562

Advanced

(48,480)

(48,480)

Repaid

79,929

79,929

At end of period

291,011

291,011

2023

Key management
£

Total
£

At start of period

126,998

126,998

Advanced

(33,484)

(33,484)

Repaid

166,048

166,048

At end of period

259,562

259,562

The above loan has interest charged at 3% over base rate and is repayable on demand.

The company has taken advantage of the exemption conferred by FRS 102 s.33.1A not to disclose transactions with other wholly owned members of the group.

 

XL Horticulture Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

12

Parent and ultimate parent undertaking

The company's immediate parent is XL Horticulture (Holdings) Limited, incorporated in England.

  These financial statements are available upon request from Devonshire Lavenders, Exmouth Road, West Hill, Ottery St. Mary, Devon, EX11 1JZ