Registration number:
for the Year Ended
Planteria Group (UK) Limited
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Profit and Loss Account and Statement of Retained Earnings |
|
|
Balance Sheet |
|
|
Notes to the Financial Statements |
Planteria Group (UK) Limited
Company Information
|
Directors |
Mr Darrell Anderson Mr Rolf Anderson Mr Matthew Anderson Mr Brian William Anderson |
|
Registered office |
|
|
Auditors |
|
Planteria Group (UK) Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is florist and hire of plant displays.
Fair review of the business
During the year under review the company’s turnover increased from £15.0m to £18.4m and profits after tax stood at £2.73m compared to £2.03m the previous year.
Strong sales growth has been achieved in 2024 whilst also increasing gross profit margins. This has lead to an increase in the company’s net profit margin despite a significant increase in the company’s investment in its team.
During the year the company was thrilled complete three new acquisitions: Office Landscapes (Midlands) Ltd, Green Team Interiors Ltd and the Floral Decor. These acquisitions significantly strengthened the company's national reach and contributed to our growth in revenue and profits.
At the balance sheet date the company had net assets of £4.19m (2023: £2.63m) and net current assets of £0.06m (2023: £1.32m). Whilst the net current assets have decreased, the overall group position remains strong and the company retains significant cash reserves. The directors consider these levels to still be adequate to meet the company’s requirements for current activities and future growth.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
|
|
||
|
Profit Before Tax |
£,000 |
3,769 |
2,546 |
||
|
Profit Before Tax Profit % |
% |
21 |
17 |
||
|
Net contract income gain |
£,000 |
1,581 |
3,925 |
||
|
Net Promotor Score for Customer Service |
% |
54 |
70 |
Principal risks and uncertainties
The principal risk factors affecting the business, as set out in the following directors’ report, are kept under constant review and appropriate steps are taken to mitigate those risks.
The directors consider that robust risk management procedures are critical to overall business continuity. These procedures are further developed each year as the business grows.
Approved and authorised by the
|
......................................... |
Planteria Group (UK) Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The following interim dividends were paid during the year:
Interim dividend of £42.045 (2023 £91.556) per Ordinary Share - Total dividend £1,050,874 (2023 £2,288,918)
Interim dividend of £7,499.49 (2023 £4,134.93l) per Ordinary A Share - Total dividend £74,995 (2023 £41,349)
Interim dividend of £5,000.00 (2023 £4,134.94) per Ordinary B Share - Total dividend £50,000 (2023 £41,349)
Financial instruments
Objectives and policies
The company uses financial instruments other than derivatives comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The main risks arising from the company's financial instruments are interest rate risk and liquidity risk The directors review and agree policies for managing each of these risks and they are summarised below.
Planteria Group (UK) Limited
Directors' Report for the Year Ended 31 December 2024
Price risk, credit risk, liquidity risk and cash flow risk
The company finances its operations through a mixture of reserves, related party loans and bank finance. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
The increase in the Bank of England base rate during the year and after the year end has meant that the overall cost of borrowing has increased significantly. The directors keep borrowing levels under regular review.
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable requirements. The company's policy throughout the period has been to ensure close management of working capital to mitigate such risks.
Ongoing conflict in Ukraine:
Russia’s invasion of Ukraine continues to cause an elevated risk of supply chain disruptions and impacts on commodity prices. Any of these factors, individually or in aggregate, could have a material effect on our earnings, cash flows and financial condition. At present there has been no such impact. The company's main suppliers are in The Netherlands where the products are grown. The main risk to our supply chain is fluctuating energy prices for our Dutch growers however we are aware that the Dutch government remains committed to supporting this key part of the country's economy and so we consider the risk to be low.
Future developments
The outlook for the company is very positive. So far 2025 has shown significant organic growth. Contract revenue continues to increase and the directors plan to continue to develop the corporate activities over the coming year, and will continue to invest strongly in the business to keep the Planteria brand at the forefront of the market.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
|
......................................... |
Planteria Group (UK) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
|
• |
select suitable accounting policies and apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
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.
Planteria Group (UK) Limited
Independent Auditor's Report to the Members of Planteria Group (UK) Limited
Opinion
We have audited the financial statements of Planteria Group (UK) Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.
Planteria Group (UK) Limited
Independent Auditor's Report to the Members of Planteria Group (UK) Limited
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 5, 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 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.
Planteria Group (UK) Limited
Independent Auditor's Report to the Members of Planteria Group (UK) Limited
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the identified as the Companies Act 2006, UK GAAP (FRS102) and relevant tax legislation.
We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included, but were not limited to:
• making enquiries of directors and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud;
• obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
• assessing the design effectiveness of the controls in place to prevent and detect fraud;
• assessing the risk of management override including identifying and testing journal entries;
• challenging the assumptions and judgments made by management in its significant accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Ultimately it is the responsibility of those charged with management for the prevention and detection of fraud and other irregularities.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Planteria Group (UK) Limited
Independent Auditor's Report to the Members of Planteria Group (UK) Limited
......................................
For and on behalf of
Honeybourne Place
Jessop Avenue
GL50 3SH
Planteria Group (UK) Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Retained earnings brought forward |
2,608,802 |
2,954,473 |
|
|
Dividends paid |
( |
( |
|
|
Retained earnings carried forward |
4,161,361 |
2,608,802 |
Planteria Group (UK) Limited
(Registration number: 07201747)
Balance Sheet as at 31 December 2024
|
Note |
|
|
|||
|
Fixed assets |
|||||
|
Intangible assets |
|
|
|||
|
Tangible assets |
|
|
|||
|
Investment property |
|
|
|||
|
Investments |
|
|
|||
|
|
|
||||
|
Current assets |
|||||
|
Stocks |
|
|
|||
|
Debtors |
|
|
|||
|
Cash at bank and in hand |
|
|
|||
|
|
|
||||
|
Creditors: Amounts falling due within one year |
( |
( |
|||
|
Net current assets |
|
|
|||
|
Total assets less current liabilities |
|
|
|||
|
Creditors: Amounts falling due after more than one year |
( |
( |
|||
|
Provisions for liabilities |
( |
( |
|||
|
Net assets |
|
|
|||
|
Capital and reserves |
|||||
|
Called up share capital |
|
|
|||
|
Retained earnings |
|
|
|||
|
Shareholders' funds |
|
|
Approved and authorised by the
|
......................................... |
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
|
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2 |
Accounting policies (continued) |
Judgements
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
As per note 18, the directors have decided to recognise a provision amounting to £19,477 (2023: £32,819) in relation to accounts receivable as a result of the pending liquidation of a customer. This represents 100% of outstanding balances with the client in question. The decision was taken on the basis that it is more likely than not that the company will not receive any settlement at all in respect of these balances. |
Key sources of estimation uncertainty
Valuation of investment properties
As described in note 15 to the financial statements, land and buildings are stated at fair value based on the valuation performed by an independent professional valuer Whirledge & Nott, Chartered Surveyors in 2023 with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. However, the rise in interest rates and inflation has caused significant disruption and uncertainty in the UK property market across 2023 and 2024 which has inevitably increased the degree of judgement involved in the property valuation at 31 December 2024. The directors consider the valuation of the property to have remained consistent between 2023 and 2024. The carrying amount is £550,000 (2023 -£550,000).
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.
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.
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2 |
Accounting policies (continued) |
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 |
|
Plant and machinery |
15% on cost |
|
Fixtures and fittings |
15% on cost |
|
Motor vehicles |
20% on cost |
|
Computer equipment |
33% on cost |
|
Short leasehold |
in accordance with the property |
|
Freehold property |
4% on cost |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2 |
Accounting policies (continued) |
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 |
|
Goodwill |
5 years straight line |
|
Computer software |
5 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Trade 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.
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2 |
Accounting policies (continued) |
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 inventories 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2 |
Accounting policies (continued) |
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.
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.
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2 |
Accounting policies (continued) |
Financial instruments
Classification
Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case off an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow, discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying value and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Interest received |
|
- |
|
Other revenue |
- |
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Miscellaneous other operating income |
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Gain/loss on disposal of property, plant and equipment |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
45,799 |
51,490 |
|
Profit on disposal of property, plant and equipment |
( |
( |
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Service |
|
|
|
Administration and support |
|
|
|
Floristry |
|
|
|
Installation |
|
|
|
|
|
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
- |
|
73,155 |
82,451 |
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
|
|||
|
Current taxation |
||||
|
UK corporation tax |
|
|
||
|
UK corporation tax adjustment to prior periods |
- |
|
||
|
1,030,274 |
491,628 |
|||
|
Deferred taxation |
||||
|
Arising from origination and reversal of timing differences |
|
|
||
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
12 |
Taxation (continued) |
|
|
|||
|
Profit before tax |
|
|
||
|
Corporation tax at standard rate |
|
|
||
|
Increase in UK and foreign current tax from adjustment for prior periods |
- |
|
||
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
||
|
Effect of revenues exempt from taxation |
- |
( |
||
|
Deferred tax expense relating to changes in tax rates or laws |
|
|
||
|
Total tax charge |
|
|
On 1 April 2023 the main rate of corporation tax increased from 19% to 25%. During the accounting year ending 31 December 2023 a blended rate of 23.5% has been applied.
Deferred tax
Deferred tax assets and liabilities
|
2024 |
|
|
||
|
Accelerated tax depreciation |
- |
|
||
|
Revaluation of investment property |
- |
|
||
|
- |
|
|
2023 |
|
|
||
|
Accelerated tax depreciation |
- |
|
||
|
Revaluation of investment property |
- |
|
||
|
- |
|
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Goodwill |
Other intangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions acquired separately |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Amortisation |
|||
|
At 1 January 2024 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
- |
|
|
|
|
|
At 31 December 2023 |
- |
|
|
|
|
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
14 |
Tangible assets (continued) |
Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Investment properties |
|
2024 |
|
|
At 1 January |
|
In preparing the valuation the company’s valuers used the Comparable or Market method of valuation which compares sales of similar properties which we then adjust to reflect the location, physical characteristics, tenure, planning status, condition, and valuation date etc of the subject property. To reflect that the Property was subject to a fixed term Assured Shorthold tenancy at the valuation date the company’s valuers have discounted the vacant possession value by 2.5%.
The company's Investment Property was independently valued by Whirledge & Nott in 2023 and the directors consider the value to remain constant at 31 December 2024.
|
Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Additions |
|
|
At 31 December 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
16 |
Investments (continued) |
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
||||
|
|
The Old Fire Station
England |
|
|
|
|
|
Unit E2 The Brickyards,
England |
|
|
|
|
|
The Old Fire Station
England |
|
|
|
|
|
The Old Fire Station
England |
|
|
|
|
|
|
Office Landscapes (Midlands) Ltd The principal activity of Office Landscapes (Midlands) Ltd is |
|
|
Green Team Interiors Ltd The principal activity of Green Team Interiors Ltd is |
|
|
Planteria (Henham) Ltd The principal activity of Planteria (Henham) Ltd is |
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
16 |
Investments (continued) |
|
Planteria (Witley) Ltd The principal activity of Planteria (Witley) Ltd is |
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Current |
Note |
|
|
||
|
Trade debtors |
|
|
|||
|
Amounts owed by related parties |
|
|
|||
|
Other debtors |
|
|
|||
|
Prepayments |
|
|
|||
|
Accrued income |
|
- |
|||
|
|
|
Trade debtors are stated net of a doubtful debt provision of £19,477 (2023 £32,819).
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
Total cash and cash equivalents |
1,110,619 |
2,331,394 |
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
( |
|
|
Accrued expenses |
|
|
|
|
Income tax liability |
650,213 |
491,419 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
Whilst the current deferred tax provision will reduce in the next year as accelerated capital allowances reduce the company expects that the overall provision will increase as it continues to invest in new plant and equipment.
The timing of outflows in respect of the deferred tax associated with the company's fair value adjustment to its investment property is uncertain as this will be driven by future external market forces.
|
Reserves |
Retained Earnings
Retained earnings comprise the cumulative profits of the company after tax and dividend distributions. Included within retained earnings are non distributable reserves of £40,224 (2023: £40,224) arising on the valuation of investment property at fair value.
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loans and borrowings |
|
2024 |
2023 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
Redeemable preference shares |
|
|
|
|
|
|
|
2024 |
2023 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
Other borrowings |
|
|
|
|
|
|
Bank borrowings
|
The bank loan is secured with a fixed charge against the freehold property owned by Planteria Holdings Ltd (the parent of the company). The value of the property at the balance sheet date is £2,920,000. |
Included in the loans and borrowings are the following amounts due after more than five years:
|
2024 |
2023 |
|
|
After more than five years by instalments |
|
|
Bank loans and overdrafts after five years
The company's bank loan is payable by installments and is due to be fully paid by 31 March 2033.
The bank loan has a mixed fixed and variable interest rate. Half of the loan has a fixed interest of 7.16% over the term of the loan while the other half has a variable rate of 2.99% above Bank of England Base Rate.
Included within the carrying amount payable is £666,122 payable within 5 years and £656,340 payable after 5 years.
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Finance leases
The company's finance lease and hire purchase commitment relates to its vehicle fleet which it uses to maintain customer plant displays and to undertake new installations. At the end of the year the net carrying amount of assets held under finance leases and hire purchase commitments was £375.193 (2023: 493,467)
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
- |
|
Later than one year and not later than five years |
- |
|
|
|
|
Total contingent rents recognised as income in the period are £
The company has a short term tenancy agreement on its investment property for twenty four months ending July 2025.
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Dividends |
Interim dividends paid
|
|
|||||
|
Interim dividend of £ |
|
|
||||
|
Interim dividend of £ |
|
|
||||
|
Interim dividend of £ |
|
|
||||
|
|
|
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
Key management personnel
Key management compensation
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
|
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
26 |
Related party transactions (continued) |
|
Mr P G Anderson (a director for part of the year)
During the year the company was provided with a loan from Mr Anderson. At the start of the period the balance due to Mr Anderson was £2,972 (2023: £47,128) and at the end of the year the amount due was £99,466 (2023 £2,972). The loan was repayable on demand and interest free.
Mr B W Anderson
During the year the company was provided with a loan from Mr Anderson. At the start of the period the balance due to Mr Anderson was £20,353 (2023: £61,183) and at the end of the year the amount due was £22,805 (2023: £20,353). The loan was repayable on demand and interest free.
Mr R Anderson
During the year the company was provided with a loan from Mr Anderson. At the start of the period the balance due to Mr Anderson was £43,837 (2023: £6,693) and at the end of the year the amount due was £41,600 (2023: £43,837). The loan was repayable on demand and interest free.
Mr M Anderson
During the year the company was provided with a loan from Mr Anderson. At the start of the period the balance due to Mr Anderson was £4,171l (2023: £nil) and at the end of the year the amount due was £125,294 (2023: £4,171). The loan was repayable on demand and interest free.
Mr D Anderson
During the year the company was provided with a loan from Mr Anderson. At the start of the period the balance due to Mr Anderson was £28,759 (2023: £nil) and at the end of the year the amount due was £126,769 (2023: £28,759). The loan was repayable on demand and interest free.
Summary of transactions with parent
Transactions with the company's parent company were as follows:
The company also provided a loan to Planteria Holdings Ltd (2023 a loan from Planteria Holdings Ltd). The loan was interest free and repayable on demand. At the end of the year the total owed by Planteria Holdings Ltd was £1,627,720 (2023 owed to Planteria Holdings Ltd £380,985).
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
26 |
Related party transactions (continued) |
Summary of transactions with subsidiaries
During the year the company was provided with a loan from Green Team Interiors Ltd, a wholly owned subsidiary which was acquired during the year. At the end of the year the amount owed was £360,000. The loan was interest free and repayable on demand. During the year the company purchased goods and services from Green Team Interiors Ltd of £20,744.
Summary of transactions with other related parties
Planteria Group (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
26 |
Related party transactions (continued) |
Income and receivables from related parties
|
2024 |
|
|
|
2023 |
Other related parties |
|
Sale of goods |
|
|
|
|
Expenditure with and payables to related parties
|
2024 |
|
|
|
2023 |
Entities with joint control or significant influence |
|
Purchase of goods |
|
|
|
|
Loans to related parties
|
2024 |
Other related parties |
|
At start of period |
|
|
Repaid |
( |
|
At end of period |
|
|
|
|
|
2023 |
Other related parties |
|
Advanced |
|
|
|
|
Terms of loans to related parties