Financial Statements
For the year ended 31 December 2024
Registered number: 03711684
Company Information
Contents
Strategic report
For the year ended 31 December 2024
The directors are pleased to present their strategic report for the Company for the year ended 31 December 2024.
The principal activity of the Company during the year was the marketing and distribution of a range of products for the leisure and garden products market.
The directors' aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Their review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties they face. As with many businesses of their size, the business environment in which they operate continues to be challenging. With this in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control.
There were no significant changes in the activities of the Company during the year.
The directors consider that the key performance indicators (KPIs) are turnover, gross margin and EBITDA and these indicators are closely monitored. These KPIs allow the directors to assess both the growth and profitability of the Company against competitors and the internal and external factors that affect the business. The directors are satisfied with the performance in respect of these KPIs.
The directors' aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Their review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties they face. As with many businesses of their size, the business environment in which they operate continues to be challenging. With this in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control.
There were no significant changes in the activities of the Company during the year.
The directors consider that the key performance indicators (KPIs) are turnover, gross margin and EBITDA and these indicators are closely monitored. These KPIs allow the directors to assess both the growth and profitability of the Company against competitors and the internal and external factors that affect the business. The directors are satisfied with the performance in respect of these KPIs.
The directors are pleased with the overall performance of the business. The results of the company for the year show a loss before tax of £281,660 (2023: profit of £639,212). The shareholders' funds of the Company total £11,349,390 (2023: £12,735,987). The group has reported a loss with a decrease in turnover during the period. The directors continue to expect the company's performance to improve in the succeeding periods based on budgets and projections and actions taken by the company to address any risks affecting the business. They will continue to identify and develop new business opportunities within the industry sector with the view to continued growth.
The directors consider that the principal risks and uncertainties faced by the Company are in the following categories:
Economic risk
Uncertainty about global economic conditions due to the current economic climate could result in difficulties for the Company.
Economic risk
Uncertainty about global economic conditions due to the current economic climate could result in difficulties for the Company.
Brexit risk
The Company sources the vast majority of goods from the Far East and as such, there is some degree of risk reduction from Brexit depending on the trade negotiations with the Far East by the UK Government. As such the Company does not anticipate a major change to existing trade tariffs on its imported goods.
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Strategic report (continued)
For the year ended 31 December 2024
Principal risks and uncertainties (continued)
Competition risk
The directors of the Company manage competition risk through close attention to customer service levels.
Financial risk
All key financial figures are monitored on an ongoing basis.
People in our business
The continued success of the Company has been achieved by the people working in it. There are many long serving members of staff and the relatively low turnover of personnel reflects the general policy of providing good terms and conditions of employment while dealing with staff as well as other stakeholders in the business, in a fair and consistent manner. Their continued loyalty and hard work is much appreciated.
The Company considers the following measures to be important indicators of the underlying performance of the
business:
Gross margin
Gross margin for the Company was 28.0% compared with 29.7% in 2023.
The Company plans to continue and grow its present activities.
This report was approved by the board and signed on its behalf.
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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.
The loss for the year, after taxation, amounted to £186,597 (2024 - profit £527,163 ).
The directors have recommended a dividend of £1,200,000 for 2024 (2023: £60,000 ).
The directors who served during the year were:
The Company engaged in research and development activities of £886,834 (2023: £888,606) during the year.
There are no branches of the Company outside the State.
There have been no significant events affecting the Company since the year end.
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Directors' report (continued)
For the year ended 31 December 2024
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Directors' responsibilities statement
For the year ended 31 December 2024
On behalf of the board:
...............................................
Mr. R. P. Grimmer
Director
Date: 19 November 2025
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Independent auditor's report to the members of Leisuregrow Products Limited
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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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.
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 the date 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.
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Independent auditor's report to the members of Leisuregrow Products Limited (continued)
Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
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Independent auditor's report to the members of Leisuregrow Products Limited (continued)
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Independent auditor's report to the members of Leisuregrow Products Limited (continued)
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.
for and on behalf of
Chartered Accountants &
Statutory Audit Firm
13-18 City Quay
Dublin 2
Ireland
Date:19 November 2025
Dublin 2
Ireland
Date:
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Statement of comprehensive income
For the year ended 31 December 2024
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Statement of financial position
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 November 2025 .
The notes on pages 13 to 29 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2024
Statement of changes in equity
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies
Leisuregrow Products Limited (the Company) is a members' limited company which is registered and incorporated in the United Kingdom. The Company's registered office is Dewmead Farm, New Inn Road, Hinxworth, Baldock, Hertfordshire, SG7 5HG. The principal activity of the Company is disclosed in the Directors' Report.
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquire at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life at a rate of 25%.
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Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies (continued)
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 that 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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 profit or loss.
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
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Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies (continued)
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the Company’s interest in the identifiable net assets, liabilities and contingent liabilities acquired.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Notes to the financial statements
For the year ended 31 December 2024
1.Accounting policies (continued)
Estimating useful lives of depreciable assets
Estimating allowance for impairment losses in intangible and tangible fixed assets
The Company assesses impairment on intangible and tangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the Company considers important which could trigger an impairment review include the following:
1.) Significant underperformance relative to expected historical or projected future operating results
2.) Significant changes in the manner of use of the acquired assets or the strategy for overall business; and
3.) Significant negative industry or economic trends.
2.) Significant changes in the manner of use of the acquired assets or the strategy for overall business; and
3.) Significant negative industry or economic trends.
In determining the present value of estimated future cashflows expected to be generated from the continued use of the assets, the Company is required to make estimates and assumptions that can materially affect the financial statements.
These assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss would be recognised whenever evidence exists that the carrying value is not recoverable. For purposes of assessing impairment, assets are grouped at the lowest levels of which there are separately identifiable cashflows.
An impairment loss is recognised and charged to profit or loss if the discounted expected future cash flows are less than the carrying amount. Fair value is estimated by discounting the expected future cashflows using a discount factor that reflects the risk-free rate of interest for a term consistent with the period of expected cashflows.
These assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss would be recognised whenever evidence exists that the carrying value is not recoverable. For purposes of assessing impairment, assets are grouped at the lowest levels of which there are separately identifiable cashflows.
An impairment loss is recognised and charged to profit or loss if the discounted expected future cash flows are less than the carrying amount. Fair value is estimated by discounting the expected future cashflows using a discount factor that reflects the risk-free rate of interest for a term consistent with the period of expected cashflows.
Allowances for impairment of debtors
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
7.Employees (continued)
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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