Company registration number 10106932 (England and Wales)
MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
30 June 2025
31 December 2023
Notes
£
£
FIXED ASSETS
Tangible assets
4
114,217
184,839
CURRENT ASSETS
Stocks
317,286
274,932
Debtors
5
975,779
1,782,653
Cash at bank and in hand
448,381
469,001
1,741,446
2,526,586
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
6
(1,225,710)
(815,746)
NET CURRENT ASSETS
515,736
1,710,840
TOTAL ASSETS LESS CURRENT LIABILITIES
629,953
1,895,679
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
7
-
(50,816)
PROVISIONS FOR LIABILITIES
(28,412)
(46,210)
NET ASSETS
601,541
1,798,653
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss reserves
601,441
1,798,553
TOTAL EQUITY
601,541
1,798,653

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2025
30 June 2025
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 February 2026 and are signed on its behalf by:
Mrs K I V Morris
Director
Company registration number 10106932 (England and Wales)
MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2025
- 3 -
1
ACCOUNTING POLICIES
Company information

Morris's of Usk Garden Centre and Nurseries Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Nurseries, Llanbadoc, Usk, NP15 1TG.

1.1
Reporting period

The current period covers the 18-month period from 1 January 2024 to 30 June 2025. The comparative figures cover the 12-month period ended 31 December 2023 and are therefore not directly comparable with the current period.

1.2
Basis of preparation

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods 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.

MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
ACCOUNTING POLICIES
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
ACCOUNTING POLICIES
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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 profit and loss account 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 profit and loss account, 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.

1.10
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
1
ACCOUNTING POLICIES
(Continued)
- 7 -
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
EMPLOYEES

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

2025
2023
Number
Number
Total
84
75
3
INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 January 2024 and 30 June 2025
49,665
Amortisation and impairment
At 1 January 2024 and 30 June 2025
49,665
Carrying amount
At 30 June 2025
-
0
At 31 December 2023
-
0
MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 8 -
4
TANGIBLE FIXED ASSETS
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
507,282
61,079
40,123
27,772
636,256
Additions
65,456
9,768
-
0
-
0
75,224
Disposals
(37,372)
(14,136)
(14,417)
-
0
(65,925)
At 30 June 2025
535,366
56,711
25,706
27,772
645,555
Depreciation and impairment
At 1 January 2024
343,615
51,668
35,305
20,829
451,417
Depreciation charged in the period
121,527
7,682
2,586
6,943
138,738
Eliminated in respect of disposals
(33,062)
(13,433)
(12,322)
-
0
(58,817)
At 30 June 2025
432,080
45,917
25,569
27,772
531,338
Carrying amount
At 30 June 2025
103,286
10,794
137
-
0
114,217
At 31 December 2023
163,667
9,411
4,818
6,943
184,839
5
DEBTORS
2025
2023
Amounts falling due within one year:
£
£
Trade debtors
19,017
6,518
Other debtors
956,762
1,776,135
975,779
1,782,653
MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
- 9 -
6
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2023
£
£
Bank loans
-
0
18,016
Trade creditors
356,172
344,221
Corporation tax
284,619
122,060
Other taxation and social security
177,373
82,689
Other creditors
407,546
248,760
1,225,710
815,746

Included in creditors due within 1 year is £nil (2023 - £18,016) secured on the assets of the company.

7
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
2023
£
£
Bank loans and overdrafts
-
0
50,816

Included in creditors due after year is £nil (2023 - £50,816) secured on the assets of the company.

8
AUDIT REPORT INFORMATION

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Senior Statutory Auditor:
Jonathan Harrhy
Statutory Auditor:
Kilsby & Williams LLP
Date of audit report:
19 March 2026
9
RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption contained in FRS 102 section 33, from disclosing transactions with entities which are wholly owned part of the group.

10
DIRECTORS' TRANSACTIONS
MORRIS'S OF USK GARDEN CENTRE AND NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2025
10
DIRECTORS' TRANSACTIONS
(Continued)
- 10 -

Include in other creditors is £55,759 (2023 - £15,730) due to directors.

These balances are interest free and repayable on demand.

11
PARENT COMPANY

The company's immediate and ultimate controlling party is Morris's of Usk Limited, a company incorporated in England and Wales.

Morris's of Usk Limited prepares consolidated financial statements which are publicly available and may be obtained from Companies House.

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