David Austin Rose Nursery Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04881400 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2019

FOR

DAVID AUSTIN ROSE NURSERY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr D J C Austin

SECRETARY:

Mr T M Smith

REGISTERED OFFICE:

Bowling Green Lane

Albrighton

West Midlands

WV7 3HB

REGISTERED NUMBER:

04881400 (England and Wales)

AUDITORS:

Stanton Ralph & Co Limited

Chartered Accountants

Statutory Auditor

The Old Police Station

Whitburn Street

Bridgnorth

Shropshire

WV16 4QP

BANKERS:

HSBC Bank plc

Lichfield Street

PO Box 33

9 Queen Square

Wolverhampton

West Midlands

WV1 1TE

FIXED ASSETS

391,020

Tangible assets

4

606,359

CURRENT ASSETS

1,317,562

Stocks

1,408,043

3,012,694

Debtors

5

5,449,876

1,275,210

Cash at bank

1,003,679

5,605,466

7,861,598

CREDITORS

783,383

Amounts falling due within one year

6

1,159,546

4,822,083

NET CURRENT ASSETS

6,702,052

5,213,103

TOTAL ASSETS LESS CURRENT LIABILITIES

7,308,411

CREDITORS

-

Amounts falling due after more than one year

7

(33,470

)

(23,712

)

PROVISIONS FOR LIABILITIES

(72,233

)

5,189,391

NET ASSETS

7,202,708

CAPITAL AND RESERVES

1

Called up share capital

9

1

5,189,390

Retained earnings

7,202,707

5,189,391

SHAREHOLDERS' FUNDS

7,202,708

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved and authorised for issue by the director on 2nd March 2020 and were signed by:

Mr D J C Austin - Director

1.	STATUTORY INFORMATION

David Austin Rose Nursery Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements contain information about David Austin Rose Nursery Limited as an individual

company.

Financing transactions

Basic financial instruments are initially measured at transaction price, unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future receipts discounted

at a market rate of interest. Under FRS102, long term intercompany loans are recorded at present value using a

market rate for a similar instrument. This has resulted in an adjustment of £36,585 for interest receivable and a

corresponding capital distribution at 31st July 2019.

Turnover

Turnover comprises the amount invoiced by the company to external customers for goods. Turnover is

recognised when the risks and rewards of owning the goods has been passed to the customer, which is generally

on delivery.

Interest receivable

Interest income is recognised using the effective interest method.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost, 20% on cost and 10% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of

operating as intended.

Assets are depreciated from the date that they are brought into use.

Stocks

Stock is valued at the lower of cost and net realisable value including appropriate overhead expenses, after

making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

In accordance with FRS102 transactions in foreign currencies are translated at the rates ruling when they

occurred. Foreign currency monetary assets and liabilities are translated using the spot rate of exchange.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administration expenses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amounts of

any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is

lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised immediately

in the income statement.

Group relief

The benefit of group relief is accounted for within the tax charge of the profit making undertaking. No payment

is made for group relief between group undertakings.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2018 - 48 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st August 2018

695,971

Additions

289,352

At 31st July 2019

985,323

DEPRECIATION

At 1st August 2018

304,951

Charge for year

74,013

At 31st July 2019

378,964

NET BOOK VALUE

At 31st July 2019

606,359

At 31st July 2018

391,020

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

etc

£

COST

Additions

83,000

At 31st July 2019

83,000

DEPRECIATION

Charge for year

8,300

At 31st July 2019

8,300

NET BOOK VALUE

At 31st July 2019

74,700

5.

DEBTORS

31.7.19

31.7.18

£

£

Amounts falling due within one year:

Trade debtors

20,701

11,208

Amounts owed by group undertakings

3,905,541

1,331,062

Tax

-

147,169

Prepayments

23,634

23,255

3,949,876

1,512,694

31.7.19

31.7.18

£

£

Amounts falling due after more than one year:

Amounts owed by group

undertakings

1,500,000

1,500,000

1,500,000

1,500,000

Aggregate amounts

5,449,876

3,012,694

The company has entered into a legal agreement with its parent undertaking which confirms that £1,500,000 of

the debt due at 31st July 2019 is repayable more than 12 months from the balance sheet date.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Finance leases

16,170

-

Trade creditors

439,598

393,056

Tax

219,214

-

Social security and other taxes

752

181

Customer deposits

423,445

343,437

Accrued expenses

60,367

46,709

1,159,546

783,383

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.19

31.7.18

£

£

Finance leases

33,470

-

8.	SECURED DEBTS

An unlimited Multilateral Guarantee dated 11 October 2017 has been given by the company and its now fellow

subsidiary undertakings, David Austin Roses Limited and D A English Roses Limited, in favour of the

company's bankers. In October 2019 a new guarantee has been given by the above companies together with the

parent undertaking David Austin Roses (Holdings) Limited.

A cross guarantee exists between group companies whereby certain compensating bank balances are offset

against each other. As at the company's balance sheet date, the company has no overdrawn bank balances subject

to this offset.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.19

31.7.18

value:

£

£

1

Ordinary

£1

1

1

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Adrian Ralph FCA CTA (Senior Statutory Auditor)

for and on behalf of Stanton Ralph & Co Limited

11.	CAPITAL COMMITMENTS

31.7.19

31.7.18

£

£

Contracted but not provided for in the

financial statements

93,000

-

12.	ULTIMATE PARENT UNDERTAKING

The company's parent undertaking to 31 July 2018 was David Austin Roses Limited, who prepared group

accounts. The registered office of David Austin Roses Limited is Bowling Green Lane, Albrighton, Shropshire,

WV7 3HB.

On 1 August 2018 David Austin Roses (Holdings) Limited became the company's parent undertaking and now

prepares group accounts. The registered office of David Austin Roses (Holdings) Limited is Bowling Green

Lane, Albrighton, Shropshire, WV7 3HB.

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions or balances with its parent undertaking or fellow subsidiary undertakings within the group.

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director by virtue of his ownership of the parent undertaking and his

ultimate responsibility for all group operating decisions.

15.	CONTINGENT ASSETS AND LIABILITIES

During the year David Austin Roses Limited has entered into derivative contracts in order to partially hedge its

foreign exchange risks arising from anticipated future trading activities in foreign currencies. No contracts were

held at the year end.

At 31st July 2018, the contracts held were measured at fair value and adjusted in the profit and loss account in

that company.

The company has entered into bank cross guarantees with its now fellow subsidiary undertakings David Austin

Roses Limited and D A English Roses Limited. There were obligations under these guarantees at 31st July 2019

of £Nil (2018: £Nil). In October 2019. the parent undertaking David Austin Roses (Holdings) Limited became

party to the cross guarantee.