Lansdale Nurseries Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02210963 (England and Wales)

Lansdale Nurseries Limited

Financial Statements

For The Year Ended 29 November 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr K J Ball

Mr L Wright

Mrs C D Prout

Mrs K Wright

SECRETARY:

Mr K J Ball

REGISTERED OFFICE:

Aldergrove Centre

Marsh Road

Banks

Southport

Lancashire

PR9 8DX

REGISTERED NUMBER:

02210963 (England and Wales)

AUDITORS:

Mitten Clarke Audit Limited

Statutory Auditors

St George's House

56 Peter Street

Manchester

M2 3NQ

FIXED ASSETS

Tangible assets

4

1,525,187

1,707,813

CURRENT ASSETS

Stocks

30,329

33,042

Debtors

5

610,037

604,558

640,366

637,600

CREDITORS

Amounts falling due within one year

6

1,163,372

1,142,174

NET CURRENT LIABILITIES

(523,006

)

(504,574

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,002,181

1,203,239

CREDITORS

Amounts falling due after more than one year

7

26,378

51,167

NET ASSETS

975,803

1,152,072

CAPITAL AND RESERVES

Called up share capital

42,500

42,500

Revaluation reserve

784,099

835,940

Retained earnings

149,204

273,632

SHAREHOLDERS' FUNDS

975,803

1,152,072

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 by the Board of Directors and authorised for issue on 17 August 2022 and were signed on its behalf by:

Mrs C D Prout - Director

1.	STATUTORY INFORMATION

Lansdale Nurseries 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.

In light of the on-going pandemic the directors consider the company to be a going concern. In coming to this consideration budgets have been prepared for the next financial year which show expected profits. Should the performance not be as strong as hoped steps will be taken to reduce the cost base which is expected to ensure the company will continue as a going concern.

Related party exemption

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 with wholly owned subsidiaries within the group.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and service to customers.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

5% on cost

Plant and machinery

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The following assets and liabilities are classed as financial instruments - trade debtors and trade creditors. They are all measured at the undiscounted amount of cash or other consideration expected to be paid or received.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2020 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 30 November 2020

1,295,333

2,238,022

3,533,355

Additions

9,410

6,294

15,704

At 29 November 2021

1,304,743

2,244,316

3,549,059

DEPRECIATION

At 30 November 2020

283,296

1,542,246

1,825,542

Charge for year

75,225

123,105

198,330

At 29 November 2021

358,521

1,665,351

2,023,872

NET BOOK VALUE

At 29 November 2021

946,222

578,965

1,525,187

At 29 November 2020

1,012,037

695,776

1,707,813

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

107,594

48,059

Amounts owed by group undertakings

49,938

238,227

Other debtors

452,505

318,272

610,037

604,558

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

698,128

877,540

Hire purchase contracts

24,789

135,057

Trade creditors

200,840

79,182

Taxation and social security

6,058

10,717

Other creditors

233,557

39,678

1,163,372

1,142,174

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

26,378

51,167

8.	SECURED DEBTS

The bank has the following securities;

- An inter-company guarantee for Flavourfresh Salads Ltd and Solfresh Nurseries Limited, dated 30 November 2007;

- A debenture against all the assets of the company, dated 30 November 2007;

- A legal charge against all land and premises forming Landsdale Nursery, dated 30 November 2007.

The hire purchase creditors are secured directly over the assets financed.

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

The Report of the Auditors was unqualified.

Susan Redmond FCA (Senior Statutory Auditor)

for and on behalf of Mitten Clarke Audit Limited

10.	EVENTS AFTER THE END OF THE REPORTING PERIOD

On 16 August 2022 the company sold its 'Lansdale Nurseries' site for £2 million on a sale and leaseback basis. It will continue to operate from this site.

11.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.