Company No: 00972782 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr A J Palmer
	Mr S J Palmer
	Mr P T Palmer
	Mr B T Palmer

REGISTERED OFFICE	High Street Nurseries
	Farsley
	Pudsey
	LS28 5LH
	United Kingdom

COMPANY NUMBER

00972782 (England and Wales)

CHARTERED ACCOUNTANTS	Murray Harcourt Partners LLP
	6 Queen Street
	Leeds
	LS1 2TW

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	353,549		374,918
		353,549		374,918
Current assets
Stocks	4	26,747		15,721
Debtors	5	800,789		586,574
Cash at bank and in hand		430,798		285,816
		1,258,334		888,111
Creditors
Amounts falling due within one year	6	( 703,519)		( 528,288)
Net current assets		554,815		359,823
Total assets less current liabilities		908,364		734,741
Creditors
Amounts falling due after more than one year	7	( 82,969)		( 131,231)
Provisions for liabilities	8, 9	( 67,174)		( 71,173)
Net assets		758,221		532,337
Capital and reserves
Called-up share capital	10	80		80
Capital redemption reserve		22		22
Profit and loss account		758,119		532,235
Total shareholders' funds		758,221		532,337

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Palmer Landscapes Limited (registered number: 00972782) were approved and authorised for issue by the Board of Directors on 20 May 2022. They were signed on its behalf by:

Mr A J Palmer Director

Mr B T Palmer Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Palmer Landscapes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is High Street Nurseries, Farsley, Pudsey, LS28 5LH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 - 25 % reducing balance
Vehicles	25 - 25 % reducing balance
Fixtures and fittings	15 - 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, that are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	36		34

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2021	725,436		173,144		4,290		902,870
Additions	60,297		28,000		1,995		90,292
Disposals	( 25,250)		0		0		( 25,250)
At 31 March 2022	760,483		201,144		6,285		967,912
Accumulated depreciation
At 01 April 2021	447,370		78,312		2,270		527,952
Charge for the financial year	80,472		25,458		478		106,408
Disposals	( 19,997)		0		0		( 19,997)
At 31 March 2022	507,845		103,770		2,748		614,363
Net book value
At 31 March 2022	252,638		97,374		3,537		353,549
At 31 March 2021	278,066		94,832		2,020		374,918

4. Stocks

	2022		2021
	£		£
Stocks	26,747		15,721

5. Debtors

	2022		2021
	£		£
Trade debtors	679,035		571,596
Prepayments	18,408		13,678
VAT recoverable	92,946		0
Other debtors	10,400		1,300
	800,789		586,574

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	429,091		292,209
Other creditors	34,489		17,096
Corporation tax	117,498		55,836
Other taxation and social security	25,760		71,164
Obligations under finance leases and hire purchase contracts (secured)	96,681		91,983
	703,519		528,288

Creditors include net obligations under finance lease and hire purchase contracts which are secured against the individual asset of £96,681 (2021 - £91,983).

7. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Obligations under finance leases and hire purchase contracts (secured)	82,969		131,231

Creditors include net obligations under finance lease and hire purchase contracts which are secured against the individual asset of £82,969 (2021 - £131,231).

The company has a fixed and floating charge over all the assets of the company in relation to the agreed overdraft with HSBC Bank Plc.

8. Provision for liabilities

	2022		2021
	£		£
Deferred tax	67,174		71,173

9. Deferred tax

	2022		2021
	£		£
At the beginning of financial year	( 71,173)		( 80,791)
Credited to the Statement of Income and Retained Earnings	3,999		9,618
At the end of financial year	( 67,174)		( 71,173)

10. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
20 B Ordinary shares of £ 1.00 each	20		20
20 C Ordinary shares of £ 1.00 each	20		20
20 D Ordinary shares of £ 1.00 each	20		20
20 E Ordinary shares of £ 1.00 each	20		20
	80		80

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2022		2021
	£		£
- within one year	29,062		37,013
- between one and five years	0		6,755
	29,062		43,768

12. Related party transactions

Other related party transactions

Palmer Nurseries Limited
Associated company

During the year the company paid rent to Palmer Nurseries Limited of £14,400 (2021 - £14,400).

13. Ultimate controlling party

The company is controlled by the directors who are the shareholders.