Provender Nurseries Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04827218 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

FOR

PROVENDER NURSERIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R B East

R E Edge-McKenna

R J Burt

Mrs L P East

SECRETARY:

Mrs L P East

REGISTERED OFFICE:

The Landscape Centre

Leydenhatch Lane

Swanley

Kent

BR8 7PS

REGISTERED NUMBER:

04827218 (England and Wales)

ACCOUNTANTS:

Sargeant Partnership LLP

Chartered Accountants

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

FIXED ASSETS

Tangible assets

4

1,653,222

1,439,206

CURRENT ASSETS

Stocks

2,177,839

1,606,224

Debtors

5

202,828

82,708

Cash at bank and in hand

10,744

42,012

2,391,411

1,730,944

CREDITORS

Amounts falling due within one year

6

1,669,919

1,042,430

NET CURRENT ASSETS

721,492

688,514

TOTAL ASSETS LESS CURRENT LIABILITIES

2,374,714

2,127,720

CREDITORS

Amounts falling due after more than one year

7

(917,297

)

(904,476

)

PROVISIONS FOR LIABILITIES

(148,171

)

(126,693

)

NET ASSETS

1,309,246

1,096,551

CAPITAL AND RESERVES

Called up share capital

10

11,110

11,110

Retained earnings

11

1,298,136

1,085,441

SHAREHOLDERS' FUNDS

1,309,246

1,096,551

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2023 and were signed on its behalf by:

R E Edge-McKenna - Director

1.	STATUTORY INFORMATION

Provender 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Improvements to property

-

10% per annum on cost

Plant and machinery

-

10% per annum on cost

Website & Design Costs

-

33% per annum on cost

Motor vehicles

-

20% per annum on cost and 10% per annum on cost

Office Equipment

-

33% per annum on cost, 20% per annum on cost and 10% per annum 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.

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.

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.

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 75 (2021 - 67 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Website &

to

Plant and

Design

property

machinery

Costs

£

£

£

COST

At 1 September 2021

979,689

538,164

53,196

Additions

177,628

244,758

7,357

Disposals

-

(5,772

)

-

At 31 August 2022

1,157,317

777,150

60,553

DEPRECIATION

At 1 September 2021

231,664

310,366

32,190

Charge for year

104,822

48,495

14,129

Eliminated on disposal

-

(5,339

)

-

At 31 August 2022

336,486

353,522

46,319

NET BOOK VALUE

At 31 August 2022

820,831

423,628

14,234

At 31 August 2021

748,025

227,798

21,006

Motor

Office

vehicles

Equipment

Totals

£

£

£

COST

At 1 September 2021

487,547

228,121

2,286,717

Additions

48,500

24,498

502,741

Disposals

-

(2,860

)

(8,632

)

At 31 August 2022

536,047

249,759

2,780,826

DEPRECIATION

At 1 September 2021

181,678

91,613

847,511

Charge for year

77,880

42,108

287,434

Eliminated on disposal

-

(2,002

)

(7,341

)

At 31 August 2022

259,558

131,719

1,127,604

NET BOOK VALUE

At 31 August 2022

276,489

118,040

1,653,222

At 31 August 2021

305,869

136,508

1,439,206

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 September 2021

108,500

354,570

463,070

Additions

202,719

48,500

251,219

At 31 August 2022

311,219

403,070

714,289

DEPRECIATION

At 1 September 2021

34,284

82,846

117,130

Charge for year

17,308

64,584

81,892

At 31 August 2022

51,592

147,430

199,022

NET BOOK VALUE

At 31 August 2022

259,627

255,640

515,267

At 31 August 2021

74,216

271,724

345,940

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

58,694

35,904

Other debtors

11,549

26,277

Directors' loan accounts

3,000

4,200

Tax

29,391

-

Prepayments

100,194

16,327

202,828

82,708

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

498,950

52,500

Hire purchase contracts (see note 8)

126,011

91,028

Trade creditors

633,464

467,669

Taxation and social security

162,422

269,597

Other creditors

249,072

161,636

1,669,919

1,042,430

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

270,139

297,500

Hire purchase contracts (see note 8)

229,233

153,908

Other creditors

417,925

453,068

917,297

904,476

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

17,500

Included within other creditors are the following amounts relating to a directors' loan account from R East:

Due in less than one year £64,537

Due in more than one year £417,925

This loan has no stipulation as to repayment or interest and R East has indicated his continued ongoing support for the company.

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2022

2021

£

£

Net obligations repayable:

Within one year

126,011

91,028

Between one and five years

229,233

153,908

355,244

244,936

Non-cancellable

operating leases

2022

2021

£

£

Within one year

-

147,114

9.	SECURED DEBTS

Lloyds Bank Plc holds fixed and floating charges over all of the assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

5,555

A Ordinary

£1

5,555

5,555

5,555

B Ordinary

£1

5,555

5,555

11,110

11,110

11.

RESERVES

Retained

earnings

£

At 1 September 2021

1,085,441

Profit for the year

212,695

At 31 August 2022

1,298,136

12.	TRANSACTIONS WITH DIRECTORS

At the balance sheet date the company owed R East £482,462 (2021: £543,068) and R Burt owed the company £3,000 (2020: £4,200).

13.	RELATED PARTY DISCLOSURES

During the year, Provender Nurseries Limited made sales to R B East T/A Eastland totalling £206 (2021: £2,708). At the balance sheet date £Nil (2021: £297) was owed from R B East T/A Eastland.

During the year, Provender Nurseries Limited made sales £5,397 to Planet Plants, a partnership of which R E Edge-McKenna is a partner. At the balance sheet date £Nil was owed from Planet Plants.

During the year, Provender Nurseries Limited paid rent and sundry purchases to R B East T/A Eastland totalling £215,138 (2021: £159,397). At the balance sheet date £91,798 (2021: £60,237) was owed to R B East T/A Eastland.

During the year, Provender Nurseries Limited made purchases from Planet Plants totalling £119,394 (2021: £Nil). At the balance sheet date £22,450 (2021: £Nil was owed to Planet Plants.

Richard East, a director and shareholder of Provender Nurseries Limited, trades as R B East T/A Eastland.

During the year, Provender Nurseries Limited made purchases from Greenbox Self Storage totalling £Nil (2021: £241). Greenbox Self Storage is a related party of Provender Nurseries Limited due to it being under common ownership.

14.	ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is Richard East by virtue of his shareholding.