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Registration number: 07407835

Pathfield Nursery Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2022

 

Pathfield Nursery Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Pathfield Nursery Limited

Company Information

Director

Mrs N C Brewin

Company secretary

Mrs N C Brewin

Registered office

123 Greyhound Lane
Streatham
London
SW16 5NW

Accountants

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pathfield Nursery Limited
for the Year Ended 31 October 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pathfield Nursery Limited for the year ended 31 October 2022 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Pathfield Nursery Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pathfield Nursery Limited and state those matters that we have agreed to state to the Board of Directors of Pathfield Nursery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pathfield Nursery Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Pathfield Nursery Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pathfield Nursery Limited. You consider that Pathfield Nursery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Pathfield Nursery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

5 October 2023

 

Pathfield Nursery Limited

(Registration number: 07407835)
Statement of Financial Position as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

220,895

195,555

Current assets

 

Debtors

5

421,361

382,705

Cash at bank and in hand

 

96,417

76,124

 

517,778

458,829

Creditors: Amounts falling due within one year

6

(91,622)

(91,647)

Net current assets

 

426,156

367,182

Total assets less current liabilities

 

647,051

562,737

Creditors: Amounts falling due after more than one year

6

(150,117)

(159,052)

Provisions for liabilities

(6,907)

(7,749)

Net assets

 

490,027

395,936

Capital and reserves

 

Called up share capital

100

100

Retained earnings

489,927

395,836

Shareholders' funds

 

490,027

395,936

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

 

Pathfield Nursery Limited

(Registration number: 07407835)
Statement of Financial Position as at 31 October 2022 (continued)

Approved and authorised by the director on 5 October 2023
 

Mrs N C Brewin
Company secretary and director

   
     
 

Pathfield Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
123 Greyhound Lane
Streatham
London
SW16 5NW

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

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Pathfield Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Vehicles

20% Reducing Balance

Equipment

25% Straight Line

Building Improvements

6.67% Straight Line

Plant and Machinery

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Pathfield Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Pathfield Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 22 (2021 - 24).

 

Pathfield Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

4

Tangible assets

Property Improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 November 2021

215,177

-

17,656

47,886

Additions

23,500

13,405

1,156

48,922

Disposals

-

-

-

(47,886)

At 31 October 2022

238,677

13,405

18,812

48,922

Depreciation

At 1 November 2021

61,621

-

13,967

9,577

Charge for the year

14,352

989

2,284

5,708

Eliminated on disposal

-

-

-

(9,577)

At 31 October 2022

75,973

989

16,251

5,708

Carrying amount

At 31 October 2022

162,704

12,416

2,561

43,214

At 31 October 2021

153,557

-

3,689

38,309

Total
£

Cost or valuation

At 1 November 2021

280,719

Additions

86,983

Disposals

(47,886)

At 31 October 2022

319,816

Depreciation

At 1 November 2021

85,165

Charge for the year

23,333

Eliminated on disposal

(9,577)

At 31 October 2022

98,921

Carrying amount

At 31 October 2022

220,895

At 31 October 2021

195,555

 

Pathfield Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

5

Debtors

2022
£

2021
£

Trade debtors

625

-

Prepayments

3,241

1,667

Other debtors

417,495

381,038

421,361

382,705

 

Pathfield Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

7

17,680

21,151

Trade creditors

 

1,193

6,700

Taxation and social security

 

45,879

37,081

Other creditors

 

26,870

26,715

 

91,622

91,647

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

150,117

159,052

 

Pathfield Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

108,543

125,030

Finance lease liabilities

41,574

34,022

150,117

159,052

2022
£

2021
£

Current loans and borrowings

Bank borrowings

15,399

14,844

Finance lease liabilities

2,281

6,307

17,680

21,151