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Registration number: 05337416

First Place Nurseries Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

First Place Nurseries Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

First Place Nurseries Limited

Company Information

Director

Mrs JE Harris

Company secretary

Mr N Malde

Registered office

Centurion House
Watling Street
Radlett
WD7 7GB

Accountants

Affinity Associates (Flemmings) Limited
(Trading as Flemmings)
Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

First Place Nurseries Limited

(Registration number: 05337416)
Balance Sheet as at 28 February 2023

Note

28 February
2023
£

28 February
2022
£

           

Fixed assets

   

 

Tangible assets

4

 

2,949,506

 

1,268,574

Investments

5

 

1

 

1

   

2,949,507

 

1,268,575

Current assets

   

 

Debtors

6

169,961

 

120,308

 

Cash at bank and in hand

 

224,556

 

881,574

 

 

394,517

 

1,001,882

 

Creditors: Amounts falling due within one year

7

(635,465)

 

(1,346,014)

 

Net current liabilities

   

(240,948)

 

(344,132)

Total assets less current liabilities

   

2,708,559

 

924,443

Creditors: Amounts falling due after more than one year

7

 

(1,614,538)

 

-

Provisions for liabilities

 

(14,331)

 

(13,811)

Net assets

   

1,079,690

 

910,632

Capital and reserves

   

 

Called up share capital

22,667

 

22,667

 

Share premium reserve

258,834

 

258,834

 

Capital redemption reserve

9,000

 

9,000

 

Profit and loss account

789,189

 

620,131

 

Shareholders' funds

   

1,079,690

 

910,632

For the financial year ending 28 February 2023 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.

 

First Place Nurseries Limited

(Registration number: 05337416)
Balance Sheet as at 28 February 2023

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 Profit and Loss Account.

Approved and authorised by the director on 23 November 2023
 

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

Mrs JE Harris

Director

 

First Place Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
Centurion House
Watling Street
Radlett
WD7 7GB
England

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.


The financial statements are presented in Pound Sterling, which is the functional currency of the company.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Going concern

The financial statements have been prepared on a going concern basis.

The bank loan at the beginning of the year was £818,226 and during the year the company obtained a further loan. The bank loans as at the balance sheet date stood at £1,722,521.

The cash at bank and in hand at the end of the year was £224,556 (2022 : £881,574).

Due to the continuing availability of the above funding, the director believes that it is appropriate to prepare the financial statements on a going concern basis, which assumes that the company will continue in operational existence for at least 12 months from the signing of these financial statements.

Revenue recognition

Turnover shown in the profit and loss account represents amounts invoiced during the year.

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

 

First Place Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in "Other operating income" within profit or loss in the same period as the related expenditure. The deferred element of grants, if any, is included in creditors as deffered income.

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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the balance sheet 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, as follows:
 

Asset class

Depreciation method and rate

Freehold Property

Over 50 years

Plant and Machinery

33.33% straight line

Fixtures and Fittings

20% straight line

Leasehold Property

over the life of the lease

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

First Place Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 profit and loss account 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.

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 76 (2022 - 72).

 

First Place Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Furniture and Fittings
 £

Equipments
 £

Total
£

Cost or valuation

At 1 March 2022

1,555,370

375,716

97,203

2,028,289

Additions

1,727,031

9,032

12,547

1,748,610

At 28 February 2023

3,282,401

384,748

109,750

3,776,899

Depreciation

At 1 March 2022

368,290

307,504

83,921

759,715

Charge for the year

29,152

31,154

7,372

67,678

At 28 February 2023

397,442

338,658

91,293

827,393

Carrying amount

At 28 February 2023

2,884,959

46,090

18,457

2,949,506

At 28 February 2022

1,187,080

68,212

13,282

1,268,574

Included within the net book value of land and buildings above is £2,884,958 (2022 - £1,187,079) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of long leasehold land and buildings.
 

5

Investments

28 February
2023
£

28 February
2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 March 2022

1

Carrying amount

At 28 February 2023

1

At 28 February 2022

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

First Place Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

First Place Developments Limited

Centurion House
Watling Street
Radlett
WD7 7GB

England

Ordinary

100%

100%

Subsidiary undertakings

First Place Developments Limited

The principal activity of First Place Developments Limited is buying, developing and selling of real estate. The loss for the financial period of First Place Developments Limited was £1,852 and the aggregate amount of Capital and reserves at the end of the period was £(4,509).

6

Debtors

Note

28 February
2023
£

28 February
2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

149,007

83,960

Other debtors

 

459

16,983

Prepayments and accrued income

 

20,495

19,365

 

169,961

120,308

 

First Place Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

28 February
2023
£

28 February
2022
£

Due within one year

 

Bank loans and overdrafts

8

107,984

818,226

Trade creditors

 

180,127

155,059

Corporation tax

 

50,809

117,432

Other taxes and social security

 

23,100

21,154

Other creditors

 

202,485

194,563

Accruals and deferred income

 

70,960

39,580

 

635,465

1,346,014

8

Loans and borrowings

28 February
2023
£

28 February
2022
£

Non-current loans and borrowings

Bank borrowings

1,614,538

-

28 February
2023
£

28 February
2022
£

Current loans and borrowings

Bank borrowings

107,984

818,226

Bank borrowings

The bank borrowings are secured by a debenture dated 24 June 2016 and security over the freehold properties owned by the company.

9

Financial commitments, guarantees and contingencies

Operating lease commitments
 

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £41,262).

In addition to the above, there is an additional operating lease commitment on a property where rent is based on profits generated by the nursery which is operating from the property. The lease period on this property ends on 25 November 2038.

 

First Place Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Related party transactions

Summary of transactions with all subsidiaries

First Place Developments Limited
(100% subsidiary of First Place Nurseries Limited)

At the balance sheet date the amount due from First Place Developments Limited was £149,007 (2022: £83,960). This amount is interest free and repayable on demand.