Registration number:
First Place Nurseries Limited
for the Year Ended 28 February 2023
First Place Nurseries Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
First Place Nurseries Limited
Company Information
Director |
Mrs JE Harris |
Company secretary |
Mr N Malde |
Registered office |
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Accountants |
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First Place Nurseries Limited
(Registration number: 05337416)
Balance Sheet as at 28 February 2023
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28 February |
28 February |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
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Mrs JE Harris
Director
First Place Nurseries Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
First Place Nurseries Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Tangible assets |
Land and buildings |
Furniture and Fittings |
Equipments |
Total |
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Cost or valuation |
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At 1 March 2022 |
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Additions |
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At 28 February 2023 |
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Depreciation |
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At 1 March 2022 |
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Charge for the year |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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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.
Investments |
28 February |
28 February |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 March 2022 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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Centurion House
England |
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Subsidiary undertakings |
First Place Developments Limited The principal activity of First Place Developments Limited is |
Debtors |
Note |
28 February |
28 February |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Prepayments and accrued income |
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First Place Nurseries Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Creditors |
Creditors: amounts falling due within one year
Note |
28 February |
28 February |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
50,809 |
117,432 |
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Other taxes and social security |
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Other creditors |
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Accruals and deferred income |
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Loans and borrowings |
28 February |
28 February |
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Non-current loans and borrowings |
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Bank borrowings |
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28 February |
28 February |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The bank borrowings are secured by a debenture dated 24 June 2016 and security over the freehold properties owned by the company.
Financial commitments, guarantees and contingencies |
Operating lease commitments
The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £
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
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.