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Company registration number: 04497123
Springfield Nursery (Aughton) Limited
Unaudited filleted financial statements
31 August 2023
Springfield Nursery (Aughton) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Springfield Nursery (Aughton) Limited
Directors and other information
Directors Dr Christopher John Billington
Mrs Tracey Billington
Company number 04497123
Registered office Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
Business address 59 Springfield Road
Aughton
Ormskirk
Lancashire
L39 6ST
Accountants Forshaws Accountants Limited
Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
Springfield Nursery (Aughton) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Springfield Nursery (Aughton) Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Springfield Nursery (Aughton) Limited for the year ended 31 August 2023 as set out on pages 3 to 10 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 /en/members/regulations-standards-and-guidance.
This report is made solely to the board of directors of Springfield Nursery (Aughton) 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 financial statements of Springfield Nursery (Aughton) Limited and state those matters that we have agreed to state to the board of directors of Springfield Nursery (Aughton) 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 Springfield Nursery (Aughton) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Springfield Nursery (Aughton) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Springfield Nursery (Aughton) Limited. You consider that Springfield Nursery (Aughton) 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 financial statements of Springfield Nursery (Aughton) 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 financial statements.
Forshaws Accountants Limited
Chartered Accountants
Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
19 January 2024
Springfield Nursery (Aughton) Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 382,143 327,060
_______ _______
382,143 327,060
Current assets
Debtors 6 31,201 27,467
Cash at bank and in hand 104,473 60,004
_______ _______
135,674 87,471
Creditors: amounts falling due
within one year 7 ( 133,620) ( 125,431)
_______ _______
Net current assets/(liabilities) 2,054 ( 37,960)
_______ _______
Total assets less current liabilities 384,197 289,100
Creditors: amounts falling due
after more than one year 8 ( 180,183) ( 179,351)
Provisions for liabilities ( 13,973) ( 8,321)
_______ _______
Net assets 190,041 101,428
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 189,941 101,328
_______ _______
Shareholders funds 190,041 101,428
_______ _______
For the year ending 31 August 2023 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 year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 January 2024 , and are signed on behalf of the board by:
Dr Christopher John Billington
Director
Company registration number: 04497123
Springfield Nursery (Aughton) Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, incorporated in England and Wales. The address of the registered office is Crossens Way Business Park, Crossens Way, Southport, PR9 9LY. The principal activity of the company is that of providing child day care facilities.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they 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 financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 3.33 % straight line
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20/25% straight line/reducing balance
Motor vehicles - 20 % straight line
Computer equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 53 (2022: 46 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 September 2022 322,152 21,962 77,054 8,019 13,725 442,912
Additions - 2,808 23,123 55,090 925 81,946
_______ _______ _______ _______ _______ _______
At 31 August 2023 322,152 24,770 100,177 63,109 14,650 524,858
_______ _______ _______ _______ _______ _______
Depreciation
At 1 September 2022 19,124 14,367 69,701 8,019 4,641 115,852
Charge for the year 10,728 1,793 7,987 3,864 2,491 26,863
_______ _______ _______ _______ _______ _______
At 31 August 2023 29,852 16,160 77,688 11,883 7,132 142,715
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 August 2023 292,300 8,610 22,489 51,226 7,518 382,143
_______ _______ _______ _______ _______ _______
At 31 August 2022 303,028 7,595 7,353 - 9,084 327,060
_______ _______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 1,054 5,108
Other debtors 30,147 22,359
_______ _______
31,201 27,467
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 23,407 23,407
Trade creditors 32,533 72,784
Corporation tax 38,997 11,588
Social security and other taxes 9,756 8,675
Other creditors 28,927 8,977
_______ _______
133,620 125,431
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 164,385 179,351
Other creditors 15,798 -
_______ _______
180,183 179,351
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note ) 13,973 8,321
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 13,973 8,321
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 96 96 96 96
Ordinary A shares of £ 1.00 each 1 1 1 1
Ordinary B shares of £ 1.00 each 1 1 1 1
Ordinary C shares of £ 1.00 each 1 1 1 1
Ordinary D shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______
11. Controlling party
The controlling interest is held by Learning Steps Education Limited , a company under the joint control of Dr CJ Billington and Mrs T Billington, by virtue of their 100% holding of the issued share capital.