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Registered number: SC306299
Playbarn Nursery Ltd.
Unaudited Financial Statements
For The Year Ended 31 August 2023
M Squared Accountants Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC306299
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,000 4,000
Tangible Assets 5 66,686 12,001
69,686 16,001
CURRENT ASSETS
Debtors 6 23,356 22,020
Cash at bank and in hand 739,076 810,921
762,432 832,941
Creditors: Amounts Falling Due Within One Year 7 (59,658 ) (106,804 )
NET CURRENT ASSETS (LIABILITIES) 702,774 726,137
TOTAL ASSETS LESS CURRENT LIABILITIES 772,460 742,138
Creditors: Amounts Falling Due After More Than One Year 8 (18,333 ) (28,333 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,670 ) (2,227 )
NET ASSETS 741,457 711,578
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 741,455 711,576
SHAREHOLDERS' FUNDS 741,457 711,578
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Julie Wiseman
Director
11/04/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Playbarn Nursery Ltd. is a private company, limited by shares, incorporated in Scotland, registered number SC306299 . The registered office is 46 Saltoun Place, Fraserburgh, Aberdeenshire, AB43 9RY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Tenant Improvements 15% reducing balance
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 25% reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 51 (2022: 46)
51 46
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2022 20,000
As at 31 August 2023 20,000
Amortisation
As at 1 September 2022 16,000
Provided during the period 1,000
As at 31 August 2023 17,000
Net Book Value
As at 31 August 2023 3,000
As at 1 September 2022 4,000
5. Tangible Assets
Land & Property
Tenant Improvements Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 September 2022 22,663 5,795 - 1,737
Additions 56,175 - 840 -
As at 31 August 2023 78,838 5,795 840 1,737
Depreciation
As at 1 September 2022 16,979 3,892 - 776
Provided during the period 794 476 53 144
As at 31 August 2023 17,773 4,368 53 920
Net Book Value
As at 31 August 2023 61,065 1,427 787 817
As at 1 September 2022 5,684 1,903 - 961
Computer Equipment Total
£ £
Cost
As at 1 September 2022 6,029 36,224
Additions - 57,015
As at 31 August 2023 6,029 93,239
...CONTINUED
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Page 5
Depreciation
As at 1 September 2022 2,576 24,223
Provided during the period 863 2,330
As at 31 August 2023 3,439 26,553
Net Book Value
As at 31 August 2023 2,590 66,686
As at 1 September 2022 3,453 12,001
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 18,772 16,100
Prepayments and accrued income 685 1,421
Other debtors 3,899 4,499
23,356 22,020
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 750 -
Bank loans and overdrafts 10,000 10,000
Corporation tax 7,474 35,406
Other taxes and social security 3,727 -
Net wages 32,044 34,262
Pension creditor 699 1,309
Accruals and deferred income 4,201 3,248
Director's loan account 763 22,579
59,658 106,804
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 18,333 28,333
18,333 28,333
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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