34 false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2021 - FRS102_2021 425,000 425,000 xbrli:pure xbrli:shares iso4217:GBP 07128413 2022-06-01 2023-05-31 07128413 2023-05-31 07128413 2022-05-31 07128413 2021-06-01 2022-05-31 07128413 2022-05-31 07128413 core:NetGoodwill 2022-06-01 2023-05-31 07128413 bus:Director1 2022-06-01 2023-05-31 07128413 bus:Director2 2022-06-01 2023-05-31 07128413 bus:Director3 2022-06-01 2023-05-31 07128413 core:NetGoodwill 2023-05-31 07128413 core:LandBuildings 2022-05-31 07128413 core:PlantMachinery 2022-05-31 07128413 core:MotorVehicles 2022-05-31 07128413 core:LandBuildings 2023-05-31 07128413 core:PlantMachinery 2023-05-31 07128413 core:MotorVehicles 2023-05-31 07128413 core:LandBuildings 2022-06-01 2023-05-31 07128413 core:PlantMachinery 2022-06-01 2023-05-31 07128413 core:MotorVehicles 2022-06-01 2023-05-31 07128413 core:WithinOneYear 2023-05-31 07128413 core:WithinOneYear 2022-05-31 07128413 core:ShareCapital 2023-05-31 07128413 core:ShareCapital 2022-05-31 07128413 core:RetainedEarningsAccumulatedLosses 2023-05-31 07128413 core:RetainedEarningsAccumulatedLosses 2022-05-31 07128413 core:LandBuildings 2022-05-31 07128413 core:PlantMachinery 2022-05-31 07128413 core:MotorVehicles 2022-05-31 07128413 bus:SmallEntities 2022-06-01 2023-05-31 07128413 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 07128413 bus:FullAccounts 2022-06-01 2023-05-31 07128413 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 07128413 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07128413 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 07128413 core:OtherPropertyPlantEquipment 2022-05-31 07128413 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 07128413 core:OtherPropertyPlantEquipment 2023-05-31
COMPANY REGISTRATION NUMBER: 07128413
Osberton Nurseries Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
Osberton Nurseries Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
168,356
172,100
Current assets
Stocks
1,115,346
990,238
Debtors
7
613,892
291,140
Cash at bank and in hand
1,089,521
1,032,772
-------------
-------------
2,818,759
2,314,150
Creditors: amounts falling due within one year
8
900,234
787,294
-------------
-------------
Net current assets
1,918,525
1,526,856
-------------
-------------
Total assets less current liabilities
2,086,881
1,698,956
Provisions
Taxation including deferred tax
30,624
30,966
-------------
-------------
Net assets
2,056,257
1,667,990
-------------
-------------
Osberton Nurseries Limited
Statement of Financial Position (continued)
31 May 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
200
200
Profit and loss account
2,056,057
1,667,790
-------------
-------------
Shareholders funds
2,056,257
1,667,990
-------------
-------------
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.
For the year ending 31 May 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 were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
P C Murch
P S Murch
Director
Director
W J Murch
Director
Company registration number: 07128413
Osberton Nurseries Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Osberton Nurseries West Buildings, Osberton Grange, Worksop, United Kingdom, S81 0UF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Land and buildings
-
15 - 20 % Reducing balance
Plant and machinery
-
15, 20 and 25% Reducing balance
Motor vehicles
-
25% Reducing balance
Office equipment
-
15, 20 and 25% Reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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 as a finance cost 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 34 (2022: 35 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
425,000
----------
Amortisation
At 1 June 2022 and 31 May 2023
425,000
----------
Carrying amount
At 31 May 2023
----------
At 31 May 2022
----------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2022
152,370
470,609
57,418
47,006
727,403
Additions
11,585
10,344
19,913
683
42,525
Disposals
( 17,100)
( 17,100)
----------
----------
---------
---------
----------
At 31 May 2023
163,955
480,953
60,231
47,689
752,828
----------
----------
---------
---------
----------
Depreciation
At 1 June 2022
115,653
380,003
27,929
31,718
555,303
Charge for the year
5,943
24,920
9,077
2,392
42,332
Disposals
( 13,163)
( 13,163)
----------
----------
---------
---------
----------
At 31 May 2023
121,596
404,923
23,843
34,110
584,472
----------
----------
---------
---------
----------
Carrying amount
At 31 May 2023
42,359
76,030
36,388
13,579
168,356
----------
----------
---------
---------
----------
At 31 May 2022
36,717
90,606
29,489
15,288
172,100
----------
----------
---------
---------
----------
7. Debtors
2023
2022
£
£
Trade debtors
605,674
283,802
Other debtors
8,218
7,338
----------
----------
613,892
291,140
----------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
90,089
82,271
Corporation tax
113,513
93,906
Social security and other taxes
309,348
185,077
Other creditors
387,284
426,040
----------
----------
900,234
787,294
----------
----------