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MEAD OPEN FARM DAY NURSERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST JULY 2023






MEAD OPEN FARM DAY NURSERY LIMITED (REGISTERED NUMBER: 10482452)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

MEAD OPEN FARM DAY NURSERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2023







DIRECTORS: P R Sharp
M P Heast
Mrs S G Heast
Mrs S R Elliott





REGISTERED OFFICE: C/O Thrift Farm
Buckingham Road
Whaddon
Milton Keynes
Buckinghamshire
MK17 0EQ





REGISTERED NUMBER: 10482452 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

MEAD OPEN FARM DAY NURSERY LIMITED (REGISTERED NUMBER: 10482452)

BALANCE SHEET
31ST JULY 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 290,174 315,658

CURRENT ASSETS
Debtors 5 126,888 68,843
Cash at bank and in hand 179,178 49,332
306,066 118,175
CREDITORS
Amounts falling due within one year 6 449,694 342,214
NET CURRENT LIABILITIES (143,628 ) (224,039 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

146,546

91,619

CREDITORS
Amounts falling due after more than one
year

7

(23,445

)

(33,131

)

PROVISIONS FOR LIABILITIES (5,707 ) (9,858 )
NET ASSETS 117,394 48,630

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 117,294 48,530
117,394 48,630

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MEAD OPEN FARM DAY NURSERY LIMITED (REGISTERED NUMBER: 10482452)

BALANCE SHEET - continued
31ST JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th February 2024 and were signed on its behalf by:





P R Sharp - Director


MEAD OPEN FARM DAY NURSERY LIMITED (REGISTERED NUMBER: 10482452)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

1. STATUTORY INFORMATION

Mead Open Farm Day Nursery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents amounts derived from the provision of nursery care as the services are provided.

Any income received in advance is deferred and included in current liabilities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 7% on cost
Improvements to property - 25% on cost
Nursery equipment - Straight line over 10 years
Equipment - Straight line over 10 years
Computer equipment - 25% on cost

The directors policy is to only capitalise assets costing £500 or more in value. Items below this value
are treated as revenue expenditure.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MEAD OPEN FARM DAY NURSERY LIMITED (REGISTERED NUMBER: 10482452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 44 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Long to Nursery
leasehold property equipment
£    £    £   
COST
At 1st August 2022 366,952 39,163 59,685
Additions - 6,585 9,929
At 31st July 2023 366,952 45,748 69,614
DEPRECIATION
At 1st August 2022 123,997 16,503 26,758
Charge for year 25,686 7,872 6,325
At 31st July 2023 149,683 24,375 33,083
NET BOOK VALUE
At 31st July 2023 217,269 21,373 36,531
At 31st July 2022 242,955 22,660 32,927

Computer
Equipment equipment Totals
£    £    £   
COST
At 1st August 2022 21,393 6,793 493,986
Additions - 1,520 18,034
At 31st July 2023 21,393 8,313 512,020
DEPRECIATION
At 1st August 2022 8,650 2,420 178,328
Charge for year 2,139 1,496 43,518
At 31st July 2023 10,789 3,916 221,846
NET BOOK VALUE
At 31st July 2023 10,604 4,397 290,174
At 31st July 2022 12,743 4,373 315,658

MEAD OPEN FARM DAY NURSERY LIMITED (REGISTERED NUMBER: 10482452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 121,929 68,368
Amounts owed by joint ventures 196 -
Prepayments and accrued income 4,763 475
126,888 68,843

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 10,648 10,648
Hire purchase contracts (see note 8) - 16,741
Trade creditors 34,254 24,244
Amounts owed to joint ventures 119,895 91,665
Corporation tax 46,275 18,505
Social security and other taxes 9,227 11,640
Other creditors 4,174 4,318
Directors' current accounts 120,000 90,000
Accruals and deferred income 105,221 74,453
449,694 342,214

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Bank loans 23,445 33,131

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
as restated
£    £   
Net obligations repayable:
Within one year - 16,741

Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 59,790 59,790
Between one and five years 239,160 239,160
In more than five years 219,230 279,020
518,180 577,970

MEAD OPEN FARM DAY NURSERY LIMITED (REGISTERED NUMBER: 10482452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023

8. LEASING AGREEMENTS - continued

Operating lease commitments relate to rent due on company premises.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Hire purchase contracts - 16,741

Hire purchase liabilities are secured by the assets to which the agreements relate to.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MEAD OPEN FARM DAY NURSERY LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mead Open Farm Day Nursery Limited for the year ended 31st July 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Mead Open Farm Day Nursery Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mead Open Farm Day Nursery Limited and state those matters that we have agreed to state to the Board of Directors of Mead Open Farm Day Nursery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mead Open Farm Day Nursery Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mead Open Farm Day Nursery 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 Mead Open Farm Day Nursery Limited. You consider that Mead Open Farm Day Nursery 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 Mead Open Farm Day Nursery 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.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


6th February 2024