Company registration number 04783609 (England and Wales)
DOWNS VIEW NURSERIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
DOWNS VIEW NURSERIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
DOWNS VIEW NURSERIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DOWNS VIEW NURSERIES LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Downs View Nurseries Limited for the year ended 30 June 2023 which comprise, the balance sheet 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Downs View Nurseries Limited, as a body, in accordance with the terms of our engagement letter dated 20 September 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Downs View Nurseries Limited and state those matters that we have agreed to state to the board of directors of Downs View Nurseries 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 Downs View Nurseries Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Downs View Nurseries 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 Downs View Nurseries Limited. You consider that Downs View Nurseries 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 Downs View Nurseries 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.
Carpenter Box
2 February 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
DOWNS VIEW NURSERIES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
346,686
303,361
Current assets
Stocks
79,604
25,212
Debtors
5
155,363
215,122
Cash at bank and in hand
184
1,085
235,151
241,419
Creditors: amounts falling due within one year
6
(371,365)
(358,690)
Net current liabilities
(136,214)
(117,271)
Total assets less current liabilities
210,472
186,090
Creditors: amounts falling due after more than one year
7
(24,167)
(34,167)
Provisions for liabilities
(21,100)
(8,800)
Net assets
165,205
143,123
Capital and reserves
Called up share capital
100
100
Revaluation reserve
8
68,499
68,499
Profit and loss reserves
96,606
74,524
Total equity
165,205
143,123
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DOWNS VIEW NURSERIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 2 February 2024 and are signed on its behalf by:
Mrs C Brassfield
Mr M J Brassfield
Director
Director
Company registration number 04783609 (England and Wales)
DOWNS VIEW NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
Downs View Nurseries Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28A Chalk Lane, Sidlesham, Chichester, West Sussex, PO20 7LW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. The company is reliant on the continued support of its director, to whom money is owed at the year end date. Therefore, based on these assessments, the directors have concluded there is no material uncertainty in adopting the going concern basis, net current liabilities position notwithstanding.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Intangible fixed assets - goodwill
Acquired goodwill has been written off over its estimated useful economic life.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
No depreciation
Plant & machinery
25% per annum diminishing balance
Office equipment
15% per annum diminishing balance
Motor vehicles
25% per annum diminishing balance
Freehold property consists of freehold land owned by the the company and is therefore not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
DOWNS VIEW NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
DOWNS VIEW NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2022 - 4).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
60,000
Amortisation and impairment
At 1 July 2022 and 30 June 2023
60,000
Carrying amount
At 30 June 2023
At 30 June 2022
4
Tangible fixed assets
Freehold property
Plant & machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
252,934
255,866
59,715
72,073
640,588
Additions
6,029
51,283
57,312
At 30 June 2023
258,963
307,149
59,715
72,073
697,900
Depreciation and impairment
At 1 July 2022
236,753
45,506
54,968
337,227
Depreciation charged in the year
6,159
3,552
4,276
13,987
At 30 June 2023
242,912
49,058
59,244
351,214
Carrying amount
At 30 June 2023
258,963
64,237
10,657
12,829
346,686
At 30 June 2022
252,934
19,113
14,209
17,105
303,361
DOWNS VIEW NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
154,759
214,943
Other debtors
604
179
155,363
215,122
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
122,313
119,128
Trade creditors
68,749
101,894
Taxation and social security
25,995
26,369
Other creditors
154,308
111,299
371,365
358,690
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,167
34,167
8
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
68,499
68,499
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
15,000
15,000