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Registered number: 08714534










STARS NURSERY SOUTHGATE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
STARS NURSERY SOUTHGATE LIMITED
REGISTERED NUMBER: 08714534

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1
1

Tangible assets
 5 
2,830
3,773

  
2,831
3,774

Current assets
  

Debtors: amounts falling due within one year
 6 
59,585
95,956

Cash at bank and in hand
  
22,962
6,530

  
82,547
102,486

Creditors: amounts falling due within one year
 7 
(66,513)
(91,240)

Net current assets
  
 
 
16,034
 
 
11,246

Total assets less current liabilities
  
18,865
15,020

Provisions for liabilities
  

Deferred tax
 8 
(677)
(943)

  
 
 
(677)
 
 
(943)

Net assets
  
18,188
14,077


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
18,186
14,075

  
18,188
14,077


Page 1

 
STARS NURSERY SOUTHGATE LIMITED
REGISTERED NUMBER: 08714534
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs N L Miller
Director

Date: 11 April 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
STARS NURSERY SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Stars Nursery Southgate Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08714534 and the company's registered address is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity of the company in the year under review was that of running a nursery.
The financial statements are prepared in pounds sterling, the functional currency, rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
STARS NURSERY SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
STARS NURSERY SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
STARS NURSERY SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.


 
Page 6

 
STARS NURSERY SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).


4.


Intangible assets




Goodwill

£



Cost


At 1 September 2022
220,000



At 31 August 2023

220,000



Amortisation


At 1 September 2022
219,999



At 31 August 2023

219,999



Net book value



At 31 August 2023
1



At 31 August 2022
1



Page 7

 
STARS NURSERY SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 September 2022
20,762



At 31 August 2023

20,762



Depreciation


At 1 September 2022
16,989


Charge for the year on owned assets
943



At 31 August 2023

17,932



Net book value



At 31 August 2023
2,830



At 31 August 2022
3,773


6.


Debtors

2023
2022
£
£


Trade debtors
21,240
11,863

Other debtors
38,345
84,093

59,585
95,956


Page 8

 
STARS NURSERY SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
2,655
2,895

Corporation tax
36,095
32,316

Other taxation and social security
-
1,445

Other creditors
2,308
29,038

Accruals and deferred income
25,455
25,546

66,513
91,240



8.


Deferred taxation




2023


£






At beginning of year
943


Charged to profit or loss
266



At end of year
677

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
708
943

Short term timing differences
(31)
-

677
943


9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £284 (2022: £700) were payable to the fund at the balance sheet date and are included in other creditors.

Page 9

 
STARS NURSERY SOUTHGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Related party transactions

Stars Nursery Southgate Limited has taken advantage of exemption contained in FRS 102 "paragraph 1AC.35" and has not therefore disclosed transactions and balances with the parent company, Stars Nursery Limited.

Following net loan movements in the year of £22,343 (2022: £18,602), at the balance sheet date included in other debtors due within one year is £18,454 (2022: £40,797) due from director Nikki Miller. This loan is unsecured, interest free and repayable on demand.

Following net loan movements in the year of £23,501 (2022: £18,437), at the balance sheet date included in other debtors due within one year is £19,464 (2022: £42,965) due from director Martine Leigh. This loan is unsecured, interest free and repayable on demand.


11.


Parent entity and ultimate Controlling party

The company is a wholly owned subsidiary of Stars Nursery Limited, a company incorporated in England and Wales. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. Stars Nursery Limited is under the control of its shareholders, Mrs N Miller and Mrs M Leigh throughout the current and previous year.

 
Page 10