Company registration number 04771385 (England and Wales)
WATERMEAD NURSERIES LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
WATERMEAD NURSERIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WATERMEAD NURSERIES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
42,833
41,029
Current assets
Stocks
1,500
1,500
Debtors
4
100,178
83,998
Cash at bank and in hand
176,375
238,913
278,053
324,411
Creditors: amounts falling due within one year
5
(256,646)
(274,997)
Net current assets
21,407
49,414
Total assets less current liabilities
64,240
90,443
Creditors: amounts falling due after more than one year
6
(50,000)
(80,000)
Provisions for liabilities
(5,694)
(5,861)
Net assets
8,546
4,582
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
8,446
4,482
Total equity
8,546
4,582

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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.

WATERMEAD NURSERIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 April 2024
S L Allen
Director
Company Registration No. 04771385
WATERMEAD NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Watermead Nurseries Limited is a private company limited by shares incorporated in England and Wales. The registered office is Millennium House, 2 Watermead Lane, Loughborough, Leicestershire, LE11 3TN.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including 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. These policies have been consistently applied to all years presented unless otherwise stated.

 

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% Straight line
Fixtures and fittings
20% Reducing balance
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WATERMEAD NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.7
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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 leased asset are consumed.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
54
52
WATERMEAD NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022
101,073
90,399
191,472
Additions
5,830
5,029
10,859
At 31 August 2023
106,903
95,428
202,331
Depreciation and impairment
At 1 September 2022
83,486
66,957
150,443
Depreciation charged in the year
3,361
5,694
9,055
At 31 August 2023
86,847
72,651
159,498
Carrying amount
At 31 August 2023
20,056
22,777
42,833
At 31 August 2022
17,587
23,442
41,029
4
Debtors
2023
2022
Amounts falling due within one year
£
£
Other debtors
100,178
83,998
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
30,000
30,000
Trade creditors
36,825
33,370
Corporation tax
60,323
84,665
Other taxation and social security
18,264
31,758
Other creditors
111,234
95,204
256,646
274,997
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
50,000
80,000
WATERMEAD NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
60
60
60
60
Ordinary B Shares of £1 each
30
30
30
30
Ordinary C Shares of £1 each
10
10
10
10
100
100
100
100
8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
(79,670)
(300,818)
283,800
(96,688)
(79,670)
(300,818)
283,800
(96,688)
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