Company registration number 05154941 (England and Wales)
RINGWOOD DAY NURSERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RINGWOOD DAY NURSERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RINGWOOD DAY NURSERY LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2023
30 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
746,039
757,276
Current assets
Debtors
4
119,679
153,877
Cash at bank and in hand
200,820
304,477
320,499
458,354
Creditors: amounts falling due within one year
5
(432,329)
(448,732)
Net current (liabilities)/assets
(111,830)
9,622
Total assets less current liabilities
634,209
766,898
Creditors: amounts falling due after more than one year
6
(347,354)
(397,756)
Net assets
286,855
369,142
Capital and reserves
Called up share capital
7
103
103
Revaluation reserve
8
38,447
38,848
Profit and loss reserves
248,305
330,191
Total equity
286,855
369,142
RINGWOOD DAY NURSERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2023
30 December 2023
- 2 -

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 December 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.

The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
..........................
N Dowden
Director
Company Registration No. 05154941
RINGWOOD DAY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Ringwood Day Nursery Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Broadshard Lane, Ringwood, Hampshire, BH24 1RR.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
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:

Land and buildings Freehold
100 years
Freehold improvements
10 years
Plant and machinery
5 years
1.4
Impairment of fixed assets

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

1.5
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.

RINGWOOD DAY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

1.7
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RINGWOOD DAY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

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

2023
2022
Number
Number
Total
52
46
3
Tangible fixed assets
Land and buildings Freehold
Freehold improvements
Plant and machinery
Total
£
£
£
£
Cost or valuation
At 31 December 2022
808,198
130,746
87,817
1,026,761
Additions
-
0
-
0
11,508
11,508
At 30 December 2023
808,198
130,746
99,325
1,038,269
Depreciation and impairment
At 31 December 2022
96,984
107,136
65,365
269,485
Depreciation charged in the year
8,082
2,781
11,882
22,745
At 30 December 2023
105,066
109,917
77,247
292,230
Carrying amount
At 30 December 2023
703,132
20,829
22,078
746,039
At 30 December 2022
711,214
23,610
22,452
757,276

The revaluation surplus is disclosed in note 8.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

RINGWOOD DAY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
3
Tangible fixed assets
(Continued)
- 6 -
2023
2022
£
£
Cost
907,349
907,349
Accumulated depreciation
(227,859)
(217,297)
Carrying value
679,490
690,052
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
89,073
117,597
Corporation tax recoverable
11,426
11,426
Amounts owed by undertakings in which the company has a participating interest
11,624
11,624
Other debtors
7,556
13,230
119,679
153,877
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
46,641
41,296
Trade creditors
274,926
273,660
Corporation tax
54,522
76,074
Other taxation and social security
11,571
13,272
Other creditors
44,669
44,430
432,329
448,732
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
347,354
397,756

The company's bank loans are secured by a mortgage deed on its freehold properties.

Amounts included above which fall due after five years are as follows:
Payable by instalments
145,188
193,842
RINGWOOD DAY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 7 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
1 'A' Ordinary share of £1 each
1
1
1 'B' Ordinary share of £1 each
1
1
1 'C' Ordinary share of £1 each
1
1
103
103
8
Revaluation reserve
2023
2022
£
£
At beginning of year
38,848
39,249
Depreciation written back
(401)
(401)
At end of year
38,447
38,848
9
Related party transactions

Tim Morey Limited, a shareholder in the company and a company controlled by Mr T Morey, had a loan from the company during the year, the balance at the start of the year was £11,624, no interest was charged in the year and the balance at the end of the year remained £11,624. The company received dividends totaling £119,928 in the year.

 

Verwood Day Nursery Limited, the company owned and controlled by Mr N Dowden and Mr T Morey, had a loan from the company. The balance at the start of the year was £41,863, no movements were noted during the year

10
Directors' transactions

Mr N Dowden, a director and shareholder in the company, had a loan from the company during the year. The balance at the start of the year was £12,647, interest totalling £255 was charged at a rate of 2.00% and 2.25% and he repaid £5,929 leaving a balance at the balance sheet date of £6,973    .

 

Mr T Morey, a director in the company, had a loan from the company. The balance at the start of the year was £532. no advances were made in the year, no interest was charged in the year and the balance at the end of the year was £532.

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