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Registration number: 08355570

Staverton Nursery Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Staverton Nursery Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Staverton Nursery Limited

Company Information

Directors

C D Cottingham

T M Cottingham

P S Cottingham

Cottingham

M J Cottingham

Registered office

Staverton Nursery
Eastbourne Road
Halland
East Sussex
BN8 6PU

 

Staverton Nursery Limited

(Registration number: 08355570)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,667

10,667

Tangible assets

5

3,405,791

3,272,656

 

3,415,458

3,283,323

Current assets

 

Stocks

6

754,706

962,475

Debtors

7

1,288,689

69,552

Cash at bank and in hand

 

1,871,204

576,259

 

3,914,599

1,608,286

Creditors: Amounts falling due within one year

8

(1,454,447)

(1,168,603)

Net current assets

 

2,460,152

439,683

Total assets less current liabilities

 

5,875,610

3,723,006

Creditors: Amounts falling due after more than one year

8

(131,694)

(186,463)

Provisions for liabilities

(154,807)

(139,927)

Net assets

 

5,589,109

3,396,616

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

5,589,009

3,396,516

Shareholders' funds

 

5,589,109

3,396,616

 

Staverton Nursery Limited

(Registration number: 08355570)
Balance Sheet as at 31 December 2023

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 July 2024 and signed on its behalf by:
 

.........................................
P S Cottingham
Director

   
     
 

Staverton Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Staverton Nursery
Eastbourne Road
Halland
East Sussex
BN8 6PU

These financial statements were authorised for issue by the Board on 19 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.

Grants of a revenue nature are recognised in "other income" within the profit or loss in the same period as the related expenditure.

Tax

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

 

Staverton Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% or 5% per annum on cost

Plant and machinery

25% per annum on net book value

Office equipment

33.3% per annum on cost

Motor vehicles

25% per annum on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Staverton Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Staverton Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 77 (2022 - 80).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

20,000

20,000

At 31 December 2023

20,000

20,000

Amortisation

At 1 January 2023

9,333

9,333

Amortisation charge

1,000

1,000

At 31 December 2023

10,333

10,333

Carrying amount

At 31 December 2023

9,667

9,667

At 31 December 2022

10,667

10,667

 

Staverton Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

2,979,431

452,213

768,378

4,200,022

Additions

812,605

-

285,928

1,098,533

Disposals

(786,009)

(2,634)

(165,736)

(954,379)

At 31 December 2023

3,006,027

449,579

888,570

4,344,176

Depreciation

At 1 January 2023

266,483

219,629

441,253

927,365

Charge for the year

58,648

58,104

83,517

200,269

Eliminated on disposal

(105,669)

(2,453)

(81,127)

(189,249)

At 31 December 2023

219,462

275,280

443,643

938,385

Carrying amount

At 31 December 2023

2,786,565

174,299

444,927

3,405,791

At 31 December 2022

2,712,947

232,584

327,125

3,272,656

Included within the net book value of land and buildings above is £2,786,565 (2022 - £2,712,947) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

754,706

962,475

7

Debtors

Current

2023
£

2022
£

Trade debtors

48,122

38,491

Prepayments

24,826

25,311

Other debtors

1,215,741

5,750

 

1,288,689

69,552

 

Staverton Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

52,621

80,715

Trade creditors

 

653,294

326,167

Taxation and social security

 

335,071

234,737

Accruals and deferred income

 

11,573

6,358

Other creditors

 

401,888

520,626

 

1,454,447

1,168,603

The bank loans are secured by a legal charge against assets owned by the company. The hire purchase obligations are secured against the respective assets concerned.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

131,694

186,463

The bank loans are secured by a legal charge against assets owned by the company. The hire purchase obligations are secured against the respective assets concerned.

 

Staverton Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

131,694

186,463

Current loans and borrowings

2023
£

2022
£

Bank borrowings

52,621

63,669

Hire purchase contracts

-

17,046

52,621

80,715