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Registered number: 11496269









SJE NURSERIES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
SJE NURSERIES LIMITED
 
 
COMPANY INFORMATION


Directors
Partou UK Holdings Ltd 
J J C Lemmens-Westerink 
M C G Iacono 
S J Rhodes (appointed 17 April 2023)
R H Smith (appointed 17 April 2023)




Registered number
11496269



Registered office
Ridgway House
Progress Way

Denton

Manchester

M34 2GP




Independent Auditor
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
SJE NURSERIES LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Company balance sheet
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Notes to the financial statements
15 - 34


 
SJE NURSERIES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

The Group's principal activity continues to be the operation of private day nurseries and the provision of high- quality childcare. The Company acts as an operator of nurseries and a holding company.

Business review
 
The Group’s objective is to be a leading provider of high-quality childcare and to build clusters of nurseries in areas with strong demographic characteristics and demand. As at the period-end the Group was operating 8 nurseries providing 538 childcare places.
The Group's results for the period ended 31 December 2023 are summarised below:
Turnover was £6.5m (2022: £9.1m) and the operating profit for the year before exceptional items was £0.9m (2022: £1.7m).
The Group delivers high quality childcare by implementing a framework of common policies, procedures and core values across nurseries and all acquisitions. Every single thing we do is geared towards supporting the children in our care and helping them develop through delivering an exciting, engaging and stimulating learning experience that captures children’s imagination and inspires them to learn more.
A number of key performance indicators are used to identify and measure the Group’s performance with the main focus being on turnover, occupancy and site profitability. All nurseries are subject to continuous quality management and audit in order to monitor performance and maintain standards and quality across the portfolio.
The company operates a nursery management system across the group to improve and control quality monitoring, planning and financial information.
The future plan is to continue to grow the number of childcare places by both improving current capacities and by further acquisitions. The expansion and maintenance of high-quality care is supported by support teams based at offices in Northampton and Greater Manchester.

Page 1

 
SJE NURSERIES LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The business is subject to a number of risks that are managed by the implementation of standardised policies and procedures and a central Finance function. Compliance is monitored closely by a central operations support team and use of external consultants to ensure the delivery of high-quality childcare.
Regulatory
The key external risk is associated with changes in regulations such as OFSTED and government policy which are managed through internal systems and controls and by the expertise provided by professional and experienced staff within the Group.
Financial risk management
The Group uses various financial instruments. These include loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations.
The main risks arising from the Group's financial instruments are market risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below.
Market risk
Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and price risk. In this instance price risk and currency risk have been ignored as they are not considered a material risk to the business. The Group is not exposed to translation and transaction foreign exchange risk.
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. All of the Group's borrowings are disclosed in the notes to the accounts.
Credit risk
Credit risk in the Group is managed by requiring the majority of parents to pay their childcare fees monthly in advance. This ensures that the Group has excess liquidity and enables payment of suppliers and other financial commitments when due.
Staff risk/Employment risk
Staff shortages remained an issue within the nursery sector in 2023.
 

Page 2

 
SJE NURSERIES LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The Group's financial key performance indicators include:
•          Turnover: £6.5m (2022 - £9.1m)
•          EBITDA: £1.3m (2022 - £1.6m) 

Other key performance indicators
 
The Group's other key performance indicators include:
• Number of nurseries
• Employee engagement

Directors' statement of compliance with duty to promote the success of the Group
 
Section 172 of the Companies Act 2006 requires the directors of a company to act in a way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
(a) the likely consequences of any decision in the long term;
(b) the interests of the company’s employees;
(c) the need to foster the company’s business relationships with suppliers, customers and others;
(d) the impact of the company’s operations on the community and the environment;
(e) the desirability of the company maintaining a reputation for high standards of business conduct; and
(f) the need to act fairly as between members of the company.
Directors are briefed on their duties and they can access professional advice on these, either from the Company Secretary or, if they judge it necessary, from an independent advisor.
The Board confirms that, during the year, it has had regard to the matters set out above. Further details as to how the Directors have fulfilled their duties, together with references to relevant areas within these financial statements are set out below.


This report was approved by the board and signed on its behalf.



................................................
R H Smith
Director

Date: 18 September 2024

Page 3

 
SJE NURSERIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the period ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £505,648 (2022 - £1,196,956).

Directors

The directors who served during the period were:

Partou UK Holdings Ltd 
J J C Lemmens-Westerink 
T Kilby (resigned 30 September 2023)
S Johnson (resigned 31 October 2023)
M C G Iacono 
S J Rhodes (appointed 17 April 2023)
R H Smith (appointed 17 April 2023)

Future developments

The Group is able to take advantage of the expertise and knowledge of the new wider group's experience in the childcare sector which is expected to enable growth while delivering premium childcare services and facilities.

Page 4

 
SJE NURSERIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
R H Smith
Director

Date: 18 September 2024

Page 5

 
SJE NURSERIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJE NURSERIES LIMITED
 

Opinion


We have audited the financial statements of SJE Nurseries Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
SJE NURSERIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJE NURSERIES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
SJE NURSERIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJE NURSERIES LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal     entries  and other adjustments for appropriateness and reviewing accounting estimates for bias;     
• reviewed minutes of meetings;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any               instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the                             financial statements and potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 8

 
SJE NURSERIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SJE NURSERIES LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Alexander Chrysaphiades, FCA (Senior statutory auditor)
  
for and on behalf of
Adler Shine LLP
 
Chartered Accountants
Statutory Auditor
  
Aston House
Cornwall Avenue
London
N3 1LF

24 September 2024
Page 9

 
SJE NURSERIES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023

31 December
16 months ended
31 December
2023
2022
Note
£
£

  

Turnover
 4 
6,455,120
9,069,443

Gross profit
  
6,455,120
9,069,443

Administrative expenses
  
(5,587,663)
(7,395,374)

Other operating income
 5 
-
15,710

Operating profit
 6 
867,457
1,689,779

Interest receivable and similar income
 10 
7
-

Interest payable and similar expenses
 11 
(193,434)
(154,803)

Profit before taxation
  
674,030
1,534,976

Tax on profit
 12 
(168,382)
(338,020)

Profit for the financial period
  
505,648
1,196,956

  

Total comprehensive income for the period
  
505,648
1,196,956

Profit for the period attributable to:
  

Owners of the parent Company
  
505,648
1,196,956

  
505,648
1,196,956

Total comprehensive income for the period attributable to:
  

Owners of the parent Company
  
505,648
1,196,956

  
505,648
1,196,956

The notes on pages 15 to 34 form part of these financial statements.

Page 10

 
SJE NURSERIES LIMITED
REGISTERED NUMBER: 11496269

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
457,014
815,571

Tangible assets
 15 
516,547
506,010

  
973,561
1,321,581

Current assets
  

Debtors
 17 
6,610,683
9,217,284

Cash at bank and in hand
 18 
363,762
1,138,672

  
6,974,445
10,355,956

Creditors: amounts falling due within one year
 19 
(4,053,776)
(8,399,931)

Net current assets
  
 
 
2,920,669
 
 
1,956,025

Total assets less current liabilities
  
3,894,230
3,277,606

Provisions for liabilities
  

Deferred taxation
 20 
(110,976)
-

  
 
 
(110,976)
 
 
-

Net assets
  
3,783,254
3,277,606


Capital and reserves
  

Called up share capital 
 21 
300
300

Profit and loss account
 22 
3,782,954
3,277,306

Equity attributable to owners of the parent Company
  
3,783,254
3,277,606


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




................................................
R H Smith
Director

Date: 18 September 2024

The notes on pages 15 to 34 form part of these financial statements.

Page 11

 
SJE NURSERIES LIMITED
REGISTERED NUMBER: 11496269

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 16 
400
400

  
400
400

Current assets
  

Debtors
 17 
2,429,148
2,368,051

Cash at bank and in hand
 18 
837
65,882

  
2,429,985
2,433,933

Creditors: amounts falling due within one year
 19 
(2,755,490)
(2,561,449)

Net current liabilities
  
 
 
(325,505)
 
 
(127,516)

Total assets less current liabilities
  
(325,105)
(127,116)

  

  

Net liabilities
  
(325,105)
(127,116)


Capital and reserves
  

Called up share capital 
 21 
300
300

Profit and loss account brought forward
  
(127,416)
88,267

Loss for the period
  
(197,989)
(155,363)

Other changes in the profit and loss account

  

-
(60,320)

Profit and loss account carried forward
  
(325,405)
(127,416)

  
(325,105)
(127,116)


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


................................................
R H Smith
Director

Date: 18 September 2024

The notes on pages 15 to 34 form part of these financial statements.

Page 12

 
SJE NURSERIES LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021
300
2,140,670
2,140,970


Comprehensive income for the period

Profit for the period
-
1,196,956
1,196,956


Contributions by and distributions to owners

Dividends: Equity capital
-
(60,320)
(60,320)



At 1 January 2023
300
3,277,306
3,277,606


Comprehensive income for the period

Profit for the period
-
505,648
505,648


At 31 December 2023
300
3,782,954
3,783,254


Page 13

 
SJE NURSERIES LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021
300
88,267
88,567


Comprehensive income for the period

Loss for the period
-
(155,363)
(155,363)


Contributions by and distributions to owners

Dividends: Equity capital
-
(60,320)
(60,320)



At 1 January 2023
300
(127,416)
(127,116)


Comprehensive income for the period

Loss for the period
-
(197,989)
(197,989)


At 31 December 2023
300
(325,405)
(325,105)


The notes on pages 15 to 34 form part of these financial statements.

Page 14

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

SJE Nurseries Limited is a private company limited by shares, incorporated in England and Wales on 2 August 2018. The registered number is 11496269. Its registered office is Ridgway House, Progress Way, Denton, Manchester, England, M34 2GP.
The company's principal activity is that of a holding company.
The financial statements represent the 12 month period to 31 December 2023. The comparative period represents the 16 month period to 31 December 2022 and is not therefore entirely comparable.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in Pounds Sterling (GBP) rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

Parent Company disclosure exemptions

In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
No Statement of cash flows has been presented for the parent Company;
Disclosures in respect of the parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Company as a whole; and
No disclosures have been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the Company as a whole.

The following principal accounting policies have been applied:

Page 15

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Partou UK Holding Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

 
2.4

Going concern

The Group has net assets of £3.6m (2022 - £3.3m).  The Group has positive cashflow from operations and can meet all day-to-day obligations.
The Directors have prepared detailed cashflow forecasts and projections covering a period more than twelve months from approval of these financial statements.  These show that the Group will generate sufficient cashflow from operations to meet all anticipated day-to-day obligations without additional borrowings.  The Directors have received confirmation from the parent group that they will not seek repayment of intercompany debt for at least 12 months from the date of approval of these financial statements.
Taking these factors into account, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from approval of these financial statements and therefore continue to adopt the going concern basis in preparing the annual report and financial statements.

Page 16

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. 
Fees receivable and charges for services are accounted for in the period in which the service is provided.  Where fees are received for a future service period they are included in deferred income.
Grants and other voluntary income are accounted for as and when entitlement arises, the amount can be reliably measured and the economic benefit is considered probable.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.8

Interest income

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

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 17

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the period 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.12

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 the Group's share 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 Consolidated 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.

Page 18

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
1%
Straight line
Long-term leasehold property
-
15%
Straight line
Plant and machinery
-
20%
Straight line
Fixtures and fittings
-
20%
Straight line
Office equipment
-
33%
Straight line
Other fixed assets
-
20%
Straight line

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

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.

 
2.16

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 19

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Financial instruments

The Group 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 Group's Balance sheet when the Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the
Page 20

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.19

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.

Page 21

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, set out in note 2 above, the Directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The key assumptions and other key sources of uncertainty that have a significant effect of the amounts recognised in the financial statements are described below:
Intangible and tangible fixed assets
Judgements have been made in relation to the lives of intangible and tangible fixed assets, in particular the valuation, the useful economic life and residual value of assets. The Directors are also required to consider the carrying value of assets and whether any impairment is required, or reversal of previously recognised impairments.
The Directors have concluded that the asset values and residual values are appropriate and is satisfied that assets are fairly stated at the balance sheet date.
Trade debtors
Judgments have been made on the recoverability of trade debtors and the valuation of provisions and the directors are satisfied that debts are recoverable.


4.


Turnover

An analysis of turnover by class of business is as follows:


31 December
16 months ended
31 December
2023
2022
£
£

Nursery fees
5,757,813
8,083,470

Grant funding
697,307
985,974

6,455,120
9,069,444


All turnover arose within the United Kingdom.

Page 22

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Other operating income

31 December
16 months ended
31 December
2023
2022
£
£

Government grants receivable
-
15,710

-
15,710



6.


Operating profit

The operating profit is stated after charging:

31 December
16 months ended
31 December
2023
2022
£
£

Other operating lease rentals
446,166
583,539

Depreciation of tangible fixed assets
103,287
162,325

Amortisation of intangible assets, including goodwill
358,557
547,440

Staff pension costs - defined contribution schemes
50,694
185,525


7.


Auditors' remuneration

Auditors' remuneration is incurred centrally by All About Children Limited, a group company.




Page 23

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
3,208,331
3,709,621
-
-

Social security costs
228,124
252,339
-
-

Cost of defined contribution scheme
50,694
185,525
-
-

3,487,149
4,147,485
-
-


The average monthly number of employees, including the directors, during the period was as follows:


     31 December
   16 months ended
      31 December
        2023
        2022
            No.
            No.







Employees
192
190

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

9.


Directors' remuneration

The directors of the company are also directors of other companies within the group to which the company belongs and are remunerated centrally from another group company.





During the period retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.

Page 24

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Interest receivable

31 December
16 months ended
31 December
2023
2022
£
£


Other interest receivable
7
-

7
-


11.


Interest payable and similar expenses

31 December
16 months ended
31 December
2023
2022
£
£


Bank interest payable
-
10,080

Other loan interest payable
193,434
144,723

193,434
154,803


12.


Taxation


31 December
16 months ended
31 December
2023
2022
£
£

Corporation tax


Current tax on profits for the year
76,688
338,020

Adjustments in respect of previous periods
(19,282)
-


Total current tax
57,406
338,020


Origination and reversal of timing differences
110,207
-

Changes to tax rates
769
-


Tax on profit
168,382
338,020
Page 25

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

31 December
16 months ended
31 December
2023
2022
£
£


Profit on ordinary activities before tax
674,030
1,534,976


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
158,532
291,645

Effects of:


Non-tax deductible amortisation of goodwill and impairment
84,339
104,014

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,106
12,056

Capital allowances for period in excess of depreciation
-
14,769

Adjustments to tax charge in respect of prior periods
98,010
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
-
31

Other timing differences leading to an increase (decrease) in taxation
768
-

Other differences leading to an increase (decrease) in the tax charge
-
(1,110)

Group relief
(174,373)
(83,385)

Total tax charge for the period
168,382
338,020


Factors that may affect future tax charges

On 24 May 2021, the Government enacted that from 1 April 2023 the corporation tax rate would increase to 25% for companies with profits of over £250,000. A small profits rate will also be introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. From this date companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate.

Page 26

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

13.


Dividends

2023
2022
£
£


Dividends analysis - user input
-
60,320

-
60,320


14.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2023
4,138,653



At 31 December 2023

4,138,653



Amortisation


At 1 January 2023
3,323,082


Charge for the period on owned assets
358,557



At 31 December 2023

3,681,639



Net book value



At 31 December 2023
457,014



At 31 December 2022
815,571



Page 27

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
372,400
283,475
146,329
396,491
16,145


Additions
-
35,493
2,963
50,094
25,878


Disposals
-
-
-
(787)
-



At 31 December 2023

372,400
318,968
149,292
445,798
42,023



Depreciation


At 1 January 2023
48,347
254,535
117,797
278,007
10,145


Charge for the period on owned assets
1,974
21,419
16,431
52,463
11,000


Disposals
-
-
-
(184)
-



At 31 December 2023

50,321
275,954
134,228
330,286
21,145



Net book value



At 31 December 2023
322,079
43,014
15,064
115,512
20,878



At 31 December 2022
324,053
28,941
28,532
118,484
6,000
Page 28

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
1,214,840


Additions
114,428


Disposals
(787)



At 31 December 2023

1,328,481



Depreciation


At 1 January 2023
708,831


Charge for the period on owned assets
103,287


Disposals
(184)



At 31 December 2023

811,934



Net book value



At 31 December 2023
516,547



At 31 December 2022
506,010




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
322,079
333,012

Long leasehold
43,015
28,941

365,094
361,953


Page 29

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
400



At 31 December 2023
400





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Class of shares

Holding

Prospect House Day Nursery Limited
Ordinary
100%
Sycamore House Day Nursery Limited
Ordinary
100%
Scotts Wood Day Nurseries Limited
Ordinary
100%
Dulwich Day Nursery Group Limited
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Class of shares

Holding

Scotts Wood Private Day Nursery Limited
Ordinary
100%
Bascule Limited
Ordinary
100%

The company has provided a guarantee under section 479 of the Companies Act 2006. The direct and indirect subsidiairies above have therefore taken exemption from the requirement of audit of their individual accounts under section 479A of the Companies Act 2006.

Page 30

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
225,000
225,000
-
-

225,000
225,000
-
-

Due within one year

Trade debtors
43,096
31,648
-
-

Amounts owed by group undertakings
6,099,501
8,739,371
2,429,148
2,368,051

Other debtors
78,000
97,140
-
-

Prepayments and accrued income
165,086
124,125
-
-

6,610,683
9,217,284
2,429,148
2,368,051



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
363,762
1,138,672
837
65,882

363,762
1,138,672
837
65,882



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
60,486
135,268
-
-

Amounts owed to group undertakings
2,750,149
7,058,939
2,738,590
2,548,449

Corporation tax
415,760
358,355
-
-

Other taxation and social security
46,254
35,377
-
-

Other creditors
245,565
237,358
-
-

Accruals and deferred income
535,562
574,634
16,900
13,000

4,053,776
8,399,931
2,755,490
2,561,449


Page 31

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

20.


Deferred taxation


Group



2023


£






Charged to profit or loss
(110,976)



At end of year
(110,976)

Company


2023






At end of year
-
Group
2023
£

Accelerated capital allowances
(112,612)

Short term timing differences
1,636

(110,976)

Page 32

 
SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



300 (2022 - 300) Ordinary shares of £1.00 each
300
300



22.


Reserves

Profit and loss account

The profit and loss account represents cumulative net gains and losses less distributions made.


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contribution payable by the Group to the fund and amounted to £50,694 (2022 - £185,525). Contributions totalling £6,548 (2022 - £11,939) were payable to the fund at the balance sheet date.


24.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
-
482,915

Later than 1 year and not later than 5 years
-
1,093,761

Later than 5 years
-
3,233,663

-
4,810,339

25.


Related party transactions

The Company has taken advantage of the exemptions in FRS 102 Section 33.1A from the requirement to disclose transactions entered into between wholly owned members of the group.

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SJE NURSERIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

26.


Controlling party

During the period, SJE Nurseries Limited was acquired by Partou UK Bidco Limited, a company incorporated in England and Wales.
At the balance sheet date, the ultimate controlling party is Delphine Topholding B.V. registered in Bassum The Netherlands. The Registered address of Delphine Topholding B.V. is Sportlaan 1. 4131NN Vianen, The Netherlands, registered number 86231227.
As such, the smallest and largest group in which the results of the company are consolidated, from the date the group was acquired, is that of Delphine Topholding B.V. and these can be obtained from the company's registered office.

 
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