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Quince Tree Day Nursery Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Soteriou & Company Limited
Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 05646135
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 381,772 388,452
381,772 388,452
CURRENT ASSETS
Stocks 500 500
Debtors 5 4,004 1,730
Cash at bank and in hand 8,870 1,839
13,374 4,069
Creditors: Amounts Falling Due Within One Year 6 (94,595 ) (92,430 )
NET CURRENT ASSETS (LIABILITIES) (81,221 ) (88,361 )
TOTAL ASSETS LESS CURRENT LIABILITIES 300,551 300,091
Creditors: Amounts Falling Due After More Than One Year 7 (232,843 ) (247,637 )
NET ASSETS 67,708 52,454
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 67,608 52,354
SHAREHOLDERS' FUNDS 67,708 52,454
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs K Mauldin
Director
13 September 2024
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Quince Tree Day Nursery Limited Registered number 05646135 is a limited by shares company incorporated in England & Wales. The Registered Office is 19 Meadway, Grays, Essex, RM17 5TA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives.
Freehold 2% on cost
Leasehold 2% on cost
Fixtures & Fittings 25% on a reducing balance basis
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Stocks and Work in Progress
Stocks and work in progress are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Net realisable value is based on estimated selling price less any estimated completion or selling costs. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
When stocks are sold the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs. The amount of any reversal of any write down of stocks is stated as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Taxation represents the sum of tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are not taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on material timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date. Deferred tax assets are generally recognised for all material deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from that which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in the profit and loss account, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity, respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.9. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
The average number of employees, including directors, during the year was as follows.
2023 2022
Office and administration 15 15
15 15
4. Tangible Assets
Land & Property
Freehold Leasehold Fixtures & Fittings Total
£ £ £ £
Cost or Valuation
As at 1 January 2023 328,392 83,527 34,971 446,890
Additions - - 1,459 1,459
Transfers 83,527 (83,527 ) - -
As at 31 December 2023 411,919 - 36,430 448,349
Depreciation
As at 1 January 2023 4,567 25,050 28,821 58,438
Provided during the period 6,237 - 1,902 8,139
Transfers 25,050 (25,050 ) - -
As at 31 December 2023 35,854 - 30,723 66,577
Net Book Value
As at 31 December 2023 376,065 - 5,707 381,772
As at 1 January 2023 323,825 58,477 6,150 388,452
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The costs for leasehold land and property relate to the cost of improvements to the property occupied by the company as tenant. The company is now the freehold owner of the property.
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 126
Prepayments and accrued income 4,004 1,604
4,004 1,730
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 12,189 9,673
Bank loans and overdrafts 14,000 14,298
Corporation tax 4,585 1,703
Other taxes and social security 5,175 3,771
Director's current account 52,151 58,067
Other creditors 1,710 976
Accruals and deferred income 4,785 3,942
94,595 92,430
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 216,646 230,939
Accruals and deferred income 16,197 16,698
232,843 247,637
The bank loans, the aggregate of which amount to £230,646, (2022: £244,579), include a loan which is repayable by fixed instalments based on a fixed interest rate commencing June 2021 and another bank loan based on a intial fixed interest rate commencing June 2022. 
One bank loan is repayable in May 2026 and carries fixed interest at 2.50% and the other bank loan is repayable in May 2042 and carries initial fixed interest at 5.48%.
The bank loans include a loan totalling £19,333, (2022: £27,333), which is supported by the Bounce Back Loan Scheme, managed by the British Business Bank on behalf of, and with the financial guarantee of, the Secretary of State for Buisness, Energy and Industrial Strategy.
Creditors falling due within and after more than one year include the following amounts due after more than five years.
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2023 2022
£ £
Bank loans 177,112 185,806
8. Secured Creditors
The following include a secured bank loan which is repayable by variable instalments based on the banks agreed rate, commencing June 2022.
The bank loan is repayable in May 2042 and carries interest at an initial fixed annual rate of 5.48% for the initial period of 10 years, from which date a determined rate set by the bank and subject to the Bank of England Base Rate will be applied for the remaing period of 10 years.
2023 2022
£ £
Bank loans and overdrafts 211,312 217,905
9. Capital Grants
2023 2022
£ £
Balance at 1 January 2023 17,204 17,715
Increase / (Decrease) in the year (506) (511)
Balance at 31 December 2023 16,698 17,204
The amounts shown for deferred income represent capital grants received and applied to the improvement of the property occupied by the company. These grants are not taxable and have no effect on the company's results shown by these accounts.
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as follows.
2023 2022
£ £
Not later than one year 8,021 3,638
Later than one year and not later than five years 9,577 3,074
17,598 6,712
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12. Pension Commitments
The company operates a defined contribution pension scheme for the employees of the company. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £1,710, (2022: £928), were due to the fund and are included in other creditors.
13. Related Party Transactions
During the year the company purchased maintenance services, on normal market rate trading terms, from S & P Property Holdings Limited of £19,212, (2022: £19,193). Mrs S Abbott, a shareholder of the company, is a director and has a material interest in the shareholding of S & P Property Holdings Limited. At 31st December 2023 £4,159, (2022: £3,573), was due to S & P Property Holdings Limited.
During the year the company made purchases, on normal market rate trading terms, of nursery purchases and consumables, food and kitchen supplies, cleaning and laundry expenses and printing stationery and computer expenses from Mrs K Mauldin, a director and shareholder of the company, of £9,521, (2022: £7,158). 
Creditors include £53,193, (2022: £62,253), due to Mrs K Mauldin, a director and shareholder of the company.
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