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Registered number: 05952518










NATURAL SURROUNDINGS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
NATURAL SURROUNDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Anne Harrap 
Simon Harrap 




Registered number
05952518



Registered office
Bayfield Estate
Nr Glandford

Holt

Norfolk

NR25 7JN





 
NATURAL SURROUNDINGS LIMITED
 

CONTENTS



Page
Accountants' Report
 
1
Balance Sheet
 
2 - 3
Notes to the Financial Statements
 
4 - 12


 
NATURAL SURROUNDINGS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NATURAL SURROUNDINGS LIMITED
FOR THE YEAR ENDED 31 JANUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NATURAL SURROUNDINGS LIMITED for the year ended 31 January 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of NATURAL SURROUNDINGS LIMITED, as a body, in accordance with the terms of our engagement letter dated October 2022Our work has been undertaken solely to prepare for your approval the financial statements of NATURAL SURROUNDINGS LIMITED and state those matters that we have agreed to state to the Board of Directors of NATURAL SURROUNDINGS LIMITED, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NATURAL SURROUNDINGS LIMITED and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that NATURAL SURROUNDINGS LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of NATURAL SURROUNDINGS LIMITED. You consider that NATURAL SURROUNDINGS LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of NATURAL SURROUNDINGS LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
16 October 2024
Page 1

 
NATURAL SURROUNDINGS LIMITED
REGISTERED NUMBER: 05952518

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,048
2,500

Tangible assets
 5 
4,623
5,631

  
6,671
8,131

Current assets
  

Stocks
  
10,169
13,195

Debtors: amounts falling due within one year
 6 
4,737
4,890

Cash at bank and in hand
  
49,134
41,096

  
64,040
59,181

Creditors: amounts falling due within one year
 7 
(60,808)
(54,365)

Net current assets
  
 
 
3,232
 
 
4,816

Total assets less current liabilities
  
9,903
12,947

  

Net assets
  
9,903
12,947


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
8,903
11,947

  
9,903
12,947

Page 2

 
NATURAL SURROUNDINGS LIMITED
REGISTERED NUMBER: 05952518
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




Simon Harrap
Anne Harrap
Director
Director


Date: 16 October 2024

The notes on pages 4 to 12 form part of these financial statements.
Page 3

 
NATURAL SURROUNDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The Company is a United Kingdom company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is Bayfield Estate, Nr Glandford, Holt, Norfolk, NR25 7JN.
The company's principle activity is that of nature reserve, cafe and shop.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

In light of coronavirus (COVID-19) the directors have considered a period of twelve months from the date of approval of the financial statements. They consider that projected income together with current cash reserves will be more than adequate for the company's needs. As such they believe that the financial statements should be prepared on a going concern basis. 

Page 4

 
NATURAL SURROUNDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of plants, gardening sundries, books & stationery, gifts and refreshments is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue is comprised from catering services in the cafe and entrance fees for visitors to access the gardens and reserve.  These are recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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 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 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 5

 
NATURAL SURROUNDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and straight line method.

Depreciation is provided on the following basis:

Freehold property
-
6.70%
Straight line
Fixtures and fittings
-
20.00%
Reducing Balance
Other fixed assets
-
25.00%
Reducing Balance

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.

 
2.6

Stocks

Stocks are valued at the lower of cost and estimate selling price less costs to complete and sell.  Costs, which comprise of direct production costs, are based on the method most appropriated to the type of inventory class, but usually on a first in first out basis.  Overheads are charged to profit and loss as incurred.  
When stocks are sold, the carrying amount of those stocks is recognised as an expenses in the period in which the related revenue is recognised.  

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections
Page 6

 
NATURAL SURROUNDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

11 and 12 and the other presentation requirements of FRS 102.

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 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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 7

 
NATURAL SURROUNDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

 
2.10

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.

Page 8

 
NATURAL SURROUNDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.11

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 Statement of Comprehensive Income in the same period as the related expenditure.

 
2.12

Operating leases: the Company 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.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 February 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.13

Pensions

Defined contribution pension plan

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


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 11).

Page 9

 
NATURAL SURROUNDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Intangible assets




Patents
Goodwill
Total

£
£
£



Cost


At 1 February 2023
1,422
30,000
31,422



At 31 January 2024

1,422
30,000
31,422



Amortisation


At 1 February 2023
1,327
27,595
28,922


Charge for the year on owned assets
24
429
453



At 31 January 2024

1,351
28,024
29,375



Net book value



At 31 January 2024
71
1,976
2,047



At 31 January 2023
95
2,405
2,500



Page 10

 
NATURAL SURROUNDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 February 2023
20,000
18,337
11,300
49,637


Additions
-
171
1,541
1,712


Disposals
-
-
(2,527)
(2,527)



At 31 January 2024

20,000
18,508
10,314
48,822



Depreciation


At 1 February 2023
18,664
15,265
10,077
44,006


Charge for the year on owned assets
1,336
659
690
2,685


Disposals
-
-
(2,492)
(2,492)



At 31 January 2024

20,000
15,924
8,275
44,199



Net book value



At 31 January 2024
-
2,584
2,039
4,623



At 31 January 2023
1,336
3,072
1,223
5,631

Page 11

 
NATURAL SURROUNDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
161
546

Prepayments and accrued income
4,576
4,344

4,737
4,890



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
450
-

Other taxation and social security
13,388
3,766

Other creditors
44,679
48,589

Accruals and deferred income
2,291
2,010

60,808
54,365



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,690 (2023 - £1,988). Contributions totalling £352 (2023 - £166) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 12