REGISTERED NUMBER: |
SNAPDRAGONS NURSERIES LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: |
SNAPDRAGONS NURSERIES LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 6 |
Other Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 |
SNAPDRAGONS NURSERIES LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
11 Laura Place |
Bath |
Somerset |
BA2 4BL |
BANKERS: |
32 High Street |
Melksham |
Wiltshire |
SN12 2DH |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
STRATEGIC REPORT |
for the Year Ended 30 April 2024 |
The directors present their strategic report for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
In 2023-2024, the demand for childcare spaces has continued to rise across all sites. While the first half of the year was impacted at a few locations due to the nationwide shortage of childcare staff, recovery in staffing levels was largely achieved in the latter half of the year. Notably, our Cribbs Causeway site has shown consistent growth, with forecasts indicating a strong year-on-year increase that is expected to continue into the upcoming year. |
We remain focused on ensuring that our recruitment and retention strategies are competitive, which has contributed to staffing stabilisation across several sites. This will continue to be a top priority moving forward, as attracting and retaining high-quality staff is crucial to sustaining business growth. |
Childcare costs remain a key concern for our parents, and we are committed to ensuring any increases are necessary and justified to maintain competitiveness and value. The government has expanded its nursery funding support for parents, and starting from April, most of our children aged two and above will receive some form of government assistance. By September 2024, this support will extend to children aged nine months and over. We welcome this initiative and aim to offer the same flexibility we currently provide for children aged 3-5. |
Although turnover across the group has increased, the pace of growth has been slower than desired due to staffing challenges. However, projections for Autumn 2024 and the following financial quarter are very promising , and we are confident that the business will return to pre-COVID levels of growth. |
The group completed the purchase of a new site in Southville, Bristol, in March 2024. Previously Holy Cross church and presbytery, our plans are to refurbish and redevelop the church into a 160 place day nursery. We are hopeful that building works will be completed in time for us to open in late 2025. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As highlighted earlier, recruitment will remain a key priority this year to support our ongoing growth. Uncertainty around the new government’s policies towards businesses and particularly childcare, may affect prospects for the sector. Additionally, increased Government regulation and persistent inflation continue to pose challenges, though we believe the company is well-positioned to navigate these conditions effectively. |
ON BEHALF OF THE BOARD: |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of pre-school nurseries for children. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SNAPDRAGONS NURSERIES LIMITED |
Opinion |
We have audited the financial statements of Snapdragons Nurseries Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 30 April 2024 and of its profit for the year 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SNAPDRAGONS NURSERIES LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so. |
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 a Report of the Auditors 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 financial statements. |
Our approach was as follows: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by discussion with directors and consideration of our experience of this and similar sectors. |
We determined that the most significant laws and regulations which have a direct impact on the form and content of the financial statements of the entity are the Companies Act and UK GAAP, specifically FRS102. |
We determined that the most significant operational laws and regulations for the entity are safeguarding and health and safety regulations. |
Based on the results or our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, with no issues arising. |
We gained an understating of the entity's policy and procedures by discussion with directors and key personnel and substantive audit work, including walk through tests of key processes. |
We assessed the risk of material misstatement in respect of fraud through our planning processes, and no significant risks were identified. |
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. |
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. |
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 Report of the Auditors. |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
11 Laura Place |
Bath |
Somerset |
BA2 4BL |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
INCOME STATEMENT |
for the Year Ended 30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,061,016 | 912,604 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
1,214,992 | 1,034,656 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Prior year adjustment | ( |
) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
665,236 |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
BALANCE SHEET |
30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Other reserve | 20 |
Retained earnings | 20 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were authorised for issue and approved by the Board of Directors and authorised for issue on |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | ( |
) |
Prior year adjustment | - | ( |
) | - | ( |
) |
As restated | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 | ( |
) |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
CASH FLOW STATEMENT |
for the Year Ended 30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Interest paid on late tax |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest earned on early tax payments | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 105,648 | 56,397 |
Amount withdrawn by directors | (118,173 | ) | (59,098 | ) |
Payments on account |
Snapdragons Holdings Ltd |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,322,488 |
Cash and cash equivalents at end of year | 2 | 1,697,118 | 811,960 |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 30 April 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30/4/24 | 30/4/23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Advance Payment Work Completed | (50,221 | ) | (42,812 | ) |
Finance costs | 131,431 | 113,071 |
Finance income | (56,451 | ) | (18,397 | ) |
1,432,839 | 1,295,110 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30/4/24 | 1/5/23 |
£ | £ |
Cash and cash equivalents | 1,697,118 | 811,960 |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 811,960 | 1,322,488 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/5/23 | Cash flow | At 30/4/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 811,960 | 885,158 | 1,697,118 |
811,960 | 1,697,118 |
Debt |
Debts falling due within 1 year | (174,854 | ) | (2,425 | ) | (177,279 | ) |
Debts falling due after 1 year | (1,823,700 | ) | 179,705 | (1,643,995 | ) |
(1,998,554 | ) | 177,280 | (1,821,274 | ) |
Total | (1,186,594 | ) | 1,062,438 | (124,156 | ) |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Snapdragons Nurseries Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 where the revision affects only that period, or in the period of the revision and future period where the revision affects both current and future periods. |
Critical Judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Impairment of assets |
The tangible fixed assets are periodically reviewed for impairment by the directors based on their knowledge and judgements. |
Key Sources of Estimation Uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows; |
Depreciation and amortisation |
The directors use their knowledge of the business and the industry to estimate the useful life and residual value of tangible assets in order to arrive at applicable depreciation and amortisation rates. In accordance with section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change. |
It must be noted that there is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of deprecation. |
Turnover |
Turnover is recognised over the period of nursery care for babies and children. Turnover is measured at the fair value of consideration received or receivable excluding any discounts and represents invoiced fees and grant funding receivable. |
Tangible fixed assets |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Improvements to property - 1.33% on cost |
Plant and machinery - 20% on cost |
Fixtures and fittings - 25% on cost |
Motor vehicles - 25% on reducing balance |
Computer equipment - 25% on cost |
Long leasehold improvements are depreciated over the length of the lease remaining. |
Land is not depreciated. |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The directors have assessed whether the company is a going concern and have considered all available information about the future. Based on this assessment, the directors are confident of the company's ability to continue as a going concern. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount. |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
30/4/24 | 30/4/23 |
£ | £ |
4. | OTHER OPERATING INCOME |
30/4/24 | 30/4/23 |
£ | £ |
Rents received |
Sundry receipts | 442 | 232 |
Grants received |
Other grants received |
97,525 | 103,655 |
Other operating income includes Local Council Supports Grants and Training Grants received. |
5. | EMPLOYEES AND DIRECTORS |
30/4/24 | 30/4/23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30/4/24 | 30/4/23 |
Nursery staff | 387 | 373 |
Management staff | 32 | 40 |
30/4/24 | 30/4/23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward in line with the company's holiday year ended 31 December. The provision is measured at the salary cost payable for the period of absence. |
6. | OPERATING PROFIT |
The operating profit is stated after charging/crediting): |
30/4/24 | 30/4/23 |
£ | £ |
Hire of plant and machinery | 11,039 | 8,874 |
Other operating leases | 408,397 | 345,769 |
Depreciation - owned assets | 329,428 | 321,663 |
Profit on disposal of fixed assets | (4,909 | ) | - |
Auditors' remuneration | 6,400 | 6,250 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/4/24 | 30/4/23 |
£ | £ |
Bank loan interest |
HMRC interest paid |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30/4/24 | 30/4/23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30/4/24 | 30/4/23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Deferred tax | 192,139 | 16,093 |
Group relief | - | (101 | ) |
Profit on disposal of assets | (1,227 | ) | - |
Total tax charge | 454,496 | 217,628 |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
9. | DIVIDENDS |
30/4/24 | 30/4/23 |
£ | £ |
Interim |
10. | TANGIBLE FIXED ASSETS |
Improvements |
Long | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
11. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Investments are held at cost. |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/24 | 30/4/23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 14,062 | - |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/24 | 30/4/23 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Payments on account |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 114,466 | 112,929 |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/4/24 | 30/4/23 |
£ | £ |
Bank loans (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
30/4/24 | 30/4/23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
15. | LOANS - continued |
30/4/24 | 30/4/23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 934,877 | 1,124,283 |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30/4/24 | 30/4/23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/4/24 | 30/4/23 |
£ | £ |
Bank loans |
The bank loans are secured via charges against the land and freehold properties listed as follows: |
Henley lodge, Weston, Bath. |
98 Redland Road, Redland, Bristol |
The company has a loan with HSBC with an interest rate of Base Rate+ 1.75%. |
Upon the transfer of the properties to Snapdragons (Holdings) Ltd, it was agreed to leave the loans as they were and the Bank has taken a new cross guarantee between Holdings and Snapdragons Nurseries Ltd along with the new legal charges. |
The restructure has resulted in new security arrangements but not new loans. |
18. | PROVISIONS FOR LIABILITIES |
30/4/24 | 30/4/23 |
£ | £ |
Deferred tax | 257,397 | 65,258 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year |
Accelerated capital allowances |
Potential CGTon property |
Balance at 30 April 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/4/24 | 30/4/23 |
value: | £ | £ |
Ordinary | 1p | 145 | 145 |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
19. | CALLED UP SHARE CAPITAL - continued |
Attached to the above shares are the following rights, preferences and restrictions: |
Ordinary - Full voting rights, right to receive dividends and participate in any distributions. |
20. | RESERVES |
Retained | Other |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | ( |
) | 586,240 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | ( |
) | 860,305 |
Other reserves consist of the reduction in capital transaction, which took place during the year ending 30 April 2022. These are distributable reserves. |
21. | PARENT COMPANY |
The parent company is Snapdragons (Holdings) Ltd. |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023: |
30/4/24 | 30/4/23 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
SNAPDRAGONS NURSERIES LIMITED (REGISTERED NUMBER: 04399758) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
23. | RELATED PARTY DISCLOSURES |
Rent amounting to £358,147 (2023 £320,519) was paid to other related parties in relation to four properties that were used by the company as nurseries. |
Included in debtors is a balance owed from Snapdragons (Holdings) Ltd of £268,766 (2023 £976,528) |