Company registration number 05725981 (England and Wales)
MERESIDE FARM CHILDRENS NURSERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MERESIDE FARM CHILDRENS NURSERY LIMITED
COMPANY INFORMATION
Directors
Mr C J Anderton
(Appointed 28 June 2024)
Ms M L Kaczmarska
(Appointed 28 June 2024)
Ms C B Roberts
(Appointed 28 June 2024)
Company number
05725981
Registered office
231 Higher Lane
Lymm
Cheshire
WA13 0RZ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
9-11 Poplar Road
Solihull
West Midlands
B91 3AN
MERESIDE FARM CHILDRENS NURSERY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
MERESIDE FARM CHILDRENS NURSERY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MERESIDE FARM CHILDRENS NURSERY LIMITED FOR THE PERIOD ENDED 27 JUNE 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mereside Farm Childrens Nursery Limited for the period ended 27 June 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 Mereside Farm Childrens Nursery Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mereside Farm Childrens Nursery Limited and state those matters that we have agreed to state to the board of directors of Mereside Farm Childrens Nursery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mereside Farm Childrens Nursery Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Mereside Farm Childrens Nursery 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 profit of Mereside Farm Childrens Nursery Limited. You consider that Mereside Farm Childrens Nursery Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Mereside Farm Childrens Nursery 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.
Ormerod Rutter Limited
20 December 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MERESIDE FARM CHILDRENS NURSERY LIMITED
BALANCE SHEET
- 2 -
27 June 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
749,125
809,052
Current assets
Debtors
5
5,109
337,161
Cash at bank and in hand
28,208
60,480
33,317
397,641
Creditors: amounts falling due within one year
6
(188,168)
(869,816)
Net current liabilities
(154,851)
(472,175)
Total assets less current liabilities
594,274
336,877
Provisions for liabilities
7
(15,255)
(19,575)
Net assets
579,019
317,302
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
579,018
317,301
Total equity
579,019
317,302
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 27 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
Mr C J Anderton
Director
Company registration number 05725981 (England and Wales)
MERESIDE FARM CHILDRENS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2024
- 3 -
1
Accounting policies
Company information
Mereside Farm Childrens Nursery Limited is a private company limited by shares incorporated in England and Wales. The registered office is 231 Higher Lane, Lymm, Cheshire, WA13 0RZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised on a systematic basis over its expected life.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
Nil
Improvements to property
10% on reducing balance
Nursery equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Equipment
25% on reducing balance
Motor vehicles
20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
No depreciation is provided on freehold property. This treatment may be a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the directors any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.
MERESIDE FARM CHILDRENS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
31
31
MERESIDE FARM CHILDRENS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 27 June 2024
30,000
Amortisation and impairment
At 1 April 2023 and 27 June 2024
30,000
Carrying amount
At 27 June 2024
At 31 March 2023
MERESIDE FARM CHILDRENS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2024
- 6 -
4
Tangible fixed assets
Freehold property
Improvements to property
Nursery equipment
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
519,001
425,852
78,246
59,960
70,464
86,967
1,240,490
Additions
5,293
2,171
7,464
Disposals
(8,484)
(11,019)
(86,967)
(106,470)
At 27 June 2024
519,001
425,852
75,055
59,960
61,616
1,141,484
Depreciation and impairment
At 1 April 2023
207,161
62,943
55,718
47,778
57,838
431,438
Depreciation charged in the period
21,871
5,320
1,063
4,736
32,990
Eliminated in respect of disposals
(6,803)
(7,428)
(57,838)
(72,069)
At 27 June 2024
229,032
61,460
56,781
45,086
392,359
Carrying amount
At 27 June 2024
519,001
196,820
13,595
3,179
16,530
749,125
At 31 March 2023
519,001
218,691
15,303
4,242
22,686
29,129
809,052
MERESIDE FARM CHILDRENS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
587
7,244
Other debtors
4,522
329,917
5,109
337,161
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
410
18,075
Amounts owed to group undertakings
770,516
Taxation and social security
107,284
43,628
Other creditors
80,474
37,597
188,168
869,816
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
15,255
19,575
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
9
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
10
Control
Ultimate parent company
The ultimate parent company is Lowdan Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr A J Lowe and Mrs R Lowe, by virtue of their controlling interest in the ultimate parent company.