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Company No: 13689778 (England and Wales)

DEVON NURSERIES LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

DEVON NURSERIES LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

DEVON NURSERIES LIMITED

DIRECTORS' REPORT

For the financial year ended 31 August 2024
DEVON NURSERIES LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 August 2024

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 August 2024.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was providing pre-primary education.

GOING CONCERN

The directors' have prepared the financial statements on the going concern basis. Further details are provided in the notes to the financial statements.

The company operates four nurseries in Devon. There is a unified brand identity and operating procedures. However, each nursery has its own personality, reflecting that of its location and staff team. The size of each nursery is set to be of a scale that can still feel intimate and domestic for the children and parents using our services.

The primary mission of the company is to provide high quality and affordable childcare and early years education for children from the age of 3 months through to school age. We support working families and as such the nurseries are, in effect, open five days per week for 51 weeks of the year closing only for Christmas week and on national Bank Holidays.

The nurseries operated slightly ahead of plan for the year with sound overall financial performance. The opportunity was taken to refresh a number of areas within the nurseries including outside play spaces, IT equipment, toys and furniture. Overall each nursery is well placed in the short term. Staff have been protected from the worst effects of the recent spike in inflation through progressive pay awards. Fee increases for parents have also been smoothed downwards. There is now clear evidence that the economic disruption associated with that period is settling down although one or two suppliers have tested our patience. We expect normal operating margins to have been restored in the year ahead.

All of the nurseries are due an Ofsted inspection in the coming year and much of recent management time has been spent preparing staff for these visits.

The company acquired additional premises towards the end of the financial year under review with a new nursery called ‘Adventurers’ being readied for opening on 2 January 2025. This nursery is very well located in Exeter and the quality of the new property is exceptional. We have high hopes that the new nursery will take its place alongside our most successful settings thereby adding to the strength of the company. Other opportunities are being explored as we look to expand the nursery grouping towards our longer term objectives.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

R J Hanlon
J R Middleton
D M Russell

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

J R Middleton
Director

31 January 2025

DEVON NURSERIES LIMITED

BALANCE SHEET

As at 31 August 2024
DEVON NURSERIES LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 322,512 98,990
322,512 98,990
Current assets
Debtors 4 98,039 187,638
Investments 2 2
Cash at bank and in hand 12,644 50,168
110,685 237,808
Creditors: amounts falling due within one year 5 ( 240,447) ( 250,160)
Net current liabilities (129,762) (12,352)
Total assets less current liabilities 192,750 86,638
Creditors: amounts falling due after more than one year 6 ( 22,007) 0
Provision for liabilities 0 ( 5,188)
Net assets 170,743 81,450
Capital and reserves
Called-up share capital 100 100
Profit and loss account 170,643 81,350
Total shareholders' funds 170,743 81,450

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Devon Nurseries Limited (registered number: 13689778) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

J R Middleton
Director
DEVON NURSERIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
DEVON NURSERIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Devon Nurseries Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is St Peter’S Preparatory School, Harefield, Lympstone, EX8 5AU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
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 financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Vehicles 4 years straight line
Fixtures and fittings 20 % reducing balance
Computer equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 93 90

3. Tangible assets

Land and buildings Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 September 2023 16,056 0 88,947 7,334 112,337
Additions 175,947 39,612 35,115 6,024 256,698
At 31 August 2024 192,003 39,612 124,062 13,358 369,035
Accumulated depreciation
At 01 September 2023 254 0 12,210 883 13,347
Charge for the financial year 9,975 5,777 15,898 1,526 33,176
At 31 August 2024 10,229 5,777 28,108 2,409 46,523
Net book value
At 31 August 2024 181,774 33,835 95,954 10,949 322,512
At 31 August 2023 15,802 0 76,737 6,451 98,990

4. Debtors

2024 2023
£ £
Trade debtors 13,742 13,247
Amounts owed by Group undertakings 0 150,429
Other debtors 84,297 23,962
98,039 187,638

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 6,627 19,553
Amounts owed to Group undertakings 100,013 78,237
Taxation and social security 56,392 68,083
Other creditors 77,415 84,287
240,447 250,160

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 22,007 0

There are no amounts included above in respect of which any security has been given by the small entity.