Company registration number 05726568 (England and Wales)
Copper Beeches Day Nursery Limited
Unaudited financial statements
For the year ended 31 May 2024
Copper Beeches Day Nursery Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Copper Beeches Day Nursery Limited
Statement of financial position
As at 31 May 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
768,227
712,603
Current assets
Debtors
5
27,546
26,652
Cash at bank and in hand
120,418
226,519
147,964
253,171
Creditors: amounts falling due within one year
6
(178,111)
(209,377)
Net current (liabilities)/assets
(30,147)
43,794
Total assets less current liabilities
738,080
756,397
Creditors: amounts falling due after more than one year
7
(209,679)
(234,772)
Net assets
528,401
521,625
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
528,301
521,525
Total equity
528,401
521,625
Copper Beeches Day Nursery Limited
Statement of financial position (continued)
As at 31 May 2024
31 May 2024
- 2 -
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
Mrs V Sellers
Mrs R McGrath
Director
Director
Company registration number 05726568 (England and Wales)
Copper Beeches Day Nursery Limited
Notes to the financial statements
For the year ended 31 May 2024
- 3 -
1
Accounting policies
Company information
Copper Beeches Day Nursery Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Barkers Lane, Sale, Cheshire, England, M33 6RG.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of the company's business in 2006, has been fully amortised.
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 land and buildings
Not provided
Fixtures and fittings
3 years straight line
Computers
3 years straight line
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.
Buildings are not depreciated on the basis that the company has a policy and practice of regular maintenance and repair which is charged to the profit and loss account such that the previous assessed standard of performance in maintained. The practice of regularly maintaining the property is particularly critical in the company's industry.
Copper Beeches Day Nursery Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Copper Beeches Day Nursery Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 income statement 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 income statement, 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Copper Beeches Day Nursery Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
21
23
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
127,723
Amortisation and impairment
At 1 June 2023 and 31 May 2024
127,723
Carrying amount
At 31 May 2024
At 31 May 2023
Copper Beeches Day Nursery Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 June 2023
709,291
41,463
2,769
753,523
Additions
56,874
709
1,069
58,652
Disposals
(6,976)
(396)
(7,372)
At 31 May 2024
766,165
35,196
3,442
804,803
Depreciation and impairment
At 1 June 2023
39,490
1,430
40,920
Depreciation charged in the year
2,010
1,018
3,028
Eliminated in respect of disposals
(6,976)
(396)
(7,372)
At 31 May 2024
34,524
2,052
36,576
Carrying amount
At 31 May 2024
766,165
672
1,390
768,227
At 31 May 2023
709,291
1,973
1,339
712,603
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
27,378
21,137
Other debtors
168
5,515
27,546
26,652
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
31,168
33,125
Trade creditors
6,595
3,200
Taxation and social security
64,252
45,414
Other creditors
76,096
127,638
178,111
209,377
Copper Beeches Day Nursery Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
209,679
234,772
8
Loans and overdrafts
2024
2023
£
£
Bank loans
240,847
267,897
Payable within one year
31,168
33,125
Payable after one year
209,679
234,772
The bank loans are secured by a fixed and floating charge over the assets of the company.