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Company No: 08077912 (England and Wales)

NATURALLY LEARNING LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

NATURALLY LEARNING LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

NATURALLY LEARNING LIMITED

BALANCE SHEET

As at 31 May 2024
NATURALLY LEARNING LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 260,725 228,372
260,725 228,372
Current assets
Debtors 5 614,098 591,383
Cash at bank and in hand 580,599 343,011
1,194,697 934,394
Creditors: amounts falling due within one year 6 ( 964,787) ( 647,748)
Net current assets 229,910 286,646
Total assets less current liabilities 490,635 515,018
Creditors: amounts falling due after more than one year 7 ( 228,000) ( 222,813)
Provision for liabilities ( 37,289) ( 26,766)
Net assets 225,346 265,439
Capital and reserves
Called-up share capital 8 8 8
Profit and loss account 225,338 265,431
Total shareholder's funds 225,346 265,439

For the financial year ending 31 May 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 Naturally Learning Limited (registered number: 08077912) were approved and authorised for issue by the Board of Directors on 24 February 2025. They were signed on its behalf by:

Mrs M L Richardson
Director
NATURALLY LEARNING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
NATURALLY LEARNING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 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

Naturally Learning 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 17 Treyew Road, Truro, TR1 2BY, 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 £.

Turnover

Turnover is stated net of trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 6.67 years straight line
Computer equipment 3 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

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 income over the period in which the related costs are recognised. 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 113 100

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 20,000 20,000
At 31 May 2024 20,000 20,000
Accumulated amortisation
At 01 June 2023 20,000 20,000
At 31 May 2024 20,000 20,000
Net book value
At 31 May 2024 0 0
At 31 May 2023 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 June 2023 162,116 0 147,339 19,626 329,081
Additions 0 62,205 14,719 5,196 82,120
At 31 May 2024 162,116 62,205 162,058 24,822 411,201
Accumulated depreciation
At 01 June 2023 43,457 0 41,443 15,809 100,709
Charge for the financial year 10,905 11,663 23,763 3,436 49,767
At 31 May 2024 54,362 11,663 65,206 19,245 150,476
Net book value
At 31 May 2024 107,754 50,542 96,852 5,577 260,725
At 31 May 2023 118,659 0 105,896 3,817 228,372

5. Debtors

2024 2023
£ £
Trade debtors 34,909 45,917
Amounts owed by associates 247,992 247,922
Other debtors 331,197 297,544
614,098 591,383

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 66,935 142,585
Trade creditors 15,303 16,192
Taxation and social security 131,907 94,245
Obligations under finance leases and hire purchase contracts 15,692 0
Other creditors 734,950 394,726
964,787 647,748

Bank loans are secured by both fixed and floating charges which cover all the property or undertaking of the company.

Hire purchase liabilities are secured against the assets to which they relate.

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

2024 2023
£ £
Bank loans (secured) 194,063 222,813
Obligations under finance leases and hire purchase contracts 33,937 0
228,000 222,813

Bank loans are secured by both fixed and floating charges which cover all the property or undertaking of the company.

Hire purchase liabilities are secured against the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 79,740 107,813

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
8 Ordinary A shares of £ 1.00 each 8 8

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 402,472 461,471

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors' loan 191,599 191,599

During the year the Company advanced £138,908 to the director of which, £141,469 was repaid. Interest totalling £2,561 has been charged at the actual official rate of set out by HMRC. The balance carried forward at 31 May 2024 was £191,599 and is repayable on demand.