Registered number
SC289147
Sunshine Nursery Torphins Limited
Filleted Accounts
30 September 2024
Sunshine Nursery Torphins Limited
Registered number: SC289147
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 34,000 34,000
Tangible assets 4 253,378 255,591
287,378 289,591
Current assets
Debtors 5 54,701 32,812
Cash at bank and in hand 1,146,421 1,045,109
1,201,122 1,077,921
Creditors: amounts falling due within one year 6 (81,155) (89,313)
Net current assets 1,119,967 988,608
Net assets 1,407,345 1,278,199
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,407,344 1,278,198
Shareholder's funds 1,407,345 1,278,199
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Linda McGregor
Director
Approved by the board on 6 March 2025
Sunshine Nursery Torphins Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 was initially recognised as an asset at cost and is considered to have an infinite useful life and has not been amortised. This is a departure from FRS 102. Had the goodwill been amortised in line with FRS 102, it would have a nil carrying value at 30 September 2024.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold land and buildings Land not depreciated. Buildings 4% straight line
Fixtures and fittings 15% reducing balance
Computers 33.3% straight line
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 27 29
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 34,000
At 30 September 2024 34,000
Amortisation
At 30 September 2024 -
Net book value
At 30 September 2024 34,000
At 30 September 2023 34,000
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2023 246,366 67,149 313,515
Additions - 777 777
At 30 September 2024 246,366 67,926 314,292
Depreciation
At 1 October 2023 500 57,424 57,924
Charge for the year 600 2,390 2,990
At 30 September 2024 1,100 59,814 60,914
Net book value
At 30 September 2024 245,266 8,112 253,378
At 30 September 2023 245,866 9,725 255,591
5 Debtors 2024 2023
£ £
Trade debtors 39,949 27,962
Other debtors 14,752 4,850
54,701 32,812
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,140 26,623
Taxation and social security costs 60,652 54,775
Other creditors 19,363 7,915
81,155 89,313
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Linda McGregor
Unsecured interest free loan with no set repayment date (1,699) 3,088 (13,913) (12,524)
(1,699) 3,088 (13,913) (12,524)
8 Other information
Sunshine Nursery Torphins Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
4 Beltie Road
Torphins
Banchory
AB31 4JT
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