Registered number
SC163269
FIRST STEPS (NURSERY SCHOOLS) LIMITED
Filleted Accounts
31 August 2024
FIRST STEPS (NURSERY SCHOOLS) LIMITED
Registered number: SC163269
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 427,923 385,454
Current assets
Debtors 4 71,103 20,953
Cash at bank and in hand 145,007 117,223
216,110 138,176
Creditors: amounts falling due within one year 5 (41,355) (46,619)
Net current assets 174,755 91,557
Total assets less current liabilities 602,678 477,011
Provisions for liabilities (10,569) -
Net assets 592,109 477,011
Capital and reserves
Called up share capital 2 2
Revaluation reserve 6 271,106 271,106
Profit and loss account 321,001 205,903
Shareholders' funds 592,109 477,011
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Alison Latta
Director
Approved by the board on 4 March 2025
FIRST STEPS (NURSERY SCHOOLS) LIMITED
Notes to the Accounts
for the year ended 31 August 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.
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 buildings 2% Straight line method
Leasehold land and buildings over the lease term
Plant and machinery 15% Reducing balance
Fixtures, fittings, tools and equipment 15% 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.
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 23 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Equipment Fit Fittings Total
£ £ £ £
Cost
At 1 September 2023 463,642 15,777 52,562 531,981
Additions - 10,574 45,560 56,134
At 31 August 2024 463,642 26,351 98,122 588,115
Depreciation
At 1 September 2023 87,493 12,747 46,287 146,527
Charge for the year 3,851 2,039 7,775 13,665
At 31 August 2024 91,344 14,786 54,062 160,192
Net book value
At 31 August 2024 372,298 11,565 44,060 427,923
At 31 August 2023 376,149 3,030 6,275 385,454
4 Debtors 2024 2023
£ £
Trade debtors 49,497 16,869
Amounts owed by group undertakings and undertakings in which the company has a participating interest 21,606 4,084
71,103 20,953
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors (1,519) 4,076
Taxation and social security costs 30,564 35,638
Other creditors 12,310 6,905
41,355 46,619
6 Revaluation reserve 2024 2023
£ £
At 1 September 2023 271,106 -
Gain on revaluation of land and buildings - 219,596
Deferred taxation arising on the revaluation of land and buildings - 51,510
At 31 August 2024 271,106 271,106
7 Off-balance sheet arrangements
A mortgage is secured on the freehold property and a floating
charge upon the assets and undertakings of the company in
respect of group undertakings.
8 Other information
FIRST STEPS (NURSERY SCHOOLS) LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
20 Greenhill Avenue
Giffnock
Glasgow
G46 6QX
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