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Registration number: 08188316

The Nursery Specialist Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

The Nursery Specialist Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 12

 

The Nursery Specialist Ltd

Company Information

Director

Mrs Jacqueline Anne Hardie

Registered office

8-10 Combe Road
Portishead
Bristol
BS20 6BJ

Accountants

Delphi Accounting Ltd
Chartered Tax AdvisorUnit M6
Frome Business Park
Manor Road
Frome
Somerset
BA11 4FN

 

The Nursery Specialist Ltd

(Registration number: 08188316)
Balance Sheet as at 31 August 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

115,731

144,217

Current assets

 

Stocks

5

203

788

Debtors

6

30,308

17,201

Cash at bank and in hand

 

72,552

169,255

 

103,063

187,244

Creditors: Amounts falling due within one year

7

(68,436)

(57,116)

Net current assets

 

34,627

130,128

Total assets less current liabilities

 

150,358

274,345

Creditors: Amounts falling due after more than one year

7

-

(34,663)

Provisions for liabilities

(9,725)

(7,329)

Net assets

 

140,633

232,353

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

140,631

232,351

Shareholders' funds

 

140,633

232,353

 

The Nursery Specialist Ltd

(Registration number: 08188316)
Balance Sheet as at 31 August 2024

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 May 2025
 

.........................................
Mrs Jacqueline Anne Hardie
Director

 

The Nursery Specialist Ltd

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Retained earnings
£

Total
£

At 1 September 2023

2

251,991

251,993

Prior period adjustment

-

(19,640)

(19,640)

At 1 September 2023 (As restated)

2

232,351

232,353

Loss for the year

-

(41,220)

(41,220)

Dividends

-

(50,500)

(50,500)

At 31 August 2024

2

140,631

140,633

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

2

241,806

241,808

Loss for the year

-

(55)

(55)

Dividends

-

(9,400)

(9,400)

At 31 August 2023

2

232,351

232,353

 

The Nursery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8-10 Combe Road
Portishead
Bristol
BS20 6BJ
England

These financial statements were authorised for issue by the director on 27 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

The Nursery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Prior period errors

Prior Year Adjustment - Reclassification of Lease Payments and Recognition of Asset

In the current period, the company has identified an error in the classification of certain lease payments in the prior year. Upon review, it was determined that certain lease agreements should have been classified as Hire Purchase (HP) agreements under the provisions of FRS 102, Section 1A.

This reclassification results in both the lease payments and the associated asset being treated differently than in the prior period.

Effect of Prior Year Adjustment
The reclassification has led to the recognition of an asset previously omitted in the financial statements. As a result, the following adjustments have been made to the comparative figures:

Reclassification of Lease Payments:
The lease payments previously recorded as operating lease expenses have now been reclassified as repayments of the HP agreement associated with the purchase of the asset.

Recognition of Asset:
An asset that should have been recognised in the prior period has now been included in the balance sheet, with a corresponding liability for the obligation under the HP agreement, interest has now been applied in line with the HP agreement and charged through the P&L, depreciation has been calculated to bring the NBV to the correct balance as at 31st August 2024.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

The Nursery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance method

Fixtures and fittings

20% straight line method

Office equipment

33% reducing balance method

Freehold property

7% straight line method

Motor vehicles

25% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Nursery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

The Nursery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 33 (2023 - 37).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 September 2023

175,751

12,047

132,455

13,189

Additions

-

-

1,356

-

At 31 August 2024

175,751

12,047

133,811

13,189

Depreciation

At 1 September 2023

99,908

2,732

105,041

11,343

Charge for the year

12,302

2,409

7,072

609

At 31 August 2024

112,210

5,141

112,113

11,952

Carrying amount

At 31 August 2024

63,541

6,906

21,698

1,237

At 31 August 2023

75,843

9,315

27,414

1,846

 

The Nursery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

70,634

404,076

Additions

-

1,356

At 31 August 2024

70,634

405,432

Depreciation

At 1 September 2023

40,835

259,859

Charge for the year

7,450

29,842

At 31 August 2024

48,285

289,701

Carrying amount

At 31 August 2024

22,349

115,731

At 31 August 2023

29,799

144,217

Included within the net book value of land and buildings above is £63,540 (2023 - £75,843) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

203

788

6

Debtors

Current

2024
£

2023
£

Trade debtors

21,563

17,201

Other debtors

8,745

-

 

30,308

17,201

 

The Nursery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

9

34,663

9,420

Trade creditors

 

2,956

4,799

Taxation and social security

 

7,013

18,997

Accruals and deferred income

 

10,077

16,257

Other creditors

 

13,727

7,643

 

68,436

57,116

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

(As restated)

2023
£

Hire purchase contracts

-

34,663

Current loans and borrowings

2024
£

(As restated)

2023
£

Hire purchase contracts

34,663

9,420

 

The Nursery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

59,233

59,618

Later than one year and not later than five years

229,167

284,167

288,400

343,785

The amount of non-cancellable operating lease payments recognised as an expense during the year was £59,618 (2023 - £59,618).