Quince Tree Day Nursery Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Quince Tree Day Nursery Limited Registered number 05646135 is a limited by shares company incorporated in England & Wales. The Registered Office is 12 Pauline Close, Great Clacton, Clacton On Sea, Essex, CO15 4NP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives.

Freehold	2% on cost
Fixtures & Fittings	25% on a reducing balance basis

2.4. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

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Quince Tree Day Nursery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Stocks and Work in Progress

Stocks and work in progress are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Net realisable value is based on estimated selling price less any estimated completion or selling costs. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

When stocks are sold the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs. The amount of any reversal of any write down of stocks is stated as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

Taxation represents the sum of tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are not taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

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 accounts. Deferred tax is provided in full on material timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date. Deferred tax assets are generally recognised for all material deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from that which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in the profit and loss account, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity, respectively.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

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Quince Tree Day Nursery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.9. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

3. Average Number of Employees

The average number of employees, including directors, during the year was as follows.

	2024	2023
Office and administration	16	15

	16	15

4. Tangible Assets

	Land & Property
	Freehold	Fixtures & Fittings	Total
	£	£	£
Cost or Valuation
As at 1 January 2024	411,919	36,430	448,349
Additions	-	269	269

As at 31 December 2024	411,919	36,699	448,618

Depreciation
As at 1 January 2024	35,854	30,723	66,577
Provided during the period	6,237	1,494	7,731

As at 31 December 2024	42,091	32,217	74,308

Net Book Value
As at 31 December 2024	369,828	4,482	374,310

As at 1 January 2024	376,065	5,707	381,772

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Quince Tree Day Nursery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	1,048	-
Prepayments and accrued income	292	4,004

	1,340	4,004

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	1,003	12,189
Bank loans and overdrafts	12,768	14,000
Corporation tax	7,515	4,585
Other taxes and social security	3,029	5,175
Director's current account	47,151	52,151
Other creditors	1,892	1,710
Accruals and deferred income	3,861	4,785

	77,219	94,595

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	202,536	216,646
Accruals and deferred income	15,699	16,197

	218,235	232,843

The bank loans, the aggregate of which amount to £215,304, (2023: £230,646), include a loan which is repayable by fixed instalments based on a fixed interest rate commencing June 2021 and another bank loan based on a intial fixed interest rate commencing June 2022.

One bank loan is repayable in May 2026 and carries fixed interest at 2.50% and the other bank loan is repayable in May 2042 and carries initial fixed interest at 5.48%.

The bank loans include a loan totalling £10,271, (2023: £19,333), which is supported by the Bounce Back Loan Scheme, managed by the British Business Bank on behalf of, and with the financial guarantee of, the Secretary of State for Buisness, Energy and Industrial Strategy.

Creditors falling due within and after more than one year include the following amounts due after more than five years.

	2024	2023
	£	£
Bank loans	165,193	177,112
Accruals and deferred income	13,724	14,216

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Quince Tree Day Nursery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Secured Creditors

The following include a secured bank loan which is repayable by variable instalments based on the banks agreed rate, commencing June 2022.

The bank loan is repayable in May 2042 and carries interest at an initial fixed annual rate of 5.48% for the initial period of 10 years, from which date a determined rate set by the bank and subject to the Bank of England Base Rate will be applied for the remaing period of 10 years.

	2024		2023
	£		£
Bank loans and overdrafts	205,033		211,312

9. Capital Grants

	2024	2023
	£	£
Balance at 1 January 2024	16,698	17,204
Increase / (Decrease) in the year	(501)	(506)

Balance at 31 December 2024	16,197	16,698

The amounts shown for deferred income represent capital grants received and applied to the improvement of the property occupied by the company. These grants are not taxable and have no effect on the company's results shown by these accounts.

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

11. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as follows.

	2024	2023
	£	£
Not later than one year	8,966	8,021
Later than one year and not later than five years	2,168	9,577

	11,134	17,598

12. Pension Commitments

The company operates a defined contribution pension scheme for the employees of the company. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £1,832, (2023: £1,710), were due to the fund and are included in other creditors.

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Quince Tree Day Nursery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

13. Related Party Transactions

During the year the company purchased maintenance services, on normal market rate trading terms, from S & P Property Holdings Limited of £15,963, (2023: £19,212). Mrs S Abbott, a shareholder of the company, is a director and has a material interest in the shareholding of S & P Property Holdings Limited. At 31st December 2024 nil, (2023: £4,159), was due to S & P Property Holdings Limited.

During the year the company made purchases, on normal market rate trading terms, of nursery purchases and consumables, food and kitchen supplies, travelling and subsistence, repairs, renewals and maintenance, printing stationery and computer expenses, training, cleaning, laundry and protective clothing expenses and sundry expenses from Mrs K Mauldin, a director and shareholder of the company, of £10,743, (2023: £9,521).

Creditors include £47,151, (2023: £53,193), due to Mrs K Mauldin, a director and shareholder of the company.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		374,310		381,772

			374,310		381,772
CURRENT ASSETS
Stocks		500		500
Debtors	5	1,340		4,004
Cash at bank and in hand		12,111		8,870

		13,951		13,374
Creditors: Amounts Falling Due Within One Year	6	(77,219 )		(94,595 )

NET CURRENT ASSETS (LIABILITIES)			(63,268 )		(81,221 )

TOTAL ASSETS LESS CURRENT LIABILITIES			311,042		300,551

Creditors: Amounts Falling Due After More Than One Year	7		(218,235 )		(232,843 )

NET ASSETS			92,807		67,708

CAPITAL AND RESERVES
Called up share capital	10		100		100
Profit and Loss Account			92,707		67,608

SHAREHOLDERS' FUNDS			92,807		67,708