Somerset Nursery Services Ltd Company accounts

COMPANY REGISTRATION NUMBER: SC200542

Somerset Nursery Services Ltd

Unaudited Financial Statements

31 December 2024

Somerset Nursery Services Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Director's report	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	5

Somerset Nursery Services Ltd

Director's Report

Year ended 31 December 2024

The director presents her report and the unaudited financial statements of the company for the year ended 31 December 2024 .

Principal activities

The principal activity of the company during the year was that of the provision of children's nursery care.

Director

The director who served the company during the year was as follows:

Mrs M Richardson

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 26 September 2025 and signed on behalf of the board by:

Mrs M Richardson
Director

Registered office:

6 Fitzroy Place

Glasgow

G3 7RH

Somerset Nursery Services Ltd

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Somerset Nursery Services Ltd

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Somerset Nursery Services Ltd for the year ended 31 December 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Somerset Nursery Services Ltd in accordance with the terms of our engagement letter dated 16 November 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Somerset Nursery Services Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Somerset Nursery Services Ltd and its director for our work or for this report.

It is your duty to ensure that Somerset Nursery Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Somerset Nursery Services Ltd. You consider that Somerset Nursery Services Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Somerset Nursery Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

26 September 2025

Somerset Nursery Services Ltd

Statement of Income and Retained Earnings

Year ended 31 December 2024

	2024	2023
Note	£	£
Turnover	924,981	1,065,081

Cost of sales	77,178	82,871
	---------	------------
Gross profit	847,803	982,210

Administrative expenses	692,584	1,028,247
Other operating income	6,584	1,430
	---------	------------
Operating profit/(loss)	161,803	( 44,607)

Income from shares in group undertakings		150,000	150,000
Other interest receivable and similar income		98	–
Interest payable and similar expenses		3,056	10,542
		---------	------------
Profit before taxation	5	308,845	94,851

Tax on profit	–	( 2,404)
	---------	--------
Profit for the financial year and total comprehensive income	308,845	97,255
	---------	--------

Dividends paid and payable	( 88,000)	( 86,000)

Retained earnings at the start of the year	1,446,513	1,435,258
	------------	------------
Retained earnings at the end of the year	1,667,358	1,446,513
	------------	------------

All the activities of the company are from continuing operations.

Somerset Nursery Services Ltd

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	6	472,878	941,012
Investments	7	983,839	983,839
		------------	------------
		1,456,717	1,924,851

Current assets

Debtors	8	9,197	7,052
Cash at bank and in hand		401,315	6,926
		---------	--------
		410,512	13,978

Creditors: amounts falling due within one year	9	199,771		479,071
		---------		---------
Net current assets/(liabilities)			210,741	( 465,093)
			------------	------------
Total assets less current liabilities			1,667,458	1,459,758

Creditors: amounts falling due after more than one year	10	–	13,145
		------------	------------
Net assets		1,667,458	1,446,613
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,667,358	1,446,513
	------------	------------
Shareholders funds	1,667,458	1,446,613
	------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 26 September 2025 , and are signed on behalf of the board by:

Mrs M Richardson
Director

Company registration number: SC200542

Somerset Nursery Services Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 6 Fitzroy Place, Glasgow, G3 7RH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the provision of nursery services.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	20% straight line
Equipment	-	25% straight line

Freehold property is not depreciated as impairment reviews are carried out.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 29 (2023: 34 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	1,092	1,180
	-------	-------

6. Tangible assets

	Freehold property	Long leasehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	907,623	29,472	84,966	39,007	1,061,068
Disposals	( 467,042)	–	–	–	( 467,042)
	---------	--------	--------	--------	------------
At 31 December 2024	440,581	29,472	84,966	39,007	594,026
	---------	--------	--------	--------	------------
Depreciation
At 1 January 2024	–	–	82,022	38,034	120,056
Charge for the year	–	–	736	356	1,092
	---------	--------	--------	--------	------------
At 31 December 2024	–	–	82,758	38,390	121,148
	---------	--------	--------	--------	------------
Carrying amount
At 31 December 2024	440,581	29,472	2,208	617	472,878
	---------	--------	--------	--------	------------
At 31 December 2023	907,623	29,472	2,944	973	941,012
	---------	--------	--------	--------	------------

7. Investments

	Other investments other than loans
	£
Cost
At 1 January 2024 and 31 December 2024	983,839
	---------
Impairment
At 1 January 2024 and 31 December 2024	–
	---------

Carrying amount
At 31 December 2024	983,839
	---------
At 31 December 2023	983,839
	---------

The company owns 100% of the issued share capital of Mid Gavin Nursery Limited, a company registered in Scotland. The profit of that company for the period to 31st December 2024 was £116,941 (2023: £106,468) and the capital and reserves as at 31st December 2024 amounted to £247,044 (2023: £280,103).

The company owns 100% of the issued share capital of J R Kinder Limited, a company registered in Scotland. The loss for that company for the period to 31st December 2024 was £100,536 (2023: £23,941) and the capital and reserves as at 31st December 2024 amounted to £96,411 (2023: £196,947).

8. Debtors

	2024	2023
	£	£
Other debtors	9,197	7,052
	-------	-------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	11,743	84,642
Trade creditors	315	2,074
Amounts owed to group undertakings and undertakings in which the company has a participating interest	160,108	366,434
Social security and other taxes	9,181	5,604
Other creditors	18,424	20,317
	---------	---------
	199,771	479,071
	---------	---------

The company has granted a bond and floating charge in favour of The Clydesdale Bank plc over all property and assets of the company. There is also a standard security over 6 Fitzroy Place. The property at 10 Fitzroy Place, Glasgow is now disposed of.

Further there is an intercompany bank guarantee in respect of the company's subsidiary, Mid Gavin Nursery Limited. In addition the company's director, Mrs Mary Richardson, has given a personal guarantee of £140,000 to the company's bankers to support the company's facilities.

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

	2024	2023
	£	£
Bank loans and overdrafts	–	13,145
	----	--------

11. Director's advances, credits and guarantees

The company was under the control of Mrs M Richardson , director and sole shareholder, throughout the current and previous year. At 31 December 2024 Mrs Richardson owed the company £3,633 (2023: the company owed £824 to Mrs Richardson). Interest has been charged on this and it is unsecured with no fixed date of repayment. During the year, Mrs M Richardson provided free of charge the use of land for Somerset Nursery Services Ltd to grow organic fruit and vegetables for the provision of meals and snacks for the nursery.

12. Related party transactions

The company paid costs amounting to, and recharged, £8,846 (2023: £7,756 ) relating to its subsidiary, JR Kinder Ltd and received loan funds from that company. At 31 December 2024 the company owed £94,138 to J R Kinder Limited (2023: £188,146). The company loaned funds to and received funds from its subsidiary, Mid Gavin Nursery Limited. As at 31st December 2024 the company owed £65,969 to Mid Gavin Nursery Limited (2023: £178,287). During the year the company received dividends of £150,000 from Mid Gavin Limited (2023: £150,000).