Millswood Nurseries Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8

Millswood Nurseries Limited

(Registration number: 07952435)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	1,036	1,536
Tangible assets	5	206,457	215,178
		207,493	216,714
Current assets
Debtors	6	4,358	4,010
Cash at bank and in hand		115,805	32,855
		120,163	36,865
Creditors: Amounts falling due within one year	7	(123,449)	(72,120)
Net current liabilities		(3,286)	(35,255)
Total assets less current liabilities		204,207	181,459
Creditors: Amounts falling due after more than one year	7	(91,268)	(114,367)
Provisions for liabilities		(6,923)	(7,988)
Net assets		106,016	59,104
Capital and reserves
Called up share capital		10	10
Profit and loss account		106,006	59,094
Shareholders' funds		106,016	59,104

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 10 December 2025 and signed on its behalf by:
 

R A Howing-Nicholls Director

Millswood Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
Woodland Road
Ivybridge
Devon
PL21 9HQ
United Kingdom

Principal activity

The principal activity of the company is that of child day-care activities.

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.

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

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Millswood Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

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.

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 statement of financial position 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
Freehold property	2% straight line
Plant and machinery	20% reducing balance
Fittings fixtures and equipment	20% reducing balance
Computer equipment	20% reducing balance

Impairment

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.

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 are 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.

Millswood Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event: it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Millswood Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2024 - 21).

Millswood Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2024	5,000	5,000
At 31 March 2025	5,000	5,000
Amortisation
At 1 April 2024	3,464	3,464
Amortisation charge	500	500
At 31 March 2025	3,964	3,964
Carrying amount
At 31 March 2025	1,036	1,036
At 31 March 2024	1,536	1,536

5	Tangible assets

	Freehold property £	Fixtures, fittings and equipment £	Plant and machinery £	Computer equipment £	Total £
Cost or valuation
At 1 April 2024	210,527	113,485	7,884	7,645	339,541
Additions	-	1,295	331	1,040	2,666
At 31 March 2025	210,527	114,780	8,215	8,685	342,207
Depreciation
At 1 April 2024	28,562	88,377	4,382	3,042	124,363
Charge for the year	4,211	5,281	766	1,129	11,387
At 31 March 2025	32,773	93,658	5,148	4,171	135,750
Carrying amount
At 31 March 2025	177,754	21,122	3,067	4,514	206,457
At 31 March 2024	181,965	25,108	3,502	4,603	215,178

Millswood Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6

Debtors

	2025 £	2024 £
Prepayments	4,358	4,010
	4,358	4,010

7

Creditors

Creditors: amounts falling due within one year

		2025 £	2024 £
Loans and borrowings		20,768	20,105
Taxation and social security		38,465	14,885
Accruals and deferred income		36,877	4,161
Other creditors		27,339	32,969
		123,449	72,120

The bank loans of £20,768 included in loans and borrowings due within one year is secured by fixed and floating charge over the undertaking and all property and assets present and future. The bounce back loan included of £10,000 also benefits from a government guarantee.

Creditors: amounts falling due after more than one year

		2025 £	2024 £
Loans and borrowings		91,268	114,367