Company Registration No. SC308397 (Scotland)
OLD DOUNE ROAD NURSERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
OLD DOUNE ROAD NURSERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OLD DOUNE ROAD NURSERY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
333,898
333,600
Current assets
Debtors
4
4,024
4,013
Cash at bank and in hand
62,869
43,089
66,893
47,102
Creditors: amounts falling due within one year
5
(83,635)
(77,099)
Net current liabilities
(16,742)
(29,997)
Total assets less current liabilities
317,156
303,603
Creditors: amounts falling due after more than one year
6
(10,077)
(33,066)
Provisions for liabilities
(3,055)
(2,820)
Net assets
304,024
267,717
Capital and reserves
Called up share capital
7
62,500
62,500
Profit and loss reserves
241,524
205,217
Total equity
304,024
267,717
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OLD DOUNE ROAD NURSERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2018
30 June 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 7 March 2019
Ms Lorna Jack
Director
Company Registration No. SC308397
OLD DOUNE ROAD NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 3 -
1
Accounting policies
Company information
Old Doune Road Nursery Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
18 Strathallan Road, Bridge of Allan, United Kingdom, FK9 4BS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
1% on cost
Property improvments
10% on cost
Fixtures & fittings
15% on reducing balance
Computer equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
Any impairment loss is recognised immediately in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtor and creditors, loans from banks and other third parties and loans to related parties.
OLD DOUNE ROAD NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2017 - 17).
OLD DOUNE ROAD NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 5 -
3
Tangible fixed assets
Freehold property
Property improvments
Fixtures & fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2017
357,649
-
32,509
2,148
392,306
Additions
-
6,681
-
193
6,874
At 30 June 2018
357,649
6,681
32,509
2,341
399,180
Depreciation and impairment
At 1 July 2017
38,147
-
18,598
1,961
58,706
Depreciation charged in the year
3,576
668
2,087
245
6,576
At 30 June 2018
41,723
668
20,685
2,206
65,282
Carrying amount
At 30 June 2018
315,926
6,013
11,824
135
333,898
At 30 June 2017
319,503
-
13,910
187
333,600
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
2,999
2,999
Prepayments and accrued income
1,025
1,014
4,024
4,013
5
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
22,656
22,322
Amounts owed to group undertakings
29,248
29,811
Corporation tax
8,585
3,945
Other taxation and social security
2,022
2,543
Other creditors
7,594
8,703
Accruals and deferred income
13,530
9,775
83,635
77,099
OLD DOUNE ROAD NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
10,077
33,066
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
62,500 Ordinary of £1 each
62,500
62,500
62,500
62,500
8
Related party transactions
The Company is a wholly owned subsidiary of Lecropt Ltd.
At the year end the Company owed £29,248 (2017 - £29,811) to Lecropt Ltd.