Company registration number SC308397 (Scotland)
OLD DOUNE ROAD NURSERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
317,902
323,966
Current assets
Debtors
5
4,557
1,849
Cash at bank and in hand
223,947
180,143
228,504
181,992
Creditors: amounts falling due within one year
6
(76,762)
(71,651)
Net current assets
151,742
110,341
Total assets less current liabilities
469,644
434,307
Creditors: amounts falling due after more than one year
7
(20,155)
(30,234)
Provisions for liabilities
(5,337)
(5,587)
Net assets
444,152
398,486
Capital and reserves
Called up share capital
8
62,500
62,500
Profit and loss reserves
381,652
335,986
Total equity
444,152
398,486
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 2023 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.
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.
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)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 January 2024
Ms Lorna Stenhouse
Director
Company Registration No. SC308397
OLD DOUNE ROAD NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 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 4a Old Doune Road, Dunblane, Stirling, FK15 9AG.
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 amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the 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 improvements
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
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.
OLD DOUNE ROAD NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
20
OLD DOUNE ROAD NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Tangible fixed assets
Freehold property
Property improvements
Fixtures & fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
357,649
16,276
24,480
1,490
399,895
Additions
1,049
738
1,787
Disposals
(259)
(250)
(509)
At 30 June 2023
357,649
16,276
25,270
1,978
401,173
Depreciation and impairment
At 1 July 2022
56,028
6,804
12,134
963
75,929
Depreciation charged in the year
3,576
1,628
1,985
503
7,692
Eliminated in respect of disposals
(100)
(250)
(350)
At 30 June 2023
59,604
8,432
14,019
1,216
83,271
Carrying amount
At 30 June 2023
298,045
7,844
11,251
762
317,902
At 30 June 2022
301,621
9,472
12,346
527
323,966
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,578
Prepayments and accrued income
2,979
1,849
4,557
1,849
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,772
9,466
Trade creditors
2,874
3,278
Amounts owed to group undertakings
5,792
5,792
Corporation tax
12,944
10,033
Other taxation and social security
1,644
3,791
Other creditors
945
899
Accruals and deferred income
42,791
38,392
76,762
71,651
OLD DOUNE ROAD NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,155
30,234
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
62,500
62,500
62,500
62,500
9
Related party transactions
The Company is a wholly owned subsidiary of Lecropt Ltd.
At the year end the Company owed £5,792 (2022 - £5,792) to Lecropt Ltd.