| Nursery Group Ltd |
| Notes to the Accounts |
| for the year ended 31 March 2020 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Motor vehicles |
20% reducing balance |
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Fixtures, fittings, tools and equipment |
20% reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
33 |
|
32 |
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| 3 |
Tangible fixed assets |
|
|
Land, buildings & improvements |
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Fixtures, fittings & equipment |
|
Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2019 |
672,582 |
|
369,706 |
|
19,791 |
|
1,062,079 |
|
Additions |
- |
|
16,206 |
|
- |
|
16,206 |
|
At 31 March 2020 |
672,582 |
|
385,912 |
|
19,791 |
|
1,078,285 |
|
|
|
|
|
|
|
|
|
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Depreciation |
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At 1 April 2019 |
- |
|
240,164 |
|
16,945 |
|
257,109 |
|
Charge for the year |
- |
|
31,304 |
|
569 |
|
31,873 |
|
At 31 March 2020 |
- |
|
271,468 |
|
17,514 |
|
288,982 |
|
|
|
|
|
|
|
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Net book value |
|
At 31 March 2020 |
672,582 |
|
114,444 |
|
2,277 |
|
789,303 |
|
At 31 March 2019 |
672,582 |
|
129,542 |
|
2,846 |
|
804,970 |
|
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| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
83,497 |
|
- |
|
|
|
|
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| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Accruals |
24,154 |
|
26,872 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
34,546 |
|
43,673 |
|
Other taxes and social security costs |
20,970 |
|
28,996 |
|
|
|
|
|
|
79,670 |
|
99,541 |
|
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| 6 |
Related party transactions |
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|
Playday Nursery Ltd (Company number 04500355) |
|
Investment dividend |
|
During the year, an investment dividend was received from its
subsidiary, Playday Nursery Ltd. |
|
19,500 |
|
59,000 |
|
|
|
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Playday Nursery Ltd (Company number 04500355) |
|
Rents receivable - Other operating income |
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During the year, rent of £18,000 was received from its subsidiary, Playday Nursery Ltd, in respect of a property which is occupied by Playday Nursery Ltd. |
|
18,000 |
|
18,000 |
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Playday Nursery Ltd (Company number 04500355) |
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Subsidiary of Nursery Group Ltd |
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Playday Nursery Ltd is a company registered in England under number 04500355 and is wholly owned by Nursery Group Ltd. During the year, a number of transactions took place between the entities leaving a balance.
The loan due by Nursery Group Ltd to Playday Nursery Ltd carries no interest charge and there are no fixed repayment terms. |
|
34,546 |
|
34,546 |
|
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|
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S A Day Care Ltd |
|
Parent company |
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S A Day Care Ltd is a company registered in England under number 09328962 and which wholly owns Nursery Group Ltd. During the year, a number of transactions took place between the entities leaving a balance.
The loan due to Nursery Group Ltd carries no interest charge and there are no fixed repayment terms. |
|
83,497 |
|
(9,127) |
|
|
|
|
|
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S A Day Care Ltd (company number 09328962) |
|
Dividend payable to S A Day Care Ltd |
|
An investment dividend was payable to the parent, S A Day Care Ltd as at 31st March 2020. |
|
40,500 |
|
59,000 |
|
|
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| 7 |
Controlling party |
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The company was wholly controlled by S A Day Care Limited, a company registered in England under number 09328962. |
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| 8 |
Other information |
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Nursery Group Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
DA Accountants |
|
Spiersbridge Business Park |
|
1 Spiersbridge Way |
|
Glasgow |
|
G46 8NG |
