General Information
Pity Me Nursery Ltd is a private company, limited by shares, registered in England and Wales, registration number 08497576, registration address 58 Durham Road, Birtley, DH3 2QJ.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
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)
Going concern basis
As with most businesses the company has been impacted by the Coronavirus (Covid-19). This has had an impact on operations, customers, suppliers and staff. The Company has utilised the grants and benefits available from the Government and is taking the steps it can to protect the future of the business. Although the total impact is still uncertain the directors believe that it is appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves, 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. 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.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings |
1% Straight Line |
| Plant and Machinery |
15% Reducing Balance
|
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
15% Reducing Balance
|
Stocks
Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of our contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 7 (2022 : 6).
|
| 3. |
Intangible fixed assets
| Cost |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 April 2022 |
10,000 |
|
10,000 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2023 |
10,000 |
|
10,000 |
| Amortisation |
| At 01 April 2022 |
10,000 |
|
10,000 |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 31 March 2023 |
10,000 |
|
10,000 |
| Net book values |
| At 31 March 2023 |
- |
|
- |
| At 31 March 2022 |
- |
|
- |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2022 |
30,000 |
|
31,386 |
|
7,500 |
|
766 |
|
69,652 |
| Additions |
- |
|
- |
|
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2023 |
30,000 |
|
31,386 |
|
7,500 |
|
766 |
|
69,652 |
| Depreciation |
| At 01 April 2022 |
2,700 |
|
8,844 |
|
6,937 |
|
115 |
|
18,596 |
| Charge for year |
300 |
|
3,381 |
|
141 |
|
98 |
|
3,920 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2023 |
3,000 |
|
12,225 |
|
7,078 |
|
213 |
|
22,516 |
| Net book values |
| Closing balance as at 31 March 2023 |
27,000 |
|
19,161 |
|
422 |
|
553 |
|
47,136 |
| Opening balance as at 01 April 2022 |
27,300 |
|
22,542 |
|
563 |
|
651 |
|
51,056 |
|
| 5. |
Stocks
|
2023
£ |
|
2022
£ |
| Finished Goods |
269,595 |
|
358,593 |
|
269,595 |
|
358,593 |
|
| 6. |
Debtors: amounts falling due within one year
|
2023
£ |
|
2022
£ |
| Amount Owed by Group Undertakings |
161,417 |
|
62,598 |
| Prepayments & Accrued Income |
4,832 |
|
4,004 |
|
166,249 |
|
66,602 |
|
| 7. |
Creditors: amount falling due within one year
|
2023
£ |
|
2022
£ |
| Trade Creditors |
64,003 |
|
53,431 |
| Corporation Tax |
26,008 |
|
38,143 |
| PAYE & Social Security |
10,109 |
|
560 |
| Pension Control Account |
280 |
|
173 |
| Obligations under HP/Financial Leases |
5,223 |
|
5,223 |
| Directors' Current Accounts |
466 |
|
13,960 |
| VAT |
1,719 |
|
59,273 |
|
107,808 |
|
170,763 |
|
| 8. |
Creditors: amount falling due after more than one year
|
2023
£ |
|
2022
£ |
| Obligations Under HP/Financial Leases |
5,223 |
|
10,446 |
|
5,223 |
|
10,446 |
|
| 9. |
Provisions for liabilities
|
2023
£ |
|
2022
£ |
| Deferred Tax |
3,528 |
|
4,150 |
|
3,528 |
|
4,150 |
|
| 10. |
Directors advances, credits and guarantees
Included in creditors: amounts due within one year, are amounts owed to the Director of £4,466 (2022 - £13,960).
|
| 11. |
Controlling party
For the whole of the period under review the company was under the control of Mr M Green, director of the company.
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2
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