Wirral Nurseries Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04429137 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Wirral Nurseries Limited

T/A

Jack and Jill Day Nursery

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Jack

Mrs M P Jack

J Jack

SECRETARY:

Mrs M P Jack

REGISTERED OFFICE:

14 Shrewsbury Road

Birkenhead

Wirral

CH43 1UX

REGISTERED NUMBER:

04429137 (England and Wales)

ACCOUNTANTS:

McEwan Wallace Limited

68 Argyle Street

Birkenhead

CH41 6AF

FIXED ASSETS

Intangible assets

4

13,000

26,000

Tangible assets

5

608,254

681,921

621,254

707,921

CURRENT ASSETS

Debtors

6

285,290

222,923

Cash at bank

36,394

73,485

321,684

296,408

CREDITORS

Amounts falling due within one year

7

214,285

220,837

NET CURRENT ASSETS

107,399

75,571

TOTAL ASSETS LESS CURRENT LIABILITIES

728,653

783,492

CREDITORS

Amounts falling due after more than one year

8

(307,787

)

(351,278

)

PROVISIONS FOR LIABILITIES

(103,722

)

(114,236

)

NET ASSETS

317,144

317,978

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

316,944

317,778

SHAREHOLDERS' FUNDS

317,144

317,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 December 2017 and were signed on its behalf by:

D J Jack - Director

1.	STATUTORY INFORMATION

Wirral Nurseries Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below.

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with

FRS102 Section 1A for small entities. The date of transition is 1 April 2016.

The transition to FRS 102 Section 1A for small entities has resulted no changes in accounting policies to those used

previously.

Turnover

Income is recognised on an accruals basis according to delivery of the service supplied.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

1% on cost

Improvements to property

-

10% on cost

Equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, and

directors' loans.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted

amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss in recognised in the

Statement of Income and Retained Earnings.

Critical accounting estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances. The company

makes estimates and assumptions concerning the future.

The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The

estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of

assets and liabilities within the next financial year are discussed below;

When an asset is purchased it is categorised into an asset class, the depreciation policy of each class estimates the

economic life of all assets within the class.

The depreciation policy of each asset class is determined by management and reviewed regularly for appropriateness.

The depreciation policy adopted is based on historical experience as well as considering the future events which may

impact the useful economic life of all assets within each class, such as changes in market demands.

In addition FRS 102 requires an entity to assess at each reporting date whether there is any indication that assets

within a class may be impaired i.e. the recoverable amount of the asset is less than the carrying amount. If any such

indication exists, management are required to estimate the recoverable amount of the individual assets concerned.

Management judgement is applied to determine if revenue and costs should be recognised in the current period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 86 (2016 - 85 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

130,000

AMORTISATION

At 1 April 2016

104,000

Charge for year

13,000

At 31 March 2017

117,000

NET BOOK VALUE

At 31 March 2017

13,000

At 31 March 2016

26,000

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

property

property

Equipment

£

£

£

COST

At 1 April 2016

359,731

275,526

43,381

Disposals

(20,000

)

-

-

At 31 March 2017

339,731

275,526

43,381

DEPRECIATION

At 1 April 2016

8,939

49,741

32,154

Charge for year

3,597

27,553

2,807

At 31 March 2017

12,536

77,294

34,961

NET BOOK VALUE

At 31 March 2017

327,195

198,232

8,420

At 31 March 2016

350,792

225,785

11,227

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

197,606

5,020

29,080

910,344

Additions

3,600

-

3,477

7,077

Disposals

-

-

-

(20,000

)

At 31 March 2017

201,206

5,020

32,557

897,421

DEPRECIATION

At 1 April 2016

112,946

3,829

20,814

228,423

Charge for year

22,065

298

4,424

60,744

At 31 March 2017

135,011

4,127

25,238

289,167

NET BOOK VALUE

At 31 March 2017

66,195

893

7,319

608,254

At 31 March 2016

84,660

1,191

8,266

681,921

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

10,000

10,000

Other debtors

6,300

7,850

Directors' loan accounts

222,578

191,891

Prepayments

46,412

13,182

285,290

222,923

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

47,040

41,908

Trade creditors

46,397

11,626

Tax

47,431

47,502

Social security and other taxes

7,074

8,439

Other creditors

14,114

14,790

Net wages creditor

-

4,815

Directors' loan accounts

23,174

73,150

Accrued expenses

29,055

18,607

214,285

220,837

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans - 1-2 years

48,064

43,584

Bank loans - 2-5 years

155,972

141,434

Bank loans more 5 yr by instal

103,751

166,260

307,787

351,278

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

103,751

166,260

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank loans

353,755

393,186

On 9 January 2013 a debenture was created by Wirral Nurseries Limited, securing all monies due or to become due

from the company to National Westminster Bank Plc.

The bank loans are secured via legal charges created on 24 January 2014 over the following properties: 340 Upton

Road, Wirral, CH49 9RW and Victoria Park House, Bedford Avenue, Birkenhead, CH42 4QJ.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2017 and

31 March 2016:

31.3.17

31.3.16

£

£

D J Jack and Mrs M P Jack

Balance outstanding at start of year

191,890

144,593

Amounts advanced

396,578

205,089

Amounts repaid

(365,891

)

(157,792

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

222,577

191,890

During the year the directors, D J Jack and Mrs M P Jack, were advanced an additional £396,578 in varying and

numerous amounts. £365,891 was repaid. This unsecured advance is interest free, with no formal repayment

schedule.

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £148,741 were paid to the directors .

As at the year end the company owed the director, J Jack, £23,174 (2016 - £73,150).