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Company registration number: 08825316
Little Orchard Montessori Nurseries Limited
Trading as Little Orchard Montessori Nurseries Limited
Unaudited filleted financial statements
31 March 2022
LITTLE ORCHARD MONTESSORI NURSERIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 3,500 5,500
Tangible assets 6 61,687 68,429
_______ _______
65,187 73,929
Current assets
Stocks 6,000 4,000
Debtors 7 119,148 64,680
Cash at bank and in hand 70,021 59,253
_______ _______
195,169 127,933
Creditors: amounts falling due
within one year 8 ( 75,500) ( 41,834)
_______ _______
Net current assets 119,669 86,099
_______ _______
Total assets less current liabilities 184,856 160,028
Creditors: amounts falling due
after more than one year 9 ( 13,093) ( 21,281)
Provisions for liabilities ( 10,616) ( 11,830)
_______ _______
Net assets 161,147 126,917
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 10 161,047 126,817
_______ _______
Shareholders funds 161,147 126,917
_______ _______
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 August 2022 , and are signed on behalf of the board by:
Mrs T Bruce Mrs C Lucas
Director Director
Company registration number: 08825316
LITTLE ORCHARD MONTESSORI NURSERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Little Orchard Montessori Nurseries Limited , The Old School Room, Sparkwell, Plymouth, Devon, PL7 5DB.
Principal activity
The principal activity of the company is the operation of day care nurseries.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
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. In this case, tax is 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. Unrelieved tax losses and other 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. 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements - straight line over the duration of the lease
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 55 (2021: 48 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2021 and 31 March 2022 20,000 20,000
_______ _______
Amortisation
At 1 April 2021 14,500 14,500
Charge for the year 2,000 2,000
_______ _______
At 31 March 2022 16,500 16,500
_______ _______
Carrying amount
At 31 March 2022 3,500 3,500
_______ _______
At 31 March 2021 5,500 5,500
_______ _______
6. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2021 34,096 65,676 99,772
Additions - 2,746 2,746
_______ _______ _______
At 31 March 2022 34,096 68,422 102,518
_______ _______ _______
Depreciation
At 1 April 2021 3,410 27,933 31,343
Charge for the year 3,410 6,078 9,488
_______ _______ _______
At 31 March 2022 6,820 34,011 40,831
_______ _______ _______
Carrying amount
At 31 March 2022 27,276 34,411 61,687
_______ _______ _______
At 31 March 2021 30,686 37,743 68,429
_______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 34,000 10,161
Other debtors 85,148 54,519
_______ _______
119,148 64,680
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 8,187 7,778
Accruals and deferred income 14,848 9,978
Social security and other taxes 27,808 19,941
Other creditors 24,657 4,137
_______ _______
75,500 41,834
_______ _______
The bank loan is secured.
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 13,093 21,281
_______ _______
The bank loan is secured. The loan was taken out in October 2019 for 5 years at an interest rate of4%.
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Events after the end of the reporting period
Subsequently Little Orchard Montessori Nurseries Ltd is subject to government guidance in respect of whether the nurseries can remain open for business.
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
1,916 ( 10,441) ( 8,525)
( 1,619) ( 11,608) ( 13,227)
_______ _______ _______
297 ( 22,049) ( 21,752)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
1,738 178 1,916
( 1,729) 110 ( 1,619)
_______ _______ _______
9 288 297
_______ _______ _______
13. Coronavirus Job Retention Scheme
During the year, the company was the recipient of economic benefits as a result of participating in the UK Government's Job Retention Scheme. The total funds recognised on an accruals basis during the year were £3,128 (2021: £51,864).