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Company registration number: 12070458
Little Orchard Montessori (Holdings) Limited
Unaudited filleted financial statements
31 March 2022
LITTLE ORCHARD MONTESSORI (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 208,947 213,363
Investments 6 100 100
_______ _______
209,047 213,463
Current assets
Cash at bank and in hand 61,534 48,980
_______ _______
61,534 48,980
Creditors: amounts falling due
within one year 7 ( 120,366) ( 104,333)
_______ _______
Net current liabilities ( 58,832) ( 55,353)
_______ _______
Total assets less current liabilities 150,215 158,110
Creditors: amounts falling due
after more than one year 8 ( 159,946) ( 165,425)
_______ _______
Net liabilities ( 9,731) ( 7,315)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 ( 9,831) ( 7,415)
_______ _______
Shareholders deficit ( 9,731) ( 7,315)
_______ _______
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: 12070458
LITTLE ORCHARD MONTESSORI (HOLDINGS) 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 and Wales. The address of the registered office is The Old School Room, Sparkwell, Plymouth, Devon, PL7 5DB.
Principal activity
The principal activity of the company is that of a holding company.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on the basis that the company is a going concern based on the continuing support of the directors' who have indicated their willingness to do so.
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.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 2 % straight line
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 April 2021 and 31 March 2022 220,779 220,779
_______ _______
Depreciation
At 1 April 2021 7,416 7,416
Charge for the year 4,416 4,416
_______ _______
At 31 March 2022 11,832 11,832
_______ _______
Carrying amount
At 31 March 2022 208,947 208,947
_______ _______
At 31 March 2021 213,363 213,363
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2021 and 31 March 2022 100 100
_______ _______
Impairment
At 1 April 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 100 100
_______ _______
At 31 March 2021 100 100
_______ _______
Little Orchard Montessori (Holdings) Limited owns 100% issued share capital of Little Orchard Montessori Nurseries Limited, a company incorporated in England.
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 15,926 21,604
Accruals and deferred income 816 660
Other creditors 103,624 82,069
_______ _______
120,366 104,333
_______ _______
The bank loans are secured.
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 159,946 165,425
_______ _______
The bank loans are secured.
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Events after the end of the reporting period
Although there are no specific known factors which could have an impact on the company's financial statements, it should be noted that as at the end of the financial year there was instability relating to the global health emergency in respect of Coronavirus.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Directors ( 18,000) 6,000 ( 12,000)
Directors ( 18,000) 6,000 ( 12,000)
_______ _______ _______
( 36,000) 12,000 ( 24,000)
_______ _______ _______
2021
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Directors ( 24,000) 6,000 ( 18,000)
Directors ( 24,000) 6,000 ( 18,000)
_______ _______ _______
( 48,000) 12,000 ( 36,000)
_______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
12. Related party transactions
The company's freehold property is utilised rent free by its subsidiary, Little Orchard Montessori Nurseries Ltd.