Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01false41No description of principal activity44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06894604 2022-04-01 2023-03-31 06894604 2021-04-01 2022-03-31 06894604 2023-03-31 06894604 2022-03-31 06894604 c:Director1 2022-04-01 2023-03-31 06894604 d:CurrentFinancialInstruments 2023-03-31 06894604 d:CurrentFinancialInstruments 2022-03-31 06894604 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06894604 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06894604 d:ShareCapital 2023-03-31 06894604 d:ShareCapital 2022-03-31 06894604 d:CapitalRedemptionReserve 2023-03-31 06894604 d:CapitalRedemptionReserve 2022-03-31 06894604 d:RetainedEarningsAccumulatedLosses 2023-03-31 06894604 d:RetainedEarningsAccumulatedLosses 2022-03-31 06894604 c:FRS102 2022-04-01 2023-03-31 06894604 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06894604 c:FullAccounts 2022-04-01 2023-03-31 06894604 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06894604 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 06894604










FAVOURS DAY NURSERY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
FAVOURS DAY NURSERY LIMITED
REGISTERED NUMBER: 06894604

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2023
2022
2022
Note
£
£
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
410,085
418,286

Cash at bank and in hand
 5 
14,330
27,119

  
424,415
445,405

Creditors: amounts falling due within one year
 6 
(340,329)
(351,437)

Net current assets
  
 
 
84,086
 
 
93,968

  

Net assets
  
84,086
93,968


Capital and reserves
  

Called up share capital 
  
50
50

Capital redemption reserve
  
50
50

Profit and loss account
  
83,986
93,868

  
84,086
93,968

Page 1

 
FAVOURS DAY NURSERY LIMITED
REGISTERED NUMBER: 06894604
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Rebecca J Maloney
Director

Date: 5 October 2023

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
FAVOURS DAY NURSERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Favours Day Nursery Limited is a private limited company, incorporated in England and Wales.
The registered office is Boughton Fair Lane, Moulton, Northamptonshire, NN3 7RT.
The principal place of business is Boughton Fair Lane, Moulton, Northamptonshire, NN3 7RT

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover represents amounts due in respect of childcare provided during the period.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
FAVOURS DAY NURSERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
FAVOURS DAY NURSERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.



 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 44 (2022 - 41).

Page 5

 
FAVOURS DAY NURSERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Debtors

2023
2022
£
£


Trade debtors
131
2,261

Amounts owed by group undertakings
406,629
413,103

Prepayments and accrued income
3,325
2,922

410,085
418,286



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
14,330
27,119

Less: bank overdrafts
(4,708)
-

9,622
27,119



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
4,708
-

Trade creditors
23,412
17,177

Corporation tax
15,236
24,624

Other taxation and social security
2,703
5,167

Other creditors
49,791
47,452

Accruals and deferred income
244,479
257,017

340,329
351,437



7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £18,158 (2022 - £13,785).
At the year end there were contributions outstanding of £3,828 (2022 - £3,155).

Page 6

 
FAVOURS DAY NURSERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Related party transactions

At 31 March 2023 there was a balance due from Favours Day Nursery Holdings Limited, the parent company, of £406,629 (2022: £413,103). There was no interest charged on this loan during the year and the loan is repayable on demand. 
Management charges of £80,000 (2022: £80,000) were paid to Favours Day Nursery Holdings Limited during the year. 
During the year, inter-company dividends of £75,000 (2022: £75,000) were paid from Favours Day Nursery Limited to Favours Day Nursery Holdings Limited.
 

 
Page 7