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COMPANY REGISTRATION NUMBER: 07258728
Manor House Nursery School Ltd
Filleted Unaudited Financial Statements
31 March 2023
Manor House Nursery School Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Manor House Nursery School Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
36,160
39,360
Tangible assets
6
19,400
850,964
--------
---------
55,560
890,324
Current assets
Debtors
7
246,981
43,914
Cash at bank and in hand
81,249
80,880
---------
---------
328,230
124,794
Creditors: amounts falling due within one year
8
94,701
217,327
---------
---------
Net current assets/(liabilities)
233,529
( 92,533)
---------
---------
Total assets less current liabilities
289,089
797,791
Creditors: amounts falling due after more than one year
9
22,433
586,266
---------
---------
Net assets
266,656
211,525
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
266,556
211,425
---------
---------
Shareholders funds
266,656
211,525
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 .
Manor House Nursery School Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 3 November 2023 , and are signed on behalf of the board by:
S P Sheerin
Director
Company registration number: 07258728
Manor House Nursery School Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Manor House, Hartsdown Park, Hartsdown Road, Margate, CT9 5QX, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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
-
25 years 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 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.
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:
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
No depreciation is provided on Freehold property.
Impairment of fixed assets
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.
Government grants
Government grants are recognised using the accrual 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 66 (2022: 67 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
80,000
--------
Amortisation
At 1 April 2022
40,640
Charge for the year
3,200
--------
At 31 March 2023
43,840
--------
Carrying amount
At 31 March 2023
36,160
--------
At 31 March 2022
39,360
--------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
831,503
58,799
17,080
907,382
Additions
1,738
4,250
5,988
Disposals
( 831,503)
( 831,503)
---------
--------
--------
---------
At 31 March 2023
60,537
21,330
81,867
---------
--------
--------
---------
Depreciation
At 1 April 2022
50,388
6,030
56,418
Charge for the year
2,591
3,458
6,049
---------
--------
--------
---------
At 31 March 2023
52,979
9,488
62,467
---------
--------
--------
---------
Carrying amount
At 31 March 2023
7,558
11,842
19,400
---------
--------
--------
---------
At 31 March 2022
831,503
8,411
11,050
850,964
---------
--------
--------
---------
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
223,067
Other debtors
23,914
43,914
---------
--------
246,981
43,914
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
68,250
124,084
Amounts owed to group undertakings and undertakings in which the company has a participating interest
72,823
Corporation tax
11,867
11,743
Other creditors
14,584
8,677
--------
---------
94,701
217,327
--------
---------
Bank loans and overdrafts of £68,250 (2022: £124,084) are secured against the assets of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,433
395,771
Other creditors
190,495
--------
---------
22,433
586,266
--------
---------
Bank loans and overdrafts of £22,433 (2022: £395,771) are secured against the assets of the company.
10. Directors' advances, credits and guarantees
At the year end the director owed the company £20,000 (2022: £20,000). Advances of £20,000 (2022: £20,000) were taken and repayments of £20,000 (2022: nil) were made by the director during the year. No interest was charged on the overdrawn balance.
11. Related party transactions
At the year end the company owed nil (2022: £72,823) to a group undertaking. At the year end the company owed £7,272 and was owed £3,914 (2022: £23,914) by companies associated under common control.