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REGISTERED NUMBER: 05720805 (England and Wales)








Unaudited Financial Statements for the Year Ended 31 March 2023

for

Portico Day Nurseries Ltd

Portico Day Nurseries Ltd (Registered number: 05720805)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Portico Day Nurseries Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs N A Politis
C E Jackson





SECRETARY: C E Jackson





REGISTERED OFFICE: 17-19 Park Street
Lytham
Lancashire
FY8 5LU





REGISTERED NUMBER: 05720805 (England and Wales)





ACCOUNTANTS: Ashworth Treasure (BOC) Limited
17-19 Park Street
Lytham
Lancashire
FY8 5LU

Portico Day Nurseries Ltd (Registered number: 05720805)

Abridged Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 331,770 312,632
331,770 312,632

CURRENT ASSETS
Debtors 43,251 69,795
Prepayments and accrued income 41,940 41,228
Cash at bank 159,957 63,781
245,148 174,804
CREDITORS
Amounts falling due within one year 278,130 273,644
NET CURRENT LIABILITIES (32,982 ) (98,840 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

298,788

213,792

CREDITORS
Amounts falling due after more than one
year

(98,384

)

(104,397

)

PROVISIONS FOR LIABILITIES (43,750 ) (28,670 )
NET ASSETS 156,654 80,725

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 156,554 80,625
SHAREHOLDERS' FUNDS 156,654 80,725

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Portico Day Nurseries Ltd (Registered number: 05720805)

Abridged Balance Sheet - continued
31 March 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:




Mrs N A Politis - Director



C E Jackson - Director


Portico Day Nurseries Ltd (Registered number: 05720805)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Portico Day Nurseries Ltd 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 5% on reducing balance
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

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 is recognised in the Statement of Income and Retained Earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Portico Day Nurseries Ltd (Registered number: 05720805)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 86 (2022 - 83 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 162,000
AMORTISATION
At 1 April 2022
and 31 March 2023 162,000
NET BOOK VALUE

At 31 March 2023 -
At 31 March 2022 -

Portico Day Nurseries Ltd (Registered number: 05720805)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 509,934
Additions 75,917
Impairments (12,429 )
At 31 March 2023 573,422
DEPRECIATION
At 1 April 2022 197,302
Charge for year 54,262
Impairments (9,912 )
At 31 March 2023 241,652
NET BOOK VALUE
At 31 March 2023 331,770
At 31 March 2022 312,632

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 April 2022 59,490
Additions 58,390
At 31 March 2023 117,880
DEPRECIATION
Charge for year 29,471
At 31 March 2023 29,471
NET BOOK VALUE
At 31 March 2023 88,409
At 31 March 2022 59,490

Portico Day Nurseries Ltd (Registered number: 05720805)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 14,581
Bank loans 52,566 131,051
Hire purchase contracts 92,526 53,390
145,092 199,022

The company's bank borrowings are secured by way of a fixed and floating charge over the company's assets and book debts.

The borrowings in respect of hire purchase contracts are secured against the assets to which they relate.

7. OTHER FINANCIAL COMMITMENTS

Operating lease commitments

As at the balance sheet date, the company had total commitments under non-cancellable operating leases of £192,772.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mrs N A Politis
Balance outstanding at start of year 9,795 (18,957 )
Amounts advanced 86,374 118,752
Amounts repaid (103,500 ) (90,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (7,331 ) 9,795

C E Jackson
Balance outstanding at start of year 15,982 (12,881 )
Amounts advanced 86,496 118,863
Amounts repaid (103,500 ) (90,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,022 ) 15,982

Interest is charged at the official rate of interest on the average overdrawn balance.

The loans are repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors who own 100% of the issued share capital.