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COMPANY REGISTRATION NUMBER: 10945889
Busy Lizzy Nursery Ltd
Filleted Unaudited Financial Statements
31 August 2023
Busy Lizzy Nursery Ltd
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Busy Lizzy Nursery Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Current assets
Debtors
7
566
Cash at bank and in hand
277
6,001
----
-------
843
6,001
Creditors: amounts falling due within one year
8
33,236
31,115
--------
--------
Net current liabilities
32,393
25,114
--------
--------
Total assets less current liabilities
( 32,393)
( 25,114)
--------
--------
Net liabilities
( 32,393)
( 25,114)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 32,395)
( 25,116)
--------
--------
Shareholders deficit
( 32,393)
( 25,114)
--------
--------
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 August 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 .
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
M Gharbaoui
Director
Company registration number: 10945889
Busy Lizzy Nursery Ltd
Notes to the Financial Statements
Year ended 31 August 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 111 Bromley Common, Bromley, Kent, BR2 9RN, 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.
Going concern
The directors have considered the position of the company and due to the continued support of shareholders they believe it is appropriate to continue to use the going concern basis for the preparation of the financial statements.
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 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 economic life of that asset as follows:
Goodwill
-
20% 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.
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:
Equipment
-
25% straight line
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 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 in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
43,900
--------
Amortisation
At 1 September 2022 and 31 August 2023
43,900
--------
Carrying amount
At 31 August 2023
--------
At 31 August 2022
--------
6. Tangible assets
Equipment
£
Cost
At 1 September 2022 and 31 August 2023
20,000
--------
Depreciation
At 1 September 2022 and 31 August 2023
20,000
--------
Carrying amount
At 31 August 2023
--------
At 31 August 2022
--------
7. Debtors
2023
2022
£
£
Other debtors
566
----
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
566
Social security and other taxes
48
27
Other creditors
33,188
30,522
--------
--------
33,236
31,115
--------
--------
9. Related party transactions
At the year end the company owed £32,247 (2022: £29,696) to the directors.