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Registration number: 07183248

Ready Steady Go Pre-Schools Limited

Unaudited Financial Statements

for the Period from 1 April 2022 to 31 August 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Ready Steady Go Pre-Schools Limited

Contents

Company Information

1

Statement of Income and Retained Earnings

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Ready Steady Go Pre-Schools Limited

Company Information

Directors

J Silverton

D Silverton

M Silverton

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Ready Steady Go Pre-Schools Limited

Statement of Income and Retained Earnings
for the Period from 1 April 2022 to 31 August 2023

31 August
2023
£

31 March
2022
£

Turnover

1,666,036

945,656

Cost of sales

(1,381,286)

(751,195)

Gross profit

284,750

194,461

Administrative expenses

(396,089)

(195,871)

Other operating income

38,743

19,579

Operating (loss)/profit

(72,596)

18,169

Other interest receivable and similar income

2,522

910

2,522

910

(Loss)/profit before tax

(70,074)

19,079

Taxation

(1,539)

(6,867)

(Loss)/profit for the financial period

(71,613)

12,212

Retained earnings brought forward

(5,312)

2,476

Dividends paid

-

(20,000)

Retained earnings carried forward

(76,925)

(5,312)

 

Ready Steady Go Pre-Schools Limited

Statement of Financial Position as at 31 August 2023

Note

31 August
2023
£

31 March
2022
£

Fixed assets

 

Tangible assets

4

29,635

30,556

Current assets

 

Debtors

5

132,775

168,290

Cash at bank and in hand

 

332,009

310,342

 

464,784

478,632

Creditors: Amounts falling due within one year

6

(570,559)

(514,499)

Net current liabilities

 

(105,775)

(35,867)

Total assets less current liabilities

 

(76,140)

(5,311)

Provisions for liabilities

(784)

-

Net liabilities

 

(76,924)

(5,311)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(76,925)

(5,312)

Shareholders' deficit

 

(76,924)

(5,311)

For the financial period 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Ready Steady Go Pre-Schools Limited

Statement of Financial Position as at 31 August 2023

Approved and authorised by the Board on 7 April 2024 and signed on its behalf by:
 

.........................................

J Silverton

Director

Company registration number: 07183248

 

Ready Steady Go Pre-Schools Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the operation of a day nursery for pre-school children.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Long period of account

The financial statements relate to the 17 months from 1 April 2022 to 31 August 2023. The comparatives are for the year ended 31 March 2022.

Going concern

The company made a loss for the period ended 31 August 2023 and had net liabilities of £76,924 at that date.

The directors are hopeful that the company will be profitable in the future as all pre-schools operated by the company are at capacity for the academic year to August 2024.

Based on the above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of consideration receivable for the provision of childcare services and of rental income received or receivable in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises childcare fees based on the period to which they relate; rental income is recognised evenly over the period of the lease or license.

 

Ready Steady Go Pre-Schools Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 August 2023

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all
related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Ready Steady Go Pre-Schools Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 August 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Operating lease agreements

Rents applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3

Staff numbers

The average number of persons employed by the company during the period, was 35 (2022 - 26).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

38,429

38,429

Additions

10,753

10,753

At 31 August 2023

49,182

49,182

Depreciation

At 1 April 2022

7,873

7,873

Charge for the period

11,674

11,674

At 31 August 2023

19,547

19,547

Carrying amount

At 31 August 2023

29,635

29,635

At 31 March 2022

30,556

30,556

5

Debtors

31 August
2023
£

31 March
2022
£

Trade debtors

41,276

46,604

Other debtors

91,499

121,686

132,775

168,290

 

Ready Steady Go Pre-Schools Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

31 August
2023
£

31 March
2022
£

Trade creditors

25,595

47

Taxation and social security

19,989

21,669

Other creditors

524,975

492,783

570,559

514,499

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £793,262 (2022 - £749,791).

8

Transactions with directors

At 31 August 2023 an amount of £1,181 (2022: £50,143) was due from directors. During the year there were advances of £37,091 and repayments of £86,863. Interest of £810 (2022: £830) is due to the company at 2 and 2.25% per annum. There are no agreed terms.