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Registered number: 06658340
Right Start Day Nurseries (Lancashire) Ltd
Unaudited Financial Statements
For the Period 1 September 2022 to 31 July 2023
Whittles LLP
1 Richmond Road
Lytham St Annes
Lancashire
FY8 1PE
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06658340
31 July 2023 31 August 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 83,113 94,446
Tangible Assets 4 233,100 241,234
316,213 335,680
CURRENT ASSETS
Debtors 5 27,924 21,179
Cash at bank and in hand 76,951 200,885
104,875 222,064
Creditors: Amounts Falling Due Within One Year 6 (167,262 ) (76,725 )
NET CURRENT ASSETS (LIABILITIES) (62,387 ) 145,339
TOTAL ASSETS LESS CURRENT LIABILITIES 253,826 481,019
Creditors: Amounts Falling Due After More Than One Year 7 (338 ) (212,759 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,341 ) (1,376 )
NET ASSETS 252,147 266,884
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 252,145 266,882
SHAREHOLDERS' FUNDS 252,147 266,884
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For the period ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Rhys Woodmason
Director
Mr Darren Stoker
Director
16/04/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of businesses and the fair value of the separable net assets. It is amortised to profit and loss account over the estimated economic life of 10 and 15 years.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Fixtures & Fittings 20-25% on reducing balance
Computer Equipment 25% on reducing balance
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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1.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 36 (2022: 33)
36 33
3. Intangible Assets
Goodwill
£
Cost
As at 1 September 2022 263,000
As at 31 July 2023 263,000
Amortisation
As at 1 September 2022 168,554
Provided during the period 11,333
As at 31 July 2023 179,887
Net Book Value
As at 31 July 2023 83,113
As at 1 September 2022 94,446
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2022 265,000 49,983 5,062 320,045
As at 31 July 2023 265,000 49,983 5,062 320,045
Depreciation
As at 1 September 2022 31,962 42,268 4,581 78,811
Provided during the period 5,300 2,675 159 8,134
As at 31 July 2023 37,262 44,943 4,740 86,945
Net Book Value
As at 31 July 2023 227,738 5,040 322 233,100
As at 1 September 2022 233,038 7,715 481 241,234
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5. Debtors
31 July 2023 31 August 2022
£ £
Due within one year
Trade debtors 20,917 12,045
Prepayments and accrued income 6,611 9,134
Other debtors 396 -
27,924 21,179
6. Creditors: Amounts Falling Due Within One Year
31 July 2023 31 August 2022
£ £
Bank loans and overdrafts - 21,276
Corporation tax 57,604 41,177
Other taxes and social security 4,899 7,291
Other creditors 2,617 1
Accruals and deferred income - 6,980
Amounts owed to group undertakings 33,837 -
Amounts owed to parent undertaking 68,305 -
167,262 76,725
7. Creditors: Amounts Falling Due After More Than One Year
31 July 2023 31 August 2022
£ £
Bank loans - 207,879
Directors loan account 338 4,880
338 212,759
Of the creditors falling due after more than one year the following amounts are due after more than five years.
31 July 2023 31 August 2022
£ £
Bank loans - 105,805
8. Secured Creditors
Of the creditors the following amounts are secured.
31 July 2023 31 August 2022
£ £
Bank loans and overdrafts - 229,155
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9. Provisions for Liabilities
Deferred Tax
£
As at 1 September 2022 1,376
Reversals (35 )
Balance at 31 July 2023 1,341
10. Share Capital
31 July 2023 31 August 2022
£ £
Allotted, Called up and fully paid 2 2
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Land and buildings
31 July 2023 31 August 2022
£ £
Within 1 year 40,000 37,605
Between 1 and 5 years 147,250 150,420
After 5 years 104,500 127,918
291,750 315,943
12. General Information
Right Start Day Nurseries (Lancashire) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06658340 . The registered office is 1 Richmond Road, Lytham St Annes, Lancashire, FY8 1PE.
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements have been rounded to the nearest £.
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