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Registered number: 05725120
All My Friends Childcare Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
Abaqus Limited
49 Brionne Way
Longlevens
Gloucester
GL2 0TW
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05725120
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 403,750 418,649
403,750 418,649
CURRENT ASSETS
Stocks 6 3,500 3,300
Debtors 7 112,235 132,116
Cash at bank and in hand 53 109
115,788 135,525
Creditors: Amounts Falling Due Within One Year 8 (748,683 ) (743,293 )
NET CURRENT ASSETS (LIABILITIES) (632,895 ) (607,768 )
TOTAL ASSETS LESS CURRENT LIABILITIES (229,145 ) (189,119 )
Creditors: Amounts Falling Due After More Than One Year 9 (459,341 ) (522,961 )
NET LIABILITIES (688,486 ) (712,080 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (688,586 ) (712,180 )
SHAREHOLDERS' FUNDS (688,486) (712,080)
Page 1
Page 2
For the year 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
Mrs Karen Heaton-Jones
Director
07/03/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
All My Friends Childcare Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05725120 . The registered office is 87 Barnwood Road, Gloucester, GL2 0SF.
2. Accounting Policies
2.1. 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.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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% Reducing Balance
Leasehold 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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.
...CONTINUED
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2.6. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 35 (2022: 35)
35 35
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 385,175
As at 31 July 2023 385,175
Amortisation
As at 1 August 2022 385,175
As at 31 July 2023 385,175
5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2022 582,124 21,907 92,703 7,012 703,746
As at 31 July 2023 582,124 21,907 92,703 7,012 703,746
Depreciation
As at 1 August 2022 175,655 19,215 85,301 4,926 285,097
Provided during the period 11,642 673 1,850 734 14,899
As at 31 July 2023 187,297 19,888 87,151 5,660 299,996
Net Book Value
As at 31 July 2023 394,827 2,019 5,552 1,352 403,750
As at 1 August 2022 406,469 2,692 7,402 2,086 418,649
6. Stocks
2023 2022
£ £
Finished goods 3,500 3,300
Page 4
Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 9,865 101
Prepayments and accrued income - 9,780
Other debtors 120 120
Deferred tax current asset 102,250 122,115
112,235 132,116
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 11,880 16,140
Bank loans and overdrafts 74,446 66,303
Other taxes and social security 9,311 4,935
Net wages 31,561 32,459
Other creditors 1,953 2,269
Accruals and deferred income 3,006 1,097
Directors' loan accounts 616,526 620,090
748,683 743,293
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 459,341 522,961
459,341 522,961
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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