PLAY PARADISE NURSERIES LIMITED
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 13,113 16,391
Tangible assets 4 18,721 22,133
31,834 38,524
Current assets
Debtors 5 12,042 9,965
Cash at bank and in hand 21,982 5,949
34,024 15,914
Creditors: amounts falling due within one year 6 (63,882) (52,403)
Net current liabilities (29,858) (36,489)
Total assets less current liabilities 1,976 2,035
Net assets 1,976 2,035
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,876 1,935
Shareholders' funds 1,976 2,035
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
MRS. E.M. HILL
Director
Approved by the board on 18 October 2023
PLAY PARADISE NURSERIES LIMITED
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard), under the historical cost convention and on the going concern basis, which assumes the continuing support of the bank, the director and the company's other creditors. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities which might arise and to reclassify fixed assets as current assets.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Goodwill is amortised on a straight line basis over 20 years, which the director considers to be its minimum useful economic life.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and equipment 15% straight line basis
Fixtures and fittings 15% straight line basis
Debtors
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 24 24
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 65,562
At 31 May 2023 65,562
Amortisation
At 1 June 2022 49,171
Provided during the year 3,278
At 31 May 2023 52,449
Net book value
At 31 May 2023 13,113
At 31 May 2022 16,391
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Short leasehold land and buildings Plant and machinery etc Fixtures and fittings Total
£ £ £ £
Cost
At 1 June 2022 23,706 26,063 16,873 66,642
At 31 May 2023 23,706 26,063 16,873 66,642
Depreciation
At 1 June 2022 18,187 12,897 13,425 44,509
Charge for the year 920 1,975 517 3,412
At 31 May 2023 19,107 14,872 13,942 47,921
Net book value
At 31 May 2023 4,599 11,191 2,931 18,721
At 31 May 2022 5,519 13,166 3,448 22,133
5 Debtors 2023 2022
£ £
Trade debtors 2,252 3,706
Director's loan account 9,790 6,259
12,042 9,965
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts (secured) - 2,307
Trade creditors 23,116 26,743
Deferred income - Fees received in advance 25,565 12,683
Corporation tax 15,201 1,311
Other taxes and social security costs - 9,359
63,882 52,403
All present and future amounts owing to the bank are secured by a debenture creating legal mortgages, fixed charges and floating charges over all the company's present and future assets and undertakings.
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 20,100 29,162
8 Controlling party
The ultimate controlling party throughout the year was Mrs. E.M. Hill (the sole director) who owned 70% of the issued share capital in the company.
9 Other information
PLAY PARADISE NURSERIES LIMITED is a private company limited by shares and incorporated in England (Company number 06261614). Its registered office is Unit 9, St. Albans Business Park, St. Albans Road, Stafford, ST16 3DR.
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