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Registration number: 06299048

Creche Out Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Creche Out Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Creche Out Limited

(Registration number: 06299048)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,618

653

Current assets

 

Debtors

6

77,000

57,651

Cash at bank and in hand

 

5,079

2

 

82,079

57,653

Creditors: Amounts falling due within one year

7

(108,816)

(60,618)

Net current liabilities

 

(26,737)

(2,965)

Total assets less current liabilities

 

(25,119)

(2,312)

Creditors: Amounts falling due after more than one year

7

(17,943)

(21,554)

Net liabilities

 

(43,062)

(23,866)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(43,162)

(23,966)

Shareholders' deficit

 

(43,062)

(23,866)

 

Creche Out Limited

(Registration number: 06299048)
Balance Sheet as at 31 July 2023

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
J Rios
Director

.........................................
N S Alexander
Director

 

Creche Out Limited

Notes to the Financial Statements for the Year Ended 31 July 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company is dependent on the continued financial support of the directors. The directors have a reasonable expectation that this financial support will not be withdrawn for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of creche services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

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 balance sheet 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.

 

Creche Out Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

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

Office equipment

33.3% straight line basis

Fixtures and fittings

33.3% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

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.

Debtors

Trade debtors are amounts due from customers for creche services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

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.

 

Creche Out Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

17,550

17,550

At 31 July 2023

17,550

17,550

Amortisation

At 1 August 2022

17,550

17,550

At 31 July 2023

17,550

17,550

Carrying amount

At 31 July 2023

-

-

 

Creche Out Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2022

2,199

1,095

3,294

Additions

1,044

463

1,507

At 31 July 2023

3,243

1,558

4,801

Depreciation

At 1 August 2022

1,705

936

2,641

Charge for the year

291

251

542

At 31 July 2023

1,996

1,187

3,183

Carrying amount

At 31 July 2023

1,247

371

1,618

At 31 July 2022

494

159

653

6

Debtors

Current

2023
£

2022
£

Trade debtors

39,800

54,548

Prepayments

33,150

2,353

Other debtors

4,050

750

 

77,000

57,651

 

Creche Out Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

2,822

15,302

Trade creditors

5,810

7,884

Taxation and social security

12,292

14,549

Other creditors

87,892

22,883

108,816

60,618

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

17,943

21,554

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,822

2,400

Bank overdrafts

-

12,902

2,822

15,302

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,943

21,554

 

Creche Out Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

9

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

N S Alexander

Directors loan account

(77)

58

(79)

(98)

         
       

 

Summary of transactions with other related parties


Little Leaps Learning Academy Inc (registered in Iowa, USA), a company that was under common control, had a loan account with Creche Out Limited. At the balance sheet date the loan balance owed from Creche Out Limited was £15,374 (2022: £6,852).