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Registration number: 03926577

Seren Fach Childcare Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 August 2023

 

Seren Fach Childcare Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Seren Fach Childcare Limited

Company Information

Directors

 

Mrs V Raymond

Mrs NJ Davison

Mrs BI Board

Mr P Board

Company secretary

Mr P Board

Registered office

Seren Fach Nursery
School Close
Ponthir
Newport
South Wales
NP18 1GA

 

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Seren Fach Childcare Limited

(Registration number: 03926577)
Abridged Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

478,441

434,008

Current assets

 

Debtors

8,391

8,560

Cash at bank and in hand

 

347,853

467,190

 

356,244

475,750

Prepayments and accrued income

 

2,522

2,585

Creditors: Amounts falling due within one year

(74,094)

(112,171)

Net current assets

 

284,672

366,164

Total assets less current liabilities

 

763,113

800,172

Creditors: Amounts falling due after more than one year

(37,379)

(37,379)

Accruals and deferred income

 

(4,384)

(3,556)

Net assets

 

721,350

759,237

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

721,250

759,137

Shareholders' funds

 

721,350

759,237

 

Seren Fach Childcare Limited

(Registration number: 03926577)
Abridged Balance Sheet as at 31 August 2023

For the financial year 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 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 9 February 2024 and signed on its behalf by:
 

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

Mrs NJ Davison
Director

 

Seren Fach Childcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 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:
Seren Fach Nursery
School Close
Ponthir
Newport
South Wales
NP18 1GA

These financial statements were authorised for issue by the Board on 9 February 2024.

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 abridged 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 abridged 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.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.

 

Seren Fach Childcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

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.

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

Motor vehicles

25% Straight line

Fixtures, fittings and equipment

25% Reducing balance

Short leasehold land and buildings improvements

2% 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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Seren Fach Childcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2022 - 44).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

16,311

20,125

 

Seren Fach Childcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

5

Tangible assets

Short leasehold land and buildings improvements
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

452,230

121,759

67,247

641,236

Additions

52,664

8,080

-

60,744

Disposals

-

-

(48,025)

(48,025)

At 31 August 2023

504,894

129,839

19,222

653,955

Depreciation

At 1 September 2022

42,115

97,866

67,247

207,228

Charge for the year

9,663

6,648

-

16,311

Eliminated on disposal

-

-

(48,025)

(48,025)

At 31 August 2023

51,778

104,514

19,222

175,514

Carrying amount

At 31 August 2023

453,116

25,325

-

478,441

At 31 August 2022

410,115

23,893

-

434,008

Included within the net book value of land and buildings above is £453,116 (2022 - £410,115) in respect of short leasehold land and buildings improvements.
 

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Seren Fach Childcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

7

Related party transactions

Key management personnel

Relationship: Directors

Summary of transactions with key management

During the year the company made unsecured, interest free, repayable on demand loans to the directors. At the balance sheet date the amount owed to the directors was £492 (2022 - £2,029).