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COMPANY REGISTRATION NUMBER: 08980454
STEPPING STONES DAY NURSERY (CLAY CROSS) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
STEPPING STONES DAY NURSERY (CLAY CROSS) LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
8,247
1,816
CURRENT ASSETS
Debtors
7
142,080
135,148
CREDITORS: amounts falling due within one year
8
57,583
54,496
---------
---------
NET CURRENT ASSETS
84,497
80,652
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
92,744
82,468
CREDITORS: amounts falling due after more than one year
9
54,379
78,963
PROVISIONS
Taxation including deferred tax
345
--------
--------
NET ASSETS
38,365
3,160
--------
--------
CAPITAL AND RESERVES
Called up share capital
10
2
2
Profit and loss account
38,363
3,158
--------
-------
SHAREHOLDERS FUNDS
38,365
3,160
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
STEPPING STONES DAY NURSERY (CLAY CROSS) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 22 July 2024 , and are signed on behalf of the board by:
C A PRICE
Director
Company registration number: 08980454
STEPPING STONES DAY NURSERY (CLAY CROSS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 November 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England. The address of the registered office is 4 Drake Avenue, Penkridge, Stafford, ST19 5UA.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Turnover in the profit and loss account represents the value of children's day care provided during the year. Turnover is recognised when cash is received from the customer.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Nursery equipment
-
25% straight line
Furniture and fixtures
-
20% straight line
Motor vehicles
-
25% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments and equity instruments are classified and accounted for according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. PARTICULARS OF EMPLOYEES
The average number of persons employed by the company during the year amounted to 18 (2022: 19 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
85,000
--------
Amortisation
At 1 December 2022 and 30 November 2023
85,000
--------
Carrying amount
At 30 November 2023
--------
At 30 November 2022
--------
6. TANGIBLE ASSETS
Nursery equipment
Furniture and fixtures
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
1,566
6,985
4,000
12,551
Additions
599
9,595
10,194
Disposals
( 4,000)
( 4,000)
-------
-------
-------
--------
At 30 November 2023
1,566
7,584
9,595
18,745
-------
-------
-------
--------
Depreciation
At 1 December 2022
1,116
6,340
3,279
10,735
Charge for the year
150
493
2,399
3,042
Disposals
( 3,279)
( 3,279)
-------
-------
-------
--------
At 30 November 2023
1,266
6,833
2,399
10,498
-------
-------
-------
--------
Carrying amount
At 30 November 2023
300
751
7,196
8,247
-------
-------
-------
--------
At 30 November 2022
450
645
721
1,816
-------
-------
-------
--------
7. DEBTORS
2023
2022
£
£
Other debtors
142,080
135,148
---------
---------
Included within other debtors is an amount of £32,705.73 in s455 tax recoverable.
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
28,982
38,570
Trade creditors
299
955
Corporation tax
19,755
7,521
Social security and other taxes
4,285
748
Other creditors
4,262
6,702
--------
--------
57,583
54,496
--------
--------
Included within creditors falling due within one year are bank loans of £4,882 (2022: £4,980) which are secured by the company.
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
54,379
78,963
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £12,782 (2022: £17,675) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors falling due after one year are bank loans of £17,808 (2022: £22,505) which are secured by the company.
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
At 1 December 2022 the director owed the company £97,247. During the year the company advanced a further £27,260 and the director made repayments of £36,337 such that at 30 November 2023 the remaining director owed the company £81,170. Interest of £2,083 was paid to the company.
12. RELATED PARTY TRANSACTIONS
The directors have given personal guarantees against unsecured bank borrowings and certain intercompany debts with other director controlled companies.