Company registration number 06242599 (England and Wales)
Cornfields Day Nursery Limited
Unaudited financial statements
For the year ended 31 March 2024
Cornfields Day Nursery Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Cornfields Day Nursery Limited
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,458
11,538
Current assets
Debtors
5
38,687
30,727
Cash at bank and in hand
97,030
116,660
135,717
147,387
Creditors: amounts falling due within one year
6
(60,171)
(47,895)
Net current assets
75,546
99,492
Total assets less current liabilities
88,004
111,030
Creditors: amounts falling due after more than one year
7
(28,704)
(34,260)
Provisions for liabilities
(2,300)
(1,400)
Net assets
57,000
75,370
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
56,997
75,367
Total equity
57,000
75,370
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Cornfields Day Nursery Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Mrs J J Brown
Director
Company registration number 06242599 (England and Wales)
Cornfields Day Nursery Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information
Cornfields Day Nursery Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Bridge Street, Slaithwaite, Huddersfield, United Kingdom, HD7 5JN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, has been amortised evenly over its estimated useful life.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10% on straight line
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Cornfields Day Nursery Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
Short term debtors are measured at transaction price, less any impairment.
Other financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price and subsequently at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Cornfields Day Nursery Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Grants towards capital expenditure are held in deferred income and released to the profit and loss account over the expected useful life of the assets.
1.11
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other group entities where the relationship is one of being wholly owned.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
18
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
5,406
Amortisation and impairment
At 1 April 2023 and 31 March 2024
5,406
Carrying amount
At 31 March 2024
At 31 March 2023
Cornfields Day Nursery Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
59,957
37,979
97,936
Additions
7,472
7,472
Disposals
(608)
(608)
At 31 March 2024
59,957
44,843
104,800
Depreciation and impairment
At 1 April 2023
53,111
33,287
86,398
Depreciation charged in the year
3,433
3,016
6,449
Eliminated in respect of disposals
(505)
(505)
At 31 March 2024
56,544
35,798
92,342
Carrying amount
At 31 March 2024
3,413
9,045
12,458
At 31 March 2023
6,846
4,692
11,538
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,001
18,671
Other debtors
360
4,860
Prepayments and accrued income
6,326
7,196
38,687
30,727
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,555
5,555
Trade creditors
11,388
4,661
Taxation and social security
26,484
22,922
Other creditors
16,744
14,757
60,171
47,895
Cornfields Day Nursery Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,704
34,260
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
6,019
12,037
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
44,100
69,949
9
Directors' transactions
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director's loan account
-
4,860
(4,500)
360
4,860
(4,500)
360
The advance was interest free and was repaid in full on 29 April 2024.