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Registration number: 08825316

Little Orchard Montessori Nurseries Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Little Orchard Montessori Nurseries Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Little Orchard Montessori Nurseries Limited

(Registration number: 08825316)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

1,500

Tangible assets

5

53,100

59,464

 

53,100

60,964

Current assets

 

Stocks

8,000

8,000

Debtors

6

151,587

140,644

Cash at bank and in hand

 

71,844

99,022

 

231,431

247,666

Creditors: Amounts falling due within one year

7

(79,203)

(81,771)

Net current assets

 

152,228

165,895

Total assets less current liabilities

 

205,328

226,859

Creditors: Amounts falling due after more than one year

7

-

(4,692)

Provisions for liabilities

(11,289)

(13,142)

Net assets

 

194,039

209,025

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

193,939

208,925

Shareholders' funds

 

194,039

209,025

 

Little Orchard Montessori Nurseries Limited

(Registration number: 08825316)
Statement of Financial Position as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 


Mrs C Lucas
Director


Mrs T Bruce
Director

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mrs C Lucas
Director

.........................................
Mrs T Bruce
Director

 
     
 

Little Orchard Montessori Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
The Old School Room
Sparkwell
Plymouth
Devon
PL7 5DB

Principal activity

The principal activity of the company is the operation of day care nurseries.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.

 

Little Orchard Montessori Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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.

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 statement of financial position 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.

 

Little Orchard Montessori Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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

Long leasehold land and buildings

straight line over the duration of the lease

Fixtures and fittings

15% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

 

Little Orchard Montessori Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 60 (2023 - 47).

 

Little Orchard Montessori Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

20,000

20,000

At 31 March 2024

20,000

20,000

Amortisation

At 1 April 2023

18,500

18,500

Amortisation charge

1,500

1,500

At 31 March 2024

20,000

20,000

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

1,500

1,500

5

Tangible assets

Long leasehold property
£

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 April 2023

34,096

75,895

109,991

Additions

4,874

4,860

9,734

Disposals

-

(6,222)

(6,222)

At 31 March 2024

38,970

74,533

113,503

Depreciation

At 1 April 2023

10,230

40,297

50,527

Charge for the year

3,897

9,419

13,316

Eliminated on disposal

-

(3,440)

(3,440)

At 31 March 2024

14,127

46,276

60,403

Carrying amount

At 31 March 2024

24,843

28,257

53,100

At 31 March 2023

23,866

35,598

59,464

 

Little Orchard Montessori Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

23,908

29,615

Other debtors

127,679

111,029

151,587

140,644

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

4,672

9,009

Taxation and social security

26,025

32,864

Accruals and deferred income

4,554

4,150

Other creditors

43,952

35,748

79,203

81,771

The bank loan is secured.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

-

4,692

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

24,000

23,000

Later than one year and not later than five years

25,000

49,000

49,000

72,000

 

Little Orchard Montessori Nurseries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances / (credits) to director
£

At 31 March 2024
£

T Bruce

(11,839)

(115)

(11,954)

C Lucas

(16,628)

(7,303)

(23,931)

 

(28,467)

(7,418)

(35,885)

     

 

2023

At 1 April 2022
£

Advances / (credits) to director
£

At 31 March 2023
£

T Bruce

(8,525)

(3,314)

(11,839)

C Lucas

(13,227)

(3,401)

(16,628)

(21,752)

(6,715)

(28,467)