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Company No: 13632208 (England and Wales)

TWO HANDS PRESCHOOL LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

TWO HANDS PRESCHOOL LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

TWO HANDS PRESCHOOL LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2023
TWO HANDS PRESCHOOL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2023
DIRECTOR Joanna Shall
REGISTERED OFFICE 1 Poultry C/O Praxis
London
EC2R 8EJ
England
United Kingdom
COMPANY NUMBER 13632208 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
TWO HANDS PRESCHOOL LIMITED

BALANCE SHEET

As at 30 September 2023
TWO HANDS PRESCHOOL LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 30.09.2023 30.09.2022
£ £
Fixed assets
Tangible assets 3 583,485 387,850
583,485 387,850
Current assets
Debtors
- due within one year 4 55,299 7,007
- due after more than one year 4 50,000 0
Cash at bank and in hand 5 25,988 107,491
131,287 114,498
Creditors: amounts falling due within one year 6 ( 33,510) ( 402)
Net current assets 97,777 114,096
Total assets less current liabilities 681,262 501,946
Creditors: amounts falling due after more than one year 7 ( 692,911) ( 499,669)
Net (liabilities)/assets ( 11,649) 2,277
Capital and reserves
Called-up share capital 9 125 104
Share premium account 199,975 31,996
Profit and loss account ( 211,749 ) ( 29,823 )
Total shareholders' (deficit)/funds ( 11,649) 2,277

For the financial year ending 30 September 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 financial statements of Two Hands Preschool Limited (registered number: 13632208) were approved and authorised for issue by the Director on 15 August 2024. They were signed on its behalf by:

Joanna Shall
Director
TWO HANDS PRESCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
TWO HANDS PRESCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Two Hands Preschool Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Poultry C/O Praxis, London, EC2R 8EJ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £11,649. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable in respect of preschool fees.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified 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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

Year ended
30.09.2023
Period from
20.09.2021 to
30.09.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 0

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2022 385,414 2,513 387,927
Additions 210,648 51,027 261,675
At 30 September 2023 596,062 53,540 649,602
Accumulated depreciation
At 01 October 2022 0 77 77
Charge for the financial year 58,977 7,063 66,040
At 30 September 2023 58,977 7,140 66,117
Net book value
At 30 September 2023 537,085 46,400 583,485
At 30 September 2022 385,414 2,436 387,850

4. Debtors

30.09.2023 30.09.2022
£ £
Debtors: amounts falling due within one year
Deferred tax asset 55,000 0
Other debtors 299 7,007
55,299 7,007
Debtors: amounts falling due after more than one year
Other debtors 50,000 0

5. Cash and cash equivalents

30.09.2023 30.09.2022
£ £
Cash at bank and in hand 25,988 107,491

6. Creditors: amounts falling due within one year

30.09.2023 30.09.2022
£ £
Trade creditors 1,224 402
Other taxation and social security 5,236 0
Other creditors 27,050 0
33,510 402

7. Creditors: amounts falling due after more than one year

30.09.2023 30.09.2022
£ £
Other creditors 692,911 499,669

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

30.09.2023 30.09.2022
£ £
At the beginning of financial year/period 0 0
Credited to the Profit and Loss Account 55,000 0
At the end of financial year/period 55,000 0

9. Called-up share capital

30.09.2023 30.09.2022
£ £
Allotted, called-up and fully-paid
90 Ordinary A shares of £ 1.00 each 90 90
10 Ordinary B shares of £ 1.00 each 10 10
25 Ordinary C shares of £ 1.00 each (30.09.2022: 4 shares of £ 1.00 each) 25 4
125 104

In the financial year 2023 class Ordinary C shares were allotted with an aggregate nominal value of £21.0 and consideration of £168,000 was received.

10. Financial commitments

Commitments

Capital commitments are as follows:

30.09.2023 30.09.2022
£ £
Contracted for but not provided for:
Tangible fixed assets 0 73,163
30.09.2023 30.09.2022
£ £
Total future minimum lease payments under non-cancellable operating lease 563,348 592,743

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

30.09.2023 30.09.2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 600 0

11. Related party transactions

Transactions with the entity's director

30.09.2023 30.09.2022
£ £
Loan from the director 692,887 499,669

The loan from the director is interest free and unsecured.