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Registered number: 04536396
Schoolhouse Daycare Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unity Accountancy Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04536396
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 24,815 28,360
Tangible Assets 4 239,446 175,404
Investments 5 257,000 257,000
521,261 460,764
CURRENT ASSETS
Debtors 6 46,829 97,911
Cash at bank and in hand 499,028 304,338
545,857 402,249
Creditors: Amounts Falling Due Within One Year 7 (368,970 ) (253,810 )
NET CURRENT ASSETS (LIABILITIES) 176,887 148,439
TOTAL ASSETS LESS CURRENT LIABILITIES 698,148 609,203
PROVISIONS FOR LIABILITIES
Deferred Taxation (33,054 ) (17,077 )
NET ASSETS 665,094 592,126
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 664,994 592,026
SHAREHOLDERS' FUNDS 665,094 592,126
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A J Bennett
Director
16th August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 6% Reducing balance & 10% Straight line
Motor Vehicles 20% Straight Line
Fixtures & Fittings 20% Reducing balance
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 94 (2022: 83)
94 83
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3. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 518,643
As at 31 December 2023 518,643
Amortisation
As at 1 January 2023 490,283
Provided during the period 3,545
As at 31 December 2023 493,828
Net Book Value
As at 31 December 2023 24,815
As at 1 January 2023 28,360
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 354,469 - 268,075 622,544
Additions - 25,244 73,092 98,336
As at 31 December 2023 354,469 25,244 341,167 720,880
Depreciation
As at 1 January 2023 265,988 - 181,152 447,140
Provided during the period 4,986 2,104 27,204 34,294
As at 31 December 2023 270,974 2,104 208,356 481,434
Net Book Value
As at 31 December 2023 83,495 23,140 132,811 239,446
As at 1 January 2023 88,481 - 86,923 175,404
5. Investments
Joint Ventures
£
Cost
As at 1 January 2023 257,000
As at 31 December 2023 257,000
Provision
As at 1 January 2023 -
As at 31 December 2023 -
...CONTINUED
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Net Book Value
As at 31 December 2023 257,000
As at 1 January 2023 257,000
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors (2,535 ) (2,535 )
Directors' loan accounts 49,364 100,446
46,829 97,911
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,953 8,821
Bank loans and overdrafts 25,989 35,834
Corporation tax (5,279 ) 2,333
Other taxes and social security 17,296 14,737
Net wages 109,691 89,777
Other creditors 16,229 15,987
Other creditors (3) 1,575 3,811
Accruals and deferred income 199,516 82,510
368,970 253,810
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mrs Amanda Bennett 100,000 - 30,000 - 70,000
The above loan is unsecured, interest free and repayable on demand.
10. General Information
Schoolhouse Daycare Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04536396 . The registered office is 45 De La Beche Road, Sketty, Swansea, SA2 9EA.
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