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Registered number: 05778597
Lynwood Day Nursery Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
TI Accountancy
74 Duke Street
Barrow In Furness
Cumbria
LA14 1RX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05778597
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 3,447 4,703
3,447 4,703
CURRENT ASSETS
Debtors 6 37,159 30,747
Cash at bank and in hand 28,527 33,844
65,686 64,591
Creditors: Amounts Falling Due Within One Year 7 (21,178 ) (19,979 )
NET CURRENT ASSETS (LIABILITIES) 44,508 44,612
TOTAL ASSETS LESS CURRENT LIABILITIES 47,955 49,315
PROVISIONS FOR LIABILITIES
Deferred Taxation (655 ) (893 )
NET ASSETS 47,300 48,422
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 47,200 48,322
SHAREHOLDERS' FUNDS 47,300 48,422
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Deborah Oates
Director
13/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lynwood Day Nursery Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05778597 . The registered office is Ashtree House, 22 Newbarns Village, Barrow In Furness, Cumbria, LA13 9NG.
2. Accounting Policies
2.1. 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.
2.2. 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.
2.3. 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 10 years.
2.4. 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:
Plant & Machinery 50% Straight Line
Fixtures & Fittings 15% Straight Line
Computer Equipment 33% Straight Line
2.5. 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 year 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 asset reflects 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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 21)
18 21
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 40,000
As at 31 May 2024 40,000
Amortisation
As at 1 June 2023 40,000
As at 31 May 2024 40,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 7,387 12,447 4,876 24,710
Additions - - 85 85
As at 31 May 2024 7,387 12,447 4,961 24,795
Depreciation
As at 1 June 2023 7,387 8,050 4,570 20,007
Provided during the period - 957 384 1,341
As at 31 May 2024 7,387 9,007 4,954 21,348
Net Book Value
As at 31 May 2024 - 3,440 7 3,447
As at 1 June 2023 - 4,397 306 4,703
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 26,151 28,705
Prepayments and accrued income 11,008 2,042
37,159 30,747
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,514 1,955
Corporation tax 7,012 14,777
Other taxes and social security 3,437 2,158
Other creditors 1,215 1,089
21,178 19,979
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5