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COMPANY REGISTRATION NUMBER: 08610480
Impact Childcare And Education Ltd
Filleted Unaudited Financial Statements
31 December 2023
Impact Childcare And Education Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,341,567
953,586
Current assets
Debtors
6
350,829
362,268
Cash at bank and in hand
491
616,688
---------
---------
351,320
978,956
Creditors: amounts falling due within one year
7
480,649
375,928
---------
---------
Net current (liabilities)/assets
( 129,329)
603,028
------------
------------
Total assets less current liabilities
1,212,238
1,556,614
Creditors: amounts falling due after more than one year
8
421,640
440,380
------------
------------
Net assets
790,598
1,116,234
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
790,597
1,116,233
---------
------------
Shareholders funds
790,598
1,116,234
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Impact Childcare And Education Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 8 August 2024 , and are signed on behalf of the board by:
G S Quince
Director
Company registration number: 08610480
Impact Childcare And Education Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3-5 Brenkley Way, Blezard Business Park, Seaton Burn, Newcastle upon Tyne, NE13 6DS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property - 20% straight line
Motor vehicles - 20% straight line
Equipment - 15% reducing balance
No depreciation is provided on freehold property on the basis that the depreciation charge and accumulated depreciation are immaterial in the context of these accounts. The useful economic life and residual value of freehold property is maintained by regular refurbishment. Annual impairment reviews are carried out in respect of freehold property. Impairment of fixed assets 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 43 (2022: 35 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
913,316
25,735
33,480
972,531
Additions
326,975
77,740
404,715
------------
--------
---------
------------
At 31 December 2023
1,240,291
25,735
111,220
1,377,246
------------
--------
---------
------------
Depreciation
At 1 January 2023
10,294
8,651
18,945
Charge for the year
2,031
5,147
9,556
16,734
------------
--------
---------
------------
At 31 December 2023
2,031
15,441
18,207
35,679
------------
--------
---------
------------
Carrying amount
At 31 December 2023
1,238,260
10,294
93,013
1,341,567
------------
--------
---------
------------
At 31 December 2022
913,316
15,441
24,829
953,586
------------
--------
---------
------------
6. Debtors
2023
2022
£
£
Trade debtors
243,684
254,005
Other debtors
107,145
108,263
---------
---------
350,829
362,268
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
37,173
24,130
Trade creditors
83,253
39,918
Social security and other taxes
32,544
32,881
Other creditors
327,679
278,999
---------
---------
480,649
375,928
---------
---------
Creditors amounts falling due within one year amounting to £37,173 (2022: £24,130) are secured over certain of the company's fixed assets.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
421,640
440,380
---------
---------
Creditors amounts falling due in more than one year amounting to £421,640 (2022: £440,380) are secured over certain of the company's fixed assets.
Included within creditors: amounts falling due after more than one year is an amount of £323,641 (2022: £343,858) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Other financial commitments
Total financial commitments (future minimum lease payments under non-cancellable operating leases) which are not included in the balance sheet amount to £ 320,288 (2022: £ 152,712 ).
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
G S Quince
131,960
( 131,960)
----
---------
---------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
G S Quince
130,697
( 130,697)
---------
----
---------
----
Loans to the director carried interest at 2.2% per annum (2022: 2%), interest of £570 was charged during the year (2022: £213).