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Registration number: 07832846

Lakeside Day Nursery Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Lakeside Day Nursery Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Lakeside Day Nursery Limited

Company Information

Director

Mrs T L Barker

Registered office

1ST Floor 6 St Johns Court
Swansea Enterprise Park
Swansea
C & C of Swansea
SA6 8QQ

Accountants

DRP + Co Accountants Limited
Accountant
1st Floor 6 St Johns Court
Upper Fforest Way
Swansea
C & C of Swansea
SA6 8QQ

 

Lakeside Day Nursery Limited

(Registration number: 07832846)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

37,500

41,250

Tangible assets

5

195,627

181,088

 

233,127

222,338

Current assets

 

Debtors

6

6,178

51,611

Cash at bank and in hand

 

44,897

128,114

 

51,075

179,725

Creditors: Amounts falling due within one year

7

(89,239)

(120,910)

Net current (liabilities)/assets

 

(38,164)

58,815

Total assets less current liabilities

 

194,963

281,153

Creditors: Amounts falling due after more than one year

7

(32,605)

(57,218)

Provisions for liabilities

-

(4,494)

Net assets

 

162,358

219,441

Capital and reserves

 

Called up share capital

8

75

75

Retained earnings

162,283

219,366

Shareholders' funds

 

162,358

219,441

For the financial year ending 30 November 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 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 August 2024
 

 

Lakeside Day Nursery Limited

(Registration number: 07832846)
Balance Sheet as at 30 November 2023

.........................................
Mrs T L Barker
Director

 

Lakeside Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
1ST Floor 6 St Johns Court
Swansea Enterprise Park
Swansea
C & C of Swansea
SA6 8QQ
United Kingdom

The principal place of business is:
Coronet Way
Swansea Enterprise Park
Swansea
SA6 8RH
United Kingdom

These financial statements were authorised for issue by the director on 22 August 2024.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

 

Lakeside Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 balance sheet 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.

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

Plant and machinery

15% straight line

Fixtures and fittings

10% straight line

Office equipment

25% straight line

Property improvements

10% straight line

Motor vehicles

20% straight line

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

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Lakeside Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Lakeside Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 37 (2022 - 34).

 

Lakeside Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

75,000

75,000

At 30 November 2023

75,000

75,000

Amortisation

At 1 December 2022

33,750

33,750

Amortisation charge

3,750

3,750

At 30 November 2023

37,500

37,500

Carrying amount

At 30 November 2023

37,500

37,500

At 30 November 2022

41,250

41,250

5

Tangible assets

Property improvements
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 December 2022

75,825

212,718

5,402

38,078

Additions

22,689

44,297

-

3,165

At 30 November 2023

98,514

257,015

5,402

41,243

Depreciation

At 1 December 2022

-

146,147

5,056

24,048

Charge for the year

9,851

25,687

204

7,712

At 30 November 2023

9,851

171,834

5,260

31,760

Carrying amount

At 30 November 2023

88,663

85,181

142

9,483

At 30 November 2022

75,825

66,571

346

14,030

 

Lakeside Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

60,790

392,813

Additions

-

70,151

At 30 November 2023

60,790

462,964

Depreciation

At 1 December 2022

36,474

211,725

Charge for the year

12,158

55,612

At 30 November 2023

48,632

267,337

Carrying amount

At 30 November 2023

12,158

195,627

At 30 November 2022

24,316

181,088

 

Lakeside Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,210

9,252

Other debtors

1,968

42,359

 

6,178

51,611

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

23,643

22,706

Taxation and social security

 

12,220

16,614

Accruals and deferred income

 

4,860

9,947

Other creditors

 

48,516

71,643

 

89,239

120,910

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

32,605

57,218

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

75

75

75

75

       

9

Loans and borrowings

Non-current loans and borrowings

 

Lakeside Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

2022
£

Bank borrowings

26,773

47,011

Hire purchase contracts

5,832

10,207

32,605

57,218