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COMPANY REGISTRATION NUMBER: 11723585
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Financial Statements
30 November 2023
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Strategic Report
Year ended 30 November 2023
Executive Summary: Boys & Girls Nursery Holdings Limited is a provider in the early childhood care sector, specializing in the nurturing and development of children from infancy through preschool age. This strategic report offers an overview of the company's operations, financial performance, and future strategic direction. Introduction: Boys & Girls Nursery Holdings Limited has built a strong reputation for providing high-quality care and a nurturing environment for young children. Our strategic decisions are focused on sustainable growth, operational excellence, and consistently meeting the needs of parents who entrust us with the care of their children. Market Overview: The nursery sector is essential in supporting the development and well-being of young children, providing a foundation for their future. The industry is experiencing increasing demand due to growing awareness of the importance of early childhood care. Despite challenges such as regulatory compliance and staffing shortages, the sector remains resilient, driven by the strong need for quality childcare services. Business Strategy: Boys & Girls Nursery Holdings Limited's business strategy is centred around the following key pillars: 1. Childcare Program Enhancement: We continually refine our childcare programs to provide activities that support the overall well-being and development of children. Our offerings are designed to meet the diverse needs of different age groups. 2. Facility and Staff Development: We prioritize maintaining safe, nurturing, and stimulating environments for children. Additionally, we invest in the continuous training and development of our staff to ensure they deliver the highest standard of care. 3. Parental Engagement and Communication: Building strong, transparent relationships with parents is central to our strategy. We strive to keep parents informed and involved in their child's daily experiences through regular updates and open communication channels. Financial Performance: Boys & Girls Nursery Holdings Limited has consistently demonstrated strong financial health, reflecting prudent management and steady growth in demand for our services. Our balance sheet remains robust, with strong liquidity and solvency ratios, ensuring our ability to meet short-term obligations and invest in future growth. Future Outlook: Looking ahead, Boys & Girls Nursery Holdings Limited is well-positioned to capitalize on emerging opportunities in the early childhood care market. We will continue to focus on personalized care, innovation, and sustainability to deliver long-term value to our stakeholders. Additionally, we remain vigilant of potential risks and challenges, including regulatory changes, economic fluctuations, and competitive pressures, and have implemented proactive measures to address these risks. Conclusion: In conclusion, Boys & Girls Nursery Holdings Limited remains committed to providing exceptional care for young children, creating positive outcomes for families and our community. Our strategic priorities align with the evolving needs of the market, and we are confident in our ability to sustain growth while contributing positively to the childcare sector and society.
This report was approved by the board of directors on 30 August 2024 and signed on behalf of the board by:
J Kirby
Director
Registered office:
Avery House
8 Avery Hill Road
London
SE9 2BD
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Directors' Report
Year ended 30 November 2023
The directors present their report and the financial statements of the group for the year ended 30 November 2023 .
Directors
The directors who served the company during the year were as follows:
J Kirby
N Kirby
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Employment of disabled persons
It is the company policy to give full and fair consideration to applications for suitable employement by disabled persons having regard to their individual aptitudes and abilities.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 30 August 2024 and signed on behalf of the board by:
J Kirby
Director
Registered office:
Avery House
8 Avery Hill Road
London
SE9 2BD
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Independent Auditor's Report to the Members of BOYS & GIRLS NURSERY HOLDINGS LIMITED
Year ended 30 November 2023
Opinion
We have audited the financial statements of BOYS & GIRLS NURSERY HOLDINGS LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 November 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: -Inspecting correspondence with regulators and tax authorities; -Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; -Evaluating management's controls designed to prevent and detect irregularities; -Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and -Challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Sunil Phakkey
(Senior Statutory Auditor)
For and on behalf of
Pritchard Fellows & Co Ltd
Chartered accountants & statutory auditor
Avery House
8 Avery Hill Road
New Eltham
London
SE9 2BD
30 August 2024
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income
Year ended 30 November 2023
2023
2022
Note
£
£
Turnover
4
5,716,350
5,199,326
Cost of sales
3,421,557
3,035,039
------------
------------
Gross profit
2,294,793
2,164,287
Administrative expenses
1,406,503
1,579,910
------------
------------
Operating profit
5
888,290
584,377
Other interest receivable and similar income
8
4,077
Interest payable and similar expenses
9
524,882
158,520
------------
------------
Profit before taxation
367,485
425,857
Tax on profit
10
( 248,899)
90,936
---------
---------
Profit for the financial year and total comprehensive income
616,384
334,921
---------
---------
All the activities of the group are from continuing operations.
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Consolidated Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
13
7,618,094
7,533,784
Current assets
Debtors
15
969,573
1,216,933
Cash at bank and in hand
1,402,525
1,305,917
------------
------------
2,372,098
2,522,850
Creditors: amounts falling due within one year
16
848,776
906,067
------------
------------
Net current assets
1,523,322
1,616,783
------------
------------
Total assets less current liabilities
9,141,416
9,150,567
Creditors: amounts falling due after more than one year
17
4,900,000
5,250,535
------------
------------
Net assets
4,241,416
3,900,032
------------
------------
Capital and reserves
Called up share capital
19
106
106
Profit and loss account
4,241,310
3,899,926
------------
------------
Shareholders funds
4,241,416
3,900,032
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
J Kirby
Director
Company registration number: 11723585
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Company Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
13
6,948,417
6,757,151
Investments
14
6
6
------------
------------
6,948,423
6,757,157
Current assets
Debtors
15
730,400
625,000
Cash at bank and in hand
1,013,380
899,537
------------
------------
1,743,780
1,524,537
Creditors: amounts falling due within one year
16
3,756,316
3,353,698
------------
------------
Net current liabilities
2,012,536
1,829,161
------------
------------
Total assets less current liabilities
4,935,887
4,927,996
Creditors: amounts falling due after more than one year
17
4,900,000
4,900,000
------------
------------
Net assets
35,887
27,996
------------
------------
Capital and reserves
Called up share capital
19
106
106
Profit and loss account
35,781
27,890
--------
--------
Shareholders funds
35,887
27,996
--------
--------
The profit for the financial year of the parent company was £ 282,890 (2022: £ 240,949 ).
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
J Kirby
Director
Company registration number: 11723585
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Consolidated Statement of Changes in Equity
Year ended 30 November 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 December 2021
100
3,785,005
3,785,105
Profit for the year
334,921
334,921
----
------------
------------
Total comprehensive income for the year
334,921
334,921
Issue of shares
6
6
Dividends paid and payable
11
( 220,000)
( 220,000)
----
------------
------------
Total investments by and distributions to owners
6
( 220,000)
( 219,994)
At 30 November 2022
106
3,899,926
3,900,032
Profit for the year
616,384
616,384
----
------------
------------
Total comprehensive income for the year
616,384
616,384
Dividends paid and payable
11
( 275,000)
( 275,000)
----
---------
---------
Total investments by and distributions to owners
( 275,000)
( 275,000)
----
------------
------------
At 30 November 2023
106
4,241,310
4,241,416
----
------------
------------
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Company Statement of Changes in Equity
Year ended 30 November 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 December 2021
100
( 213,059)
( 212,959)
Profit for the year
240,949
240,949
----
---------
---------
Total comprehensive income for the year
240,949
240,949
Issue of shares
6
6
----
---------
---------
Total investments by and distributions to owners
6
6
At 30 November 2022
106
27,891
27,997
Profit for the year
282,890
282,890
----
---------
---------
Total comprehensive income for the year
282,890
282,890
Dividends paid and payable
11
( 275,000)
( 275,000)
----
---------
---------
Total investments by and distributions to owners
( 275,000)
( 275,000)
----
---------
---------
At 30 November 2023
106
35,781
35,887
----
---------
---------
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Consolidated Statement of Cash Flows
Year ended 30 November 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
616,384
334,921
Adjustments for:
Depreciation of tangible assets
132,518
229,471
Other interest receivable and similar income
( 4,077)
Interest payable and similar expenses
524,882
158,520
Tax on profit
( 248,899)
90,936
Accrued (income)/expenses
( 24,751)
20,011
Changes in:
Trade and other debtors
247,360
178,376
Trade and other creditors
99,432
13,172
------------
------------
Cash generated from operations
1,342,849
1,025,407
Interest paid
( 524,882)
( 158,520)
Interest received
4,077
Tax received/(paid)
133,431
( 183,119)
------------
------------
Net cash from operating activities
955,475
683,768
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 216,828)
( 2,031,572)
------------
------------
Net cash used in investing activities
( 216,828)
( 2,031,572)
------------
------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
6
Proceeds from borrowings
( 350,058)
1,886,842
Payments of finance lease liabilities
( 16,981)
( 16,980)
Dividends paid
( 275,000)
( 220,000)
------------
------------
Net cash (used in)/from financing activities
( 642,039)
1,649,868
------------
------------
Net increase in cash and cash equivalents
96,608
302,064
Cash and cash equivalents at beginning of year
1,305,917
1,003,853
------------
------------
Cash and cash equivalents at end of year
1,402,525
1,305,917
------------
------------
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Notes to the Financial Statements
Year ended 30 November 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 Avery House, 8 Avery Hill Road, London, SE9 2BD.
2. Statement of compliance
These financial statements have been prepared in compliance with 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of BOYS & GIRLS NURSERY HOLDINGS LIMITED and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future event that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property
-
Over the period of the lease
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
5,716,350
5,199,326
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
132,518
229,471
---------
---------
6. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
176
155
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
3,130,365
2,776,081
Other pension costs
155,000
------------
------------
3,285,365
2,776,081
------------
------------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
23,212
18,314
Company contributions to defined contribution pension plans
155,000
---------
--------
178,212
18,314
---------
--------
8. Other interest receivable and similar income
2023
2022
£
£
Other interest receivable and similar income
4,077
-------
----
9. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
524,882
158,520
---------
---------
10. Tax on profit
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
( 49,770)
90,936
Adjustments in respect of prior periods
( 199,129)
---------
--------
Total current tax
( 248,899)
90,936
---------
--------
Tax on profit
( 248,899)
90,936
---------
--------
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is the same as (2022: the same as) the standard rate of corporation tax in the UK of 25 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
367,485
425,857
---------
---------
Profit on ordinary activities by rate of tax
( 248,899)
90,936
---------
---------
11. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
275,000
220,000
---------
---------
12. Intangible assets
Group
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
15,000
--------
Amortisation
At 1 December 2022 and 30 November 2023
15,000
--------
Carrying amount
At 1 December 2022 and 30 November 2023
--------
At 30 November 2022
--------
The company has no intangible assets.
13. Tangible assets
Group
Freehold property
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Dec 2022
6,753,191
1,266,629
80,051
1,277,640
119,293
9,496,804
Additions
192,254
3,824
20,750
216,828
------------
------------
--------
------------
---------
------------
At 30 Nov 2023
6,945,445
1,266,629
80,051
1,281,464
140,043
9,713,632
------------
------------
--------
------------
---------
------------
Depreciation
At 1 Dec 2022
976,475
80,051
856,631
49,863
1,963,020
Charge for the year
42,914
71,568
18,036
132,518
------------
------------
--------
------------
---------
------------
At 30 Nov 2023
1,019,389
80,051
928,199
67,899
2,095,538
------------
------------
--------
------------
---------
------------
Carrying amount
At 30 Nov 2023
6,945,445
247,240
353,265
72,144
7,618,094
------------
------------
--------
------------
---------
------------
At 30 Nov 2022
6,753,191
290,154
421,009
69,430
7,533,784
------------
------------
--------
------------
---------
------------
Company
Freehold property
Short leasehold property
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 December 2022
6,753,191
1
9,601
6,762,793
Additions
192,254
192,254
------------
----
-------
------------
At 30 November 2023
6,945,445
1
9,601
6,955,047
------------
----
-------
------------
Depreciation
At 1 December 2022
5,640
5,640
Charge for the year
990
990
------------
----
-------
------------
At 30 November 2023
6,630
6,630
------------
----
-------
------------
Carrying amount
At 30 November 2023
6,945,445
1
2,971
6,948,417
------------
----
-------
------------
At 30 November 2022
6,753,191
1
3,961
6,757,153
------------
----
-------
------------
14. Investments
The group has no investments.
Company
Other investments other than loans
£
Cost
At 1 December 2022 and 30 November 2023
6
----
Impairment
At 1 December 2022 and 30 November 2023
----
Carrying amount
At 1 December 2022 and 30 November 2023
6
----
At 30 November 2022
6
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Boys & Girls Nursery Limited
Ordinary
100
Boys & Girls Nursery (Croxley Green) Limited
Ordinary
100
Boys & Girls Nursery (Rickmansworth) Limited
Ordinary
100
Boys & Girls Nursery (Stanmore) Limited
Ordinary
100
Boys & Girls Nursery (Watford) Limited
Ordinary
100
15. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
71,282
91,541
Amounts owed by undertakings in which the company has a participating interest
242,743
480,186
100,000
Prepayments and accrued income
27,557
7,090
5,400
Other debtors
627,991
638,116
625,000
625,000
---------
------------
---------
---------
969,573
1,216,933
730,400
625,000
---------
------------
---------
---------
16. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
5,395
187
2,701
Amounts owed to group undertakings
3,749,115
3,352,738
Accruals and deferred income
212,307
224,653
4,500
960
Corporation tax
1,118
116,586
Social security and other taxes
124,403
73,954
Obligations under finance leases and hire purchase contracts
6,116
23,097
Director loan accounts
644
167
Other creditors
498,793
467,423
---------
---------
------------
------------
848,776
906,067
3,756,316
3,353,698
---------
---------
------------
------------
17. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
4,900,000
5,250,535
4,900,000
4,900,000
------------
------------
------------
------------
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
6,116
23,097
23,097
-------
--------
----
--------
19. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
106
106
106
106
----
----
----
----
20. Analysis of changes in net debt
At 1 Dec 2022
Cash flows
At 30 Nov 2023
£
£
£
Cash at bank and in hand
1,305,917
96,608
1,402,525
Debt due within one year
(23,264)
16,504
(6,760)
Debt due after one year
(5,250,535)
350,535
(4,900,000)
------------
---------
------------
( 3,967,882)
463,647
( 3,504,235)
------------
---------
------------
21. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J Kirby
( 84)
( 238)
( 322)
N Kirby
( 83)
( 239)
( 322)
----
----
----
( 167)
( 477)
( 644)
----
----
----
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J Kirby
( 1,266)
1,182
( 84)
N Kirby
( 1,266)
1,183
( 83)
-------
-------
----
( 2,532)
2,365
( 167)
-------
-------
----
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Management Information
Year ended 30 November 2023
The following pages do not form part of the financial statements.
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Company Detailed Income Statement
Year ended 30 November 2023
2023
2022
£
£
Overheads
Administrative expenses
18,210
235,465
--------
---------
Operating loss
( 18,210)
( 235,465)
Income from shares in group undertakings
825,000
600,000
Interest payable and similar expenses
(523,900)
(123,586)
---------
---------
Profit before taxation
282,890
240,949
---------
---------
BOYS & GIRLS NURSERY HOLDINGS LIMITED
Notes to the Company Detailed Income Statement
Year ended 30 November 2023
2023
2022
£
£
Administrative expenses
Insurance
1,398
3,384
Repairs and maintenance (allowable) - type 2
580
Staff welfare
(1)
General expenses (allowable)
47
45
Legal and professional fees (allowable)
9,400
65,375
Accountancy fees
5,700
2,160
Depreciation of tangible assets
990
1,320
Bank charges
96
163,181
--------
---------
18,210
235,465
--------
---------
Income from shares in group undertakings
Dividends from group undertakings
825,000
600,000
---------
---------
Interest payable and similar expenses
Interest on bank loans and overdrafts
523,900
123,586
---------
---------