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Registration number: 10605281

Small People Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2023 to 15 December 2023

 

Small People Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Small People Ltd

Company Information

Directors

E Burgess

W R Thresher

Registered office

Suite 3
Wentworth Lodge
Great North Road
Welwyn Garden City
Hertfordshire
AL8 7SR

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Small People Ltd

(Registration number: 10605281)
Balance Sheet as at 15 December 2023

Note

15 December 2023
£

31 December 2022
£

Fixed assets

 

Tangible assets

4

16,256

460,648

Current assets

 

Debtors

5

-

69,332

Cash at bank and in hand

 

15,837

37,468

 

15,837

106,800

Creditors: Amounts falling due within one year

6

(36,904)

(753,427)

Net current liabilities

 

(21,067)

(646,627)

Total assets less current liabilities

 

(4,811)

(185,979)

Creditors: Amounts falling due after more than one year

6

-

(19,438)

Net liabilities

 

(4,811)

(205,417)

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

(4,911)

(205,517)

Shareholders' deficit

 

(4,811)

(205,417)

For the financial period ending 15 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 September 2024 and signed on its behalf by:
 


W R Thresher
Director

 

Small People Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 15 December 2023

 

1

General information

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

The address of its registered office is:
Suite 3
Wentworth Lodge
Great North Road
Welwyn Garden City
Hertfordshire
AL8 7SR

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Disclosure of long or short period

The financial statements cover a period of 349 days. The accounting period has been shortened to bring the year end in line with the date of acquisition of LGDN Bidco Limited, the company's new immediate parent undertaking.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

N/A

Furniture, fittings and equipment

25% straight line

 

Small People Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 15 December 2023

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

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.

 

Small People Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 15 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was as follows:

 

Small People Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 15 December 2023

 

4

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2023

442,900

234,927

677,827

Additions

-

10,591

10,591

Disposals

(442,900)

-

(442,900)

At 15 December 2023

-

245,518

245,518

Depreciation

At 1 January 2023

-

217,179

217,179

Charge for the period

-

12,083

12,083

At 15 December 2023

-

229,262

229,262

Carrying amount

At 15 December 2023

-

16,256

16,256

At 31 December 2022

442,900

17,748

460,648

 

5

Debtors

15 December 2023
 £

31 December 2022
 £

Other debtors

-

69,332

 

6

Creditors

Note

15 December 2023
 £

31 December 2022
 £

Due within one year

 

Loans and borrowings

7

27,000

688,443

Trade creditors

 

-

51,098

Social security and other taxes

 

8,884

13,886

Accrued expenses

 

1,020

-

 

36,904

753,427

Due after one year

 

Loans and borrowings

7

-

19,438

 

Small People Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 15 December 2023

 

7

Loans and borrowings

15 December 2023
£

31 December 2022
£

Current loans and borrowings

Bank borrowings

27,000

6,479

Directors loan accounts

-

681,964

27,000

688,443

15 December 2023
£

31 December 2022
£

Non-current loans and borrowings

Bank borrowings

-

19,438

 

8

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £1,847 (2022 - £486).

 

9

Share capital

Allotted, called up and fully paid shares

 

15 December 2023

31 December 2022

 

No.

£

No.

£

A Ordinary shares of £0.10 each

660

66

660

66

B Ordinary shares of £0.10 each

300

30

300

30

C Ordinary shares of £0.10 each

40

4

40

4

 

1,000

100

1,000

100

Rights, preferences and restrictions

The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.

 

10

Parent and ultimate parent undertaking

Up to 15 December 2023, the ultimate parent was L M Smal.

Since 15 December 2023, the company's immediate parent is LGDN Bidco Limited, incorporated in England and Wales.

 The ultimate parent is Family First Topco Limited, incorporated in England and Wales.

 The ultimate controlling party is August Equity V General Partners LLP.

 

11

Disclosure under Section 444(5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. These accounts are unaudited.