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Registration number: 03068631

Playworld Learning Centres Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Playworld Learning Centres Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Playworld Learning Centres Limited

Company Information

Directors

Mr MG Dingley

Mr GM Dingley

Company secretary

Mr MG Dingley

Registered office

Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

Accountants

Harbour Key Limited
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Playworld Learning Centres Limited

(Registration number: 03068631)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

391,637

395,960

Current assets

 

Debtors

5

1,862

20,221

Cash at bank and in hand

 

52,021

36,374

 

53,883

56,595

Creditors: Amounts falling due within one year

6

(130,793)

(131,835)

Net current liabilities

 

(76,910)

(75,240)

Total assets less current liabilities

 

314,727

320,720

Provisions for liabilities

(5,551)

(6,632)

Net assets

 

309,176

314,088

Capital and reserves

 

Called up share capital

7

204,000

204,000

Retained earnings

105,176

110,088

Shareholders' funds

 

309,176

314,088

For the financial 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 accounts for the year 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Playworld Learning Centres Limited

(Registration number: 03068631)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
Mr MG Dingley
Company secretary and director

.........................................
Mr GM Dingley
Director

 

Playworld Learning Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 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:
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ
England

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.

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

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 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.

Government grants

Government grants are recognised based on the accrual method and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises current and 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.

 

Playworld Learning Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted of substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

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 included directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, less its residual value, over their useful life as follows:

Asset class

Depreciation method and rate

Freehold property

Nil

Fixtures and fittings

25% reducing balance

Computer equipment

33.33% 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.

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. 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

 

Playworld Learning Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2022 - 41).

 

Playworld Learning Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Freehold property
£

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 January 2023

369,433

114,939

484,372

Additions

-

3,695

3,695

At 31 December 2023

369,433

118,634

488,067

Depreciation

At 1 January 2023

-

88,412

88,412

Charge for the year

-

8,018

8,018

At 31 December 2023

-

96,430

96,430

Carrying amount

At 31 December 2023

369,433

22,204

391,637

At 31 December 2022

369,433

26,527

395,960

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

8,508

Prepayments

1,862

11,713

 

1,862

20,221

 

Playworld Learning Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

8

4,016

1,969

Taxation and social security

 

5,761

5,395

Other creditors

8

121,016

124,471

 

130,793

131,835

7

Share capital

Share options
Options were granted on 22 September 2022 under an approved option scheme, an Enterprise Management Incentives (EMI) scheme, over the company's A Ordinary shares of £1 each. All options are exercisable at £84.61 per share. The value of the options exercised will be charged as an expense to the profit and loss.

The movements of the share options are as follows:

2023

2022

£

£

Outstanding at the start of the period

444

-

Issued during the period

-

444

Exercised during the period

-

-

Lapsed during the period

-

-

444

-

8

Related party transactions

Transactions with the director

At the balance sheet date, the company owed the directors £6,474 (2022: £4,488). There are no repayment terms or interest charged.