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COMPANY REGISTRATION NUMBER: 04638182
Village Pre Schools Limited
Filleted Unaudited Financial Statements
31 December 2023
Village Pre Schools Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
142,125
100,418
Current assets
Debtors
7
8,545
2,781
Cash at bank and in hand
8,677
23,591
--------
--------
17,222
26,372
Creditors: amounts falling due within one year
8
38,760
28,941
--------
--------
Net current liabilities
21,538
2,569
---------
---------
Total assets less current liabilities
120,587
97,849
Creditors: amounts falling due after more than one year
9
22,551
Provisions
Taxation including deferred tax
16,098
10,108
---------
--------
Net assets
81,938
87,741
---------
--------
Village Pre Schools Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
81,936
87,739
--------
--------
Shareholders funds
81,938
87,741
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31st December 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
K Henderson-Williams
Director
Company registration number: 04638182
Village Pre Schools Limited
Accounting Policies
Year ended 31st December 2023
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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts received during the year, in respect of fees and grants.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions. Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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
-
Straight line over 10 years.
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:
Land & Building
-
Straight line over 10 years.
Fixtures & Fittings
-
15% Reducing balance.
Motor vehicle
-
25% Reducing balance.
Office Equipment
-
15% Reducing balance.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Village Pre Schools Limited
Notes to the Financial Statements
Year ended 31st 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 1st Floor, Sutherland House, 5-6 Argyll Street, London, W1F 7TE.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 18 ).
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
15,121
13,272
Deferred tax:
Deferred tax -movement
5,990
(3,792)
--------
-------
Tax on profit
21,111
9,480
--------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 23.50 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
95,308
56,310
--------
--------
Profit on ordinary activities by rate of tax
22,397
13,272
Effect of expenses not deductible for tax purposes
8,205
Effect of capital allowances and depreciation
( 13,501)
Other tax adjustment to increase/(decrease) tax liability - DT movement
5,990
Other tax adjustment to increase/(decrease) tax liability-provisions
(1,980)
(3,792)
--------
--------
Tax on profit
21,111
9,480
--------
--------
5. Intangible assets
Goodwill
£
Cost
At 1st January 2023 and 31st December 2023
25,000
--------
Amortisation
At 1st January 2023 and 31st December 2023
25,000
--------
Carrying amount
At 31st December 2023
--------
At 31st December 2022
--------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st January 2023
99,274
119,862
62,829
281,965
Additions
71,674
4,091
75,765
--------
---------
--------
--------
---------
At 31st December 2023
99,274
119,862
71,674
66,920
357,730
--------
---------
--------
--------
---------
Depreciation
At 1st January 2023
52,809
80,213
48,525
181,547
Charge for the year
7,432
5,948
17,918
2,760
34,058
--------
---------
--------
--------
---------
At 31st December 2023
60,241
86,161
17,918
51,285
215,605
--------
---------
--------
--------
---------
Carrying amount
At 31st December 2023
39,033
33,701
53,756
15,635
142,125
--------
---------
--------
--------
---------
At 31st December 2022
46,465
39,649
14,304
100,418
--------
---------
--------
--------
---------
Post year-end a motor vehicle with a NBV of £36,880 was written off after an accident in March 2024. A replacement motor vehicle was acquired with the Insurance proceeds.
7. Debtors
2023
2022
£
£
Other debtors
8,545
2,781
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
4,489
11,693
Corporation tax
15,121
13,273
Social security and other taxes
8,250
3,895
Director loan accounts
80
80
Other creditors
10,820
--------
--------
38,760
28,941
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
22,551
--------
----
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
16,098
10,108
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Provisions
16,098
10,108
--------
--------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
K Henderson-Williams
( 80)
( 80)
----
----
----
----
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
K Henderson-Williams
( 34,274)
45,394
( 11,200)
( 80)
--------
--------
--------
----