Company registration number 12206266 (England and Wales)
NODDY'S NURSERY SCHOOL LIMITED
Financial statements
For the year ended 31 December 2023
Pages for filing with registrar
NODDY'S NURSERY SCHOOL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
NODDY'S NURSERY SCHOOL LIMITED
BALANCE SHEET
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,215
10,897
Current assets
Debtors
5
4,061,731
3,302,322
Cash at bank and in hand
116,770
116,353
4,178,501
3,418,675
Creditors: amounts falling due within one year
6
(1,546,130)
(1,438,683)
Net current assets
2,632,371
1,979,992
Total assets less current liabilities
2,643,586
1,990,889
Creditors: amounts falling due after more than one year
7
(269,167)
(439,167)
Provisions for liabilities
Deferred tax liability
9
2,803
2,724
(2,803)
(2,724)
Net assets
2,371,616
1,548,998
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
2,371,615
1,548,997
Total equity
2,371,616
1,548,998
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
Mr H F Edwards
Director
Company registration number 12206266 (England and Wales)
NODDY'S NURSERY SCHOOL LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1
792,389
792,390
Year ended 31 December 2022:
Profit and total comprehensive income
-
756,608
756,608
Balance at 31 December 2022
1
1,548,997
1,548,998
Year ended 31 December 2023:
Profit and total comprehensive income
-
822,619
822,619
Balance at 31 December 2023
1
2,371,615
2,371,616
NODDY'S NURSERY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information
Noddy's Nursery School Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Bluett Properties Limited. These consolidated financial statements are available from its registered office, Connect House 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33.33%
Computers
33.33%
NODDY'S NURSERY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
NODDY'S NURSERY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
82
81
NODDY'S NURSERY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 6 -
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 January 2023
3,475
17,254
20,729
Additions
4,607
2,218
6,825
At 31 December 2023
8,082
19,472
27,554
Depreciation and impairment
At 1 January 2023
1,000
8,831
9,831
Depreciation charged in the year
2,531
3,977
6,508
At 31 December 2023
3,531
12,808
16,339
Carrying amount
At 31 December 2023
4,551
6,664
11,215
At 31 December 2022
2,474
8,423
10,897
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
45,648
40,973
Amounts owed by group undertakings
3,610,392
2,592,996
Other debtors
386,994
621,542
Prepayments and accrued income
3,643
26,738
4,046,677
3,282,249
2023
2022
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
15,054
20,073
Total debtors
4,061,731
3,302,322
NODDY'S NURSERY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
170,392
170,000
Trade creditors
344,738
359,367
Corporation tax
253,140
178,086
Other taxation and social security
90,987
88,499
Other creditors
642,939
604,550
Accruals and deferred income
43,934
38,181
1,546,130
1,438,683
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
269,167
439,167
8
Loans and overdrafts
2023
2022
£
£
Bank loans
439,167
609,167
Bank overdrafts
392
439,559
609,167
Payable within one year
170,392
170,000
Payable after one year
269,167
439,167
This loan is part of the Coronavirus Business Interruption Loan (CBIL) Scheme and was taken out by the company on 14 July 2020. Monthly instalments of £14,167 are due in repayment of the principle amount. The loan is held with Lloyds Bank. The loan is provided under the CBIL Scheme managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. Interest is being charged at a rate of the base rate plus 1.57% from 14 July 2021. Interest charged in 2023 was £32,398 (2022: £23,000).
NODDY'S NURSERY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
2023
Balances:
£
Accelerated capital allowances
2,803
2023
Movements in the year:
£
Liability at 1 January 2023
2,724
Charge to profit or loss
79
Liability at 31 December 2023
2,803
10
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Wendy Patterson
Statutory Auditor:
WSM Advisors Limited
Date of audit report:
30 September 2024
12
Events after the reporting date
There have been no material events after the reporting date that have an effect on these financial statements.
13
Ultimate controlling party
The ultimate controlling party of Noddy's Nursery School Limited is Bluett Properties Limited.
The smallest and largest undertaking in which the accounts of the company are included in the group consolidated financial statements are those of Bluett Properties Limited.
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