Registered number
SC443605
Innocence Nursery Ltd
Filleted Accounts
29 February 2024
Innocence Nursery Ltd
Registered number: SC443605
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 30,000 36,000
Tangible assets 4 29,693 39,606
59,693 75,606
Current assets
Cash at bank and in hand 13,570 45,201
Creditors: amounts falling due within one year 5 (16,848) (23,312)
Net current (liabilities)/assets (3,278) 21,889
Total assets less current liabilities 56,415 97,495
Creditors: amounts falling due after more than one year 6 (33,536) (39,176)
Net assets 22,879 58,319
Capital and reserves
Called up share capital 10 10
Profit and loss account 22,869 58,309
Shareholder's funds 22,879 58,319
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Saima Kiyani
Director
Approved by the board on 20 September 2024
Innocence Nursery Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, Fittings & Equipment 25% reducing balance
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 19
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 60,000
At 29 February 2024 60,000
Amortisation
At 1 March 2023 24,000
Provided during the year 6,000
At 29 February 2024 30,000
Net book value
At 29 February 2024 30,000
At 28 February 2023 36,000
4 Tangible fixed assets
Fixtures, Fittings & Equipment
£
Cost
At 1 March 2023 86,960
At 29 February 2024 86,960
Depreciation
At 1 March 2023 47,354
Charge for the year 9,913
At 29 February 2024 57,267
Net book value
At 29 February 2024 29,693
At 28 February 2023 39,606
5 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 3,250 2,760
Taxation and social security costs 13,598 20,552
16,848 23,312
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 33,536 39,176
7 Controlling party
The director, Saima Kiyani, held 100% a beneficial interest in the share capital of the company.
8 Other information
Innocence Nursery Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Parklands Country Club
196 Ayr Road
Newton Mearns
Glasgow
G77 6DT
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