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COMPANY REGISTRATION NUMBER: 05581960
THE ISLAND DAY NURSERY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
THE ISLAND DAY NURSERY LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
12,995
14,851
Tangible assets
6
95,706
108,486
---------
---------
108,701
123,337
Current assets
Debtors
7
50,821
21,213
Cash at bank and in hand
95,224
135
---------
--------
146,045
21,348
Creditors: amounts falling due within one year
8
151,932
117,840
---------
---------
Net current liabilities
5,887
96,492
---------
---------
Total assets less current liabilities
102,814
26,845
Creditors: amounts falling due after more than one year
9
124,092
49,869
---------
--------
Net liabilities
( 21,278)
( 23,024)
---------
--------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
( 21,378)
( 23,124)
--------
--------
Shareholders deficit
( 21,278)
( 23,024)
--------
--------
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 31 January 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE ISLAND DAY NURSERY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
Mr R M Cullen
Mrs R A Cullen
Director
Director
Company registration number: 05581960
THE ISLAND DAY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, Blisworth Hill Farm , Stoke Road, Blisworth, Northampton, Northants, NN7 3DB.
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. Accounting policies
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
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
-
4% straight line
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:
Leasehold property
-
4% straight line
Fixtures and fillings
-
20% straight line
Motor vehicles
-
25% 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.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2023: 38 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
46,410
--------
Amortisation
At 1 February 2023
31,559
Charge for the year
1,856
--------
At 31 January 2024
33,415
--------
Carrying amount
At 31 January 2024
12,995
--------
At 31 January 2023
14,851
--------
6. Tangible assets
Long leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023 and 31 January 2024
248,760
34,872
43,035
326,667
---------
--------
--------
---------
Depreciation
At 1 February 2023
151,595
34,872
31,714
218,181
Charge for the year
9,950
2,830
12,780
---------
--------
--------
---------
At 31 January 2024
161,545
34,872
34,544
230,961
---------
--------
--------
---------
Carrying amount
At 31 January 2024
87,215
8,491
95,706
---------
--------
--------
---------
At 31 January 2023
97,165
11,321
108,486
---------
--------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 January 2024
8,310
-------
At 31 January 2023
11,080
--------
7. Debtors
2024
2023
£
£
Trade debtors
2,333
Other debtors
48,488
21,213
--------
--------
50,821
21,213
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
32,204
20,718
Trade creditors
6,460
10,563
Accruals and deferred income
92,198
73,421
Corporation tax
8,066
Social security and other taxes
6,675
5,929
Obligations under finance leases and hire purchase contracts
2,342
2,342
Other creditors
3,987
4,867
---------
---------
151,932
117,840
---------
---------
Included within creditors due within 1 year are secured debts of £2,342 (2023: £9,795). These debts are secured on the assets they relate to.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
110,946
34,381
Obligations under finance leases and hire purchase contracts
13,146
15,488
---------
--------
124,092
49,869
---------
--------
Included within creditors due after 1 year are secured debts of £13,146 (2023: £24,036). These debts are secured on the assets they relate to.
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R M Cullen
13,912
10,960
( 1,401)
23,471
--------
--------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R M Cullen
5,014
18,834
( 9,936)
13,912
-------
--------
-------
--------