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COMPANY REGISTRATION NUMBER: 06203616
The Towers Day Nursery Limited
Filleted Unaudited Financial Statements
31 May 2024
The Towers Day Nursery Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
12,579
13,941
Current assets
Stocks
2,402
1,935
Debtors
7
4,530
1,432
Cash at bank and in hand
79,274
56,056
--------
--------
86,206
59,423
Creditors: amounts falling due within one year
8
38,921
18,580
--------
--------
Net current assets
47,285
40,843
--------
--------
Total assets less current liabilities
59,864
54,784
--------
--------
Net assets
59,864
54,784
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
59,764
54,684
--------
--------
Shareholder funds
59,864
54,784
--------
--------
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 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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 Towers Day Nursery Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 1 October 2024 , and are signed on behalf of the board by:
A R Roberts
Director
Company registration number: 06203616
The Towers Day Nursery Limited
Notes to the Financial Statements
Year ended 31 May 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 Coachman's Lodge, Trevor Hall Road, Garth, Llangollen, Denbighshire, LL20 7UR.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the statement of income and retained earnings account represents amounts received for the supply of nursery and childcare service provision, and is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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
-
straightline over three 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:
Leasehold Property
-
20% straight line
Furniture and Fittings
-
25% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
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 6 (2023: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
35,000
--------
Amortisation
At 1 June 2023 and 31 May 2024
35,000
--------
Carrying amount
At 31 May 2024
--------
At 31 May 2023
--------
6. Tangible assets
Leasehold Improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2023
85,162
14,275
99,437
Additions
8,666
8,666
Disposals
( 1,704)
( 1,704)
--------
--------
---------
At 31 May 2024
85,162
21,237
106,399
--------
--------
---------
Depreciation
At 1 June 2023
75,340
10,156
85,496
Charge for the year
6,671
3,141
9,812
Disposals
( 1,488)
( 1,488)
--------
--------
---------
At 31 May 2024
82,011
11,809
93,820
--------
--------
---------
Carrying amount
At 31 May 2024
3,151
9,428
12,579
--------
--------
---------
At 31 May 2023
9,822
4,119
13,941
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
1,652
1,173
Other debtors
2,878
259
-------
-------
4,530
1,432
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
4,356
9,959
Other creditors
34,565
8,621
--------
--------
38,921
18,580
--------
--------
9. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in other operating income:
Government grants recognised directly in income
12,360
--------
----
10. Directors' advances, credits and guarantees
The directors operate a loan account within the company, the opening balance of which was £7,242 in credit (2023 £26,217), with net movement of £25,514 and a closing balance of £32,756 credit (2023 £7,242).
11. Related party transactions
In the year the company occupied premises owned by Mrs Roberts, paying rent of £12,000 (2023 £12,000). No further transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 section 33.