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Registered Number:06372191













ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)






FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024











 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
COMPANY INFORMATION


Directors
Allan Myatt 
Amanda Newman 
Duncan Turner 
Stephen West 
Stephen Bennett (resigned 8 September 2023)
Derrick Louis (resigned 28 April 2023)
David Savidge (resigned 28 April 2023)




Registered number
06372191



Registered office
333 Felixstowe Road
Ipswich

IP3 9BU






 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 


CONTENTS



Page
Directors' Report
1 - 2
Independent Auditor's Report
3 - 7
Profit and Loss Account
8
Balance Sheet
9
Notes to the Financial Statements
10 - 19



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is that of day care for children aged 0-5 years old and holiday clubs for children aged 4-14 years old.

Directors

The Directors who served during the year were:

Allan Myatt 
Amanda Newman 
Duncan Turner 
Stephen West 
Stephen Bennett (resigned 8 September 2023)
Derrick Louis (resigned 28 April 2023)
David Savidge (resigned 28 April 2023)

Qualifying third party indemnity provisions

The company has put in place qualifying third party indemnity provisions for all of the directors of Ormiston Families Enterprises Limited.


- 1 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Going Concern

During the year ended 31 March 2024, the Board of Trustees of the parent charity, Ormiston Families, approved the restructure of activities, following an external review of the group activities.  During the year ending 31 March 2025 the activities, assets and liabilities of Ormiston Families Enterprises Limited, including the Ipswich nursery will be hived up into the charity.  Once completed, Ormiston Families Enterprises Limited will become dormant and is expected to be struck off in due course.  Consequently these financial statements are prepared on a basis other than as a going concern.

Auditor

Price Bailey resigned as auditor in February 2024 and The Board approved the appointment of SB Audit LLP to fill the vacancy. On 28 March 2024. SB Audit LLP merged with Sumer Auditco Limited and their audit registration ceased with effect from that date. Therefore, the Company is audited by Sumer Auditco Limited, United Kingdom in 2024. In accordance with Section 485 of the Companies Act 2006, the auditor has been appointed for the financial year 2024 for the first time.
The auditor, Sumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 6 September 2024 and signed on its behalf.
 





Stephen West
Director


- 2 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)

Opinion


We have audited the financial statements of Ormiston Families Enterprises Limited (Trading as PLAY OUT) (the 'Company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Emphasis of matter - financial statements prepared on other than a going concern basis


We draw attenton to note 2.2 in the financial statements, which indicates that during the year ending 31 March 2025 the activities, assets and liabilities of Ormiston Families Enterprises Limited, including the Ipswich nursery will be hived up into the parent charity.  As stated in note 2.2, accordingly the accounts are prepared on a basis other than as a going concern.  No adjustments are required as a result of ceasing the apply the going concern basis.  Our opinion is not modified in respect of this matter.









- 3 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT) (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.



- 4 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT) (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.



- 5 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT) (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Directors and management.  During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as to consideration as to where and how fraud may occur in the company.
The following laws and regulations were identified as being of significance to the company:
Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, taxation regulations, Children Act 2006 and UK Company Law.
The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, safeguarding, human rights and employment law, GDPR and Ofsted compliance.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of; enquiries of management and those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.  Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.  As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.



- 6 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT) (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Perry (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

6 September 2024

- 7 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
  
488,304
706,187

Cost of sales
  
(400,726)
(629,681)

Gross profit
  
87,578
76,506

Administrative expenses
  
(78,051)
(373,623)

Operating profit/(loss)
  
9,527
(297,117)

Interest receivable and similar income
  
941
164

Profit/(loss) before tax
  
10,468
(296,953)

Tax on profit/(loss)
 4 
(100)
2,118

Profit/(loss) for the financial year
  
10,368
(294,835)

There are no items of other comprehensive income for 2024 or 2023 other than the profit/(loss) for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 10 to 19 form part of these financial statements.


- 8 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
REGISTERED NUMBER:06372191


BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Investments
 7 
-
-

  
-
-

Current assets
  

Debtors: amounts falling due within one year
 8 
427
16,504

Cash at bank and in hand
 9 
29,309
12,798

  
29,736
29,302

Creditors: amounts falling due within one year
 10 
(204,202)
(214,136)

Net current liabilities
  
 
 
(174,466)
 
 
(184,834)

Total assets less current liabilities
  
(174,466)
(184,834)

  

Net liabilities
  
(174,466)
(184,834)


Capital and reserves
  

Called up share capital 
  
110,001
110,001

Profit and loss account
  
(284,467)
(294,835)

  
(174,466)
(184,834)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 September 2024.




Stephen West
Director

The notes on pages 10 to 19 form part of these financial statements.


- 9 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ormiston Families Enterprises Limited is a private company limited by shares and incoporated in England, United Kingdom.  The registered office address is 333 Felixstowe Road, Ipswich, IP3 9BU.  The accounts are presented in Pounds Sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

During the year ended 31 March 2024, the Board of Trustees of the parent charity, Ormiston Families, approved the restructure of activities, following an external review of the group activities.  During the year ended 31 March 2025 the activities, assets and liabilities of Ormiston Families Enterprises Limited, including the Ipswich nursery will be hived up into the charity.  Once completed Ormiston Families Enterprises Limited will become dormant and is expected to be struck off in due course.
Accordingly, the financial statements are prepared on a basis other than as a going concern.  No adjustments are required as a result of ceasing to apply the going concern basis. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.


- 10 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover is recognised by the company in the period in which the nursery care is provided.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


- 11 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Intangible assets



Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition.  Subsequent to initital recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.  Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life.
The intangible useful life of each nursery is deemed to be the life of the property leases.  All goodwill was written off in the year ended 31 March 2023.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
50%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.


- 12 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parlies and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 27 (2023 - 38).


4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
(2,118)

Adjustments in respect of previous periods
100
-


Total current tax
100
(2,118)


- 13 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
4.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
10,468
(296,953)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
2,617
(56,421)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
(4,612)
21,719

Utilisation of tax losses
-
(2,118)

Adjustments to tax charge in respect of prior periods
100
-

Unrelieved tax losses carried forward
-
32,957

Other differences leading to an increase in the tax charge
1,995
1,745

Total tax charge for the year
100
(2,118)


Factors that may affect future tax charges

There are no factors that may affect future tax charges.
At 31 March 2024, the Company had tax losses amounting to approximately £98,208 (2023 - £117,803)
which are available for offset against future taxable profits. A deferred tax asset of £24,552 (2023 - £29,451) has not been recognised as the directors consider that it is uncertain that the tax losses will be utilised in the foreseeable future.


- 14 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
119,378



At 31 March 2024

119,378



Amortisation


At 1 April 2023
119,378



At 31 March 2024

119,378



Net book value



At 31 March 2024
-



At 31 March 2023
-




- 15 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2023
2,388



At 31 March 2024

2,388



Depreciation


At 1 April 2023
2,388



At 31 March 2024

2,388



Net book value



At 31 March 2024
-



At 31 March 2023
-


- 16 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
114,310



At 31 March 2024

114,310



Impairment


At 1 April 2023
114,310



At 31 March 2024

114,310



Net book value



At 31 March 2024
-



At 31 March 2023
-


8.


Debtors

2024
2023
£
£


Trade debtors
1
7,374

Other debtors
-
1,998

Prepayments and accrued income
426
7,132

427
16,504



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ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
29,309
12,798

29,309
12,798



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
7,695

Amounts owed to group undertakings
154,837
120,585

Other creditors
9,864
2,750

Accruals and deferred income
39,501
83,106

204,202
214,136


The amount owed to group undertakings is interest free and repayable on demand. 


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



110,001 (2023 - 110,001) Ordinary shares of £1.00 each
110,001
110,001



12.


Related party transactions

During the year the parent undertaking Ormiston Families provided an interest free loan to Ormiston Families Enterprises Limited.  The balance outstanding at 31 March 2024 was £154,837 (2023: £120,585).
During the year, Ormiston Families Enterprises Limited paid £609 (2023 - £Nil) to a Director in respect of business support. 
There have been no other related party transactions in the current or prior financial year which require disclosure as the company is a wholly owned subsidiary and all transactions have been carried out at market rates.


- 18 -



 
ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Controlling party

The immediate and ultimate parent undertaking and controlling party is Ormiston Families, a registered charity incorporated in England.
Consolidated group accounts of Ormiston Families are available from the registered office address at 333 Felixstowe Road, Ipswich, IP3 9BU.

 

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