Company registration number 11612115 (England and Wales)
BRIGHT LITTLE STARS STRATFORD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
BRIGHT LITTLE STARS STRATFORD LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
BRIGHT LITTLE STARS STRATFORD LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
3,683,799
3,654,231
Current assets
Debtors
7
627,779
551,802
Cash at bank and in hand
75,895
35,520
703,674
587,322
Creditors: amounts falling due within one year
8
(1,181,120)
(1,104,766)
Net current liabilities
(477,446)
(517,444)
Total assets less current liabilities
3,206,353
3,136,787
Creditors: amounts falling due after more than one year
9
(1,582,085)
(1,648,754)
Provisions for liabilities
Deferred tax liability
11
408,989
412,145
(408,989)
(412,145)
Net assets
1,215,279
1,075,888
Capital and reserves
Called up share capital
12
20
20
Revaluation reserve
1,106,635
1,091,761
Profit and loss reserves
108,624
(15,893)
Total equity
1,215,279
1,075,888

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 P Varsani
Director
Company registration number 11612115 (England and Wales)
BRIGHT LITTLE STARS STRATFORD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
20
1,194,678
(133,220)
1,061,478
Year ended 30 June 2023:
Profit
-
-
102,453
102,453
Other comprehensive income:
Tax relating to other comprehensive income
-
(88,043)
-
0
(88,043)
Total comprehensive income
-
(88,043)
102,453
14,410
Transfers
-
(14,874)
14,874
-
Balance at 30 June 2023
20
1,091,761
(15,893)
1,075,888
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
97,198
97,198
Reversal of prior year Transfers
-
14,874
(14,874)
-
Reversal of prior year depreciation charge
-
-
42,193
42,193
Balance at 30 June 2024
20
1,106,635
108,624
1,215,279
BRIGHT LITTLE STARS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Bright Little Stars Stratford Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Forrester Way, New Garden Quarter, London, E15 1GL.

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.

1.2
Going concern

The financial performance of the company is set out in the report of the directors and in the statement of profittrue or loss and the other comprehensive income. The financial position of the company is set out in the statement of financial position.

 

At 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

Income represents the value, net of value added tax and discounts, of the following streams:

- Government funding, which is recognised as income when the company becomes entitled to the fund.

- Contract services, including nursery fees and child care vouchers are recognised as income when the service is provided and invoice raised.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Freehold buildings
not depreciated
Plant and equipment
7% Reducing Balance Method

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BRIGHT LITTLE STARS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

BRIGHT LITTLE STARS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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.

BRIGHT LITTLE STARS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12

Comparatives

There were no changes in comparative figures during the year.

 

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives of property, plant and equipment

Management reviews the useful lives, depreciation methods and residual values of the items of property, plant and equipment. During the financial year the directors determined no significant changes in the useful lives and residual values. The carrying amounts of property, plant and equipment are disclosed in note 9.

Valuation of properties

Freehold properties are carried at fair value based on valuations performed by external independent valuers or the directors. Fair value is ascertained through review of a number of factors and information flows, including market knowledge, recent market movements, recent sales of similar properties and historical experience. There is an inevitable degree of judgement involved and the value can only be reliably tested ultimately in the market itself.

Debtor recoverability

The directors review loans receivable on an annual basis. In determining whether receivables are impaired, the directors make judgement as to whether there is any evidence indicating that there is a measurable decrease in the estimate future cash flows expected.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,920
4,200
BRIGHT LITTLE STARS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Nursery employees
45
41
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
33,490
5,816
Deferred tax
Origination and reversal of timing differences
(3,156)
8,452
Total tax charge
30,334
14,268

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
127,532
116,721
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
31,883
23,928
Unutilised tax losses carried forward
-
0
(3,257)
Group relief
-
0
(25,006)
Permanent capital allowances in excess of depreciation
1,607
10,162
Deferred tax
(3,156)
8,452
Marginal relief
-
0
(11)
Taxation charge for the year
30,334
14,268

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
88,043
BRIGHT LITTLE STARS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
6
Tangible fixed assets
Freehold buildings
Plant and equipment
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
3,516,063
223,192
3,739,255
Depreciation and impairment
At 1 July 2023
42,193
42,831
85,024
Depreciation charged in the year
-
0
12,625
12,625
De-recognition of prior year charge
(42,193)
-
0
(42,193)
At 30 June 2024
-
0
55,456
55,456
Carrying amount
At 30 June 2024
3,516,063
167,736
3,683,799
At 30 June 2023
3,473,870
180,361
3,654,231

During the financial year, the directors have evaluated that the residual value of the freehold land and building in the company equals to the fair value of the property. The property has also been maintained at a high standard and it's market value continues to appreciate over the years. Therefore there is no depreciation charge for the current year.

 

The freehold land and buildings (Including plant & Machinery) was revalued at fair value on 09 February 2022 by Morgan Allen MRICS, RICS Registered Valuer at Gerald Eve LLP acting on behalf HSBC UK Bank plc at £3,710,000. The directors consider that these valuations remain appropriate as at 30 June 2024.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
617,985
542,985
Other debtors
2,815
2,357
Prepayments and accrued income
6,979
6,460
627,779
551,802
BRIGHT LITTLE STARS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
8
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
10
61,686
50,169
Payments received on account
15,469
13,835
Amounts owed to group undertakings
968,000
968,000
Corporation tax
33,490
5,816
Other taxation and social security
9,334
8,554
Other creditors
75,561
53,769
Accruals and deferred income
17,580
4,623
1,181,120
1,104,766
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10
1,520,209
1,593,412
Deposits
61,876
55,342
1,582,085
1,648,754

The loans are secured by a legal mortgage over the leasehold property, New Garden Quarters, 13 Forrester Way, Stratford, E15 1GL, debenture in favour of the lender from Bright Little Stars Stratford Limited and an agreement between Bright Little Stars Limited, Bright Little Stars Stratford Limited and the lender to postpone repayment of a related party balance owed to Bright Little Stars Limited.

10
Loans and overdrafts
2024
2023
£
£
Bank loans
1,581,895
1,643,581
Payable within one year
61,686
50,169
Payable after one year
1,520,209
1,593,412
BRIGHT LITTLE STARS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
408,989
324,102
Revaluations
-
88,043
408,989
412,145
2024
Movements in the year:
£
Liability at 1 July 2023
412,145
Credit to profit or loss
(3,156)
Liability at 30 June 2024
408,989

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
16
16
16
16
A Ordinary Shares of £1 each
4
4
4
4
20
20
20
20
13
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:
Shilpa Chheda
Statutory Auditor:
KLSA LLP
Date of audit report:
30 September 2024
BRIGHT LITTLE STARS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
14
Related party transactions

The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

15
Ultimate controlling party

The parent company of Bright Little Stars Stratford Limited is Bright Little Stars Group Limited and the registered office is Kinetic Business Centre, Theobald Street, Elstree, Hertfordshire, WD6 4PJ.

In the opinion of the directors, there is no ultimate controlling party.

2024-06-302023-07-01false30 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr A DevaniMr P VarsaniMs N FreemanMrs M Guttadaurofalsefalse116121152023-07-012024-06-30116121152024-06-30116121152023-06-3011612115core:LandBuildingscore:OwnedOrFreeholdAssets2024-06-3011612115core:PlantMachinery2024-06-3011612115core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-3011612115core:PlantMachinery2023-06-3011612115core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3011612115core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3011612115core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3011612115core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3011612115core:CurrentFinancialInstruments2024-06-3011612115core:CurrentFinancialInstruments2023-06-3011612115core:Non-currentFinancialInstruments2024-06-3011612115core:Non-currentFinancialInstruments2023-06-3011612115core:ShareCapital2024-06-3011612115core:ShareCapital2023-06-3011612115core:RevaluationReserve2024-06-3011612115core:RevaluationReserve2023-06-3011612115core:RetainedEarningsAccumulatedLosses2024-06-3011612115core:RetainedEarningsAccumulatedLosses2023-06-3011612115core:ShareCapital2022-06-3011612115core:RevaluationReserve2022-06-3011612115core:RetainedEarningsAccumulatedLosses2022-06-3011612115core:ShareCapitalOrdinaryShares2024-06-3011612115core:ShareCapitalOrdinaryShares2023-06-3011612115bus:Director22023-07-012024-06-3011612115core:RetainedEarningsAccumulatedLosses2022-07-012023-06-30116121152022-07-012023-06-3011612115core:RetainedEarningsAccumulatedLosses2023-07-012024-06-3011612115core:RevaluationReserve2022-07-012023-06-3011612115core:RevenueReservesInvestmentFundsOnly2022-07-012023-06-3011612115core:RevaluationReserve2023-07-012024-06-3011612115core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-012024-06-3011612115core:PlantMachinery2023-07-012024-06-3011612115core:UKTax2023-07-012024-06-3011612115core:UKTax2022-07-012023-06-301161211512023-07-012024-06-301161211512022-07-012023-06-301161211522023-07-012024-06-301161211522022-07-012023-06-3011612115core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-3011612115core:PlantMachinery2023-06-30116121152023-06-3011612115bus:PrivateLimitedCompanyLtd2023-07-012024-06-3011612115bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3011612115bus:FRS1022023-07-012024-06-3011612115bus:Audited2023-07-012024-06-3011612115bus:Director12023-07-012024-06-3011612115bus:Director32023-07-012024-06-3011612115bus:Director42023-07-012024-06-3011612115bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP