Registered Number:
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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COMPANY INFORMATION
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CONTENTS
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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.
The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
The Directors who served during the year were:
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ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
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 Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORMISTON FAMILIES ENTERPRISES LIMITED (TRADING AS PLAY OUT)
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 policies. The 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).
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.
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.
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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)
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.
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.
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.
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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)
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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)
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.
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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)
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 2006. Our 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.
for and on behalf of
Statutory Auditor
Fitzroy House
Crown Street
Suffolk
IP1 3LG
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PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
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BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 10 to 19 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
4.Taxation (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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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