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Company registration number: 08987670
Little Rascals Childcare (Leeds) Limited
Unaudited filleted financial statements
31 May 2024
Little Rascals Childcare (Leeds) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Little Rascals Childcare (Leeds) Limited
Directors and other information
Directors Mr K Mountain
Mrs A Mountain
Company number 08987670
Registered office Queensgate House
23 North Park Road
Harrogate
HG1 5PD
Business address Well Garth
Station Road
Crossgates
Leeds
LS15 7JY
Accountants SMH Howard Matthews Ltd
Queensgate House
23 North Park Road
Harrogate
North Yorkshire
HG1 5PD
Little Rascals Childcare (Leeds) Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - 25,000
Tangible assets 6 38,968 5,951
_______ _______
38,968 30,951
Current assets
Debtors 7 89,733 18,198
Cash at bank and in hand 185,993 145,414
_______ _______
275,726 163,612
Creditors: amounts falling due
within one year 8 ( 135,596) ( 120,152)
_______ _______
Net current assets 140,130 43,460
_______ _______
Total assets less current liabilities 179,098 74,411
Provisions for liabilities ( 1,428) ( 754)
_______ _______
Net assets 177,670 73,657
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 177,570 73,557
_______ _______
Shareholders funds 177,670 73,657
_______ _______
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 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 September 2024 , and are signed on behalf of the board by:
Mr K Mountain Mrs A Mountain
Director Director
Company registration number: 08987670
Little Rascals Childcare (Leeds) 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 Queensgate House, 23 North Park Road, Harrogate, HG1 5PD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 - 10 % 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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets. 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 are 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 in finance costs 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 56 (2023: 52 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2023 and 31 May 2024 250,000 250,000
_______ _______
Amortisation
At 1 June 2023 225,000 225,000
Charge for the year 25,000 25,000
_______ _______
At 31 May 2024 250,000 250,000
_______ _______
Carrying amount
At 31 May 2024 - -
_______ _______
At 31 May 2023 25,000 25,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2023 51,402 51,402
Additions 45,307 45,307
_______ _______
At 31 May 2024 96,709 96,709
_______ _______
Depreciation
At 1 June 2023 45,451 45,451
Charge for the year 12,290 12,290
_______ _______
At 31 May 2024 57,741 57,741
_______ _______
Carrying amount
At 31 May 2024 38,968 38,968
_______ _______
At 31 May 2023 5,951 5,951
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 10,139 11,621
Other debtors 79,594 6,577
_______ _______
89,733 18,198
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 48,000 72,000
Trade creditors 3,710 -
Corporation tax 61,022 25,483
Other creditors 22,864 22,669
_______ _______
135,596 120,152
_______ _______
9. 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 Balance o/standing
£ £ £
Mr K Mountain ( 15,528) 15,528 -
Mrs A Mountain ( 815) 71,710 70,895
_______ _______ _______
( 16,343) 87,238 70,895
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr K Mountain ( 2,558) ( 12,970) ( 15,528)
Mrs A Mountain ( 274) ( 541) ( 815)
_______ _______ _______
( 2,832) ( 13,511) ( 16,343)
_______ _______ _______
10. Related party transactions
During the year the company paid dividends totalling £23,000 each to K Mountain and A Mountain.