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COMPANY REGISTRATION NUMBER: SC219513
Clyde Valley Kindergarten Limited
Filleted Unaudited Financial Statements
31 March 2024
Clyde Valley Kindergarten Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Clyde Valley Kindergarten Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
161,979
163,984
Current assets
Debtors
7
333,667
350,222
Cash at bank and in hand
6,272
7,224
---------
---------
339,939
357,446
Creditors: amounts falling due within one year
8
95,192
73,362
---------
---------
Net current assets
244,747
284,084
---------
---------
Total assets less current liabilities
406,726
448,068
---------
---------
Net assets
406,726
448,068
---------
---------
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss account
10
405,726
447,068
---------
---------
Shareholder funds
406,726
448,068
---------
---------
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 March 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 .
Clyde Valley Kindergarten Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 October 2024 , and are signed on behalf of the board by:
Mr T Wotherspoon
Director
Company registration number: SC219513
Clyde Valley Kindergarten Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Stonebyres, Lanark, ML11 9UP.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value though profit or loss. 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 profit and loss account represents income from the provision of nursery services during the year.
Corporation tax
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.
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.
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:
Freehold property
-
1% straight line
Fixtures & fittings
-
15% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
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 17 (2023: 16 ).
5. Tax on (loss)/profit
Major components of tax (income)/expense
2024
2023
£
£
Current tax:
UK current tax (income)/expense
( 6,076)
6,076
-------
-------
Tax on (loss)/profit
( 6,076)
6,076
-------
-------
6. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
201,589
34,890
236,479
Additions
633
633
---------
--------
---------
At 31 March 2024
201,589
35,523
237,112
---------
--------
---------
Depreciation
At 1 April 2023
40,264
32,231
72,495
Charge for the year
2,016
622
2,638
---------
--------
---------
At 31 March 2024
42,280
32,853
75,133
---------
--------
---------
Carrying amount
At 31 March 2024
159,309
2,670
161,979
---------
--------
---------
At 31 March 2023
161,325
2,659
163,984
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
22,241
9,673
Other debtors
311,426
340,549
---------
---------
333,667
350,222
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
35,660
26,135
Corporation tax
122
6,076
Social security and other taxes
5,607
1,969
Other creditors
53,803
39,182
--------
--------
95,192
73,362
--------
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
10. Reserves
Share capital - This reserve records the nominal value received for shares sold Profit and loss account - This reserve records retained earnings and accumulated losses .
11. Related party transactions
The company's share capital is owned 100% by Clyde Valley Investments Limited, a company registered in Scotland. During the year, the company paid a management charge of £17,000 (2023 - £17,000) and also paid expenses on behalf of Clyde Valley Investments Limited and at the year end the company was due to receive £309,608 (2023 - £337,698). This amount is included in other debtors above.
12. Controlling party
The company's share capital is held by Clyde Valley Investments Limited, a company registered at Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.