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Registered number: 07223697









ALL ABOUT CHILDREN LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ALL ABOUT CHILDREN LIMITED
 
 
COMPANY INFORMATION


Directors
M Kendall 
S J Rhodes (appointed 17 April 2023)
R H Smith (appointed 17 April 2023)




Registered number
07223697



Registered office
Ridgway House
Progress Way

Denton

Manchester

M34 2GP




Independent auditor
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
ALL ABOUT CHILDREN LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 3
Directors' Report
4 - 6
Independent Auditors' Report
7 - 10
Consolidated Statement of Comprehensive Income
11
Consolidated Balance Sheet
12 - 13
Company Balance Sheet
14 - 15
Consolidated Statement of Changes in Equity
16
Company Statement of Changes in Equity
17
Consolidated Statement of Cash Flows
18 - 19
Notes to the Financial Statements
20 - 45


 
ALL ABOUT CHILDREN LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the 12 month period ended 31 December 2023.
The Group's principal activity continues to be the operation of private day nurseries and the provision of high- quality childcare. The Company acts as an operator of nurseries and a holding company.

Business review
 
The Group’s objective is to be a leading provider of high-quality childcare and to build clusters of nurseries in areas with strong demographic characteristics and demand. The Group has established clusters in the South East, the Midlands and the Home Counties supported by support functions located in Northampton and Manchester. As at the period-end the Group was operating 42 nurseries providing 3,182 childcare places.
The Group's results for the period ended 31 December 2023 are summarised below:
Turnover was £25.2m (2022: £19.6m) and the operating loss for the year before exceptional items was £4.9m (2022: £4.4m).
The Group delivers high quality childcare by implementing a framework of common policies, procedures and core values across nurseries and all acquisitions. Every single thing we do is geared towards supporting the children in our care and helping them develop through delivering an exciting, engaging and stimulating learning experience that captures children’s imagination and inspires them to learn more.
A number of key performance indicators are used to identify and measure the Group’s performance with the main focus being on turnover, occupancy and site profitability. All nurseries are subject to continuous quality management and audit in order to monitor performance and maintain standards and quality across the portfolio.
The company operates a nursery management system across the group to improve and control quality monitoring, planning and financial information.
The future plan is to continue to grow the number of childcare places by both improving current capacities and by further acquisitions. The expansion and maintenance of high-quality care is supported by support teams based at offices in Northampton and Greater Manchester.
On 31 March 2023, All About Children acquired the entire share capital of Apples & Cherries Day Nursery Limited (CRN: 10531594).
Post the balance sheet date on 14 Jun 2024 the Group acquired the entire share capital of Wonder Years Nursery & Holiday Club Ltd (CRN: 04847745).

Page 1

 
ALL ABOUT CHILDREN LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The business is subject to a number of risks that are managed by the implementation of standardised policies and procedures and a central Finance function. Compliance is monitored closely by a central operations support team and use of external consultants to ensure the delivery of high-quality childcare.
Regulatory
The key external risk is associated with changes in regulations such as OFSTED and government policy which are managed through internal systems and controls and by the expertise provided by professional and experienced staff within the Group.
Financial risk management
The Group uses various financial instruments. These include loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations.
The main risks arising from the Group's financial instruments are market risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below.
Market risk
Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and price risk. In this instance price risk and currency risk have been ignored as they are not considered a material risk to the business. The Group is not exposed to translation and transaction foreign exchange risk.
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. All of the Group's borrowings are disclosed in the notes to the accounts.
Credit risk
Credit risk in the Group is managed by requiring the majority of parents to pay their childcare fees monthly in advance. This ensures that the Group has excess liquidity and enables payment of suppliers and other financial commitments when due.
Staff risk/Employment risk
Staff shortages remained an issue within the nursery sector in 2023.

Financial key performance indicators
 
The Group's financial key performance indicators include:
• Revenue: £25.2m (2022: £19.6m)
• Operating (loss): £(4.9m) (2022: £(4.4m))
• Cash generated from operating activities: £0.3m outflow (2022: £22.2m inflow)

Other key performance indicators
 
The Group's other key performance indicators include:
•  Number of nurseries
•  Employee engagement

Page 2

 
ALL ABOUT CHILDREN LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Group
 
Section 172 of the Companies Act 2006 requires the directors of a company to act in a way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
(a) the likely consequences of any decision in the long term;
(b) the interests of the company’s employees;
(c) the need to foster the company’s business relationships with suppliers, customers and others;
(d) the impact of the company’s operations on the community and the environment;
(e) the desirability of the company maintaining a reputation for high standards of business conduct; and
(f) the need to act fairly as between members of the company.
Directors are briefed on their duties and they can access professional advice on these, either from the Company Secretary  or, if they judge it necessary, from an independent advisor.
The Board confirms that, during the year, it has had regard to the matters set out above. Further details as to how the Directors have fulfilled their duties, together with references to relevant areas within these financial statements are set out below.


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



................................................
R H Smith
Director

Date: 22 October 2024

Page 3

 
ALL ABOUT CHILDREN LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £5,300,468 (2022 - loss £5,955,576).

Dividends for the year amounted to £Nil (2022: £254,900).

Directors

The directors who served during the year were:

S Johnson (resigned 31 October 2023)
M Kendall 
T Kliby (resigned 30 September 2023)
S J Rhodes (appointed 17 April 2023)
R H Smith (appointed 17 April 2023)

Future developments

The directors are not aware, at the date of this report, of any likely major changes in the Group's or the Company’s activities in the coming year.  

Page 4

 
ALL ABOUT CHILDREN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Engagement with employees

During the period, the policy of providing employees with information about the company has been continued through internal media and social media methods. Regular updates have been held with local Management and have been cascaded through their teams where appropriate.

Engagement with suppliers, customers and others

Business Relationships
The Group endeavours to forge strong relationships with suppliers built on honesty, fairness, and mutual respect.  We meet with key suppliers on a regular basis and take reasonable steps to ensure our suppliers comply with our standards, such as those relating to environmental responsibility, modern slavery, data protection, human rights, and ethics.  We also aim to act responsibly in our engagement with regulators and insurers, we respond quickly and fully to any queries.
Community and environment
The Group’s approach is to use its position of strength to create positive change for the people and communities with which we interact, giving back wherever it can. We want to leverage our expertise and enable our people to support the communities around us. We recognise our responsibilities to achieve good environmental practice and to continue to strive for improvement in areas of environmental impact. We are committed to energy efficiency improvement and continue to take steps in a continuous improvement strategy.
Culture and Values
The board recognises the importance of having the right corporate culture. Our long-term success depends on achieving our strategic goals in the right way, so we look after the best interests of our employees, customers and other stakeholders. We are committed to the provision of high-quality childcare in the UK. We have carefully developed corporate values which are embedded within the day-to-day interactions of the Group.

Disabled employees

The Group is committed to equality of opportunity for all current and prospective associates regardless of age, disability, race, religion or belief, sexual orientation, pregnancy and maternity, marriage and civil partnership and gender reassignment.  We are an equal opportunity employer and support a culture of diversity and inclusion.  The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person.  Where existing employees become disabled, it is the Group’s policy wherever practicable to provide continuing employment under normal terms and conditions with any support needed and to provide training and career development and promotion to disabled employees wherever appropriate.

Qualifying third party indemnity provisions

Qualifying third party indemnity provisions were in force for the benefit of its Directors throughout the period and remain so at the date of this report.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group has taken advantage of exemptions available in respect of disclosing information in respect of greenhouse gas emissions, energy consumption and energy efficiency action on the basis that there is no requirement to include subsidiaries which would not be obliged to include reporting in their own accounts. 
None of the Group's subsidiaries meet the requirement of reporting in their own accounts.
The Company is exempt from the requirement of reporting as it's energy consumption is less than 40,000kWh.

Page 5

 
ALL ABOUT CHILDREN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters covered in the Group Strategic Report

As we continue to grow, it is vital that we effectively identify, evaluate, manage and mitigate the risks we face. For details of our principal risks and uncertainties, and how we manage our risk environment, please see the Group Strategic Report on pages 1 to 3. The board is also aware that an understanding of the future prospects of the Company and Group is of vital importance to all stakeholders.

Disclosure of information to auditors

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 and the Group's auditors are 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 and the Group's auditors are aware of that information.

Post balance sheet events

Since the balance sheet date, the Group acquired the entire share capital of Wonder Years Nursery & Holiday Club Ltd on 14 June 2024.

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
R H Smith
Director

Date: 22 October 2024

Page 6

 
ALL ABOUT CHILDREN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL ABOUT CHILDREN LIMITED
 

Opinion


We have audited the financial statements of All About Children Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
ALL ABOUT CHILDREN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL ABOUT CHILDREN LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 8

 
ALL ABOUT CHILDREN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL ABOUT CHILDREN LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we have:
  • considered the nature of the industry and sectors, control environment and business performance;
  •  made enquires of management about their own identification and assessment of the risk of irregularities;
  •  performed audit work over the risk of management override of controls, including testing of journal entries   and other adjustments for appropriateness and reviewing accounting estimates for bias;
  •  reviewed minutes of meetings;
  •  undertaken appropriate sample based testing of bank transactions;
  •  identified and evaluated compliance with relevant laws and regulations and made enquiries of any    instances of non-compliance;
  •  discussed matters among the audit engagement team regarding how and where fraud might occur in the   financial statements and potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 9

 
ALL ABOUT CHILDREN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL ABOUT CHILDREN LIMITED (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 Auditors' 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.





Alexander Chrysaphiades, FCA (Senior Statutory Auditor)
  
for and on behalf of
Adler Shine LLP
 
Chartered Accountants
Statutory Auditor
  
Aston House
Cornwall Avenue
London
N3 1LF

23 October 2024
Page 10

 
ALL ABOUT CHILDREN LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

12 months ended
31 December
16 months ended
31 December
2023
2022
Note
£
£

  

Turnover
 4 
25,243,710
19,605,833

Cost of sales
  
-
(1,113)

Gross profit
  
25,243,710
19,604,720

Administrative expenses
  
(30,173,078)
(24,074,587)

Other operating income
 5 
66,793
86,106

Operating loss
 6 
(4,862,575)
(4,383,761)

Interest receivable and similar income
 10 
2,016
815

Interest payable and similar expenses
 11 
(538,909)
(680,898)

Loss before taxation
  
(5,399,468)
(5,063,844)

Tax on loss
 12 
99,000
(891,732)

Loss for the financial year
  
(5,300,468)
(5,955,576)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(5,300,468)
(5,955,576)

  
(5,300,468)
(5,955,576)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 20 to 45 form part of these financial statements.

Page 11

 
ALL ABOUT CHILDREN LIMITED
REGISTERED NUMBER: 07223697

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
38,891,406
41,491,199

Tangible assets
 15 
2,949,458
2,989,730

  
41,840,864
44,480,929

Current assets
  

Debtors: amounts falling due after more than one year
 17 
60,000
60,000

Debtors: amounts falling due within one year
 17 
2,512,859
3,709,265

Cash at bank and in hand
 18 
2,171,920
6,164,130

  
4,744,779
9,933,395

Creditors: amounts falling due within one year
 19 
(19,266,957)
(22,257,412)

Net current liabilities
  
 
 
(14,522,178)
 
 
(12,324,017)

Total assets less current liabilities
  
27,318,686
32,156,912

Provisions for liabilities
  

Deferred taxation
 21 
(514,042)
(51,800)

  
 
 
(514,042)
 
 
(51,800)

Net assets
  
26,804,644
32,105,112


Capital and reserves
  

Called up share capital 
 22 
1,299
1,299

Merger reserve
 24 
30,195,968
33,667,063

Profit and loss account
 24 
(3,392,623)
(1,563,250)

Equity attributable to owners of the parent Company
  
26,804,644
32,105,112


Page 12

 
ALL ABOUT CHILDREN LIMITED
REGISTERED NUMBER: 07223697
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R H Smith
Director

Date: 22 October 2024

The notes on pages 20 to 45 form part of these financial statements.

Page 13

 
ALL ABOUT CHILDREN LIMITED
REGISTERED NUMBER: 07223697

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
73,454
241,000

Investments
 16 
46,737,626
44,065,248

  
46,811,080
44,306,248

Current assets
  

Debtors: amounts falling due after more than one year
 17 
60,000
-

Debtors: amounts falling due within one year
 17 
10,244,150
11,683,635

Cash at bank and in hand
 18 
51,019
537,131

  
10,355,169
12,220,766

Creditors: amounts falling due within one year
 19 
(28,354,293)
(23,891,950)

Net current liabilities
  
 
 
(17,999,124)
 
 
(11,671,184)

Total assets less current liabilities
  
28,811,956
32,635,064

  

Provisions for liabilities
  

Deferred taxation
 21 
(12,610)
-

  
 
 
(12,610)
 
 
-

Net assets
  
28,799,346
32,635,064


Capital and reserves
  

Called up share capital 
 22 
1,299
1,299

Merger reserve
 24 
36,848,900
36,848,900

Profit and loss account brought forward
  
(4,215,135)
126,326

Loss for the year
  
(3,835,718)
(4,086,561)

Other changes in the profit and loss account

  

-
(254,900)

Profit and loss account carried forward
  
(8,050,853)
(4,215,135)

  
28,799,346
32,635,064


Page 14

 
ALL ABOUT CHILDREN LIMITED
REGISTERED NUMBER: 07223697
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R H Smith
Director
Date: 22 October 2024

The notes on pages 20 to 45 form part of these financial statements.

Page 15

 
ALL ABOUT CHILDREN LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2021
199
-
1,465,389
1,465,588


Comprehensive income for the period

Loss for the period
-
-
(5,955,576)
(5,955,576)
Total comprehensive income for the period
-
-
(5,955,576)
(5,955,576)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(254,900)
(254,900)

Shares issued during the period
1,100
-
-
1,100

On group reorganisation
-
36,848,900
-
36,848,900

Transfer of amortisation on goodwill arising on merger
-
(3,181,837)
3,181,837
-


Total transactions with owners
1,100
33,667,063
2,926,937
36,595,100



At 1 January 2023
1,299
33,667,063
(1,563,250)
32,105,112


Comprehensive income for the year

Loss for the year
-
-
(5,300,468)
(5,300,468)
Total comprehensive income for the year
-
-
(5,300,468)
(5,300,468)

Transfer of amortisation on goodwill arising on merger
-
(3,471,095)
3,471,095
-


Total transactions with owners
-
(3,471,095)
3,471,095
-


At 31 December 2023
1,299
30,195,968
(3,392,623)
26,804,644


The notes on pages 20 to 45 form part of these financial statements.

Page 16

 
ALL ABOUT CHILDREN LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2021
199
-
126,326
126,525


Comprehensive income for the period

Loss for the period
-
-
(4,086,561)
(4,086,561)
Total comprehensive income for the period
-
-
(4,086,561)
(4,086,561)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(254,900)
(254,900)

Shares issued during the period
1,100
-
-
1,100

On group reorganisation
-
36,848,900
-
36,848,900


Total transactions with owners
1,100
36,848,900
(254,900)
36,595,100



At 1 January 2023
1,299
36,848,900
(4,215,135)
32,635,064


Comprehensive income for the period

Loss for the year
-
-
(3,835,718)
(3,835,718)
Total comprehensive income for the year
-
-
(3,835,718)
(3,835,718)


At 31 December 2023
1,299
36,848,900
(8,050,853)
28,799,346


The notes on pages 20 to 45 form part of these financial statements.

Page 17

 
ALL ABOUT CHILDREN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(5,300,468)
(5,955,576)

Adjustments for:

Amortisation of intangible assets
4,905,446
4,742,427

Depreciation of tangible assets
703,073
537,090

Loss on disposal of tangible assets
1,294
(94,202)

Government grants
(19,396)
(33,377)

Interest paid
538,909
680,898

Interest received
(2,016)
(815)

Taxation charge
(99,000)
891,732

(Increase)/decrease in debtors
(35,958)
6,300,622

Decrease/(increase) in amounts owed by groups
1,066,068
(172,157)

(Decrease)/increase in creditors
(314,211)
4,798,978

(Decrease)/increase in amounts owed to groups
(1,909,945)
10,038,796

Corporation tax (paid)/received
(40,245)
477,731

Net cash generated from operating activities

(506,449)
22,212,147


Cash flows from investing activities

Purchase of intangible fixed assets
(2,305,653)
(500)

Sale of intangible assets
-
13,326

Purchase of tangible fixed assets
(738,842)
(788,153)

Sale of tangible fixed assets
92,705
95,414

Sale of unlisted and other investments
-
651,840

Purchase of fixed asset investments
-
(2,892,361)

Interest received
2,016
815

Arising on acquisition of subsidiaires
(14,545)
(3,717,954)

Net cash from investing activities

(2,964,319)
(6,637,573)

Cash flows from financing activities

Repayment of loans
-
(11,561,086)

Dividends paid
-
(254,900)

Interest paid
(538,909)
(680,898)

Goverment grants
19,396
33,377

Net cash used in financing activities
(519,513)
(12,463,507)

Net (decrease)/increase in cash and cash equivalents
(3,990,281)
3,111,067

Cash and cash equivalents at beginning of year
6,161,909
3,050,842
Page 18

 
ALL ABOUT CHILDREN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£


Cash and cash equivalents at the end of year
2,171,628
6,161,909


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,171,920
6,164,130

Bank overdrafts
(292)
(2,221)

2,171,628
6,161,909


The notes on pages 20 to 45 form part of these financial statements.

Page 19

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

All About Children Limited is a private company limited by shares. The Company is incorporated in England and Wales and its registered office address is Aston House, Cornwall Avenue, London, N3 1LF.  The registered number is 07223697. The Company's principal activity is that of a holding 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are presented in pounds sterling, rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 September 2017.

 
2.3

Going concern

The directors have evaluated the impact to the Group in respect of the Covid-19 (Coronavirus) pandemic. The nurseries within the Group were closed during the lockdown periods and the Group sought support under various Government initiatives to support the business during this unprecedented period. The directors are confident that such support is sufficient to support the business and does not consider there to be a material uncertainty to the Group's ability to continue as a going concern as a result of Covid-19. 
The directors are therefore satisfied that the going concern basis is appropriate for the preparation of these financial statements.

Page 20

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. 
Fees receivable and charges for services are accounted for in the period in which the service is provided.  Where fees are received for a future service period they are included in deferred income.
Grants and other voluntary income are accounted for as and when entitlement arises, the amount can be reliably measured and the economic benefit is considered probable.

 
2.5

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

Page 21

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Interest income

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

 
2.10

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.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 22

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.14

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 the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 23

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Freehold property
-
2%
Straight line
L/Term Leasehold Property
-
20%
Straight line
Leasehold improvements
-
20%
Straight line
Plant & machinery
-
20%
Straight line
Motor vehicles
-
20%
Straight line
Fixtures & fittings
-
20%
Straight line
Office equipment
-
33%
Straight line
Computer equipment
-
33%
Straight line
Other fixed assets
-
20%
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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

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.

Page 24

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

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 that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

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.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.



 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash
Page 25

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the
Page 26

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)

derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.



Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 27

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, set out in note 2 above, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered 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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The key assumptions and other key sources of uncertainty that have a significant effect of the amounts recognised in the financial statements are described below:
Intangible and tangible fixed assets
Judgements have been made in relation to the lives of intangible and tangible fixed assets, in particular the valuation, the useful economic life and residual value of assets. The directors are also required to consider the carrying value of assets and whether any impairment is required, or reversal of previously recognised impairments.
The directors have concluded that the asset values and residual values are appropriate and is satisfied that assets are fairly stated at the balance sheet date.
Trade debtors
Judgments have been made on the recoverability of trade debtors and the valuation of provisions and the directors are satisfied that debts are recoverable.


4.


Turnover

An analysis of turnover by class of business is as follows:


12 months ended
31 December
16 months ended
31 December
2023
2022
£
£

Nursery fees
21,370,746
16,548,919

Grant income
3,750,087
2,904,952

Government grant
122,876
151,961

25,243,709
19,605,832


All turnover arose within the United Kingdom.

Page 28

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

12 months ended
31 December
16 months ended
31 December
2023
2022
£
£

Net rents receivable
47,397
52,729

Government grants receivable
19,396
33,377

66,793
86,106



6.


Operating loss

The operating loss is stated after charging:

12 months ended
31 December
16 months ended
31 December
2023
2022
£
£

Research & development charged as an expense
114
347

Amortisation - intangible fixed assets
4,905,446
4,437,930

Depreciation - tangible fixed assets
703,073
564,701

Other operating lease rentals
1,149,047
348,495


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


12 months ended
31 December
16 months ended
31 December
2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
82,500
34,505

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 29

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
14,594,817
10,139,697
1,670,547
1,764,387

Social security costs
1,027,549
808,015
217,553
191,065

Cost of defined contribution scheme
228,099
317,392
30,162
152,317

15,850,465
11,265,104
1,918,262
2,107,769


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
  12 months ended
     31 December
   16 months ended
      31 December
  12 months ended
     31 December
   16 months ended
      31 December
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
887
888
37
25

Page 30

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

12 months ended
31 December
16 months ended
31 December
2023
2022
£
£

Directors' emoluments
324,211
-

Group contributions to defined contribution pension schemes
3,302
120,000

Compensation for loss of office
290,000
-

617,513
120,000


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £297,691 (2022 - £NIL).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,100 (2022 - £NIL).

The total accrued pension provision of the highest paid director at 31 December 2023 amounted to £NIL (2022 - £NIL).


10.


Interest receivable

12 months ended
31 December
16 months ended
31 December
2023
2022
£
£


Other interest receivable
2,016
815

2,016
815

Page 31

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Interest payable and similar expenses

12 months ended
31 December
16 months ended
31 December
2023
2022
£
£


Bank interest payable
-
130

Other loan interest payable
538,909
680,614

Other interest payable
-
154

538,909
680,898


12.


Taxation


12 months ended
31 December
16 months ended
31 December
2023
2022
£
£

Corporation tax


Current tax on profits for the year
(560,379)
891,805


Total current tax
(560,379)
891,805


Origination and reversal of timing differences
418,244
(73)

Changes to tax rates
43,135
-

Total deferred tax
461,379
(73)


Taxation on (loss)/profit on ordinary activities
(99,000)
891,732
Page 32

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2022 - higher than) the standard rate (2022: standard rate) of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

12 months ended
31 December
16 months ended
31 December
2023
2022
£
£


Loss on ordinary activities before tax
(5,399,468)
(5,063,844)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(1,269,955)
(962,130)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
1,079,793
901,061

Capital allowances for year/period in excess of depreciation
130,807
(47,702)

Utilisation of tax losses
(62,816)
-

Adjustments to tax charge in respect of prior periods
(540,274)
-

Other timing differences leading to an increase (decrease) in taxation
37,886
1,000,503

Group relief
525,559
-

Total tax charge for the year/period
(99,000)
891,732


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




13.


Dividends

2023
2022
£
£


Dividends
-
254,900

-
254,900

Page 33

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Intangible assets

Group and Company





Patents
Goodwill
Total

£
£
£



Cost


At 1 January 2023
210,000
46,832,692
47,042,692


Additions
-
2,305,653
2,305,653



At 31 December 2023

210,000
49,138,345
49,348,345



Amortisation


At 1 January 2023
110,248
5,441,245
5,551,493


Charge for the year on owned assets
21,000
4,884,446
4,905,446



At 31 December 2023

131,248
10,325,691
10,456,939



Net book value



At 31 December 2023
78,752
38,812,654
38,891,406



At 31 December 2022
99,752
41,391,447
41,491,199



Page 34

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group






Freehold property
Leasehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings

£
£
£
£
£



Cost or valuation


At 1 January 2023 (as previously stated)
849,064
1,118,545
183,875
29,116
1,302,057


Prior Year Adjustment
354,835
339,715
4,097
(15,796)
1,005,837


At 1 January 2023 (as restated)
1,203,899
1,458,260
187,972
13,320
2,307,894


Additions
-
121,503
97,116
-
392,441


Acquisition of subsidiary
-
66,569
14,718
-
7,258


Disposals
(23)
-
-
-
(8,369)



At 31 December 2023

1,203,876
1,646,332
299,806
13,320
2,699,224



Depreciation


At 1 January 2023 (as previously stated)
21,306
352,637
31,343
20,591
657,547


Prior Year Adjustment
170,671
353,442
94,412
(8,731)
898,381


At 1 January 2023 (as restated)
191,977
706,079
125,755
11,860
1,555,928


Charge for the year on owned assets
16,224
125,803
33,583
377
305,386


Disposals
(23)
-
-
-
(2,847)


Disposal of subsidiary
-
54,721
12,099
-
3,768



At 31 December 2023

208,178
886,603
171,437
12,237
1,862,235



Net book value



At 31 December 2023
995,698
759,729
128,369
1,083
836,989



At 31 December 2022 (as restated)
1,011,922
752,181
62,217
1,460
751,966
Page 35

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)


Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023 (as previously stated)
182,819
8,145
774,516
4,448,137


Prior Year Adjustment
52,037
3,060
263,656
2,007,441


At 1 January 2023 (as restated)
234,856
11,205
1,038,172
6,455,578


Additions
113,037
11,895
2,850
738,842


Acquisition of subsidiary
-
-
-
88,545


Disposals
(116,121)
-
(148,441)
(272,954)



At 31 December 2023

231,772
23,100
892,581
7,010,011



Depreciation


At 1 January 2023 (as previously stated)
46,932
7,700
320,348
1,458,404


Prior Year Adjustment
52,037
3,061
444,170
2,007,443


At 1 January 2023 (as restated)
98,969
10,761
764,518
3,465,847


Charge for the year on owned assets
56,100
3,306
162,294
703,073


Disposals
(27,644)
-
(148,441)
(178,955)


Disposal of subsidiary
-
-
-
70,588



At 31 December 2023

127,425
14,067
778,371
4,060,553



Net book value



At 31 December 2023
104,347
9,033
114,210
2,949,458



At 31 December 2022 (as restated)
135,887
444
273,653
2,989,730

Page 36

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)


Company






Fixtures & fittings
Office equipment
Other fixed assets
Total

£
£
£
£

Cost or valuation


At 1 January 2023
7,823
150,820
338,237
496,880


Additions
-
20,557
-
20,557


Disposals
(229)
(116,121)
(148,441)
(264,791)



At 31 December 2023

7,594
55,256
189,796
252,646



Depreciation


At 1 January 2023
4,250
37,010
214,619
255,879


Charge for the year on owned assets
1,483
16,922
81,221
99,626


Disposals
(229)
(27,643)
(148,441)
(176,313)



At 31 December 2023

5,504
26,289
147,399
179,192



Net book value



At 31 December 2023
2,090
28,967
42,397
73,454



At 31 December 2022
3,573
113,809
123,618
241,000






Page 37

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
44,065,248


Additions
2,672,378



At 31 December 2023
46,737,626





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Class of shares

Holding

Bambino Day Nursery (Wycombe) Limited
Ordinary
100%
Bambino Hannah House Nursery Limited
Ordinary
100%
Beaconsfield Day Nursery Limited
Ordinary
100%
Beech Green Day Nursery Limited
Ordinary
100%
Cherry Trees Day Nursery Limited
Ordinary
100%
Children's House Day Nursery Limited
Ordinary
100%
Churchgate Day Nursery Limited
Ordinary
100%
Haddenham Day Nursery Limited
Ordinary
100%
Lavender Hill Day Nursery Limited
Ordinary
100%
Langley Gorse Day Nursery Limited
Ordinary
100%
Merchant Square Day Nursery Limited
Ordinary
100%
Nature's Nursery (Ascot) Limited
Ordinary
100%
Norwood Manor Day Nursery Limited
Ordinary
100%
Outstanding Nursery Care Limited
Ordinary
100%
Playplus Kindergarten Limited
Ordinary
100%
Progress House Day Nursery Limited
Ordinary
100%
Silchester Manor Day Nursery Limited
Ordinary
100%
Smileys Creche Limited
Ordinary
100%
The Little People (Gloucester) Limited
Ordinary
100%
Westfield Day Nursery Limited
Ordinary
100%
Apples & Cherries Day Nursery Limited
Ordinary
100%

Page 38

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Class of shares

Holding

Daybreak Interim Holdings Limited
Ordinary
100%
Daybreak Nurseries Limited
Ordinary
100%
Gingerbread House Day Nursery (Croydon) Limited
Ordinary
100%
Leo's Childrens Nurseries Limited
Ordinary
100%
Little Angels Nurseries Limited
Ordinary
100%
Sole Intentions Limited
Ordinary
100%

The company has provided a guarantee under section 479 of the Companies Act 2006 and the (direct and indirect) subsidiaries have therefore taken exemption from the requirement of audit of their individual accounts under section 479A of the Companies Act 2006.

Page 39

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
60,000
60,000
60,000
-

60,000
60,000
60,000
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
267,867
157,113
-
-

Amounts owed by group undertakings
1,630,714
2,860,527
10,213,433
11,597,022

Other debtors
58,871
32,353
3,660
1,457

Prepayments and accrued income
555,407
659,272
27,057
85,156

2,512,859
3,709,265
10,244,150
11,683,635



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,171,920
6,164,130
51,019
537,131

Less: bank overdrafts
(292)
(2,221)
-
-

2,171,628
6,161,909
51,019
537,131


Page 40

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
292
2,221
-
-

Trade creditors
544,665
895,169
24,913
165,544

Amounts owed to group undertakings
14,298,225
16,371,915
28,166,554
23,496,168

Corporation tax
929,210
1,529,833
-
-

Other taxation and social security
302,573
253,515
40,289
44,956

Other creditors
1,124,473
1,159,369
14,794
74,780

Accruals and deferred income
2,067,519
2,045,390
107,743
110,502

19,266,957
22,257,412
28,354,293
23,891,950



20.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
2,171,920
6,164,130
51,019
537,131

Financial assets that are debt instruments measured at amortised cost
2,017,402
3,109,993
10,836,611
11,598,479

4,189,322
9,274,123
10,887,630
12,135,610


Financial liabilities

Financial liabilities measured at amortised cost
(15,810,266)
(18,138,390)
(28,257,278)
(23,716,904)


Financial assets measured at fair value through profit or loss comprise cash at bank in hand.


Financial assets that are debt instruments measured at amortised cost comprise other debtors


Financial liabilities measured at amortised cost comprise trade payables, other creditors, accruals and deferred income. 

Page 41

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(51,800)
(4,028)


Charged to profit or loss
(458,830)
73


Arising on business combinations
(3,412)
(47,845)



At end of year
(514,042)
(51,800)

Company


2023
2022


£

£






Charged to profit or loss
(12,610)
-



At end of year
(12,610)
-

Group
Group
Company
2023
2022
2023
£
£
£

Accelerated capital allowances
(514,042)
(51,800)
(12,610)

(514,042)
(51,800)
(12,610)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,100 (2022 - 1,100) A Ordinary shares of £1.000 each
1,100
1,100
199,413 (2022 - 199,413) B Ordinary shares of £0.001 each
199
199

1,299

1,299


Page 42

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.
 

Business combinations

During the period, the company acquired Apples & Cherries Day Nursery Limited from independent third parties. 

Acquisition of Apples & Cherries Day Nursery Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value adjustments
Fair value
£
£
£

Fixed Assets

Tangible
17,958
-
17,958

17,958
-
17,958

Current Assets

Debtors
60,073
(43,823)
16,250

Cash at bank and in hand
543,305
-
543,305

Total Assets
621,336
(43,823)
577,513

Creditors

Due within one year
(254,611)
-
(254,611)

Total Identifiable net assets
366,725
(43,823)
322,902


Goodwill
1,467,583

Total purchase consideration
1,790,485

Consideration

£


Cash
1,790,485

Total purchase consideration
1,790,485

Page 43

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.Business combinations (continued)

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
1,425,000

Directly attributable costs
365,485

1,790,485

Less: Cash and cash equivalents acquired
(543,305)

Net cash outflow on acquisition
1,247,180

The results of Apples & Cherries Day Nursery Limited since acquisition are as follows:

Current period since acquisition
£

Turnover
692,890

Profit for the period since acquisition
98,614


24.


Reserves

Merger Reserve

The Merger reserve arises on recognition of business combinations and represents the difference in fair value and carrying value of the businesses acquired. Amortisation of goodwill arising on these business combinations is charged through profit and loss and an equal amount is transferred through reserves against the Merger reserve.

Profit & loss account

The profit and loss account represents cumulative net gains and losses less distributions made.


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £228,100 (2022: £317,392). Contributions totalling £30,953 (2022: £48,833) were payable to the fund at the balance sheet date. 

Page 44

 
ALL ABOUT CHILDREN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
760,783
760,783

Later than 1 year and not later than 5 years
2,975,589
3,074,852

Later than 5 years
1,686,184
2,347,703

5,422,556
6,183,338

27.


Related party transactions

The company has taken advantage of the exemptions in FRS 102 Section 33.1A from the requirement to disclose transactions entered into between wholly owned members of the group.


28.


Controlling party

The company is a subsidiary of Partou UK Holding Limited, a company incorporated in England and Wales.
At the balance sheet date, the ultimate controlling party is Delphine Topholding B.V. registered in Bussum The Netherlands. The Registered address of Delphine Topholding B.V. is Sportlaan 1. 4131NN Vianen, The Netherlands, registered number 86231227.
As such, the smallest and largest group in which the results of the company are consolidated, from the date the group was acquired, is that of Delphine Topholding B.V. and these can be obtained from the company's registered office.

 
Page 45