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Registration number: SC309996

We Care For Children Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

We Care For Children Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

We Care For Children Limited

Company Information

Directors

Mrs S Fairley

Ms N Fairley

Company secretary

Mr W Fairley

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
We Care For Children Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of We Care For Children Limited for the year ended 31 October 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of We Care For Children Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of We Care For Children Limited and state those matters that we have agreed to state to the Board of Directors of We Care For Children Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than We Care For Children Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that We Care For Children Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of We Care For Children Limited. You consider that We Care For Children Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of We Care For Children Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

24 October 2024

 

We Care For Children Limited

(Registration number: SC309996)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

654,851

670,236

Current assets

 

Debtors

6

196,426

151,528

Cash at bank and in hand

 

228,734

319,428

 

425,160

470,956

Creditors: Amounts falling due within one year

7

(372,666)

(368,825)

Net current assets

 

52,494

102,131

Total assets less current liabilities

 

707,345

772,367

Creditors: Amounts falling due after more than one year

7

(372,859)

(409,068)

Provisions for liabilities

(1,859)

(3,079)

Net assets

 

332,627

360,220

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

332,527

360,120

Shareholders' funds

 

332,627

360,220

For the financial year ending 31 October 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

We Care For Children Limited

(Registration number: SC309996)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................
Mrs S Fairley
Director

 

We Care For Children Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the Board on 24 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of childcare nursery services. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

We Care For Children Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £300 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% on cost and over 4 years straight line

Furniture, fittings and equipment

20% straight line

Motor vehicles

20% straight line

 

We Care For Children Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

We Care For Children Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 75 (2022 - 72).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

20,000

20,000

At 31 October 2023

20,000

20,000

Amortisation

At 1 November 2022

20,000

20,000

At 31 October 2023

20,000

20,000

Carrying amount

At 31 October 2023

-

-

 

We Care For Children Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

770,682

116,187

25,050

911,919

Additions

-

6,764

-

6,764

Disposals

-

(20,700)

(20,000)

(40,700)

At 31 October 2023

770,682

102,251

5,050

877,983

Depreciation

At 1 November 2022

135,663

91,530

14,490

241,683

Charge for the year

3,634

8,211

64

11,909

Eliminated on disposal

-

(20,700)

(9,760)

(30,460)

At 31 October 2023

139,297

79,041

4,794

223,132

Carrying amount

At 31 October 2023

631,385

23,210

256

654,851

At 31 October 2022

635,019

24,657

10,560

670,236

Included within the net book value of land and buildings above is £631,386 (2022 - £635,019) in respect of freehold land and buildings.
 

6

Debtors

2023
£

2022
£

Trade debtors

64,102

84,487

Prepayments

105,117

5,754

Other debtors

27,207

61,287

196,426

151,528

 

We Care For Children Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

39,820

48,467

Trade creditors

 

8,081

18,877

Taxation and social security

 

35,748

56,225

Accruals and deferred income

 

171,056

96,890

Other creditors

 

117,961

148,366

 

372,666

368,825

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

372,859

409,068

Loans and borrowings include bank loans repayable by instalments of £210,925 (2022 - £244,831) due after more than five years.

 

We Care For Children Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

372,859

407,773

Hire purchase contracts

-

1,295

372,859

409,068

Current loans and borrowings

2023
£

2022
£

Bank borrowings

38,235

44,995

Hire purchase contracts

1,585

3,472

39,820

48,467

One of the bank loans is supported by a 100% guarantee from the UK government.

There is a personal bond and first ranking security held by the bank over the properties and an unlimited debenture given by the company.

The hire purchase liabilities are secured over the assets concerned.

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

We Care For Children Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

10

Related party transactions

The company operates a loan account with the director, Mrs S Fairley.
During the year, the director repaid loans totalling £18,059 to the company. At the year end, the balance due from/(to) the director was £(10) (2022 - £18,049). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with We Care For Children Edinburgh Ltd, a company controlled by Mrs S Fairley.
During the year, the company repaid loans totalling £42,855 to We Care For Children Edinburgh Ltd. At the year end, the balance due to We Care For Children Edinburgh Ltd was £102,785 (2022 - £145,640). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with Jets Activity Club Community Interest Company, a company controlled by Mrs S Fairley.
During the year, Jets Activity Club Community Interest Company repaid loans totalling £17,893 to the company. At the year end, the balance due to the company was £24,445 (2022 - £42,338). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with Scottish Private Nursery Association Ltd, a company controlled by Mrs S Fairley.
During the year, the company advanced loans totalling £976 to Scottish Private Nursery Association Ltd. At the year end, the balance due to the company was £1,876 (2022 - £900). This loan is unsecured, interest free and has no fixed repayment terms.

 

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

18,821

7,566

Later than one year and not later than five years

28,231

404

47,052

7,970