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Registration number: 07716546

Wellies Day Nursery Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

image-name
 

Wellies Day Nursery Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Wellies Day Nursery Limited

Company Information

Director

Mrs HJ Hobbs

Registered office

1 Brook End
North Crawley
Newport Pagnell
Buckinghamshire
MK16 9HH

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Wellies Day Nursery Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wellies Day Nursery Limited for the year ended 31 August 2024 as set out on pages 3 to 11 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Wellies Day Nursery Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Wellies Day Nursery Limited and state those matters that we have agreed to state to the Board of Directors of Wellies Day Nursery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wellies Day Nursery Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wellies Day Nursery 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 Wellies Day Nursery Limited. You consider that Wellies Day Nursery 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 Wellies Day Nursery 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.

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

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

14 November 2024

 

Wellies Day Nursery Limited

(Registration number: 07716546)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

523,567

550,344

Current assets

 

Stocks

6

6,000

6,000

Debtors

7

32,498

32,030

Cash at bank and in hand

 

265,305

285,654

 

303,803

323,684

Creditors: Amounts falling due within one year

8

(141,541)

(164,193)

Net current assets

 

162,262

159,491

Total assets less current liabilities

 

685,829

709,835

Creditors: Amounts falling due after more than one year

8

-

(25,691)

Provisions for liabilities

(20,386)

(25,532)

Net assets

 

665,443

658,612

Capital and reserves

 

Called up share capital

100

100

Retained earnings

665,343

658,512

Shareholders' funds

 

665,443

658,612

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 November 2024
 

 

Wellies Day Nursery Limited

(Registration number: 07716546)
Balance Sheet as at 31 August 2024

.........................................
Mrs HJ Hobbs
Director

 

Wellies Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, Registration number 07716546.

The address of its registered office is:
1 Brook End
North Crawley
Newport Pagnell
Buckinghamshire
MK16 9HH

These financial statements were authorised for issue by the director on 14 November 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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Wellies Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

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

Improvements to property

2% on cost

Fixtures and fittings

20% reducing balance

Office equipment

33% reducing balance

Plant and machinery

25% reducing balance

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Computer software

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Wellies Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Wellies Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company during the year, including the director, was 43 (2023 - 41).

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2023

120,000

1,536

121,536

At 31 August 2024

120,000

1,536

121,536

Amortisation

At 1 September 2023

120,000

1,536

121,536

At 31 August 2024

120,000

1,536

121,536

Carrying amount

At 31 August 2024

-

-

-

 

Wellies Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Tangible assets

Improvements to property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

507,299

290,836

798,135

Additions

2,376

3,156

5,532

At 31 August 2024

509,675

293,992

803,667

Depreciation

At 1 September 2023

64,112

183,679

247,791

Charge for the year

10,150

22,159

32,309

At 31 August 2024

74,262

205,838

280,100

Carrying amount

At 31 August 2024

435,413

88,154

523,567

At 31 August 2023

443,187

107,157

550,344

6

Stocks

2024
£

2023
£

Inventory

6,000

6,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

3,735

9,026

Prepayments

21,659

16,254

Other debtors

6,910

6,750

Wages and salaries debtor

194

-

 

32,498

32,030

 

Wellies Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

-

38,056

Trade creditors

 

14,105

3,839

Wages and salaries control

 

-

1,098

Other creditors

 

36,000

36,000

Corporation tax control

 

28,635

32,043

Accruals

 

3,456

7,521

PAYE and NIC creditor

 

16,062

17,954

Director's current account

 

35,230

27,682

Deferred income

 

8,053

-

 

141,541

164,193

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

25,691

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

7,477

Other borrowings

-

18,214

-

25,691

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

28,000

Other borrowings

-

10,056

-

38,056

 

Wellies Day Nursery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Related party transactions

Summary of transactions with other related parties


The company director owns a share of the freehold property in which the company trades from. During the year, the property owners charged the company £112,486 (2023: £102,260) in rent for use of the premises, which is considered fair market value
.