Company registration number 05689596 (England and Wales)
PLANET KIDS PRIVATE DAY NURSERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PLANET KIDS PRIVATE DAY NURSERY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PLANET KIDS PRIVATE DAY NURSERY LIMITED
BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
8,656
11,540
Current assets
Debtors
5
89,316
120,707
Cash at bank and in hand
27,252
11,902
116,568
132,609
Creditors: amounts falling due within one year
6
(29,984)
(37,396)
Net current assets
86,584
95,213
Total assets less current liabilities
95,240
106,753
Creditors: amounts falling due after more than one year
7
(11,841)
(21,667)
Net assets
83,399
85,086
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
83,299
84,986
Total equity
83,399
85,086

For the financial year ended 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
R Ashcroft
Director
Company registration number 05689596 (England and Wales)
PLANET KIDS PRIVATE DAY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 2 -
1
Accounting policies
Company information

Planet Kids Private Day Nursery Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Bold Hotel, 583 Lord Street, Southport, England, PR9 0BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts received in relation to the provision of childcare services. Turnover is recognised at the point of childcare.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
3 years straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% straight line
Fixtures and equipment
20% reducing balance
Computer equipment
20% reducing balance
Motor Vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PLANET KIDS PRIVATE DAY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Current tax assets are recognised when ta paid exceeds the tax payable.

PLANET KIDS PRIVATE DAY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equality, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

 

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

 

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
20
PLANET KIDS PRIVATE DAY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 5 -
3
Intangible fixed assets
Website
£
Cost
At 31 March 2023 and 30 March 2024
1,157
Amortisation and impairment
At 31 March 2023 and 30 March 2024
1,157
Carrying amount
At 30 March 2024
-
0
At 30 March 2023
-
0
4
Tangible fixed assets
Leasehold improvements
Fixtures and equipment
Computer equipment
Motor Vehicles
Total
£
£
£
£
£
Cost
At 31 March 2023 and 30 March 2024
3,022
22,665
9,523
13,300
48,510
Depreciation and impairment
At 31 March 2023
3,022
19,496
6,898
7,554
36,970
Depreciation charged in the year
-
0
792
656
1,436
2,884
At 30 March 2024
3,022
20,288
7,554
8,990
39,854
Carrying amount
At 30 March 2024
-
0
2,377
1,969
4,310
8,656
At 30 March 2023
-
0
3,169
2,625
5,746
11,540
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
75,000
115,000
Other debtors
14,316
5,707
89,316
120,707
PLANET KIDS PRIVATE DAY NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Corporation tax
1
795
Other taxation and social security
4,190
3,277
Other creditors
6,820
20,844
Accruals and deferred income
8,973
2,480
29,984
37,396

The bank loan relates to a Government backed bounce back loan which is repayable in monthly instalments.

7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
11,841
21,667

The bank loan relates to a Government backed bounce back loan which is repayable in monthly instalments.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
-
100
Ordinary A shares of £1 each
80
-
80
-
Ordinary B shares of £1 each
20
-
20
-
200
100
100
100

On 4 August 2023 the 100 ordinary shares were re-designated into 80 ordinary A shares and 20 ordinary B Shares.

 

All shares rank equally.

9
Related party transactions

Included within debtors is an amount of £75,000 (2023 - £115,000) owed by a company related by common control.

10
Controlling party

The company is controlled by V Mikhail by virtue of her majority shareholding and directorship.

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