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Registered number: 11182612
Imagination Preschool And Nursery Ltd
Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11182612
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 50,101 27,809
50,101 27,809
CURRENT ASSETS
Debtors 5 34,616 35,612
Cash at bank and in hand 46,893 40,248
81,509 75,860
Creditors: Amounts Falling Due Within One Year 6 (113,006 ) (78,317 )
NET CURRENT ASSETS (LIABILITIES) (31,497 ) (2,457 )
TOTAL ASSETS LESS CURRENT LIABILITIES 18,604 25,352
Creditors: Amounts Falling Due After More Than One Year 7 (17,553 ) (25,160 )
NET ASSETS 1,051 192
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 951 92
SHAREHOLDERS' FUNDS 1,051 192
Page 1
Page 2
For the year ending 29 February 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Lee Blyth
Director
Mrs Nicole Blyth
Director
Mrs Ayodeji Bernard
Director
25 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Imagination Preschool And Nursery Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11182612 . The registered office is 7 St. Josephs Street, London, SW8 4EN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% Straight Line
Leasehold 4% Straight Line
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 25% Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 40 (2023: 39)
40 39
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4. Tangible Assets
Land & Property
Freehold Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 10,812 3,083 43,740 13,409 71,044
Additions - - 36,756 - 36,756
As at 29 February 2024 10,812 3,083 80,496 13,409 107,800
Depreciation
As at 1 March 2023 4,325 617 29,953 8,340 43,235
Provided during the period 1,081 123 10,108 3,152 14,464
As at 29 February 2024 5,406 740 40,061 11,492 57,699
Net Book Value
As at 29 February 2024 5,406 2,343 40,435 1,917 50,101
As at 1 March 2023 6,487 2,466 13,787 5,069 27,809
5. Debtors
2024 2023
£ £
Due within one year
Rental Deposit 18,500 18,500
La Petite - Nursery 16,116 16,116
Net wages - 996
34,616 35,612
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,274 2,719
Corporation tax 55,068 34,766
Other taxes and social security 6,329 6,133
Net wages 432 -
Other creditors 15,323 2,448
Company Credit Card 6,493 1,567
Student Deposit 520 16,056
Pension Control AC 5,741 8,203
Other creditors - Misc - 124
Customer Payment on Account 20,826 5,608
Accruals and deferred income - (202 )
Directors' loan accounts - 895
113,006 78,317
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Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bounce Back Loan 17,553 25,160
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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