Registered number
10312638
Little Incredibles Childcare Ltd
Filleted Accounts
31 August 2024
Little Incredibles Childcare Ltd
Registered number: 10312638
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 80,739 76,090
Current assets
Debtors 5 4,247 5,669
Cash at bank and in hand 31,901 11,636
36,148 17,305
Creditors: amounts falling due within one year 6 (41,915) (20,545)
Net current liabilities (5,767) (3,240)
Total assets less current liabilities 74,972 72,850
Creditors: amounts falling due after more than one year 7 (74,043) (72,302)
Provisions for liabilities (579) (504)
Net assets 350 44
Capital and reserves
Called up share capital 5 5
Profit and loss account 345 39
Shareholders' funds 350 44
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S Harlow and Mrs L Bufton
Director
Approved by the board on 20 January 2025
Little Incredibles Childcare Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 rendering of services. Turnover 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings Over the lease term, which is equal to the mortgage, and guaranteed by the lessor to equal the value outstanding on the mortgage.
Plant and machinery 15% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Change of accounting policy and accounting treatment
The directors have agreed that a change of accounting policy and accounting treatment is required with regard to the leasehold premises that the Company occupies. The asset has previously been treated as goodwill and amortised over 30 years. However, the actual substance of the transaction is the right to occupy the trading premises for as long as the company needs to, and on exiting the premises, the lease would be revoked, but the related mortgage would be fully funded by the lessors. So the true value of the asset of the company is equal to that of the outstanding loan. The directors agree that the fair value shown in the accounts should be for the two items to be equal, and for the asset to be shown as a leasehold, being the right to occupy the premises, rather than as goodwill.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 12
4 Tangible fixed assets
Leasehold property Plant and machinery etc Total
£ £ £
Cost
At 1 September 2023 107,465 6,050 113,515
At 31 August 2024 107,465 6,050 113,515
Depreciation
At 1 September 2023 34,026 3,399 37,425
Charge for the year (5,047) 398 (4,649)
Surplus on revaluation - - -
At 31 August 2024 28,979 3,797 32,776
Net book value
At 31 August 2024 78,486 2,253 80,739
At 31 August 2023 73,439 2,651 76,090
5 Debtors 2024 2023
£ £
Other debtors 4,247 5,669
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,443 9,055
Taxation and social security costs 2,856 3,647
Other creditors 34,616 7,843
41,915 20,545
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 74,043 72,302
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 63,297 65,288
Secured bank loans 78,486 81,357
The bank loan is secured on a property owned by Mrs Bufton's parents.
9 Related party transactions
The business premises is owned by one of the shareholders, Mrs S Harvey and her husband, parents of the director Mrs L Bufton. The company meets the utility bills relating to the business use of the premises, but the rent is waived due to the Company having a mortgage in relation to the part of the premises that they occupy.
10 Other information
Little Incredibles Childcare Ltd is a private company limited by shares and incorporated in England. Its registered office is:
27 London Road
Yaxley
Peterborough
Cambridgeshire
PE7 3NQ
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