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Company No: 13632208 (England and Wales)

TWO HANDS PRESCHOOL LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

TWO HANDS PRESCHOOL LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

TWO HANDS PRESCHOOL LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
TWO HANDS PRESCHOOL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTOR Joanna Shall
REGISTERED OFFICE 1 Poultry C/O Praxis
London
EC2R 8EJ
United Kingdom
COMPANY NUMBER 13632208 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
TWO HANDS PRESCHOOL LIMITED

BALANCE SHEET

As at 30 September 2024
TWO HANDS PRESCHOOL LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 515,564 583,485
515,564 583,485
Current assets
Debtors
- due within one year 4 120,125 55,299
- due after more than one year 4 50,000 50,000
Cash at bank and in hand 5 45,881 25,988
216,006 131,287
Creditors: amounts falling due within one year 6 ( 126,968) ( 33,510)
Net current assets 89,038 97,777
Total assets less current liabilities 604,602 681,262
Creditors: amounts falling due after more than one year 7 ( 689,653) ( 692,911)
Net liabilities ( 85,051) ( 11,649)
Capital and reserves
Called-up share capital 9 125 125
Share premium account 199,975 199,975
Profit and loss account ( 285,151 ) ( 211,749 )
Total shareholders' deficit ( 85,051) ( 11,649)

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Two Hands Preschool Limited (registered number: 13632208) were approved and authorised for issue by the Director on 06 February 2025. They were signed on its behalf by:

Joanna Shall
Director
TWO HANDS PRESCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
TWO HANDS PRESCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Two Hands Preschool Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Poultry C/O Praxis, London, EC2R 8EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £85,051. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable in respect of preschool fees.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 12 5

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2023 596,062 53,540 649,602
Additions 12,324 8,800 21,124
At 30 September 2024 608,386 62,340 670,726
Accumulated depreciation
At 01 October 2023 58,977 7,140 66,117
Charge for the financial year 79,909 9,136 89,045
At 30 September 2024 138,886 16,276 155,162
Net book value
At 30 September 2024 469,500 46,064 515,564
At 30 September 2023 537,085 46,400 583,485

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Deferred tax asset 87,656 55,000
Other debtors 32,469 299
120,125 55,299
Debtors: amounts falling due after more than one year
Other debtors 50,000 50,000

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 45,881 25,988

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,907 1,089
Other taxation and social security 453 5,236
Other creditors 121,608 27,185
126,968 33,510

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 689,653 692,911

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 55,000 0
Credited to the Profit and Loss Account 32,656 55,000
At the end of financial year 87,656 55,000

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
90 Ordinary A shares of £ 1.00 each 90 90
10 Ordinary B shares of £ 1.00 each 10 10
25 Ordinary C shares of £ 1.00 each 25 25
125 125

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 472,378 563,348

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,142 600

11. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Loan from the director 689,653 692,887

The loan from the director is interest free and unsecured. Net repayments during the year totalled £3,258 (2023: £nil).