Registered number:
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
COMPANY INFORMATION
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
CONTENTS
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The Group's principal activity during the year was that of childcare services. It also owns property which it uses for business purposes.
The principal activity of Little Elms Daycare Nurseries Property Holding Company Limited is that of holding of investments in subsidiaries, and property investment. The principal activities of Little Elms Daycare Nursery Limited, Little Elms Daycare Nursery Peninsula Limited, Little Elms Daycare Nursery Sydenham Limited, Little Elms Daycare Nursery Beckenham Limited, Little Elms Daycare Nursery Catford Green Limited, and Little Elms Daycare Nursery Crofton Limited during the year was that of childcare services. The principal activity of Little Elms Daycare Nursery Property Holding Company Bromley Limited is that of property investment.
The director aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business. The director considers the key financial performance indicators to be net profit and net assets. Net profit provides a good measure of the performance of the company, whilst net assets demonstrate the financial strength of the company.
During the year, turnover has increased by 5.7%, gross profit margin has decreased to 46.7% from 47.9% in the prior year. Net profits before tax and fair value movements have decreased to £391,420 (2023 - £943,903). The decreases have been driven by increases caused by general inflationary pressures impacting the industry. The directors are satisfied with the results for the year. The financial position of the company continues to be strong at the year end with a healthy cash balance of £870k, while net assets remain in excess of £4,728k. . The Board are confident in its assessment of going concern, and have put measures in place to protect their staff and continue to operate as normal in the period ahead.
The management of the business is subject to a number of risks. The key business risks and uncertainties areconsidered to relate to the current economic climate.
The company operates in a sophisticated market and its performance is related to ensuring it provides a high quality of childcare to satisfy all of its customers requirements.
The company regularly reviews its exposure to credit risk. Management closely monitor outstanding debts andand make provisions in the accounts for customers considered to be at risk of non-payment.
The cash balance at the year end was £870k which provides the company with adequate working capital. The directors recognise the importance of funding and liquidity under the current economic climate and will continue to monitor the company's financial resources to ensure that the company is able to support its activities and future growth.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, which attract interest at the prevailing market rate. Interest bearing liabilities include bank loans and obligations under finance lease and hire purchase contracts which attract interest at fixed rates.
This report was approved by the board on 22 February 2025 and signed on its behalf.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present their report and the financial statements for the year ended 31 May 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,951,797 (2023 - £754,405).
During the year, the directors declared dividends of £Nil (2023 - £731,000).
The directors who served during the year were:
Looking ahead, the company's business environment is expected to remain challenging but promising. The directors consider that the company's strong financial position should provide a platform which is conducive to capitalising on both current and future opportunities.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
There have been no significant events affecting the Group since the year end.
Berringers LLP resigned as the auditor during the year and Barnes Roffe LLP were appointed in their place.
The auditor, Barnes Roffe LLP, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
We have audited the financial statements of Little Elms Daycare Nurseries Property Holding Company Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙The engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the company through discussions with directors and
other management, and from our commercial knowledge and experience of the relevant sector;
∙We focused on specific laws and regulations, which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, Ofsted standards and food hygeine regulations;
∙We assessed the extent of compliance with laws and regulations identified above through making enquires
of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:
∙Making enquires of management as to where they considered there was susceptibility to fraud, their
knowledge of actual suspected and alleged fraud; and
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls, we:
∙Performed analytical procedures to identify and unusual or unexpected relationships;
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED (CONTINUED)
∙Tested journal entries to identify unusual transactions;
∙Assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
∙Investigated the rationale behind significant or unusual transactions.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
REGISTERED NUMBER: 08713949
CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
REGISTERED NUMBER: 08713949
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 February 2025.
The notes on pages 18 to 38 form part of these financial statements.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
REGISTERED NUMBER: 08713949
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
REGISTERED NUMBER: 08713949
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 38 form part of these financial statements.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Little Elms Daycare Nurseries Property Holding Company Limited, is a private company, limited by shares, registered in England and Wales. The company's registered office is 29 Beckenham Road, Kent, England BR3 4PR. It's principal activity is that of a holding company and the holding of property.
The principal activity of its subsidiaries, Little Elms Daycare Nursery Limited, Little Elms Daycare Nursery Beckenham Limited, Little Elms Daycare Nursery Catford Green Limited, Little Elms Daycare Nursery Crofton Limited, Little Elms Daycare Nursery Sydenham Limited, Little Elms Daycare Nursery Peninsula Limited, and Little Elms Daycare Nursery Property Holding Company Bromley Limited is that of childcare services. The registered office address for the subsidiary undertakings is 29 Beckenham Road, Kent, England, BR3 4PR.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors have reviewed and considered the company working capital requirements and the directors are of the opinion that the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. They therefore consider it appropriate to continue to prepare the financial statements on a going concern basis.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
impairment reversal is recognised in the profit or loss.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Critical judgements in applying the entity's accounting policies No significant judgements have had to be made by management in preparing these financial statements. Critical accounting estimates and assumptions (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utlisiation and the physical condition of the assets. See note 14 for the carrying amount of the property, plant and equipment, and note 2.11 for the useful economic lives for each class of assets. (ii) The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 17 for the net carrying amount of the debtors.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
There were no factors that may affect future tax charges.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
14.Tangible fixed assets (continued)
Cost or valuation at 31 May 2024 is as follows:
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The 2024 valuations were made by the directors, on an open market value for existing use basis.
The 2024 valuations were made by the directors, on an open market value for existing use basis.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
At the balance sheet date the group had entered into a group guarantee in relation to bank loans held by Little Elms Daycare Nurseries Property Holding Company Limited. The loan is secured by way of a fixed charge over property, other debts, chattels, goodwill and uncalled capital and a floating charge over all assets.
In December 2019 the company entered into a bank facility agreement. Interest is charged at 2.25% over the base rate. The loan is repayable within 5 years of the balance sheet date.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Revaluation reserve
and other adjustments.
Profit and loss account
The comparative figures for the year ended 31 May 2023 and 31 May 2022 have been restated to
correctly reclassify freehold property included within tangible fixed assets, to investment property, in order to comply with the requirements of Financial Reporting Standard FRS102. In addition, the comparative figures for the year ended 31 May 2023 and 31 May 2022 have been restated following the recognition of depreciation on leasehold improvements. The quantum effect of the adjustments is a decrease in retained earnings and fixed assets of £296,716.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £84,737 (2023 - £77,738). Contributions totalling £18,019 (2023 - £16,766) were payable to the fund at the balance sheet date and are included in creditors.
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LITTLE ELMS DAYCARE NURSERIES PROPERTY HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The ultimate controlling party is M Lancaster and S Lancaster
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