Company registration number NI050684 (Northern Ireland)
EMPLOYERS FOR CHILDCARE TRADING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
EMPLOYERS FOR CHILDCARE TRADING LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
EMPLOYERS FOR CHILDCARE TRADING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
311,837
350,352
Current assets
Stocks
4
2,328
2,328
Debtors
5
11,263
18,035
Cash at bank and in hand
6
4,979,186
5,899,432
4,992,777
5,919,795
Creditors: amounts falling due within one year
7
(4,889,694)
(5,822,694)
Net current assets
103,083
97,101
Total assets less current liabilities
414,920
447,453
Provisions for liabilities
(58,685)
(66,564)
Net assets
356,235
380,889
Reserves
Income and expenditure account
356,235
380,889
Members' funds
356,235
380,889

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

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

The financial statements were approved by the board of directors and authorised for issue on 13 February 2025 and are signed on its behalf by:
Ms M Marin OBE
Mrs S McCarry
Director
Director
Company registration number NI050684 (Northern Ireland)
EMPLOYERS FOR CHILDCARE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Employers for Childcare Trading Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office and place of business is 11 Blaris Industrial Estate, 11 Altona Road, Lisburn, Co Antrim, BT27 5QB.

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
Change in accounting estimate

The directors reviewed the depreciation policy in the year, and as a result the depreciation rates were changed. The depreciation rate for fixtures, fittings and equipment was changed from 10% straight line to 5% straight line, with depreciation decreasing by £33,615.

1.3
Going concern

The company operates the administration of a childcare voucher scheme and an indoor adventure facility, called High Rise. The directors have reviewed the cost structure for High Rise during the 2025 financial year and have taken action to reduce costs and through a concentrated marketing campaign to increase footfall. The company meets its day to day working capital requirements through its own bank reserves and has no external funding. The directors have considered future financial projections and future cash flow requirements and are confident that the company will continue in business for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Tangible fixed assets

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

EMPLOYERS FOR CHILDCARE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies (Continued)
- 3 -

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
12.5% Straight Line
Fixtures and fittings
5% - 33% Straight Line
Computers
33% Straight Line

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 surplus or deficit.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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.

EMPLOYERS FOR CHILDCARE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies (Continued)
- 4 -
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

EMPLOYERS FOR CHILDCARE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies (Continued)
- 5 -
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2024
2023
Number
Number
Total
55
38
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 June 2023
14,472
637,088
47,242
698,802
Additions
-
0
7,281
1,840
9,121
Disposals
-
0
(1,910)
-
0
(1,910)
At 31 May 2024
14,472
642,459
49,082
706,013
Depreciation and impairment
At 1 June 2023
13,800
293,430
41,220
348,450
Depreciation charged in the year
435
43,396
3,311
47,142
Eliminated in respect of disposals
-
0
(1,416)
-
0
(1,416)
At 31 May 2024
14,235
335,410
44,531
394,176
Carrying amount
At 31 May 2024
237
307,049
4,551
311,837
At 31 May 2023
672
343,658
6,022
350,352
4
Stocks
2024
2023
£
£
Stocks
2,328
2,328
EMPLOYERS FOR CHILDCARE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
3,096
1,689
Prepayments and accrued income
8,167
16,346
11,263
18,035
6
Cah at bank

Cash at bank includes £4,720,907 (2023 - £5,668,727) which relates to vouchers payable and is restricted client money and is not available for the use by the company.

7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,453
23,841
Amounts owed to group undertakings
127,381
77,597
Taxation and social security
33,068
28,504
Vouchers payable
4,676,818
5,659,746
Other creditors
31,974
33,006
4,889,694
5,822,694
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Stephen Houston FCA
Statutory Auditor:
GMcG LISBURN
Date of audit report:
13 February 2025
EMPLOYERS FOR CHILDCARE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
10
Parent company

The company is a wholly owned subsidiary of ultimate parent undertaking Employers for Childcare, a charitable company, limited by guarantee, registered in Northern Ireland.

 

The smallest group in which the results of this company are consolidated is that headed by Employers for Childcare. The company's registered office address if 11 Blaris Industrial Estate, 11 Altona Road, Lisburn, BT27 5QB.

11
Related party transactions

The directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

2024-05-312023-06-01false13 February 2025CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMs M Marin OBEMrs S McCarryMr P McGladeMr T MervynMr J O'NeillMs Marie Marin OBEfalsefalseNI0506842023-06-012024-05-31NI0506842024-05-31NI0506842023-05-31NI050684core:LeaseholdImprovements2024-05-31NI050684core:FurnitureFittings2024-05-31NI050684core:ComputerEquipment2024-05-31NI050684core:LeaseholdImprovements2023-05-31NI050684core:FurnitureFittings2023-05-31NI050684core:ComputerEquipment2023-05-31NI050684core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-31NI050684core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-31NI050684core:CurrentFinancialInstruments2024-05-31NI050684core:CurrentFinancialInstruments2023-05-31NI050684core:RetainedEarningsAccumulatedLosses2024-05-31NI050684core:RetainedEarningsAccumulatedLosses2023-05-31NI050684bus:CompanySecretaryDirector12023-06-012024-05-31NI050684bus:Director12023-06-012024-05-31NI050684core:LeaseholdImprovements2023-06-012024-05-31NI050684core:FurnitureFittings2023-06-012024-05-31NI050684core:ComputerEquipment2023-06-012024-05-31NI0506842022-06-012023-05-31NI050684core:LeaseholdImprovements2023-05-31NI050684core:FurnitureFittings2023-05-31NI050684core:ComputerEquipment2023-05-31NI0506842023-05-31NI050684core:CurrentFinancialInstruments12024-05-31NI050684core:CurrentFinancialInstruments12023-05-31NI050684bus:CompanyLimitedByGuarantee2023-06-012024-05-31NI050684bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-31NI050684bus:FRS1022023-06-012024-05-31NI050684bus:Audited2023-06-012024-05-31NI050684bus:Director22023-06-012024-05-31NI050684bus:Director32023-06-012024-05-31NI050684bus:Director42023-06-012024-05-31NI050684bus:Director52023-06-012024-05-31NI050684bus:CompanySecretary12023-06-012024-05-31NI050684bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP