REGISTERED NUMBER: |
Report of the Members and |
Audited Financial Statements for the Period 1 September 2023 to 31 March 2024 |
for |
Childcare (East Midlands) LLP |
REGISTERED NUMBER: |
Report of the Members and |
Audited Financial Statements for the Period 1 September 2023 to 31 March 2024 |
for |
Childcare (East Midlands) LLP |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Contents of the Financial Statements |
for the Period 1 September 2023 to 31 March 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 7 |
Balance Sheet | 8 |
Reconciliation of Members' Interests | 9 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 14 |
Childcare (East Midlands) LLP |
General Information |
for the Period 1 September 2023 to 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
18 St Christopher's Way |
Pride Park |
Derby |
Derbyshire |
DE24 8JY |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Report of the Members |
for the Period 1 September 2023 to 31 March 2024 |
The members present their report with the financial statements of the LLP for the period 1 September 2023 to 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of children's day nurseries. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DESIGNATED MEMBERS |
The designated members during the period under review were: |
Mr R L Everist resigned from the partnership post year end, on 15th November 2024. |
Mr H Mills was appointed as a designated member post year end, on 15th November 2024. |
RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS |
The loss for the period before members' remuneration and profit shares was £17,680 (2023 - £653,213 profit). |
MEMBERS' INTERESTS |
The capital will be repaid by the LLP on the departure of a member from the LLP. |
It is a policy of the LLP to only allow members to withdraw profits to the extent that the LLP retains sufficient working capital to finance its ongoing operations. |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Report of the Members |
for the Period 1 September 2023 to 31 March 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
ON BEHALF OF THE MEMBERS: |
Report of the Independent Auditors to the Members of |
Childcare (East Midlands) LLP |
Opinion |
We have audited the financial statements of Childcare (East Midlands) LLP (the 'LLP') for the period ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the LLP's affairs as at 31 March 2024 and of its loss for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
Basis for opinion |
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 LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report. |
Other information |
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Childcare (East Midlands) LLP |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
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 a Report of the Auditors 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 financial statements. |
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: |
- we identified the laws and regulations applicable to the company through discussions with members and other management, and from our commercial knowledge and experience of the childcare provider industry. |
- 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 LLP, including the Childcare Act 2006, the Companies Act 2006, taxation legislation, as well as data protection, anti-bribery, employment, environmental and health and safety legislation. |
- we assessed the extent of compliance with the laws and regulations identified above through enquiries of management and the procurement of inspection reports and correspondence issued by Ofsted. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
Where we identified legislation or regulation of particular relevance to the entity, in conjunction with other audit testing, we considered the sufficiency and appropriateness of audit evidence obtained regarding the compliance with that legislation, or regulation, and any consequential risk of material misstatements in the financial statements. |
There are also inherent limitations in respect to the audit procedures conducted. It is less likely that a material misstatement due to fraud will be identified, as opposed to a material misstatement due to error, as fraud may involve deliberate concealment. |
However it must be noted that it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Childcare (East Midlands) LLP |
Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
18 St Christopher's Way |
Pride Park |
Derby |
Derbyshire |
DE24 8JY |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Statement of Comprehensive |
Income |
for the Period 1 September 2023 to 31 March 2024 |
Period |
1.9.23 |
to | Year Ended |
31.3.24 | 31.8.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(49,022 | ) | 622,345 |
Other operating income |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(16,674 | ) | 655,198 |
Interest payable and similar expenses | 5 |
(LOSS)/PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
OTHER COMPREHENSIVE INCOME |
Revaluation of investment property | ( |
) |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD |
(26,907 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investment property | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
4,491,386 |
5,016,399 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
15 |
547,750 |
1,045,777 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 3,759,026 | 3,759,105 |
Revaluation reserve | 16 |
4,491,386 | 5,016,399 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 15 | 547,750 | 1,045,777 |
Members' other interests | 3,943,636 | 3,970,622 |
Amounts due from members | 11 | (573,842 | ) | - |
3,917,544 | 5,016,399 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Reconciliation of Members' Interests |
for the Period 1 September 2023 to 31 March 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Revaluation | Other |
equity) | reserve | reserves | Total |
£ | £ | £ | £ |
Balance at 1 September 2023 | 3,759,105 | 211,517 | - | 3,970,622 |
Loss for the financial period available for discretionary division among members |
- |
- |
(17,680 |
) |
(17,680 |
) |
Members' interests after loss for the period | 3,759,105 | 211,517 | (17,680 | ) | 3,952,942 |
Other divisions of loss | - | - | 17,680 | 17,680 |
Investment property |
revaluation | - | (26,907 | ) | - | (26,907 | ) |
Introduced by members | (79 | ) | - | - | (79 | ) |
Drawings on account and distributions of profit | - | - | - | - |
Balance at 31 March 2024 | 3,759,026 | 184,610 | - | 3,943,636 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 1,045,777 |
Amount due from members | - |
Balance at 1 September 2023 | 1,045,777 | 5,016,399 |
Loss for the financial period available for discretionary division among members |
- |
(17,680 |
) |
Members' interests after loss for the period | 1,045,777 | 4,998,719 |
Other divisions of loss | (17,680 | ) | - |
Investment property |
revaluation | - | (26,907 | ) |
Introduced by members | 460,686 | 460,607 |
Drawings on account and distributions of profit | (1,514,875 | ) | (1,514,875 | ) |
Amount due to members | 547,750 |
Amount due from members | (573,842 | ) |
Balance at 31 March 2024 | (26,092 | ) | 3,917,544 |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Reconciliation of Members' Interests |
for the Period 1 September 2023 to 31 March 2024 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Revaluation | Other |
equity) | reserve | reserves | Total |
£ | £ | £ | £ |
Balance at 1 September 2022 | 3,670,955 | 211,517 | - | 3,882,472 |
Profit for the financial period available for discretionary division among members |
- |
- |
653,213 |
653,213 |
Members' interests after profit for the period | 3,670,955 | 211,517 | 653,213 | 4,535,685 |
Other divisions of profit | - | - | (653,213 | ) | (653,213 | ) |
Introduced by members | 88,150 | - | - | 88,150 |
Drawings on account and distributions of profit | - | - | - | - |
Balance at 31 August 2023 | 3,759,105 | 211,517 | - | 3,970,622 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 1,057,627 |
Amount due from members | - |
Balance at 1 September 2022 | 1,057,627 | 4,940,099 |
Profit for the financial period available for discretionary division among members |
- |
653,213 |
Members' interests after profit for the period | 1,057,627 | 5,593,312 |
Other divisions of profit | 653,213 | - |
Introduced by members | 87,850 | 176,000 |
Drawings on account and distributions of profit | (752,913 | ) | (752,913 | ) |
Amount due to members | 1,045,777 |
Amount due from members | - |
Balance at 31 August 2023 | 1,045,777 | 5,016,399 |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Cash Flow Statement |
for the Period 1 September 2023 to 31 March 2024 |
Period |
1.9.23 |
to | Year Ended |
31.3.24 | 31.8.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 2 |
Interest paid | ( |
) |
Interest element of finance lease payments paid |
( |
) |
( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of intangible fixed assets |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Transactions with members and former | members |
Payments to members | (1,514,875 | ) | (752,913 | ) |
Contributions by members | 460,607 | 176,000 |
(1,054,268 | ) | (576,913 | ) |
Cash flows from other financing activities |
Capital repayments in year | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
3 |
1,462,827 |
Cash and cash equivalents at end of period |
3 |
381,978 |
1,741,459 |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Notes to the Cash Flow Statement |
for the Period 1 September 2023 to 31 March 2024 |
1. | CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT |
All of the LLP's profits are credited to the members' current accounts and are included in the cashflow statement. |
2. | RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
Period |
1.9.23 |
to | Year Ended |
31.3.24 | 31.8.23 |
£ | £ |
(Loss)/profit for the financial period before members' remuneration and profit shares available for discretionary division among members |
(17,680 |
) |
653,213 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 1,006 | 1,985 |
Finance income | (17,540 | ) | (8,491 | ) |
95,614 | 762,659 |
(Increase)/decrease in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
3. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 March 2024 |
31.3.24 | 1.9.23 |
£ | £ |
Cash and cash equivalents | 381,978 | 1,741,459 |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 1,741,459 | 1,462,827 |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Notes to the Cash Flow Statement |
for the Period 1 September 2023 to 31 March 2024 |
4. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
Other |
non-cash |
At 1.9.23 | Cash flow | changes | At 31.3.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 1,741,459 | (1,359,481 | ) | 381,978 |
1,741,459 | ( |
) | 381,978 |
Debt |
Finance leases | (19,947 | ) | 2,771 | - | (17,176 | ) |
(19,947 | ) | 2,771 | - | (17,176 | ) |
Net funds (before |
members' debt) | 1,721,512 | (1,356,710 | ) | - | 364,802 |
Loans and other debts |
due to members |
Other amounts |
due to members | (1,045,777 | ) | 1,054,189 | (556,162 | ) | (547,750 | ) |
Net funds/(debt) | 675,735 | (302,521 | ) | (556,162 | ) | (182,948 | ) |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Notes to the Financial Statements - continued |
for the Period 1 September 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Childcare (East Midlands) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the use of fair values for certain financial instruments in accordance with the accounting policies set out below. |
Turnover |
Turnover represents net invoiced sales of child care services, excluding value added tax. Turnover is recognised when the likelihood of economic benefits flowing to the LLP is probable. |
Goodwill |
Goodwill, is being amortised evenly over its estimated useful life of ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. No stocks are purchased for resale. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Taxation |
Taxation on all of the LLP's profits are solely the personal liabilities of individual members. Consequently, neither taxation nor related deferred taxation arising in the LLP are accounted for in these financial statements. Amounts retained for tax are treated in the same way as other profits of the LLP and so are included in members' other interests or in loans and other debts due to members depending on whether or not division of profits has occurred. |
Financial instruments |
The LLP enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from and to related parties. |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Notes to the Financial Statements - continued |
for the Period 1 September 2023 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand. |
Trade debtors |
Trade debtors are amounts due for services rendered in the ordinary course of business. |
Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the debtor. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. |
Trade creditors are classified as current liabilities of the LLP and does not have an unconditional right, at the end of the reporting date, to defer settlement of the creditor for at least twelve months after the reporting date.If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Trade creditors are recognised at the transaction price. |
3. | EMPLOYEE INFORMATION |
Period |
1.9.23 |
to | Year Ended |
31.3.24 | 31.8.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.9.23 |
to | Year Ended |
31.3.24 | 31.8.23 |
Nursery staff |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Notes to the Financial Statements - continued |
for the Period 1 September 2023 to 31 March 2024 |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging/(crediting): |
Period |
1.9.23 |
to | Year Ended |
31.3.24 | 31.8.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Goodwill amortisation |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.9.23 |
to | Year Ended |
31.3.24 | 31.8.23 |
£ | £ |
HMRC interest |
Leasing |
6. | INFORMATION IN RELATION TO MEMBERS |
Period |
1.9.23 |
to | Year Ended |
31.3.24 | 31.8.23 |
The average number of members during the period was | 3 | 3 |
This remuneration has been allocated in accordance with members equity interests, following prior profit share allocations. |
7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 September 2023 |
Amortisation for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 August 2023 |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Notes to the Financial Statements - continued |
for the Period 1 September 2023 to 31 March 2024 |
8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and | Motor |
property | property | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 August 2023 |
It has been agreed that the freehold property introduced and recognised on the balance sheet of the LLP on 31st August 2011 is not intended to be an asset of the LLP but it is agreed that each of the members will retain and ringfence their respective ownership of the freehold property after 31st August 2011. |
9. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
Revaluations | (26,907 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 August 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2021 | 550,000 |
Valuation in 2022 | 35,000 |
Valuation in 2024 | (26,907 | ) |
558,093 |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Notes to the Financial Statements - continued |
for the Period 1 September 2023 to 31 March 2024 |
9. | INVESTMENT PROPERTY - continued |
If the investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 376,092 | 376,092 |
Aggregate depreciation | (37,609 | ) | (37,609 | ) |
The investment property was valued on an open market basis on 31 March 2024 by Mrs Susan Mills . |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Costs of stocks recognised as an expense in the period amounted to £115,439 (2023: £231,698) |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts due from members | 573,842 | - |
Other debtors |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Finance leases (see note 14) |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Finance leases (see note 14) |
Accruals and deferred income |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Notes to the Financial Statements - continued |
for the Period 1 September 2023 to 31 March 2024 |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
The amount of operating lease payments charged as an expense during the accounting period amounts to £18,690 (2023: £56,719). |
15. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2024 | 2023 |
£ | £ |
Amounts owed to members in respect of profits | 547,750 | 1,045,777 |
Falling due within one year | 547,750 | 1,045,777 |
16. | RESERVES |
Revaluation |
reserve |
£ |
At 1 September 2023 |
Investment property |
revaluation | (26,907 | ) |
At 31 March 2024 |
17. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The amount charged against profits represent the contributions payable to the scheme in respect of the accounting period and amounts to £25,522 (2023: £74,644.). |
Childcare (East Midlands) LLP (Registered number: OC365732) |
Notes to the Financial Statements - continued |
for the Period 1 September 2023 to 31 March 2024 |
18. | RELATED PARTY DISCLOSURES |
During the year a company under common control with common directors/members was also a member of the LLP. At the end of the period the LLP owed a balance of £3,759,026 (2023: £3,759,105) to the related party. The outstanding balance has been provided free from interest and is repayable on demand. |
During the year the LLP traded with a company in which Mrs S Mills is a director and has significant influence. During the period the company charged the LLP £501,719 (2023: £515,033) in respect to repairs and renewals expenditure. All transactions were carried out on an arms length basis. |
Post year end, a personal guarantee of £694,000 was provided by Mrs S Mills in order to secure third party financing for the entity. |
19. | POST BALANCE SHEET EVENTS |
Third party financing for £3,654,000 was obtained in November 2024, with a personal guarantee being provided by Mrs S Mills for an amount of £694,000. |
20. | MEMBERS INTERESTS |
Loans and other debts due to members rank pari passu with unsecured creditors and may be set off against amounts due from members included in debtors. Members' other interest rank pari passu with unsecured creditors. |