Registration number:
Scottish Early Years Association Ltd
(A company limited by guarantee)
for the Year Ended 31 October 2024
Scottish Early Years Association Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Scottish Early Years Association Ltd
Company Information
Director |
Mrs S Fairley |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Scottish Early Years Association Ltd
for the Year Ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Scottish Early Years Association Ltd for the year ended 31 October 2024 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of Scottish Early Years Association Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Scottish Early Years Association Ltd and state those matters that we have agreed to state to the Board of Directors of Scottish Early Years Association Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scottish Early Years Association Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Scottish Early Years Association Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Scottish Early Years Association Ltd. You consider that Scottish Early Years Association Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Scottish Early Years Association Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Quarrywood Court
Livingston
West Lothian
EH54 6AX
Scottish Early Years Association Ltd
(Registration number: SC703969)
Balance Sheet as at 31 October 2024
Note |
2024 |
2023 |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Reserves |
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Retained earnings |
(1,042) |
(2,461) |
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Deficit |
(1,042) |
(2,461) |
For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Scottish Early Years Association Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
General information |
The company is a company limited by guarantee, incorporated in Scotland, and consequently does not have share capital. The liability of each member is limited to £1, being the amount that each member undertakes to
contribute to the assets of the company in the event of its being wound up while he or she is a member or within one year after he or she ceases to be a member, for:
Payment of the company's debts and liabilities contracted before he or she ceases to be a member;
Payment of the costs, charges and expenses of winding up; and
Adjustment of the rights of the contributories among themselves.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£).
These financial statements have been prepared on a going concern basis as the director and related party have undertaken to support the company until profitability can be achieved.
Scottish Early Years Association Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration derived from that of supporting the early sector. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Tax
The tax expense for the period comprises tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Scottish Early Years Association Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
During the year, the director advanced loans totalling £312 to the company. At the year end, the balance due to the director was £988 (2023 - £676). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with We Care for Children Limited, a company controlled by Mrs S Fairley.
During the year, We Care for Children Limited advanced loans totalling £600 to the company. At the year end, the balance due to We Care for Children Limited was £2,476 (2023 - £1,876). This loan is unsecured, interest free and has no fixed repayment terms.