1ST CLASS NURSERY LTD

Company Registration Number:
04817618 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2024

Period of accounts

Start date: 01 April 2023

End date: 31 March 2024

1ST CLASS NURSERY LTD

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Notes

1ST CLASS NURSERY LTD

Balance sheet

As at 31 March 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 5,802 5,427
Total fixed assets: 5,802 5,427
Current assets
Stocks: 299 364
Debtors:   493,641 284,662
Cash at bank and in hand: 26,569 13,436
Total current assets: 520,509 298,462
Creditors: amounts falling due within one year:   (335,828) (248,974)
Net current assets (liabilities): 184,681 49,488
Total assets less current liabilities: 190,483 54,915
Creditors: amounts falling due after more than one year:   (154,879) (50,830)
Provision for liabilities: (1,451) (1,031)
Total net assets (liabilities): 34,153 3,054
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 34,053 2,954
Shareholders funds: 34,153 3,054

The notes form part of these financial statements

1ST CLASS NURSERY LTD

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 19 February 2025
and signed on behalf of the board by:

Name: M S Jones
Status: Director

The notes form part of these financial statements

1ST CLASS NURSERY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Plant and machinery - 15% reducing balance Fittings fixtures and equipment - 15% reducing balance If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Other accounting policies

Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Impairment A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Provisions Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises. Financial instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

1ST CLASS NURSERY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

2. Employees

2024 2023
Average number of employees during the period 17 18

1ST CLASS NURSERY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible Assets

Total
Cost £
At 01 April 2023 46,067
Additions 1,399
At 31 March 2024 47,466
Depreciation
At 01 April 2023 40,640
Charge for year 1,024
At 31 March 2024 41,664
Net book value
At 31 March 2024 5,802
At 31 March 2023 5,427

1ST CLASS NURSERY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Loans to directors

Name of director receiving advance or credit: M S Jones
Description of the loan: Loan advances
£
Balance at 01 April 2023 80,265
Advances or credits made: 46,012
Balance at 31 March 2024 126,277
Name of director receiving advance or credit: O A Jones
Description of the loan: Loan advances
£
Balance at 01 April 2023 80,265
Advances or credits made: 46,012
Balance at 31 March 2024 126,277

The company charges interest on loan advances to the directors. A charge is registered on the assets of the company in favour of Lloyds Bank plc in respect of a loan to the company's ultimate holding company Kid Inc Limited of which M S Jones and O A Jones are directors and shareholders. A charge is registered on the assets of the company in favour of Lloyds Bank plc in respect of personal loans to O A Jones and M S Jones, the directors of the company.

1ST CLASS NURSERY LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Related party transactions

Name of the related party: Olyness Limited
Relationship:
Associated company
Description of the Transaction: intercompany loan
£
Balance at 01 April 2023 0
Balance at 31 March 2024 91,101
Name of the related party: Olyness Limited
Relationship:
Associated company
Description of the Transaction: intercompany loan
£
Balance at 01 April 2023 1,938
Balance at 31 March 2024 0
Name of the related party: Kiddy World Ltd
Relationship:
Associated company
Description of the Transaction: intercompany loan
£
Balance at 01 April 2023 61,725
Balance at 31 March 2024 50,096
Name of the related party: Oscar Bears Limited
Relationship:
Associated company
Description of the Transaction: intercompany loan
£
Balance at 01 April 2023 9,718
Balance at 31 March 2024 0

Lloyds Bank plc hold an omnibus guarantee and right of set off between Oscar Bears Limited, Olyness Limited, Kiddy World Limited, Kid Inc Limited and this company, all of which have M S Jones and O A Jones as directors and shareholders.