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Registered number: 10482970













SMART PRE-SCHOOL EDUCATION LIMITED
UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024


 
SMART PRE-SCHOOL EDUCATION LIMITED
REGISTERED NUMBER:10482970


BALANCE SHEET
AS AT 31 AUGUST 2024

31 August
31 October
2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
379,227
379,227

Investment property
 5 
1,697,568
-

  
2,076,795
379,227

Current assets
  

Debtors
 6 
806,057
-

Cash at bank and in hand
  
14,406
895

  
820,463
895

Creditors: amounts falling due within one year
 7 
(1,188,178)
(256,831)

Net current liabilities
  
 
 
(367,715)
 
 
(255,936)

Creditors: amounts falling due after more than one year
 8 
(1,597,940)
-

  

Net assets
  
111,140
123,291


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
110,940
123,091

  
111,140
123,291


Page 1


 
SMART PRE-SCHOOL EDUCATION LIMITED
REGISTERED NUMBER:10482970

    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A Michaelsen
Director

Date: 14 March 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2


 
SMART PRE-SCHOOL EDUCATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

1.


General information

Smart Pre-School Education Limited is a limited liability company incorporated in England. The registered office is 63 High Street, Wimbledon, London, SW19 5EE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 3


 
SMART PRE-SCHOOL EDUCATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the period was 2 (2023 - 3).

Page 4


 
SMART PRE-SCHOOL EDUCATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

4.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
379,227



At 31 August 2024
379,227





5.


Investment property





Long term leasehold investment property

£



Valuation


Additions at cost
1,697,568







6.


Debtors

31 August
31 October
2024
2023
£
£



Amounts owed by group undertakings
806,057
-


Page 5


 
SMART PRE-SCHOOL EDUCATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

7.


Creditors: amounts falling due within one year

31 August
31 October
2024
2023
£
£

Bank loans
162,863
-

Other creditors
996,812
228,328

Accruals and deferred income
28,503
28,503

1,188,178
256,831



8.


Creditors: amounts falling due after more than one year

31 August
31 October
2024
2023
£
£

Bank loans
1,597,940
-



9.


Loans


Analysis of the maturity of loans is given below:


31 August
31 October
2024
2023
£
£

Amounts falling due within one year

Bank loans
162,863
-

Amounts falling due 1-2 years

Bank loans
162,863
-

Amounts falling due 2-5 years

Bank loans
1,435,077
-


1,760,803
-


Page 6


 
SMART PRE-SCHOOL EDUCATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

10.


Related party transactions and balances

Within other creditors there is an amount of £996,812 (2023: £228,328) owed to A Michaelsen and P W Michaelsen, the directors and shareholders of the company.
WIthin accruals and deferred income there is interest payable of £22,003 (2023: £22,003) owed to A Michaelsen and P W Michaelsen, the directors and shareholders of the company.
During the year total dividends of £56,137 (2023: £159,622) was received from Smart Southfields Limited, the 100% owned subsidiary of Smart Pre-School Education Limited.


11.


Controlling party

The ultimate controlling party is A Michaelsen and P W Michaelsen who have joint controll as both directors and shareholders of the company.

 
Page 7