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Registration number: 9697357

Milly's Day Nursery And Pre-School Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Milly's Day Nursery And Pre-School Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Milly's Day Nursery And Pre-School Limited

Company Information

Directors

Mrs BG Arnell

Miss LTM Arnell

Registered office

130A High Street
Crediton
Devon
EX17 3LQ

Solicitors

Truelegal Limited
4 Providence Court
Pynes Hill
Exeter
Devon
EX2 5JL

Accountants

Wortham Jaques Limited
Chartered Accountants & Business Advisers130a High Street,
Crediton,
Devon
EX17 3LQ

 

Milly's Day Nursery And Pre-School Limited

(Registration number: 9697357)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,517

3,746

Current assets

 

Debtors

6

11,280

11,789

Cash at bank and in hand

 

29,259

39,591

 

40,539

51,380

Creditors: Amounts falling due within one year

7

(35,100)

(19,995)

Net current assets

 

5,439

31,385

Total assets less current liabilities

 

8,956

35,131

Creditors: Amounts falling due after more than one year

7

(5,250)

(8,248)

Provisions for liabilities

(668)

(712)

Net assets

 

3,038

26,171

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

2,038

25,171

Shareholders' funds

 

3,038

26,171

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 April 2025 and signed on its behalf by:
 

.........................................
Mrs BG Arnell
Director

 

Milly's Day Nursery And Pre-School Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
130A High Street
Crediton
Devon
EX17 3LQ
ENGLAND

The principal place of business is:
Chawleigh Primary School
Chawleigh
Chulmleigh
Devon
EX18 7HH

These financial statements were authorised for issue by the Board on 15 April 2025.

2

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Milly's Day Nursery And Pre-School Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 3 years on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Milly's Day Nursery And Pre-School Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Milly's Day Nursery And Pre-School Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

 

Milly's Day Nursery And Pre-School Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

15,000

15,000

At 31 August 2024

15,000

15,000

Amortisation

At 1 September 2023

15,000

15,000

At 31 August 2024

15,000

15,000

Carrying amount

At 31 August 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

13,325

13,325

Additions

999

999

At 31 August 2024

14,324

14,324

Depreciation

At 1 September 2023

9,579

9,579

Charge for the year

1,228

1,228

At 31 August 2024

10,807

10,807

Carrying amount

At 31 August 2024

3,517

3,517

At 31 August 2023

3,746

3,746

6

Debtors

Current

2024
£

2023
£

Trade debtors

8,167

9,701

Prepayments

2,066

2,036

Other debtors

1,047

52

 

11,280

11,789

 

Milly's Day Nursery And Pre-School Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

3,109

7,061

Accruals and deferred income

3,213

2,154

Other creditors

28,778

10,780

35,100

19,995

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

5,250

8,248

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

500

500

500

500

Ordinary B shares of £1 each

500

500

500

500

1,000

1,000

1,000

1,000

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

5,250

8,248

 

Milly's Day Nursery And Pre-School Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £29.18 (2023 - £30.20) per each Ordinary A shares

14,300

14,800

Interim dividend of £42.65 (2023 - £2.04) per each Ordinary B shares

20,900

1,000

Interim dividend of £50.00 (2023 - £100.00) per each Ordinary C shares

1,000

2,000

36,200

17,800

Recommended final dividends paid and not recognised in the accounts

The directors are recommending the following final dividends:

£- per each Ordinary A shares share totalling £- (2023 - £-)

£- (2023 - £12.25) per each Ordinary B shares share totalling £- (2023 - £6,000.00)

These dividends have not been accrued in the balance sheet.

11

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Miss LTM Arnell

Directors current account

(76)

13,150

(20,400)

(7,326)

Mrs BG Arnell

Directors current account

(10,413)

13,300

(14,013)

(11,126)

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Miss LTM Arnell

Directors current account

(76)

-

-

(76)

Mrs BG Arnell

Directors current account

(7,966)

12,028

(14,475)

(10,413)

 

Milly's Day Nursery And Pre-School Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Dividends paid to directors

2024
£

2023
£

Mrs BG Arnell

Dividends paid to director

14,300

14,800

 

 

Miss LTM Arnell

Dividends paid to director

20,900

1,000

 

 

12

Parent and ultimate parent undertaking

The ultimate controlling party is the company's directors.