Registered number
03417148
Magic Roundabout Nurseries Ltd
Unaudited Filleted Accounts
31 August 2024
API Partnership Limited t/a Chandler & Georges
Chartered Accountants
75, Westow Hill
London
United Kingdom
SE19 1TX
Ph. 0208 761 2213
Web. www.cgca.co.uk
Magic Roundabout Nurseries Ltd
Registered number: 03417148
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,955,909 1,954,065
Current assets
Debtors 4 1,073,156 146,561
Cash at bank and in hand 1,701,898 1,788,588
2,775,054 1,935,149
Creditors: amounts falling due within one year 5 (1,749,996) (1,409,808)
Net current assets 1,025,058 525,341
Total assets less current liabilities 2,980,967 2,479,406
Creditors: amounts falling due after more than one year 6 (340,258) (495,657)
Provisions for liabilities (40,560) (41,530)
Net assets 2,600,149 1,942,219
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 2,590,149 1,932,219
Shareholders' funds 2,600,149 1,942,219
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr F Najabat
Director
Approved by the board on 11 August 2025
Magic Roundabout Nurseries Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover represents the value of childcare services provided.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over 50 years
Plant and machinery, tools and equipment 25% reducing balance
Motor vehicle over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 137 138
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 3,138,152 846,656 20,551 4,005,359
Additions 37,770 85,296 - 123,066
At 31 August 2024 3,175,922 931,952 20,551 4,128,425
Depreciation
At 1 September 2023 1,328,936 701,917 20,441 2,051,294
Charge for the year 69,900 51,294 28 121,222
At 31 August 2024 1,398,836 753,211 20,469 2,172,516
Net book value
At 31 August 2024 1,777,086 178,741 82 1,955,909
At 31 August 2023 1,809,216 144,739 110 1,954,065
4 Debtors 2024 2023
£ £
Trade debtors 6,109 7,960
Other debtors 1,067,047 138,601
1,073,156 146,561
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 185,368 168,690
Trade creditors 133,423 136,876
Taxation and social security costs 328,172 248,130
Other creditors 1,103,033 856,112
1,749,996 1,409,808
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 340,258 495,657
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 525,626 664,347
The bank loans are secured against company's Land and Buildings and Plant and Machinery and repayable by year 2027.
8 Pension commitments
The company has entered into agreement to provide Group Personal Pension scheme to all the employees. The pension is calculated as a percentage of the basic salary of employees and funded by both, the employer and employee.
9 Related party transactions
Included in other debtors is an amount due from MRNP Limited, a company under common control, £922,561 (2023: £NIL).
Inlcuded in other creditors less than one year is an amount due to MRN Resourcing Limited, a company under common control, £6,975 (2023: £NIL).
10 Controlling party
The company is controlled by Mr F Najabat, the managing director and sole shareholder.
11 Other information
Magic Roundabout Nurseries Ltd is a private company limited by shares and incorporated in England. Its registered office is:
MRN House
Binfield Road
London
SW4 6TB
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