Draft Financial Statements at 24 January 2024 at 09:30:20
Company Registration No. (England and Wales)
HEATHER PRE SCHOOL
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
31 High View Close Hamilton Office Park Leicester Leicestershire United Kingdom LE4 9LJ
Draft Financial Statements at 24 January 2024 at 09:30:20 HEATHER PRE SCHOOL
CONTENTS
| Page | |
|---|---|
| Company informaton | 1 |
| Directors' report | 2 |
| Proft and loss account | 3 |
| Balance sheet | 4 |
| Notes to the fnancial statements | 5 - 8 |
| The following pages do not form part of the fnancial statements | |
| Accountants' report | 9 |
| Detailed proft and loss account | 10 |
Draft Financial Statements at 24 January 2024 at 09:30:20 HEATHER PRE SCHOOL
COMPANY INFORMATION
Directors
Company number
Registered office Main Street Heather Coalville Leicestershire England LE67 2QP Accountants TC Group 31 High View Close Hamilton Office Park Leicester Leicestershire United Kingdom LE4 9LJ
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Draft Financial Statements at 24 January 2024 at 09:30:20 HEATHER PRE SCHOOL
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company continued to be that of pre schooling.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
..............................
Date: .............................................
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Draft Financial Statements at 24 January 2024 at 09:30:20 HEATHER PRE SCHOOL
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Turnover Cost of sales Gross proft Administratve expenses Proft/(loss) before taxaton Tax on proft/(loss) Proft/(loss) for the fnancial year |
2023 £ 116,671 (95,049) 21,622 (13,398) 8,224 - 8,224 |
2022 £ 97,328 (93,143) 4,185 (27,742) (23,557) - (23,557) |
|---|---|---|
The notes on pages 5 to 8 form part of these financial statements
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Draft Financial Statements at 24 January 2024 at 09:30:20 HEATHER PRE SCHOOL
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Fixed assets Tangible assets 3 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 4 Net current assets Total assets less current liabilites Capital and reserves Proft and loss reserves |
2023 £ 91,536 (1,461) |
£ 561 90,075 90,636 90,636 |
2022 £ 83,505 (1,841) |
£ 748 81,664 |
|---|---|---|---|---|
| 82,412 | ||||
| 82,412 |
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
..............................
Director
Company Registration No.
The notes on pages 5 to 8 form part of these financial statements
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Draft Financial Statements at 24 January 2024 at 09:30:20 HEATHER PRE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Company information
Heather Pre School is a private company limited by shares incorporated in England and Wales. The registered office is Main Street, Heather, Coalville, Leicestershire, England, LE67 2QP.
1.1 Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers 25% on RB
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Draft Financial Statements at 24 January 2024 at 09:30:20 HEATHER PRE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4 Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cashgenerating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5 Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6 Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Draft Financial Statements at 24 January 2024 at 09:30:20 HEATHER PRE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7 Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9 Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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Draft Financial Statements at 24 January 2024 at 09:30:20 HEATHER PRE SCHOOL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 2 | Employees | |||
|---|---|---|---|---|
| The average monthly number of persons (including directors) employed by the company during the year | ||||
| was: | ||||
| 2023 | 2022 | |||
| Number | Number | |||
| Total | 7 | 6 | ||
| 3 | Tangible fxed assets | |||
| Plant and | ||||
| machinery | ||||
| etc | ||||
| £ | ||||
| Cost | ||||
| At 1 April 2022 and 31 March 2023 | 997 | |||
| Depreciaton and impairment | ||||
| At 1 April 2022 | 249 | |||
| Depreciaton charged in the year | 187 | |||
| At 31 March 2023 | 436 | |||
| Carrying amount | ||||
| At 31 March 2023 | 561 | |||
| At 31 March 2022 | 748 | |||
| 4 | Creditors: amounts falling due within one year | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Taxaton and social security | 1,131 | 612 | ||
| Other creditors | 330 | 1,229 | ||
| 1,461 | 1,841 |
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Draft Financial Statements at 24 January 2024 at 09:30:20
HEATHER PRE SCHOOL
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023
The following pages do not form part of the statutory financial statements
Draft Financial Statements at 24 January 2024 at 09:30:20 HEATHER PRE SCHOOL
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF HEATHER PRE SCHOOL
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 March 2023.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
TC Group
Date:.........................
31 High View Close Hamilton Office Park Leicester Leicestershire United Kingdom LE4 9LJ
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Draft Financial Statements at 24 January 2024 at 09:30:20 HEATHER PRE SCHOOL
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Turnover LCC Funding & parental fees Cost of sales Resources Food & Catering Costs Wages and salaries Clothing Costs Gross proft Administratve expenses Staf pension costs defned beneft Rent Repairs and maintenance Computer running costs Professional subscriptons Accountancy Charitable donatons Insurances Printng and statonery Advertsing Telecommunicatons Sundry expenses Depreciaton Operatng proft/(loss) |
£ 5,035 1,852 88,049 113 18.53% 1,225 7,090 354 1,105 414 2,152 46 466 132 115 50 62 187 |
2023 £ 116,671 (95,049) 21,622 (13,398) 8,224 |
£ 14,379 1,775 76,361 628 4.30% 907 21,850 66 446 191 2,822 117 508 125 173 50 238 249 |
2022 £ 97,328 (93,143) 4,185 (27,742) (23,557) |
|---|---|---|---|---|
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