Agm for angels and monsters
Held on: Thursday 27th August 2020
Time: 8.00 pm
At: via zoom
Agenda:
-
Welcome and apologies.
-
Minutes from previous meeting
-
Matters arising
-
Managers report
-
Chairs year report
-
Committee resignations
-
Committee applications
-
Any other business
-
Date and time of next meeting
-
Apologies from Charlotte North
-
Minutes from the previous meeting, read and agreed by committee.
-
Matters arising. Employed Katie Moult 04/09/19
Closures due to covid 19 lockdowns and restrictions.
- Chairs Report
This year in the creche, has been an interesting one, we have been closed in-line with government recommendations due to covid 19, we followed the guidelines in-line with secondary schools.
We had a massive overhaul in our garden in april, we gained funding towards this from Lottery awards for all Fund, this paid for
the specialist safety flooring from Red Monkey play, we funded the rest ourselves, groundworks, fencing, block paving, Sheltered area and gates etc. The space is now a fantastic, safe modern, play area for not only ourselves but the local community to use. The block paving looked so smart that we had it intstalled in our access alleyway too.
We had new ceiling tiles in the creche and other parts of the building as these were very worn and dated and also stained from various roof leaks over the years that we struggle to get the council to deal with.
We completed the sensory room project in february with financial support from Leicester City Council Ward grant fund. We created this room in an old photocopier room as it’s ideal for a sensory room as it has no windows.
This has been really well received by our own learners children and also the local community and other other groups too. We are very proud of this and the garden as they really enhance the quality of the services we offer.
We changed bin companies after lots of hassle with Bakers Waste and we now use AE Burgess who are cheaper and much more professional.
We looked at offering out some of our rooms for hire but because of the staff costs involved and insurance complications we decided against this for now.
We initially employed Katie Moult in early September as Creche Manager but after a few months trial it became clear to ourselves and Katie that she would be better suited to a less demanding role and so we agreed she would become creche assistant. Claire Gray had successfully completed her Level 3 in Early years by this point and was happy to step up to the Role of Creche Manager,she successfully completed her 3 month trial period and has settled in well to her new role.
Radio Leicester came to visit us to do a slot promoting our centre and what we offer, one of our learners even chatted to them on air which was wonderful.
We had new shop signs made for the number 7 side of the building so that the whole double shop front matches and looks much smarter.
We had a meeting with Jo Randall at new parks hub to see if we could link together, this was very successful and we often swap ideas and refer learners back and forth to each other.
We were at full capacity for learners during the summer so had to temporarily close our waiting list.
We began using the services of Kate Choppen from Bla ck Dog Therapy, Kate is fantastic and offers a holistic approach to mental health services, this is a wonderful resource for our learners as mental health is an important issue for many of them, therapy is difficult for them to access without long NHS waiting lists or large financial costs.
We used Rachel Liney, a brilliant make up artist who regularly works for the BBC, offering workshops to our learners, this was very well received and a great confidence boost for many of our learners as well as in introduction into the beauty industry.
For fun we had a day of spiritual and well being activities, these including Palm reading, Tarot Reading and Henna tattooing.
We received a variety of funding and grants from sources such as, The Wesleyan Foundation, Your Shire ( a leicestershire county council fund )
Leicester City Council ward Grant.
All in all a successful year despite all the covid 19 restrictions and guidelines, and subsequent staff absences, obviously this was costly to implement, therefore we are looking at applying to covid-19 funds moving forward to help us with this.
- Creche Managers Report.
Covid has presented us with some challenges this year, but despite this we were well attended when open, we did have to obviously implement new policies and procedures to reduce the risk of infection. These included new drop off arrangements, ie: parents no longer enter the creche but pass children to staff at the door and collect in the same manner.
We have much more rigorous cleaning schedules in-line with government recommendations and more PPE and products to help reduce the spread.
Soft furnishings and soft toys were removed and replaced with wipe clean alternatives, luckily we had some things available to us to swap around otherwise the cost would have been almost unmanageable. .
Luckily we had very few issues with child absences positive cases. We encouraged creche staff to regularly self test in-line with any government recommendations.
We still managed a couple of trips despite covid and went to Build a Bear, where each child got to choose and make up a free bear to take home.
We also managed a teddy bears picnic on Braunstone park as outdoor activities were very much encouraged by the Government.
We managed some Safeguarding training for all staff via zoom which was brilliant considering we had various lockdowns to deal with.
Generally covid meant much disruption especially in terms of settling children in as they had long breaks from us so this obviously caused many separation anxiety issues but staff and parents worked really well together to overcome this.
We still managed to offer a fun, welcoming, stimulating environment to the children in our care and having the fantastic new garden to use and also the sensory room has been amazing, they are fantastic resources and really enhance the activities we already have on offer.
-
Committee resignations. None
-
New committee applications from Re- election of officers. Chair, Jo Wentworth, Proposed by Kelly Marshall, seconded by Claire Gray. Secretary, Claire Gray, Proposed by Kelly Marshall, seconded by Jo Wentworth. Treasurer, Kelly Marshall, proposed by Jo Wentworth, seconded by Stevie Prosser.
-
Any other business. None.
-
Date and time of next A.G.M, Friday August 27th 2021.
9 Cantrell Road, AngelsandMonsters9 Phone: Ofsted: Charity : Leicester LE31SD @outlook.com 01164317123 EY371762 1120305
Company registration number: 07327878
Angels and Monsters Ltd Company limited by guarantee
Unaudited financial statements
31 March 2021
Angels and Monsters Ltd Company limited by guarantee
Contents
| Page | |
|---|---|
| Directors and other information | 1 |
| Directors report | 2 |
| Accountant's report | 3 |
| Statement of comprehensive income | 4 |
| Statement of financial position | 5 - 6 |
| Statement of changes in equity | 7 |
| Notes to the financial statements | 8 - 13 |
Angels and Monsters Ltd Company limited by guarantee
Directors and other information
| Directors | Mrs J L Wentworth |
|---|---|
| Mrs C L Gray | |
| Company number | 07327878 |
| Registered office | 9 Cantrell Road |
| Leicester | |
| LE3 1SD | |
| Business address | 9 Cantrell Road |
| Leicester | |
| LE3 1SD | |
| Accountant | J Robins Accountants |
| First Floor | |
| 59-63 Wood Street | |
| Earl Shilton | |
| Leicestershire | |
| LE9 7NE | |
| Bankers | Santander UK plc |
| BBAM, Bridle Road | |
| Bootle | |
| Merseyside | |
| L30 4GB |
Page 1
Angels and Monsters Ltd Company limited by guarantee
Directors report Year ended 31 March 2021
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2021.
Directors
The directors who served the company during the year were as follows:
Mrs J L Wentworth
Mrs C L Gray
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 21 May 2021 and signed on behalf of the board by:
Mrs J L Wentworth Director
Page 2
Angels and Monsters Ltd Company limited by guarantee
Report to the board of directors on the preparation of the unaudited statutory financial statements of Angels and Monsters Ltd Year ended 31 March 2021
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2021 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
J Robins Accountants Chartered Certified Accountants
First Floor 59-63 Wood Street Earl Shilton Leicestershire LE9 7NE
21 May 2021
Page 3
Angels and Monsters Ltd Company limited by guarantee
Statement of comprehensive income Year ended 31 March 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Turnover | 302,180 | 414,466 | |||
| Cost of sales | ) (143,373 |
(120,551 | ) | ||
| Gross profit | 158,807 | 293,915 | |||
| Administrative expenses | (238,947 | ) | (242,400 | ) | |
| Other operating income | 121,133 | 1,320 | |||
| Operating profit | 40,993 | 52,835 | |||
| Other interest receivable and similar income | 52 | 91 | |||
| Interest payable and similar expenses | - | ) (215 |
|||
| Profit before taxation | 6 | 41,045 | 52,711 | ||
| Tax on profit | - | - | |||
| Profit for the financial year and total | |||||
| comprehensive income | 41,045 | 52,711 |
All the activities of the company are from continuing operations.
The notes on pages 8 to 13 form part of these financial statements.
Page 4
Angels and Monsters Ltd Company limited by guarantee
Statement of financial position 31 March 2021
| Note Fixed assets Tangible assets 7 Current assets Stocks Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Net assets Capital and reserves Profit and loss account Members funds |
2021 £ 62,035 5,496 8,056 72,952 86,504 ) (1,200 |
£ 62,035 85,304 147,339 147,339 147,339 147,339 |
2020 £ 36,880 12,468 2,550 55,596 70,614 ) (1,200 |
£ 36,880 69,414 |
|---|---|---|---|---|
| 106,294 | ||||
| 106,294 | ||||
| 106,294 | ||||
| 106,294 |
For the year ending 31 March 2021 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The notes on pages 8 to 13 form part of these financial statements.
Page 5
Angels and Monsters Ltd Company limited by guarantee
Statement of financial position (continued)
31 March 2021
These financial statements were approved by the board of directors and authorised for issue on 21 May 2021, and are signed on behalf of the board by:
Mrs J L Wentworth Director
Company registration number: 07327878
The notes on pages 8 to 13 form part of these financial statements.
Page 6
Angels and Monsters Ltd Company limited by guarantee
Statement of changes in equity Year ended 31 March 2021
| Profit and loss account £ At 1 April 2019 53,583 Profit for the year 52,711 Total comprehensive income for the year 52,711 At 31 March 2020 and 1 April 2020 106,294 Profit for the year 41,045 Total comprehensive income for the year 41,045 At 31 March 2021 147,339 |
Total £ 53,583 52,711 |
|---|---|
| 52,711 | |
| 106,294 41,045 |
|
| 41,045 | |
| 147,339 |
Page 7
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements Year ended 31 March 2021
1. General information
The company is a private company limited by guarantee, registered in England. The address of the registered office is 9 Cantrell Road, Leicester, LE3 1SD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Page 8
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2021
Tangible assets
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:
| Short leasehold property | - | 20% | straight line |
|---|---|---|---|
| Fittings fixtures and equipment | - | 25% | straight line |
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.
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.
Page 9
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2021
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Page 10
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2021
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.
4. Limited by guarantee
Mrs J L Wentworth and Mrs C L Gray are the subscriber members of the company which is limited by guarantee. In the event of the company being wound up each member is subject to a guaranteed contribution of £10 each.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2020: 12).
6. Profit before taxation
Profit before taxation is stated after charging/(crediting):
| Profit before taxation is stated after charging/(crediting): | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Depreciation of tangible assets | 2,150 | 10,010 |
Page 11
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2021
7. Tangible assets
| Short leasehold property Fixtures, fittings and equipment £ £ Cost At 1 April 2020 46,698 19,486 Additions 27,305 - Disposals - ) (640 At 31 March 2021 74,003 18,846 Depreciation At 1 April 2020 11,830 17,474 Charge for the year 1,480 670 Disposals - ) (640 At 31 March 2021 13,310 17,504 Carrying amount At 31 March 2021 60,693 1,342 At 31 March 2020 34,868 2,012 8. Debtors 2021 £ Other debtors 8,056 9. Creditors: amounts falling due within one year 2021 £ Other creditors 1,200 |
Total £ 66,184 27,305 ) (640 92,849 29,304 2,150 ) (640 30,814 62,035 36,880 2020 £ 2,550 2020 £ 1,200 |
|---|---|
Page 12
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2021
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
| 2021 Mrs J L Wentworth Mrs C L Gray 2020 Mrs J L Wentworth Mrs C L Gray |
Balance brought forward Advances /(credits) to the directors Balance o/standing £ £ £ 1,528 2,753 4,281 1,022 2,753 3,775 2,550 5,506 8,056 Balance brought forward Advances /(credits) to the directors Balance o/standing £ £ £ 849 679 1,528 524 498 1,022 1,373 1,177 2,550 |
Balance brought forward Advances /(credits) to the directors Balance o/standing £ £ £ 1,528 2,753 4,281 1,022 2,753 3,775 2,550 5,506 8,056 Balance brought forward Advances /(credits) to the directors Balance o/standing £ £ £ 849 679 1,528 524 498 1,022 1,373 1,177 2,550 |
|---|---|---|
| 2,550 |
Page 13
Angels and Monsters Ltd Company limited by guarantee
The following pages do not form part of the statutory accounts.
Angels and Monsters Ltd Company limited by guarantee
Detailed income statement Year ended 31 March 2021
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Turnover | ||||||
| Creche and childcare income | 302,180 | 414,466 | ||||
| 302,180 | 414,466 | |||||
| Cost of sales | ||||||
| Opening stock | ) (12,468 |
(5,167 | ) | |||
| Purchases for creche and consumables | (70,161 | ) | (70,332 | ) | ||
| Travel vouchers for parents | (63,840 | ) | (53,120 | ) | ||
| Commissions - Recommend a friend | (2,400 | ) | ) (4,400 |
|||
| ) (148,869 |
(133,019 | ) | ||||
| Closing stock | 5,496 | 12,468 | ||||
| 143,373 | 120,551 | |||||
| Gross profit | 158,807 | 293,915 | ||||
| Gross profit percentage | % 52.6 |
70.9 | % | |||
| Overheads | ||||||
| Administrative expenses | ) (238,947 |
(242,400 | ) | |||
| ) (238,947 |
(242,400 | ) | ||||
| Other operating income | ||||||
| Government grants - Covid 19 JRS and food parcels | 118,015 | - | ||||
| Insurance claims receivable | 2,385 | - | ||||
| Donations received | 733 | 1,320 | ||||
| 121,133 | 1,320 | |||||
| Operating profit | 40,993 | 52,835 | ||||
| Operating profit percentage | % 13.6 |
12.7 | % | |||
| Other interest receivable and similar income | 52 | 91 | ||||
| Interest payable and similar expenses | - | ) (215 |
||||
| Profit before taxation | 41,045 | 52,711 |
Angels and Monsters Ltd Company limited by guarantee
Detailed income statement (continued) Year ended 31 March 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Overheads | ||
| Administrative expenses | ||
| Wages and salaries | ) (89,676 |
) (81,515 |
| Directors remuneration | ) (78,000 |
) (72,000 |
| Employer's social security contributions | ) (8,669 |
) (8,271 |
| Directors pension costs - defined contribution | ) (1,966 |
) (1,791 |
| Staff pension costs - defined contribution | ) (1,170 |
) (764 |
| Staff training | ) (5,195 |
) (4,125 |
| Rent payable | ) (15,131 |
) (15,575 |
| Insurance | ) (898 |
) (418 |
| Light and heat | ) (7,168 |
) (5,251 |
| Repairs and maintenance | ) (14,010 |
) (20,863 |
| Printing, postage and stationery | ) (1,409 |
) (3,316 |
| Telephone | ) (3,649 |
) (4,189 |
| Travelling expenses | ) (5,057 |
) (11,636 |
| Legal and professional | ) (164 |
) (907 |
| Accountancy fees | ) (4,380 |
) (1,560 |
| Bank charges | ) (255 |
) (209 |
| Depreciation of tangible assets | ) (2,150 |
) (10,010 |
| ) (238,947 |
) (242,400 |
Company registration number: 07327878
Angels and Monsters Ltd Company limited by guarantee
Unaudited financial statements
31 March 2021
Angels and Monsters Ltd Company limited by guarantee
Contents
| Page | |
|---|---|
| Directors and other information | 1 |
| Directors report | 2 |
| Accountant's report | 3 |
| Statement of comprehensive income | 4 |
| Statement of financial position | 5 - 6 |
| Statement of changes in equity | 7 |
| Notes to the financial statements | 8 - 13 |
Angels and Monsters Ltd Company limited by guarantee
Directors and other information
| Directors | Mrs J L Wentworth |
|---|---|
| Mrs C L Gray | |
| Company number | 07327878 |
| Registered office | 9 Cantrell Road |
| Leicester | |
| LE3 1SD | |
| Business address | 9 Cantrell Road |
| Leicester | |
| LE3 1SD | |
| Accountant | J Robins Accountants |
| First Floor | |
| 59-63 Wood Street | |
| Earl Shilton | |
| Leicestershire | |
| LE9 7NE | |
| Bankers | Santander UK plc |
| BBAM, Bridle Road | |
| Bootle | |
| Merseyside | |
| L30 4GB |
Page 1
Angels and Monsters Ltd Company limited by guarantee
Directors report Year ended 31 March 2021
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2021.
Directors
The directors who served the company during the year were as follows:
Mrs J L Wentworth
Mrs C L Gray
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 21 May 2021 and signed on behalf of the board by:
Mrs J L Wentworth Director
Page 2
Angels and Monsters Ltd Company limited by guarantee
Report to the board of directors on the preparation of the unaudited statutory financial statements of Angels and Monsters Ltd Year ended 31 March 2021
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2021 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
J Robins Accountants Chartered Certified Accountants
First Floor 59-63 Wood Street Earl Shilton Leicestershire LE9 7NE
21 May 2021
Page 3
Angels and Monsters Ltd Company limited by guarantee
Statement of comprehensive income Year ended 31 March 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Turnover | 302,180 | 414,466 | |||
| Cost of sales | ) (143,373 |
(120,551 | ) | ||
| Gross profit | 158,807 | 293,915 | |||
| Administrative expenses | (238,947 | ) | (242,400 | ) | |
| Other operating income | 121,133 | 1,320 | |||
| Operating profit | 40,993 | 52,835 | |||
| Other interest receivable and similar income | 52 | 91 | |||
| Interest payable and similar expenses | - | ) (215 |
|||
| Profit before taxation | 6 | 41,045 | 52,711 | ||
| Tax on profit | - | - | |||
| Profit for the financial year and total | |||||
| comprehensive income | 41,045 | 52,711 |
All the activities of the company are from continuing operations.
The notes on pages 8 to 13 form part of these financial statements.
Page 4
Angels and Monsters Ltd Company limited by guarantee
Statement of financial position 31 March 2021
| Note Fixed assets Tangible assets 7 Current assets Stocks Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Net assets Capital and reserves Profit and loss account Members funds |
2021 £ 62,035 5,496 8,056 72,952 86,504 ) (1,200 |
£ 62,035 85,304 147,339 147,339 147,339 147,339 |
2020 £ 36,880 12,468 2,550 55,596 70,614 ) (1,200 |
£ 36,880 69,414 |
|---|---|---|---|---|
| 106,294 | ||||
| 106,294 | ||||
| 106,294 | ||||
| 106,294 |
For the year ending 31 March 2021 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The notes on pages 8 to 13 form part of these financial statements.
Page 5
Angels and Monsters Ltd Company limited by guarantee
Statement of financial position (continued)
31 March 2021
These financial statements were approved by the board of directors and authorised for issue on 21 May 2021, and are signed on behalf of the board by:
Mrs J L Wentworth Director
Company registration number: 07327878
The notes on pages 8 to 13 form part of these financial statements.
Page 6
Angels and Monsters Ltd Company limited by guarantee
Statement of changes in equity Year ended 31 March 2021
| Profit and loss account £ At 1 April 2019 53,583 Profit for the year 52,711 Total comprehensive income for the year 52,711 At 31 March 2020 and 1 April 2020 106,294 Profit for the year 41,045 Total comprehensive income for the year 41,045 At 31 March 2021 147,339 |
Total £ 53,583 52,711 |
|---|---|
| 52,711 | |
| 106,294 41,045 |
|
| 41,045 | |
| 147,339 |
Page 7
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements Year ended 31 March 2021
1. General information
The company is a private company limited by guarantee, registered in England. The address of the registered office is 9 Cantrell Road, Leicester, LE3 1SD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Page 8
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2021
Tangible assets
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:
| Short leasehold property | - | 20% | straight line |
|---|---|---|---|
| Fittings fixtures and equipment | - | 25% | straight line |
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.
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.
Page 9
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2021
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Page 10
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2021
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.
4. Limited by guarantee
Mrs J L Wentworth and Mrs C L Gray are the subscriber members of the company which is limited by guarantee. In the event of the company being wound up each member is subject to a guaranteed contribution of £10 each.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2020: 12).
6. Profit before taxation
Profit before taxation is stated after charging/(crediting):
| Profit before taxation is stated after charging/(crediting): | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Depreciation of tangible assets | 2,150 | 10,010 |
Page 11
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2021
7. Tangible assets
| Short leasehold property Fixtures, fittings and equipment £ £ Cost At 1 April 2020 46,698 19,486 Additions 27,305 - Disposals - ) (640 At 31 March 2021 74,003 18,846 Depreciation At 1 April 2020 11,830 17,474 Charge for the year 1,480 670 Disposals - ) (640 At 31 March 2021 13,310 17,504 Carrying amount At 31 March 2021 60,693 1,342 At 31 March 2020 34,868 2,012 8. Debtors 2021 £ Other debtors 8,056 9. Creditors: amounts falling due within one year 2021 £ Other creditors 1,200 |
Total £ 66,184 27,305 ) (640 92,849 29,304 2,150 ) (640 30,814 62,035 36,880 2020 £ 2,550 2020 £ 1,200 |
|---|---|
Page 12
Angels and Monsters Ltd Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2021
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
| 2021 Mrs J L Wentworth Mrs C L Gray 2020 Mrs J L Wentworth Mrs C L Gray |
Balance brought forward Advances /(credits) to the directors Balance o/standing £ £ £ 1,528 2,753 4,281 1,022 2,753 3,775 2,550 5,506 8,056 Balance brought forward Advances /(credits) to the directors Balance o/standing £ £ £ 849 679 1,528 524 498 1,022 1,373 1,177 2,550 |
Balance brought forward Advances /(credits) to the directors Balance o/standing £ £ £ 1,528 2,753 4,281 1,022 2,753 3,775 2,550 5,506 8,056 Balance brought forward Advances /(credits) to the directors Balance o/standing £ £ £ 849 679 1,528 524 498 1,022 1,373 1,177 2,550 |
|---|---|---|
| 2,550 |
Page 13
Angels and Monsters Ltd Company limited by guarantee
The following pages do not form part of the statutory accounts.
Angels and Monsters Ltd Company limited by guarantee
Detailed income statement Year ended 31 March 2021
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Turnover | ||||||
| Creche and childcare income | 302,180 | 414,466 | ||||
| 302,180 | 414,466 | |||||
| Cost of sales | ||||||
| Opening stock | ) (12,468 |
(5,167 | ) | |||
| Purchases for creche and consumables | (70,161 | ) | (70,332 | ) | ||
| Travel vouchers for parents | (63,840 | ) | (53,120 | ) | ||
| Commissions - Recommend a friend | (2,400 | ) | ) (4,400 |
|||
| ) (148,869 |
(133,019 | ) | ||||
| Closing stock | 5,496 | 12,468 | ||||
| 143,373 | 120,551 | |||||
| Gross profit | 158,807 | 293,915 | ||||
| Gross profit percentage | % 52.6 |
70.9 | % | |||
| Overheads | ||||||
| Administrative expenses | ) (238,947 |
(242,400 | ) | |||
| ) (238,947 |
(242,400 | ) | ||||
| Other operating income | ||||||
| Government grants - Covid 19 JRS and food parcels | 118,015 | - | ||||
| Insurance claims receivable | 2,385 | - | ||||
| Donations received | 733 | 1,320 | ||||
| 121,133 | 1,320 | |||||
| Operating profit | 40,993 | 52,835 | ||||
| Operating profit percentage | % 13.6 |
12.7 | % | |||
| Other interest receivable and similar income | 52 | 91 | ||||
| Interest payable and similar expenses | - | ) (215 |
||||
| Profit before taxation | 41,045 | 52,711 |
Angels and Monsters Ltd Company limited by guarantee
Detailed income statement (continued) Year ended 31 March 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Overheads | ||
| Administrative expenses | ||
| Wages and salaries | ) (89,676 |
) (81,515 |
| Directors remuneration | ) (78,000 |
) (72,000 |
| Employer's social security contributions | ) (8,669 |
) (8,271 |
| Directors pension costs - defined contribution | ) (1,966 |
) (1,791 |
| Staff pension costs - defined contribution | ) (1,170 |
) (764 |
| Staff training | ) (5,195 |
) (4,125 |
| Rent payable | ) (15,131 |
) (15,575 |
| Insurance | ) (898 |
) (418 |
| Light and heat | ) (7,168 |
) (5,251 |
| Repairs and maintenance | ) (14,010 |
) (20,863 |
| Printing, postage and stationery | ) (1,409 |
) (3,316 |
| Telephone | ) (3,649 |
) (4,189 |
| Travelling expenses | ) (5,057 |
) (11,636 |
| Legal and professional | ) (164 |
) (907 |
| Accountancy fees | ) (4,380 |
) (1,560 |
| Bank charges | ) (255 |
) (209 |
| Depreciation of tangible assets | ) (2,150 |
) (10,010 |
| ) (238,947 |
) (242,400 |