Registration number:
Clarence House Day Nurseries Ltd
for the Year Ended 31 March 2023
Clarence House Day Nurseries Ltd
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Clarence House Day Nurseries Ltd
Company Information
Directors |
Mr MA Wilsher Mrs E Wilsher |
Registered office |
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Accountants |
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Clarence House Day Nurseries Ltd
(Registration number: 03846861)
Abridged Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(310,655) |
(358,746) |
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Shareholders' deficit |
(310,555) |
(358,646) |
Clarence House Day Nurseries Ltd
(Registration number: 03846861)
Abridged Balance Sheet as at 31 March 2023
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements have been 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
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Clarence House Day Nurseries Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged 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 abridged 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.
Going concern
The financial statements have been prepared on a going concern basis.
Clarence House Day Nurseries Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
Changes in accounting policy
The following have been applied for the first time from 1 April 2022 and have had an effect on the financial statements:
Freehold buildings
The directors have reviewed the policy of depreciating buildings and have concluded that it does not reflect norml market conditions for commercial property. As a result no depreciation shall be provided and all the depreciation provided has therefore been reversed in the period.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Deprecaition of freehold property | (129,253) | 13,087 | 13,087 |
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.
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.
Clarence House Day Nurseries Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
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 |
Freehold buildings |
No depreciation |
Short leasehold property |
10% straight line |
Vehicles |
25% straight line basis |
Office equipment |
25% straight line basis |
Fixtures & fittings |
15% reducing balance basis |
Plant & machinery |
20% straight line basis |
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 |
Written of in period of acquisition |
Clarence House Day Nurseries Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
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.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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
Clarence House Day Nurseries Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Clarence House Day Nurseries Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
- |
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- |
- |
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Disposals |
- |
- |
( |
- |
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At 31 March 2023 |
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- |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
( |
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- |
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Eliminated on disposal |
- |
- |
( |
- |
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At 31 March 2023 |
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- |
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Carrying amount |
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At 31 March 2023 |
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- |
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At 31 March 2022 |
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- |
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Clarence House Day Nurseries Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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Disposals |
( |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
( |
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Eliminated on disposal |
( |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Included within the net book value of land and buildings above is £1,869,531 (2022 - £1,740,278) in respect of freehold land and buildings and £123,285 (2022 - £143,833) in respect of short leasehold land and buildings.
Stocks |
2023 |
2022 |
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Merchandise |
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Debtors |
Debtors includes £Nil (2022 - £Nil) due after more than one year.
Creditors |
Creditors: amounts falling due within one year
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £100,500 (2022 - £88,501). These loans are secured on the company properties.
Clarence House Day Nurseries Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
Creditors: amounts falling due after more than one year
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £581,005 (2022 - £692,949). These loans are secured on the company properties.
Creditors include bank loans repayable by instalments of £208,306 (2022 - £318,852) due after more than five years. These loans are secured on the company properties.
Creditors include group loans not repayable by instalments of £1,232,919 (2022 - £736,557) due after more than five years.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Summary of transactions with parent
Expenditure with and payables to related parties
2023 |
Parent |
Rendering of services |
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Clarence House Day Nurseries Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
2022 |
Parent |
Rendering of services |
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Purchase of property or other assets |
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Loans from related parties
2023 |
Parent |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2022 |
Parent |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is