Company Registration No. 05188268 (England and Wales)
BARLOWS CHILDCARE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
BARLOWS CHILDCARE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
BARLOWS CHILDCARE PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2020
30 September 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
62,327
56,980
Investment properties
4
11,275,000
11,275,000
11,337,327
11,331,980
Current assets
Debtors
5
5,318
3,000,177
Cash at bank and in hand
165,634
170,952
3,000,177
Creditors: amounts falling due within one year
6
(276,618)
(7,613,383)
Net current liabilities
(105,666)
(4,613,206)
Total assets less current liabilities
11,231,661
6,718,774
Creditors: amounts falling due after more than one year
7
(1,750)
(8,750)
Provisions for liabilities
(782,777)
(698,491)
Net assets
10,447,134
6,011,533
Capital and reserves
Called up share capital
1,000
1,000
Other reserves
9
5,289,823
5,289,823
Profit and loss reserves
5,156,311
720,710
Total equity
10,447,134
6,011,533
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2020 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.
T
he 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BARLOWS CHILDCARE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2020
30 September 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 December 2020 and are signed on its behalf by:
J A Johnson
Director
Company Registration No. 05188268
BARLOWS CHILDCARE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2018
1,000
5,910,526
321,229
6,232,755
Year ended 30 September 2019:
Loss and total comprehensive income for the year
-
-
(221,222)
(221,222)
Transfers
-
-
620,703
620,703
Other movements
-
(620,703)
-
(620,703)
Balance at 30 September 2019
1,000
5,289,823
720,710
6,011,533
Year ended 30 September 2020:
Profit and total comprehensive income for the year
-
-
4,455,601
4,455,601
Dividends
-
-
(20,000)
(20,000)
Balance at 30 September 2020
1,000
5,289,823
5,156,311
10,447,134
BARLOWS CHILDCARE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 4 -
1
Accounting policies
Company information
Barlows Childcare Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Joshua House, Christie Way, Christie Fields Office Park, West Didsbury, Manchester, M21 7QY.
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 a
mounts
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.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
Barlows Childcare Properties Limited is a wholly owned subsidiary of Kids Allowed Group Limited and the results of Barlows Childcare Properties Limited are included in the consolidated financial statements of Kids Allowed Holdings Limited which are available from Companies House.
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.
Revenue from
rental of investment properties
is recognised
over the period of the relevant lease
when the significant risks and rewards of ownership of the goods have passed to the
tenant
, 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.
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:
Fixtures, fittings & equipment
20% straight line
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
.
BARLOWS CHILDCARE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
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.
1.6
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.
1.7
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.
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.
BARLOWS CHILDCARE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group companies 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 receipts 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. A
m
ounts 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.
1.8
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.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BARLOWS CHILDCARE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 7 -
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
7
BARLOWS CHILDCARE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 8 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2019
83,977
Additions
25,430
At 30 September 2020
109,407
Depreciation and impairment
At 1 October 2019
26,997
Depreciation charged in the year
20,083
At 30 September 2020
47,080
Carrying amount
At 30 September 2020
62,327
At 30 September 2019
56,980
4
Investment property
2020
£
Fair value
At 1 October 2019 and 30 September 2020
11,275,000
The value of the investment properties as at 30 September 20
20
represents the directors' estimate of the
open market valuation as at that date taking into account professional advice as set out below.
A revaluation of the properties was undertaken by
Eddisons Taylors
, MRICS, Chartered Surveyors
,
as at
22 August 2018
. The valuation was prepared in accordance with
the current edition of the RICS Valuation -
Global
Standards
July 2017 incorporating the IVSC International Valuation Standards.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,995,344
Other debtors
5,318
4,833
5,318
3,000,177
BARLOWS CHILDCARE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 9 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
3,669
16,733
Amounts owed to group undertakings
7,552,619
Corporation tax
56,931
66
Other taxation and social security
59,862
21,165
Other creditors
156,156
22,800
276,618
7,613,383
Finance lease and hire purchase liabilities are secured on the specific asset they relate to.
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
1,750
8,750
Finance lease and hire purchase liabilities are secured on the specific asset they relate to.
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Decelerated capital allowances
11,842
4,941
Revaluations
770,935
693,550
782,777
698,491
2020
Movements in the year:
£
Liability at 1 October 2019
698,491
Charge to profit or loss
84,286
Liability at 30 September 2020
782,777
9
Other reserves
BARLOWS CHILDCARE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
9
Other reserves
(Continued)
- 10 -
The balance on Other reserves represents the unrealised gain on revaluation of the company's investment property to fair value net of the associated deferred tax liability. This reserve is not distributable.
10
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption in FRS 102 from the requirement to disclose
transactions with its parent company and fellow wholly owned subsidiaries on the grounds that the
ultimate
parent
company prepares consolidated financial statements.
11
Parent company
The
ultimate
parent company is
Barlows Childcare Properties Holding
Limited
who
are registered in England & Wales.
2020-09-30
2019-10-01
false
21 December 2020
CCH Software
CCH Accounts Production 2021.111
No description of principal activity
J A Johnson
K E Whistance
O Johnson
A Haynes
J Johnson
J Johnson
D Wright
05188268
2019-10-01
2020-09-30
05188268
2020-09-30
05188268
2019-09-30
05188268
core:OtherPropertyPlantEquipment
2020-09-30
05188268
core:OtherPropertyPlantEquipment
2019-09-30
05188268
core:CurrentFinancialInstruments
core:WithinOneYear
2020-09-30
05188268
core:CurrentFinancialInstruments
core:WithinOneYear
2019-09-30
05188268
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-09-30
05188268
core:Non-currentFinancialInstruments
core:AfterOneYear
2019-09-30
05188268
core:CurrentFinancialInstruments
2020-09-30
05188268
core:CurrentFinancialInstruments
2019-09-30
05188268
core:ShareCapital
2020-09-30
05188268
core:ShareCapital
2019-09-30
05188268
core:OtherMiscellaneousReserve
2020-09-30
05188268
core:OtherMiscellaneousReserve
2019-09-30
05188268
core:RetainedEarningsAccumulatedLosses
2020-09-30
05188268
core:RetainedEarningsAccumulatedLosses
2019-09-30
05188268
core:ShareCapital
2018-09-30
05188268
core:OtherMiscellaneousReserve
2018-09-30
05188268
core:RetainedEarningsAccumulatedLosses
2018-09-30
05188268
2018-09-30
05188268
bus:Director2
2019-10-01
2020-09-30
05188268
core:RetainedEarningsAccumulatedLosses
2018-10-01
2019-09-30
05188268
2018-10-01
2019-09-30
05188268
core:RetainedEarningsAccumulatedLosses
2019-10-01
2020-09-30
05188268
core:FurnitureFittings
2019-10-01
2020-09-30
05188268
core:OtherPropertyPlantEquipment
2019-09-30
05188268
core:OtherPropertyPlantEquipment
2019-10-01
2020-09-30
05188268
2019-09-30
05188268
core:WithinOneYear
2020-09-30
05188268
core:WithinOneYear
2019-09-30
05188268
core:Non-currentFinancialInstruments
2020-09-30
05188268
core:Non-currentFinancialInstruments
2019-09-30
05188268
bus:PrivateLimitedCompanyLtd
2019-10-01
2020-09-30
05188268
bus:SmallCompaniesRegimeForAccounts
2019-10-01
2020-09-30
05188268
bus:FRS102
2019-10-01
2020-09-30
05188268
bus:AuditExemptWithAccountantsReport
2019-10-01
2020-09-30
05188268
bus:Director1
2019-10-01
2020-09-30
05188268
bus:Director3
2019-10-01
2020-09-30
05188268
bus:Director4
2019-10-01
2020-09-30
05188268
bus:Director5
2019-10-01
2020-09-30
05188268
bus:Director6
2019-10-01
2020-09-30
05188268
bus:CompanySecretary1
2019-10-01
2020-09-30
05188268
bus:FullAccounts
2019-10-01
2020-09-30
xbrli:pure
xbrli:shares
iso4217:GBP