Company Registration No. 08025712 (England and Wales)
LITTLE BEAR'S DAYCARE GROUP LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Number One
Vicarage Lane
Stratford
London
England
E15 4HF
LITTLE BEAR'S DAYCARE GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
LITTLE BEAR'S DAYCARE GROUP LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,160,834
2,710,113
Investments
4
385
385
6,161,219
2,710,498
Current assets
Debtors
6
2,240,125
1,972,185
Cash at bank and in hand
67,321
799
2,307,446
1,972,984
Creditors: amounts falling due within one year
7
(2,905,724)
(2,296,746)
Net current liabilities
(598,278)
(323,762)
Total assets less current liabilities
5,562,941
2,386,736
Creditors: amounts falling due after more than one year
8
(4,066,128)
(1,073,516)
Provisions for liabilities
9
(218,785)
(218,009)
Net assets
1,278,028
1,095,211
Capital and reserves
Called up share capital
10
2
2
Revaluation reserve
948,631
929,407
Profit and loss reserves
329,395
165,802
Total equity
1,278,028
1,095,211
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 June 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.
LITTLE BEAR'S DAYCARE GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2020
30 June 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 June 2021 and are signed on its behalf by:
Mr J L O'Neill
Director
Company Registration No. 08025712
LITTLE BEAR'S DAYCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
1
Accounting policies
Company information
Little Bear's Daycare Group Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Suite 22 The Ongar Business Centre, The Gables, Fyfield Road, Ongar, England, CM5 0GA.
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
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
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
.
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.
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:
Freehold land and buildings
No depreciation
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% straight line
Motor vehicles
33% straight line
LITTLE BEAR'S DAYCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
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.
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 cash-generating 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.
1.6
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.
LITTLE BEAR'S DAYCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 5 -
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.
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
paymen
ts 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
LITTLE BEAR'S DAYCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 6 -
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
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 lease
s
asset are consumed.
1.12
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
5
LITTLE BEAR'S DAYCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 7 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 July 2019
2,561,662
55,120
2,573
10,581
109,818
2,739,754
Additions
3,456,297
3,553
2,476
3,462,326
Revaluation
20,000
20,000
At 30 June 2020
6,037,959
55,120
6,126
13,057
109,818
6,222,080
Depreciation and impairment
At 1 July 2019
8,803
874
4,090
15,875
29,642
Depreciation charged in the year
8,767
1,046
2,741
19,050
31,604
At 30 June 2020
17,570
1,920
6,831
34,925
61,246
Carrying amount
At 30 June 2020
6,037,959
37,550
4,206
6,226
74,893
6,160,834
At 30 June 2019
2,561,662
46,317
1,700
6,491
93,943
2,710,113
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2020
2019
£
£
Motor vehicles
74,894
93,943
Depreciation of £19,050 (2019: £15,875) was charged in the year in respect of these assets.
Land and buildings
have been revalued by the directors on an open market value basis.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2020
2019
£
£
Cost
4,870,542
1,414,245
Accumulated depreciation
-
-
Carrying value
4,870,542
1,414,245
LITTLE BEAR'S DAYCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 8 -
4
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
385
385
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2019 & 30 June 2020
385
Carrying amount
At 30 June 2020
385
At 30 June 2019
385
5
Subsidiaries
Details of the company's subsidiaries at 30 June 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Little Bear's Nusery School Limited
United Kingdom
Subsidiary
100.00
Little Bear's 2 Limited
United Kingdom
Subsidiary
100.00
Little Bear's 3 Limited
United Kingdom
Subsidiary
100.00
Little Bear's 4 Limited
United Kingdom
Subsidiary
100.00
Little Bear's 5 Limited
United Kingdom
Subsidiary
100.00
Little Bear's 6 Limited
United Kingdon
Subsidiary
100.00
Tower Hill Equestrian Limited
United Kingdon
Subsidiary
76.00
Little Bear's Club Limited
United Kingdom
Subsidiary
100.00
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
91,149
27,988
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,100,071
1,859,411
Other debtors
48,905
84,786
2,240,125
1,972,185
LITTLE BEAR'S DAYCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 9 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
243,724
201,068
Trade creditors
10,608
12,723
Amounts owed to group undertakings
2,368,338
2,010,081
Taxation and social security
11,841
6,142
Other creditors
271,213
66,732
2,905,724
2,296,746
Creditors due within one year include bank loans of £243
,
724
(201
9:
£201,068). The bank loan has been secured by a fixed and floating charge over the assets of the company, as well as other group companies. In addition, both the directors and various subsidiary companies have provided further guarantees.
Other creditors include amounts of £
14,043
(201
9:
£13,749) relating to hire purchase creditors.
T
he creditor is secured over the asset to which it relates.
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
3,210,762
1,004,107
Other creditors
855,366
69,409
4,066,128
1,073,516
Creditors due after one year include bank loans of £
3,
210
,
762
(201
9:
£1,004,107). The bank loan has been secured by a fixed and floating charge over the assets of the company, as well as other group companies. In addition, both the directors and various subsidiary companies have provided further guarantees.
Other creditors include amounts of £
55,366
(201
9:
£
69,409
) relating to hire purchase creditors. The creditor is secured over the asset to which it relates.
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
2,262,391
-
LITTLE BEAR'S DAYCARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 10 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Revaluations
218,785
218,009
2020
Movements in the year:
£
Liability at 1 July 2019
218,009
Charge to other comprehensive income
776
Liability at 30 June 2020
218,785
10
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
11
Directors' transactions
Dividends totalling £8,000 (2019 - £1,800) were paid in the year in respect of shares held by the company's directors.
Included in other creditors falling due
within
one year is an amount of £
253
,8
58
(201
9:
£40,072) and also included in other creditors falling due after one year is an amount of £800,000 (2019: £nil)
owed to the director
s
of the company.
No interest has been charged on
either
balance.
2020-06-30
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Mr J L O'Neill
Mrs S S O'Neill
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