Registration number:
Potty Training Academy Ltd
for the Year Ended 28 February 2022
Potty Training Academy Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Potty Training Academy Ltd
Company Information
Directors |
Mrs A F Jenner Mr D J Jenner |
Registered office |
|
Accountants |
|
Potty Training Academy Ltd
(Registration number: 09447271)
Balance Sheet as at 28 February 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
- |
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
(27,004) |
(56,675) |
|
Shareholders' deficit |
(26,904) |
(56,575) |
For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Potty Training Academy Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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 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 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 company made a profit of £29,671 (2021 - £8,026) and had a net balance sheet deficit of £26,904 (2021 - £56,575) at the balance sheet date and is dependent on the continued support of its directors.
The directors have given their assurances that they will provide sufficient further finance as may prove necessary to meet the company's working capital requirements for the foreseeable future.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services
to customers.
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 |
Website costs |
25% reducing balance |
Fixtures and fittings |
15% reducing balance |
Computer equipment |
3 years straight line |
Potty Training Academy Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
2 |
Accounting policies (continued) |
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.
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.
Borrowings
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Exceptional items
Exceptional items are non-recurring material items which are outside the normal scope of the company's ordinary activities. Such items are disclosed separately within the financial statements.
Exceptional items |
The exceptional income relates to the write off of an intercompany debt. The income of £20,000 (2021 - £Nil) is included in Other Operating Income.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Potty Training Academy Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Tangible assets |
Fixtures and fittings |
Office equipment |
Website costs |
Total |
|
Cost or valuation |
||||
At 1 March 2021 |
|
|
|
|
At 28 February 2022 |
|
|
|
|
Depreciation |
||||
At 1 March 2021 |
|
|
|
|
Charge for the year |
|
- |
|
|
At 28 February 2022 |
|
|
|
|
Carrying amount |
||||
At 28 February 2022 |
|
- |
|
|
At 28 February 2021 |
|
- |
|
|
Stocks |
2022 |
2021 |
|
Other inventories |
|
|
Debtors |
2022 |
2021 |
|
Trade debtors |
- |
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Potty Training Academy Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
||
Bank borrowings |
- |
|
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
|
|
|
|
Bank borrowings
Lloyds Bank Plc hold a fixed and floating charge over the company's assets. The directors have provided a joint guarantee of £65,000 to secure the bank borrowing. |
Potty Training Academy Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Related party transactions |
Transactions with directors |
2022 |
At 1 March 2021 |
At 28 February 2022 |
Mrs A F Jenner |
||
Loan - interest free, unsecured and repayable on demand |
|
|
Mr D J Jenner |
||
Loan - interest free, unsecured and repayable on demand |
|
|
2021 |
At 1 March 2020 |
At 28 February 2021 |
Mrs A F Jenner |
||
Loan - interest free, unsecured and repayable on demand |
|
|
Mr D J Jenner |
||
Loan - interest free, unsecured and repayable on demand |
|
|