EARLY START EDUCATION LIMITED
Company Registration No. 10351143 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
EARLY START EDUCATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
EARLY START EDUCATION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
31 March
31 March
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,914
-
Current assets
Stocks
1,159
-
Debtors
4
24,353
13,890
Cash at bank and in hand
68,492
62,705
94,004
76,595
Creditors: amounts falling due within one year
5
(31,474)
(30,339)
Net current assets
62,530
46,256
Total assets less current liabilities
64,444
46,256
Creditors: amounts falling due after more than one year
6
(40,000)
(60,000)
Net assets/(liabilities)
24,444
(13,744)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
24,443
(13,745)
Total equity
24,444
(13,744)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 August 2020 and are signed on its behalf by:
Mr Justin Elder
Director
Company Registration No. 10351143
EARLY START EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Early Start Education Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 - 24 Shrewsbury Road, London, E7 8AL.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis which is dependent on the continued support of the parent organisation, the London Borough of Newham Council.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received
for
services provided in the normal course of business
.
1.4
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 of assets less their residual values over their useful lives on the following bases:
Computers
33.3% 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
.
1.5
Stocks
Stocks are stated at cost
.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
EARLY START EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
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.
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 27 (2019 - 23
).
EARLY START EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019
-
Additions
2,000
At 31 March 2020
2,000
Depreciation and impairment
At 1 April 2019
-
Depreciation charged in the year
86
At 31 March 2020
86
Carrying amount
At 31 March 2020
1,914
At 31 March 2019
-
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
16,317
8,113
Other debtors
8,036
5,777
24,353
13,890
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
4,387
2,647
Corporation tax
6,300
-
Other taxation and social security
7,210
8,041
Other creditors
13,577
19,651
31,474
30,339
EARLY START EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
London Borough on Newham Council - loan
40,000
60,000
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Paul Bradley.
The auditor was DEKM Limited.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
366,288
398,788