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Financial Statements |
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for the Year Ended 31 August 2021 |
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for |
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WELCOME NURSERIES LTD |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 August 2021 |
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for |
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WELCOME NURSERIES LTD |
WELCOME NURSERIES LTD (REGISTERED NUMBER: 12027560) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2021 |
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Company Information | 1 |
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Chairman's Report | 2 |
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Abridged Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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WELCOME NURSERIES LTD |
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Company Information |
for the Year Ended 31 August 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
42 Lytton Road |
Barnet |
Hertfordshire |
EN5 5BY |
WELCOME NURSERIES LTD (REGISTERED NUMBER: 12027560) |
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Chairman's Report |
for the Year Ended 31 August 2021 |
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Introduction |
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Welcome Nurseries is a children's nursery group formed in 2019 and during the period of these accounts, became the 13th largest group in the UK. At the time of filing these accounts, the Group is the 4th largest nursery school chain in the UK. |
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The rapid growth is as a result of a focused M&A strategy to grow and develop a quality nursery brand and the Group has a proven roll out model of acquiring existing nursery school businesses. |
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Strategy |
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The Group's strategy is to expand it's footprint across the North of England and the Midlands with the objective of being one of the largest providers of premium childcare in these regions. |
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The Group grew during the Pandemic when the nursery sector was only partially open, many staff were unable to work, parents were working from home and often kept their children at home. This impacted revenue and profitability. |
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Despite this challenging environment, the Group continued its M&A strategy and executed deals despite the restrictions. |
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Upon acquisition, nurseries are refurbished by an in-house team and rebranded to become part of the Welcome Group. |
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Staff are assessed and trained to the 'Welcome' standards. It takes time to imbed training and cultural turnarounds can take at least 18 months. |
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All back office functions such as finance, marketing, facilities and HR become centralised as Head Office functions. |
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The Group is trading well with growing occupancy and the Board has confidence in the recovery of the sector and the further expansion of the Group. |
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ON BEHALF OF THE BOARD: |
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Mr J Jay - Chairman |
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Date: 31/05/2022 |
WELCOME NURSERIES LTD (REGISTERED NUMBER: 12027560) |
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Abridged Balance Sheet |
31 August 2021 |
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31.8.21 | 31.8.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WELCOME NURSERIES LTD (REGISTERED NUMBER: 12027560) |
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Abridged Balance Sheet - continued |
31 August 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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WELCOME NURSERIES LTD (REGISTERED NUMBER: 12027560) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2021 |
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1. | STATUTORY INFORMATION |
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Welcome Nurseries Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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WELCOME NURSERIES LTD (REGISTERED NUMBER: 12027560) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
Additions |
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Disposals | ( |
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At 31 August 2021 |
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NET BOOK VALUE |
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At 31 August 2021 |
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5. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
£ |
COST |
Additions | 101 |
At 31 August 2021 | 101 |
NET BOOK VALUE |
At 31 August 2021 | 101 |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.21 | 31.8.20 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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7. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |