HAPPY HEARTS DAYCARE LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
30 NOVEMBER 2021 | |||||||||||
Company Registration Number: 07855616 | |||||||||||
HAPPY HEARTS DAYCARE LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 NOVEMBER 2021 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 9 | ||||||||||
The following pages do not form part of the financial statements | |||||||||||
HAPPY HEARTS DAYCARE LTD | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 30 NOVEMBER 2021 | |||||||||||
DIRECTOR | |||||||||||
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SECRETARY | |||||||||||
The company does not have an appointed secretary | |||||||||||
REGISTERED OFFICE | |||||||||||
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COMPANY REGISTRATION NUMBER | |||||||||||
07855616 England and Wales | |||||||||||
HAPPY HEARTS DAYCARE LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 30 NOVEMBER 2021 | |||||||||||
Notes | 2021 | 2020 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS | |||||||||||
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS: Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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CURRENT LIABILITIES LESS TOTAL ASSETS | ( |
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Provisions for liabilities and charges |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES | |||||||||||
Called up share capital |
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Distributable profit and loss account | ( |
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SHAREHOLDERS' DEFICIT | ( |
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HAPPY HEARTS DAYCARE LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 30 NOVEMBER 2021 | |||||||||||
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As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board | |||||||||||
N Jafroudi | |||||||||||
Director | |||||||||||
Date approved by the board: |
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HAPPY HEARTS DAYCARE LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 NOVEMBER 2021 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
Happy Hearts Daycare Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are: | |||||||||||
Registered office | Principal place of business | ||||||||||
14 Connaught Square | 16a Abingdon Road | ||||||||||
London | Kensington | ||||||||||
W2 2HG | London | ||||||||||
W8 6AF | |||||||||||
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2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
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Going concern | |||||||||||
The accounts have been drawn up on the going concern basis. The company owes the director £287,945, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the director. The director does not consider her own support likely to be withdrawn. | |||||||||||
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets. |
Revenue recognition | |||||||||||
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of children's nursery services as soon as there is a right to consideration and is determined by reference to the value of the work performed. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
HAPPY HEARTS DAYCARE LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 NOVEMBER 2021 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Grant Income | |||||||||||
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Grant income of £nil (2020 - £20,744) was recognised during the year, received from the governments Job Retention Scheme. This was a scheme introduced due to the COVID-19 pandemic, where employers are able to claim grants of up to 80% of furloughed employees wages costs. | |||||||||||
The company received grant income of £13,747 (2020 - £9,535) via the local government in respect of early years funding. |
Intangible fixed assets | |||||||||||
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 5 years. | |||||||||||
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations. |
Tangible fixed assets | |||||||||||
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
Furniture, fittings, tools and equipment |
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Office equipment |
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The depreciation policies have changed from the following policies used last year: | |||||||||||
Furniture, fittings, tools and equipment | 20% straight line basis | ||||||||||
Office equipment | 33.33% reducing balance basis | ||||||||||
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
HAPPY HEARTS DAYCARE LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 NOVEMBER 2021 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Financial Instruments | |||||||||||
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The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
Impairment of non-financial assets | |||||||||||
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
Debtors | |
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Creditors | |||||||||||
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HAPPY HEARTS DAYCARE LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 NOVEMBER 2021 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Leases | |||||||||||
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Taxation | |||||||||||
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Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits. | |||||||||||
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. | |||||||||||
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3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements. | |||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2021 | 2020 | ||||||||||
Average number of employees |
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HAPPY HEARTS DAYCARE LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 NOVEMBER 2021 | |||||||||||
5 | INTANGIBLE FIXED ASSETS | ||||||||||
Goodwill | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 December 2020 |
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At 30 November 2021 |
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Accumulated amortisation | |||||||||||
At 1 December 2020 |
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Charge for year |
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At 30 November 2021 |
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Net book value | |||||||||||
At 1 December 2020 |
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At 30 November 2021 |
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Goodwill relates to the acquisition of Abingdon Nursery, which was purchased on 7 February 2020. It is being amortised over its useful economic life, estimated to be five years. | |||||||||||
6 | TANGIBLE ASSETS | ||||||||||
Furniture, fittings, tools and equipment | Office equipment | Total | |||||||||
£ | £ | £ | |||||||||
Cost | |||||||||||
At 1 December 2020 |
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Additions |
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At 30 November 2021 |
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Accumulated depreciation | |||||||||||
At 1 December 2020 |
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Charge for year |
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At 30 November 2021 |
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Net book value | |||||||||||
At 1 December 2020 |
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At 30 November 2021 |
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HAPPY HEARTS DAYCARE LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 NOVEMBER 2021 | |||||||||||
7 | DEBTORS | ||||||||||
2021 | 2020 | ||||||||||
£ | £ | ||||||||||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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114,506 | 128,166 | ||||||||||
8 | CREDITORS: Amounts falling due within one year | ||||||||||
2021 | 2020 | ||||||||||
£ | £ | ||||||||||
Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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420,544 | 342,551 | ||||||||||
9 | CONTINGENCIES AND COMMITMENTS | ||||||||||
Other Commitments | |||||||||||
Amounts falling due under operating leases: | 2021 | 2020 | |||||||||
£ | £ | ||||||||||
In less than one year |
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In more than one but less than five years |
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178,750 | 219,375 | ||||||||||