Fennies Day Nurseries Limited - Accounts to registrar (filleted) - small 18.2

FENNIES DAY NURSERIES LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S P Fenn

Mrs S L Fenn

SECRETARY:

Mrs S L Fenn

REGISTERED OFFICE:

The Old School House

1a Hook Road

Epsom

Surrey

KT19 8TH

REGISTERED NUMBER:

05088188 (England and Wales)

ACCOUNTANTS:

Halsey & Co (Accountants) Ltd.

Chartered Certified Accountants

Registered Auditors

2 Villiers Court

40 Upper Mulgrave Road

Cheam

Surrey

SM2 7AJ

FIXED ASSETS

Intangible assets

4

206,000

230,000

Property, plant and equipment

5

1,345,558

1,344,289

1,551,558

1,574,289

CURRENT ASSETS

Inventories

42,573

43,180

Debtors

6

4,485,647

3,177,743

Cash in hand

30

297

4,528,250

3,221,220

CREDITORS

Amounts falling due within one year

7

2,662,757

2,176,479

NET CURRENT ASSETS

1,865,493

1,044,741

TOTAL ASSETS LESS CURRENT LIABILITIES

3,417,051

2,619,030

CREDITORS

Amounts falling due after more than one year

8

1,813,636

1,919,982

NET ASSETS

1,603,415

699,048

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,603,315

698,948

SHAREHOLDERS' FUNDS

1,603,415

699,048

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th June 2020 and were signed on its behalf by:

Mrs S L Fenn - Director

1.	STATUTORY INFORMATION

Fennies Day Nurseries Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

5% on cost

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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 future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 337 (2018 - 290 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st September 2018

and 31st August 2019

480,000

AMORTISATION

At 1st September 2018

250,000

Charge for year

24,000

At 31st August 2019

274,000

NET BOOK VALUE

At 31st August 2019

206,000

At 31st August 2018

230,000

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1st September 2018

1,595,207

52,544

1,170,426

Additions

-

5,698

155,837

Disposals

-

-

-

At 31st August 2019

1,595,207

58,242

1,326,263

DEPRECIATION

At 1st September 2018

508,172

12,250

1,120,752

Charge for year

64,810

11,278

45,994

Eliminated on disposal

-

-

-

At 31st August 2019

572,982

23,528

1,166,746

NET BOOK VALUE

At 31st August 2019

1,022,225

34,714

159,517

At 31st August 2018

1,087,035

40,294

49,674

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st September 2018

132,319

153,834

3,104,330

Additions

37,318

23,128

221,981

Disposals

(75,634

)

-

(75,634

)

At 31st August 2019

94,003

176,962

3,250,677

DEPRECIATION

At 1st September 2018

64,326

54,541

1,760,041

Charge for year

15,706

48,912

186,700

Eliminated on disposal

(41,622

)

-

(41,622

)

At 31st August 2019

38,410

103,453

1,905,119

NET BOOK VALUE

At 31st August 2019

55,593

73,509

1,345,558

At 31st August 2018

67,993

99,293

1,344,289

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Amounts owed by group undertakings

4,320,236

2,912,602

Other debtors

165,411

265,141

4,485,647

3,177,743

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans and overdrafts

491,411

445,219

Hire purchase contracts (see note 9)

80,693

53,284

Trade creditors

216,134

211,518

Taxation and social security

531,961

221,433

Other creditors

1,342,558

1,245,025

2,662,757

2,176,479

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Hire purchase contracts (see note 9)

95,609

71,231

Other creditors

1,718,027

1,848,751

1,813,636

1,919,982

Other creditors include amounts payable to the directors, due over one year.

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.8.19

31.8.18

£

£

Net obligations repayable:

Within one year

80,693

53,284

Between one and five years

95,609

71,231

176,302

124,515

Non-cancellable operating

leases

31.8.19

31.8.18

£

£

Within one year

156,000

156,000

Between one and five years

624,000

780,000

In more than five years

572,000

728,000

1,352,000

1,664,000

10.	RELATED PARTY DISCLOSURES

Director's Loan Account

At the year end, the company owed balances to the directors of £1,718,027 (2018: £2,097,340).. The sums are

interest free and repayable on demand.

Group and associated Balances.

At the year end, the company was owed £1,338,069 (2018: £1,381,506) by Origen Developments Ltd, a

company associated by virtue of common control.

Sums of £2,513,700 were owed by (2018: £1,349,506 owed to) Albrin Capital Ltd, a company associated by

virtue of common control.

£468,466 was owed by Woodham House (2018: £373,480), a company associated by virtue of common control.

All amounts were interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

On 7th April 2017 the company became a fully owned subsidiary of Albrin Subsidiary Ltd. The director Steven

Fenn remains the ultimate controlling party by virtue of his majority shareholding in the group holding company.