Walton Montessori Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08550928 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019

FOR

WALTON MONTESSORI LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

A Mehta

Mrs H Lukha

REGISTERED OFFICE:

Georgian House

Park Lane

Stanmore

HA7 3HD

REGISTERED NUMBER:

08550928 (England and Wales)

AUDITORS:

Kings Mill Partnership

Chartered Accountants and Statutory Auditors

75 Park Lane

Croydon

Surrey

CR9 1XS

FIXED ASSETS

Tangible assets

4

32,363

12,718

CURRENT ASSETS

Debtors

5

69,884

156,477

Cash at bank

7,144

5,540

77,028

162,017

CREDITORS

Amounts falling due within one year

6

81,562

89,582

NET CURRENT (LIABILITIES)/ASSETS

(4,534

)

72,435

TOTAL ASSETS LESS CURRENT
LIABILITIES

27,829

85,153

PROVISIONS FOR LIABILITIES

5,124

-

NET ASSETS

22,705

85,153

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

22,704

85,152

SHAREHOLDERS' FUNDS

22,705

85,153

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 9 December 2020 and were signed on its behalf by:

A Mehta - Director

1.	STATUTORY INFORMATION

Walton Montessori 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

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.

Going concern

Since 31 December 2019, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. In the UK this began on 23rd March 2020. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Governments and central banks have responded with monetary and fiscal interventions to stabilise economic condition. The company is likely to be affected in the form of loss of income, however it will benefit from savings in costs and therefore this will not significantly impact the entity's financial position.

The company has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31st August 2019 have not been adjusted to reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the company for future periods.

As part of the directors' assessment of going concern, they have prepared detailed cash flow and profit and loss forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account the current economic conditions that exist.

After making appropriate enquires, the directors have a reasonable expectation that the company has adequate resources to enable it to continue in operational existence for the foreseeable future. They believe it is appropriate to prepare the accounts on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Improvements to Long Leasehold Property

- 5% straight line

Plant & machinery

- 10% reducing balance

Fixtures and fittings

- 10% reducing balance

Computer equipment

- 20% reducing balance

At each statement of financial position date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

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.

Trade and other debtors

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

TRADE AND OTHER CREDITORS

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 September 2018

4,835

8,147

12,982

Additions

5,354

16,774

22,128

At 31 August 2019

10,189

24,921

35,110

DEPRECIATION

At 1 September 2018

54

210

264

Charge for year

285

2,198

2,483

At 31 August 2019

339

2,408

2,747

NET BOOK VALUE

At 31 August 2019

9,850

22,513

32,363

At 31 August 2018

4,781

7,937

12,718

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Trade debtors

11,808

6,620

Other debtors

58,076

149,857

69,884

156,477

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Trade creditors

36,007

56,622

Taxation and social security

24,237

20,601

Other creditors

21,318

12,359

81,562

89,582

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 2 to the financial statements concerning the company's ability to continue as a going concern.

The company is entitled to and has applied for all of the reliefs provided by the Government as a response to the unprecedented COVID-19 lockdown in the United Kingdom. These conditions, along with other matters explained in note 2 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's assessment of the entity's ability to continue to adopt the going concern basis of accounting included reviewing cash flows and considering the general state of the economy and the company's business.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Romit Basu FCA (Senior Statutory Auditor)

for and on behalf of Kings Mill Partnership

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party for the period was Mr A Mehta.

Mr A Mehta controls 100% of the share capital of Oakseal Ltd. which is the ultimate parent company of the group.

The registered office of Oakseal Ltd. is 75 Park Lane, Croydon, Surrey, CR9 1XS.

The consolidated financial statements of the group are available to the public and may be obtained from Companies House.

9.

CHARGES

There exists a fixed and floating charge over all property and undertaking of the company as per debenture dated 31st October 2019.

Walton Montessori Limited - Accounts to registrar (filleted) - small 18.2

Walton Montessori Limited - Accounts to registrar (filleted) - small 18.2