Mead Open Farm Day Nursery Limited - Accounts to registrar (filleted) - small 18.2

MEAD OPEN FARM DAY NURSERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST JULY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

8

DIRECTORS:

P R Sharp

M P Heast

Mrs S G Heast

Mrs S R Elliott

REGISTERED OFFICE:

1A Roebuck Way

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8HL

REGISTERED NUMBER:

10482452 (England and Wales)

ACCOUNTANTS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Tangible assets

4

349,399

383,779

CURRENT ASSETS

Debtors

5

50,619

67,819

Cash at bank and in hand

84,661

23,007

135,280

90,826

CREDITORS

Amounts falling due within one year

6

410,856

370,800

NET CURRENT LIABILITIES

(275,576

)

(279,974

)

TOTAL ASSETS LESS CURRENT LIABILITIES

73,823

103,805

CREDITORS

Amounts falling due after more than one year

7

(54,424

)

(86,930

)

PROVISIONS FOR LIABILITIES

(10,464

)

-

NET ASSETS

8,935

16,875

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8,835

16,775

8,935

16,875

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2020 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th April 2021 and were signed on its behalf by:

P R Sharp - Director

1.	STATUTORY INFORMATION

Mead Open Farm Day Nursery 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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

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

Long leasehold

-

7% on cost

Improvements to property

-

25% on cost

Nursery equipment

-

Straight line over 10 years

Equipment

-

Straight line over 10 years

Computer equipment

-

25% on cost

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 34 (2019 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Long

to

Nursery

leasehold

property

equipment

£

£

£

COST

At 1st August 2019

367,949

10,140

49,527

Additions

-

-

1,439

Disposals

(997

)

-

-

At 31st July 2020

366,952

10,140

50,966

DEPRECIATION

At 1st August 2019

47,936

4,549

10,913

Charge for year

25,686

2,535

5,056

Eliminated on disposal

(997

)

-

-

At 31st July 2020

72,625

7,084

15,969

NET BOOK VALUE

At 31st July 2020

294,327

3,056

34,997

At 31st July 2019

320,013

5,591

38,614

Computer

Equipment

equipment

Totals

£

£

£

COST

At 1st August 2019

20,359

2,026

450,001

Additions

-

-

1,439

Disposals

-

-

(997

)

At 31st July 2020

20,359

2,026

450,443

DEPRECIATION

At 1st August 2019

2,464

360

66,222

Charge for year

2,036

506

35,819

Eliminated on disposal

-

-

(997

)

At 31st July 2020

4,500

866

101,044

NET BOOK VALUE

At 31st July 2020

15,859

1,160

349,399

At 31st July 2019

17,895

1,666

383,779

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/20

31/7/19

£

£

Trade debtors

38,783

57,722

Other debtors

11,836

7,378

Prepayments and accrued income

-

2,719

50,619

67,819

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/20

31/7/19

£

£

Hire purchase contracts (see note 8)

46,572

35,093

Trade creditors

19,046

28,030

Amounts owed to joint ventures

198,420

224,314

Corporation tax

14,606

-

Social security and other taxes

22,004

13,466

Other creditors

3,933

7,810

Net wages outstanding

-

744

Directors' current accounts

75,000

50,000

Accruals and deferred income

31,275

11,343

410,856

370,800

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/7/20

31/7/19

£

£

Hire purchase contracts (see note 8)

54,424

86,930

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31/7/20

31/7/19

£

£

Net obligations repayable:

Within one year

46,572

35,093

Between one and five years

54,424

86,930

100,996

122,023

Non-cancellable operating

leases

31/7/20

31/7/19

£

£

Within one year

35,640

35,640

Between one and five years

142,560

142,560

In more than five years

237,600

273,240

415,800

451,440

Operating lease commitments relate to rent due on company premises.

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/7/20

31/7/19

£

£

Hire purchase contracts

100,996

122,023

Hire purchase liabilities are secured by the assets to which the agreements relate to.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mead Open Farm Day Nursery Limited for the year ended 31st July 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Mead Open Farm Day Nursery Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mead Open Farm Day Nursery Limited and state those matters that we have agreed to state to the Board of Directors of Mead Open Farm Day Nursery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mead Open Farm Day Nursery Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mead Open Farm Day Nursery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mead Open Farm Day Nursery Limited. You consider that Mead Open Farm Day Nursery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mead Open Farm Day Nursery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

30th April 2021