Tree Tops Montessori Nursery Limited 29/10/2020 iXBRL

Tree Tops Montessori Nursery Limited 29/10/2020 iXBRL

TREE TOPS MONTESSORI NURSERY LTD - Company Information

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Company registration number: 05240535
Tree Tops Montessori Nursery Limited
Financial statements
29 October 2020
Tree Tops Montessori Nursery Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Tree Tops Montessori Nursery Limited
Statement of financial position
29th October 2020
29/10/20 31/05/20
Note £ £ £ £
Fixed assets
Tangible assets 5 238,474 242,416
_______ _______
238,474 242,416
Current assets
Debtors 6 8,597 3,388
Cash at bank and in hand 562,048 563,412
_______ _______
570,645 566,800
Creditors: amounts falling due
within one year 7 ( 86,766) ( 52,315)
_______ _______
Net current assets 483,879 514,485
_______ _______
Total assets less current liabilities 722,353 756,901
Provisions for liabilities ( 150) ( 60)
_______ _______
Net assets 722,203 756,841
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 722,103 756,741
_______ _______
Shareholders funds 722,203 756,841
_______ _______
For the period ending 29 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 July 2021 , and are signed on behalf of the board by:
Mrs L J Rowland
Director
Company registration number: 05240535
Tree Tops Montessori Nursery Limited
Statement of changes in equity
Period ended 29th October 2020
Called up share capital Profit and loss account Total
£ £ £
At 1st June 2019 100 694,324 694,424
Profit for the period 182,417 182,417
_______ _______ _______
Total comprehensive income for the period - 182,417 182,417
Dividends paid and payable ( 120,000) ( 120,000)
_______ _______ _______
Total investments by and distributions to owners - ( 120,000) ( 120,000)
_______ _______ _______
At 31st May 2020 and 1st June 2020 100 756,741 756,841
Profit for the period 5,362 5,362
_______ _______ _______
Total comprehensive income for the period - 5,362 5,362
Dividends paid and payable ( 40,000) ( 40,000)
_______ _______ _______
Total investments by and distributions to owners - ( 40,000) ( 40,000)
_______ _______ _______
At 29th October 2020 100 722,103 722,203
_______ _______ _______
Tree Tops Montessori Nursery Limited
Notes to the financial statements
Period ended 29th October 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Natural Childcare Company, Box Tree Road, Dorridge, Solihull, B93 8NP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the provision of children's nursery services.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% - 20% per annum straight line of component costs
Fittings fixtures and equipment - 3 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
No depreciation is charged on land.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accruals model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which they are paid.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 24 (2020: 26 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1st June 2020 and 29th October 2020 320,413 23,193 14,132 357,738
_______ _______ _______ _______
Depreciation
At 1st June 2020 79,056 23,193 13,073 115,322
Charge for the year 3,673 - 269 3,942
_______ _______ _______ _______
At 29th October 2020 82,729 23,193 13,342 119,264
_______ _______ _______ _______
Carrying amount
At 29th October 2020 237,684 - 790 238,474
_______ _______ _______ _______
At 31st May 2020 241,357 - 1,059 242,416
_______ _______ _______ _______
6. Debtors
29/10/20 31/05/20
£ £
Trade debtors 496 -
Other debtors 8,101 3,388
_______ _______
8,597 3,388
_______ _______
7. Creditors: amounts falling due within one year
29/10/20 31/05/20
£ £
Corporation tax 46,869 44,840
Social security and other taxes - 2,620
Other creditors 39,897 4,855
_______ _______
86,766 52,315
_______ _______
8. Government grants
29/10/20 31/05/20
£ £
Grants received or receivable 21,505 50,573
_______ _______
9. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 29/10/20
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs L L Hodierne ( 101) 2,806 2,705
Mrs S J Butler ( 61) 2,767 2,706
_______ _______ _______
( 162) 5,573 5,411
_______ _______ _______
Year ended 31/05/20
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs L L Hodierne ( 101) - ( 101)
Mrs S J Butler ( 61) - ( 61)
_______ _______ _______
( 162) - ( 162)
_______ _______ _______