Wonder Years Nursery & Holiday Club Limited Filleted accounts for Companies House (small and micro)

WONDER YEARS NURSERY & HOLIDAY CLUB LTD - Company Information

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COMPANY REGISTRATION NUMBER: 04847745

Wonder Years Nursery & Holiday Club Limited

Filleted Unaudited Financial Statements

31 July 2021

Wonder Years Nursery & Holiday Club Limited

Financial Statements

Year Ended 31st July 2021

Contents	Page

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements	1

Statement of Financial Position	2

Notes to the Financial Statements	4

Wonder Years Nursery & Holiday Club Limited

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Wonder Years Nursery & Holiday Club Limited

Year Ended 31st July 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wonder Years Nursery & Holiday Club Limited for the year ended 31st July 2021, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Wonder Years Nursery & Holiday Club Limited, as a body, in accordance with the terms of our engagement letter dated 28th May 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Wonder Years Nursery & Holiday Club Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wonder Years Nursery & Holiday Club Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wonder Years Nursery & Holiday Club 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 Wonder Years Nursery & Holiday Club Limited. You consider that Wonder Years Nursery & Holiday Club 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 Wonder Years Nursery & Holiday Club 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.

MJ GREEN ACCOUNTANCY SERVICES LTD Chartered Certified Accountants

Unit 10 Silver End Business Park Brettell Lane Brierley Hill West Midlands DY5 3LG

7 December 2021

Wonder Years Nursery & Holiday Club Limited

Statement of Financial Position

31 July 2021

	2021	2020
Note	£	£

Fixed Assets

Tangible assets	5	43,894	60,356

Current Assets

Debtors	6	2,316	30,161
Cash at bank and in hand		134,983	125,514
		---------	---------
		137,299	155,675

Creditors: amounts falling due within one year	7	41,965	35,102
		---------	---------
Net Current Assets		95,334	120,573
		---------	---------
Total Assets Less Current Liabilities		139,228	180,929

Creditors: amounts falling due after more than one year	8	11,139	22,278

Provisions

Deferred tax	3,740	4,751
	---------	---------
Net Assets	124,349	153,900
	---------	---------

Capital and Reserves

Called up share capital	1,000	1,000
Profit and loss account	123,349	152,900
	---------	---------
Shareholders Funds	124,349	153,900
	---------	---------

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 income statement has not been delivered.

For the year ending 31st July 2021 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 year 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 .

Wonder Years Nursery & Holiday Club Limited

Statement of Financial Position (continued)

31 July 2021

These financial statements were approved by the board of directors and authorised for issue on 7 December 2021 , and are signed on behalf of the board by:

R K Virk

Director

Company registration number: 04847745

Wonder Years Nursery & Holiday Club Limited

Notes to the Financial Statements

Year Ended 31st July 2021

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 807 Foleshill Road, Coventry, West Midlands, CV6 5HS.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Leasehold Properties	-	10% straight line
Toys & Equipment	-	15% reducing balance
Fixtures & Fittings	-	15% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 accrual model and the performance 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. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 23 (2020: 30 ).

5. Tangible Assets

	Leasehold properties	Toys and equipment	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1st August 2020 and 31st July 2021	335,569	37,711	101,299	474,579
	---------	--------	---------	---------
Depreciation
At 1st August 2020	295,167	31,233	87,823	414,223
Charge for the year	13,469	972	2,021	16,462
	---------	--------	---------	---------
At 31st July 2021	308,636	32,205	89,844	430,685
	---------	--------	---------	---------
Carrying amount
At 31st July 2021	26,933	5,506	11,455	43,894
	---------	--------	---------	---------
At 31st July 2020	40,402	6,478	13,476	60,356
	---------	--------	---------	---------

6. Debtors

	2021	2020
	£	£
Other debtors	2,316	30,161
	-------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	12,845	12,890
Other creditors	29,120	22,212
	--------	--------
	41,965	35,102
	--------	--------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Other creditors	11,139	22,278
	--------	--------

9. Deferred Tax

The deferred tax included in the statement of financial position is as follows:

	2021	2020
	£	£
Included in provisions	3,740	4,751
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2021	2020
	£	£
Accelerated capital allowances	3,740	4,751
	-------	-------

10. Operating Leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Later than 1 year and not later than 5 years	39,600	24,000
	--------	--------

11. Directors' Advances, Credits and Guarantees

During the year the directors entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
R K Virk	19,327	( 80,000)	57,302	( 3,371)
	--------	--------	--------	-------

	2020
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
R K Virk	( 803)	( 86,000)	106,130	19,327
	----	--------	---------	--------

The advances/(credits) to the directors were made at the official rate of interest and are repayable on demand.