Woodberry Day Nursery (Fawley) Limited - Period Ending 2022-09-30

Woodberry Day Nursery (Fawley) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

Woodberry Day Nursery (Fawley) Limited

Company Information

Directors

C D Grant O M Humphries W R Thresher

Registered office

Suite 3 Wentworth Lodge Great North Road Welwyn Garden City Hertfordshire AL8 7SR

Accountants

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Woodberry Day Nursery (Fawley) Limited

(Registration number: 11929228)
Balance Sheet as at 30 September 2022

	Note	30 September 2022 £	31 March 2022 £
Fixed assets
Intangible assets	4	265,818	265,818
Tangible assets	5	10,814	756,423
		276,632	1,022,241
Current assets
Debtors	6	16,076	127,751
Cash at bank and in hand		124,728	17,119
		140,804	144,870
Creditors: Amounts falling due within one year	7	(319,677)	(140,866)
Net current (liabilities)/assets		(178,873)	4,004
Total assets less current liabilities		97,759	1,026,245
Creditors: Amounts falling due after more than one year	7	-	(985,099)
Deferred tax liabilities		(535)	(535)
Net assets		97,224	40,611
Capital and reserves
Called up share capital		100	100
Profit and loss account		97,124	40,511
Shareholders' funds		97,224	40,611

For the financial period ending 30 September 2022 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 August 2023 and signed on its behalf by:
 

W R Thresher
Director

Woodberry Day Nursery (Fawley) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 3 Wentworth Lodge
Great North Road
Welwyn Garden City
Hertfordshire
AL8 7SR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Disclosure of long or short period

The financial statements cover a period of 183 days. The accounting period has been shortened to bring the year end in line with that of its parent undertaking, Play Away Day Nurseries Limited.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of discounts. The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Woodberry Day Nursery (Fawley) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	25% on cost
Land and buildings	2% on cost

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% on cost

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Woodberry Day Nursery (Fawley) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Woodberry Day Nursery (Fawley) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2022

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was as follows:

	1 April 2022 to 30 September 2022  No.	Year ended 31 March 2022  No.
Average number of employees	16	14

4

Intangible assets

	Goodwill  £
Cost
At 1 April 2022 and at 30 September 2022	366,646
Amortisation
At 1 April 2022 and at 30 September 2022	100,828
Carrying amount
At 30 September 2022	265,818
At 31 March 2022	265,818

Woodberry Day Nursery (Fawley) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2022

5

Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost
At 1 April 2022	762,505	6,127	768,632
Additions	38,795	-	38,795
Disposals	(792,505)	-	(792,505)
At 30 September 2022	8,795	6,127	14,922
Depreciation
At 1 April 2022	8,896	3,313	12,209
Charge for the period	8,130	795	8,925
Eliminated on disposal	(17,026)	-	(17,026)
At 30 September 2022	-	4,108	4,108
Carrying amount
At 30 September 2022	8,795	2,019	10,814
At 31 March 2022	753,609	2,814	756,423

Included within the net book value of land and buildings above is £Nil (31 March 2022 - £753,609) in respect of freehold land and buildings.

6

Debtors

	30 September 2022  £	31 March 2022  £
Trade debtors	16,076	-
Amounts owed by group undertakings	-	127,276
Other debtors	-	475
	16,076	127,751

Woodberry Day Nursery (Fawley) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2022

7

Creditors

	Note	30 September 2022  £	31 March 2022  £
Due within one year
Loans and borrowings	8	-	41,818
Amounts due to group undertakings		250,803	81,844
Social security and other taxes		-	16,640
Outstanding defined contribution pension costs		744	-
Other creditors		724	564
Accrued expenses		41,337	-
Corporation tax liability		26,069	-
		319,677	140,866

	Note	30 September 2022 £	31 March 2022 £
Due after one year
Loans and borrowings	8	-	985,099

8

Loans and borrowings

	30 September 2022 £	31 March 2022 £
Current loans and borrowings
Bank borrowings	-	41,818

	30 September 2022 £	31 March 2022 £
Non-current loans and borrowings
Bank borrowings	-	985,099

Bank loans were repaid in full on sale of the company's freehold property.

9

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £1,963 (Year ended 31 March 2022 - £3,121).

Contributions totalling £744 (31 March 2022 - £Nil) were payable to the scheme at the end of the period and are included in creditors.

Woodberry Day Nursery (Fawley) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 30 September 2022

10

Parent and ultimate parent undertaking

Up to 7 October 2022, the company had no ultimate controlling party.

Since 7 October 2022, the company's immediate parent is Play Away Day Nurseries Limited, incorporated in England and Wales.

 Between 7 October 2022 and 30 November 2022, the ultimate parent was LGDN Topco Limited, incorporated in England and Wales. The ultimate controlling party was August Equity Partners IV General Partners LLP.

Since 1 December 2022, the ultimate parent is Family First Topco Limited, incorporated in England and Wales.

 The ultimate controlling party is August Equity Partners V General Partners LLP.

11

Disclosure under Section 444(5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. These accounts are unaudited.