Farley Nursery School Limited - Period Ending 2015-03-31

Registration number: 7179348

Farley Nursery School Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Hugh Davies & Co
35 Chequers Court
Brown Street
Salisbury
Wiltshire
SP1 2AS

Farley Nursery School Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Farley Nursery School Limited
(Registration number: 7179348)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		2			100,000			120,000
Tangible fixed assets		2			170,236			27,072
					270,236			147,072
Current assets
Stocks					10,473			8,047
Debtors					21,036			50,097
Cash at bank and in hand					9,424			3,707
					40,933			61,851
Creditors: Amounts falling due within one year					(146,346)			(107,104)
Net current liabilities					(105,413)			(45,253)
Total assets less current liabilities					164,823			101,819
Creditors: Amounts falling due after more than one year					(106,703)			(17,000)
Provisions for liabilities					(10,245)			(4,296)
Net assets					47,875			80,523
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					47,775			80,423
Shareholders' funds					47,875			80,523

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 22 October 2015 and signed on its behalf by:

.........................................
 S Palmer
 Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Farley Nursery School Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	10% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance and 33% straight line
Short leasehold land and buildings	10% and 25% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Farley Nursery School Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

Financial instruments

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 in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		200,000			66,304			266,304
Additions		-			156,868			156,868
At 31 March 2015		200,000			223,172			423,172
Depreciation
At 1 April 2014		80,000			39,232			119,232
Charge for the year		20,000			13,704			33,704
At 31 March 2015		100,000			52,936			152,936
Net book value
At 31 March 2015		100,000			170,236			270,236
At 31 March 2014		120,000			27,072			147,072

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary share of £1 each		100			100			100			100

Page 3

Farley Nursery School Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
S Palmer
Net movement in the year	1,192	-	-	-

Page 4