Children's Corner (Farsley) Limited - Accounts to registrar (filleted) - small 23.2.5
Children's Corner (Farsley) Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended |
| 31 August 2023 |
| for |
| Children's Corner (Farsley) Limited |
| Children's Corner (Farsley) Limited (Registered number: 05451932) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2023 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| Children's Corner (Farsley) Limited (Registered number: 05451932) |
| Balance Sheet |
| 31 August 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Children's Corner (Farsley) Limited (Registered number: 05451932) |
| Balance Sheet - continued |
| 31 August 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Children's Corner (Farsley) Limited (Registered number: 05451932) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2023 |
| 1. | STATUTORY INFORMATION |
| Children's Corner (Farsley) Limited is a |
| Registered number: |
| Registered office: |
| 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 UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
| The financial statements have been prepared under the historical cost convention. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and value added tax. |
| Turnover from the supply of services represents the value of services provided to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. |
| Tangible fixed assets |
| Tangible fixed assets are stated at purchase cost, net of depreciation. |
| Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows: |
| Buildings | - 4% on cost |
| Computer equipment | - 25% on cost |
| Fixtures and fittings | - 15% on reducing balance |
| Motor Vehicles | - 25% on reducing balance |
| Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life. |
| The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account. |
| Stocks |
| Stock and work in progress are valued at the lower of cost and new realisable value, after due regard for obsolete and slow moving stocks. |
| Children's Corner (Farsley) Limited (Registered number: 05451932) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference. |
| Hire purchase and leasing commitments |
| Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability. |
| 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. |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense. |
| Where material, the cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
| Government grants |
| Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting. |
| Children's Corner (Farsley) Limited (Registered number: 05451932) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| All financial assets and liabilities are initially measured at transaction price (including 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. |
| The following assets and liabilities are classified as basic financial instruments - other debtors, cash and bank balances, trade creditors, other creditors, bank loans and inter-company balances. |
| Other debtors, cash and bank balances, trade creditors, other creditors and inter-company balances are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received. |
| Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest and subsequently measured at amortised cost using the effective interest method. |
| Impairment of assets |
| Assets 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 and loss as described below. |
| Non financial assets |
| An asset is impaired when 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. |
| Financial assets |
| 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 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 the impairment loss not been recognised. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Children's Corner (Farsley) Limited (Registered number: 05451932) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2022 |
| Additions |
| At 31 August 2023 |
| DEPRECIATION |
| At 1 September 2022 |
| Charge for year |
| At 31 August 2023 |
| NET BOOK VALUE |
| At 31 August 2023 |
| At 31 August 2022 |
| The net book value of tangible fixed assets includes £ 45,352 (2022 - £ 60,469 ) in respect of assets held under hire purchase contracts. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years by instalments |
16,250 |
21,250 |
| Children's Corner (Farsley) Limited (Registered number: 05451932) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2023 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Hire purchase contracts | 27,110 | 37,277 |
| Hire purchase contracts are secured against the assets to which they relate. |
| 9. | CALLED UP SHARE CAPITAL |
| 2023 | 2022 |
| £ | £ |
| Allotted, issued and fully paid | 100 | 100 |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022: |
| 2023 | 2022 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The directors' loan was repaid in full within 9 months of the end of the financial year. |