| Willow Park Children's Nurseries Limited |
| Registered number: |
03717003 |
| Directors' Report |
|
| The directors present their report and accounts for the year ended 31 March 2015. |
|
| Principal activities |
| The company's principal activity during the year continued to be that of a nursery school. |
|
| Directors |
| The following persons served as directors during the year: |
|
|
M T McMahon |
|
J McMahon |
|
T B McMahon |
|
| Political and charitable donations |
| During the year, the company made no political contributions nor charitable donations. |
|
| Directors' responsibilities |
| The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. |
|
| Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to: |
| ● |
select suitable accounting policies and then apply them consistently; |
| ● |
make judgements and estimates that are reasonable and prudent; |
| ● |
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
|
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
|
| Small company provisions |
| This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
| This report was approved by the board on 29 December 2015 and signed on its behalf. |
|
|
|
|
| M T McMahon |
| Director |
|
| Willow Park Children's Nurseries Limited |
|
| Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Willow Park Children's Nurseries Limited for the year ended 31 March 2015 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Willow Park Children's Nurseries Limited for the year ended 31 March 2015 which comprise of the Profit and Loss Account, the Balance Sheet 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 Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook. |
| This report is made solely to the Board of Directors of Willow Park Children's Nurseries Limited, as a body, in accordance with the terms of our engagement letter dated 5 April 2012. Our work has been undertaken solely to prepare for your approval the accounts of Willow Park Children's Nurseries Limited and state those matters that we have agreed to state to the Board of Directors of Willow Park Children's Nurseries Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willow Park Children's Nurseries Limited and its Board of Directors as a body for our work or for this report. |
| It is your duty to ensure that Willow Park Children's Nurseries Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Willow Park Children's Nurseries Limited. You consider that Willow Park Children's Nurseries 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 accounts of Willow Park Children's Nurseries 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 accounts. |
|
| Turner Burke Limited |
| Chartered Accountants |
| Suite 4 |
| 3rd Floor, Roxby House, 20-22 Station Road |
| Sidcup |
| Kent |
| DA15 7EJ |
|
| 29 December 2015 |
|
| Willow Park Children's Nurseries Limited |
| Balance Sheet |
| as at 31 March 2015 |
|
| Notes |
|
|
2015 |
|
|
2014 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
54,914 |
|
|
56,399 |
|
| Current assets |
| Debtors |
5 |
|
837 |
|
|
40,582 |
| Cash at bank and in hand |
|
|
1,885 |
|
|
137 |
|
|
|
2,722 |
|
|
40,719 |
|
| Creditors: amounts falling due within one year |
6 |
|
(15,914) |
|
|
(61,164) |
|
| Net current liabilities |
|
|
|
(13,192) |
|
|
(20,445) |
|
| Total assets less current liabilities |
|
|
|
41,722 |
|
|
35,954 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(38) |
|
|
(93) |
|
|
| Net assets |
|
|
|
41,640 |
|
|
35,797 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
9 |
|
|
100 |
|
|
100 |
| Profit and loss account |
10 |
|
|
41,540 |
|
|
35,697 |
|
| Shareholders' funds |
|
|
|
41,640 |
|
|
35,797 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
|
| M T McMahon |
| Director |
| Approved by the board on 29 December 2015 |
|
| Willow Park Children's Nurseries Limited |
| Notes to the Accounts |
| for the year ended 31 March 2015 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Furniture and fittings |
20% reducing balance |
|
Computer equipment |
33.33% straight line |
|
Leasehold improvements |
20% reducing balance |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Pensions |
|
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
|
|
| 2 |
Operating profit |
2015 |
|
2014 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
1,485 |
|
1,855 |
|
Directors' remuneration |
37,500 |
|
40,000 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Taxation |
2015 |
|
2014 |
| £ |
£ |
|
|
UK corporation tax |
8,896 |
|
14,016 |
|
Deferred tax |
(20) |
|
64 |
|
|
|
|
|
|
8,876 |
|
14,080 |
|
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Leasehold Improvements |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2014 |
48,978 |
|
19,175 |
|
18,185 |
|
86,338 |
|
At 31 March 2015 |
48,978 |
|
19,175 |
|
18,185 |
|
86,338 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2014 |
- |
|
17,008 |
|
12,931 |
|
29,939 |
|
Charge for the year |
- |
|
434 |
|
1,051 |
|
1,485 |
|
At 31 March 2015 |
- |
|
17,442 |
|
13,982 |
|
31,424 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2015 |
48,978 |
|
1,733 |
|
4,203 |
|
54,914 |
|
At 31 March 2014 |
48,978 |
|
2,167 |
|
5,254 |
|
56,399 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2015 |
|
2014 |
| £ |
£ |
|
Historical cost |
48,978 |
|
48,978 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2015 |
|
2014 |
| £ |
£ |
|
|
Other debtors |
837 |
|
40,582 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2015 |
|
2014 |
| £ |
£ |
|
|
Bank loans and overdrafts |
370 |
|
370 |
|
Obligations under finance lease and hire purchase contracts |
107 |
|
191 |
|
Corporation tax |
8,896 |
|
14,016 |
|
Other taxes and social security costs |
4,304 |
|
3,986 |
|
Other creditors |
2,237 |
|
42,601 |
|
|
|
|
|
|
15,914 |
|
61,164 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2015 |
|
2014 |
| £ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
38 |
|
93 |
|
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Provisions for liabilities |
|
Deferred taxation: |
2015 |
|
2014 |
| £ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
| £ |
£ |
|
|
At 1 April |
64 |
|
- |
|
Deferred tax charge in profit and loss account |
(20) |
|
64 |
|
|
At 31 March |
44 |
|
64 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Share capital |
Nominal |
|
2015 |
|
2015 |
|
2014 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
| 10 |
Profit and loss account |
2015 |
|
2014 |
| £ |
£ |
|
|
At 1 April 2014 |
35,697 |
|
21,458 |
|
Profit for the year |
33,343 |
|
54,739 |
|
Dividends |
(27,500) |
|
(40,500) |
|
|
At 31 March 2015 |
41,540 |
|
35,697 |
|
|
|
|
|
|
|
|
|
| 11 |
Dividends |
2015 |
|
2014 |
| £ |
£ |
|
Dividends for which the company became liable during the year: |
|
Dividends not paid |
- |
|
40,500 |
|
|
|
|
|
|
|
|
|
|
| 12 |
Related party transactions |
2015 |
|
2014 |
| £ |
£ |
|
T B McMahon and M T McMahon |
|
Director and director/shareholder respectively |
|
The director's loan account originally arose due to injecting the company with private monies to fund the US investment, and to fund ongoing short term expenses. The investment was sold last year, and there is now no involvement with any American investments. |
|
Amount due (from) to the related parties (and repaid within 9 months) |
|
(27,164) |
|
(40,028) |
|
|
| 13 |
Ultimate controlling party |
|
|
M T McMahon controls the company by virtue of her holding of all the issued shares. |
