Paint Pots Montessori Schools Limited - Period Ending 2015-08-31

Registration number: 05446065

Paint Pots Montessori Schools Limited
 
  Abbreviated Accounts
 
  for the Year Ended 31 August 2015
 

Brooks Green
  Accountants
  Abbey House
  342 Regents Park Road
  London
  N3 2LJ

Paint Pots Montessori Schools Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Paint Pots Montessori Schools Limited
for the Year Ended 31 August 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Paint Pots Montessori Schools Limited for the year ended 31 August 2015 set out on pages 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 (ICAEW), 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 Paint Pots Montessori Schools Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Paint Pots Montessori Schools Limited and state those matters that we have agreed to state to them, 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 Paint Pots Montessori Schools Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Paint Pots Montessori Schools 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 Paint Pots Montessori Schools Limited. You consider that Paint Pots Montessori Schools 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 Paint Pots Montessori Schools 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.

......................................

Brooks Green
Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

25 January 2016

Page 1

Paint Pots Montessori Schools Limited
(Registration number: 05446065)
Abbreviated Balance Sheet at 31 August 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					7,686			15,369
Tangible fixed assets					16,966			16,582
Investments					42,169			42,169
					66,821			74,120
Current assets
Stocks					1,843			-
Debtors					126,717			137,511
Cash at bank and in hand					110,981			155,147
					239,541			292,658
Creditors: Amounts falling due within one year					(389,384)			(458,794)
Net current liabilities					(149,843)			(166,136)
Net liabilities					(83,022)			(92,016)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(83,023)			(92,017)
Shareholders' deficit					(83,022)			(92,016)

For the year ending 31 August 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 director acknowledges her 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 director on 20 January 2016

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Paint Pots Montessori Schools Limited
(Registration number: 05446065)
Abbreviated Balance Sheet at 31 August 2015
......... continued

...................................................... G Hood Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Paint Pots Montessori Schools Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 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% on straight line basis

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% on reducing balance basis

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

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.

Page 4

Paint Pots Montessori Schools Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 September 2014		76,833			45,804			42,169			164,806
Additions		-			6,040			-			6,040
At 31 August 2015		76,833			51,844			42,169			170,846
Depreciation
At 1 September 2014		61,464			29,222			-			90,686
Charge for the year		7,683			5,656			-			13,339
At 31 August 2015		69,147			34,878			-			104,025
Net book value
At 31 August 2015		7,686			16,966			42,169			66,821
At 31 August 2014		15,369			16,582			42,169			74,120

3	Share capital

Allotted, called up and fully paid shares

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

Page 5