The Magic Tower Montessori Nursery Schoo - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 04488143 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2015

FOR

THE MAGIC TOWER MONTESSORI NURSERY

SCHOOL LIMITED

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2

FIXED ASSETS

Intangible assets

2

14,000

16,000

Tangible assets

3

5,223

5,960

19,223

21,960

CURRENT ASSETS

Stocks

840

800

Debtors

80,244

78,878

Cash at bank and in hand

425

261

81,509

79,939

CREDITORS

Amounts falling due within one year

77,242

79,046

NET CURRENT ASSETS

4,267

893

TOTAL ASSETS LESS CURRENT LIABILITIES

23,490

22,853

PROVISIONS FOR LIABILITIES

893

1,008

NET ASSETS

22,597

21,845

CAPITAL AND RESERVES

Called up share capital

4

2

2

Profit and loss account

22,595

21,843

SHAREHOLDERS' FUNDS

22,597

21,845

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2015 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 January 2016 and were signed on its behalf by:

Mr D J Miller - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, excluding VAT.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Office equipment

-

15% on reducing balance

All fixed assets are initially recorded at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

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 have occurred at that date that will result in an obligation to pay

more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed

assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the

extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned.

However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more

likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the

replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not

that there will be suitable taxable profits from which the future reversal of the underlying timing differences can

be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either 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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged against profits on a straight line basis over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

and 31 August 2015

40,000

AMORTISATION

At 1 September 2014

24,000

Amortisation for year

2,000

At 31 August 2015

26,000

NET BOOK VALUE

At 31 August 2015

14,000

At 31 August 2014

16,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

23,437

Additions

170

At 31 August 2015

23,607

DEPRECIATION

At 1 September 2014

17,477

Charge for year

907

At 31 August 2015

18,384

NET BOOK VALUE

At 31 August 2015

5,223

At 31 August 2014

5,960

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

2

Ordinary

£1

2

2

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2015 and

31 August 2014:

2015

2014

£

£

Mr D J Miller and Mrs S Miller

Balance outstanding at start of year

76,460

73,987

Amounts advanced

114,764

97,784

Amounts repaid

(113,150

)

(95,311

)

Balance outstanding at end of year

78,074

76,460

The maximum balance outstanding during the year amounted to £141.227 (2014: £129,031).

The loan is unsecured, with interest paid at HMRC rates and will be repaid by 6th April 2016.