The Old Station Nursery Limited - Abbreviated accounts

The Old Station Nursery Limited - Abbreviated accounts

THE OLD STATION NURSERY LIMITED - Company Information

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THE OLD STATION NURSERY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2016
Company Registration Number: 04430168
THE OLD STATION NURSERY LIMITED
ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the abbreviated financial statements 4 to 7
THE OLD STATION NURSERY LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2016
DIRECTORS
C A Boyns
S J Steel
S D Symes
SECRETARY
C A Boyns
REGISTERED OFFICE
The Old Railway Station
7 Park Road
Faringdon
Oxfordshire
SN7 7BP
COMPANY REGISTRATION NUMBER
04430168 England and Wales
THE OLD STATION NURSERY LIMITED
BALANCE SHEET
AS AT 31 May 2016
Notes 2016 2015
£ £
FIXED ASSETS
Intangible assets 2 12,104 32,854
Tangible assets 3 86,864 55,801
98,968 88,655
CURRENT ASSETS
Stock 1,000 2,107
Debtors 47,588 30,945
Cash at bank and in hand 152,866 111,517
201,454 144,569
CREDITORS: Amounts falling due 225,749 248,584
within one year
NET CURRENT (LIABILITIES) (24,295) (104,015)
TOTAL ASSETS LESS CURRENT LIABILITIES 74,673 (15,360)
Provisions for liabilities and charges 8,864 4,940
NET ASSETS / (LIABILITIES) 65,809 (20,300)
CAPITAL AND RESERVES
Called up share capital 4 6 6
Share premium account 32,984 32,984
Profit and loss account 32,819 (53,290)
SHAREHOLDERS' FUNDS / (DEFICIT) 65,809 (20,300)
These abbreviated accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).
For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
Signed on behalf of the board of directors
C A Boyns S J Steel
Director Director
Date approved by the board: 22 September 2016
THE OLD STATION NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
1 STATEMENT OF ACCOUNTING POLICIES
Accounting convention
The accounts have been prepared under the historical cost convention and are based on accounts prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Going concern
The accounts have been drawn up on the going concern basis. The company owes the directors £81,813, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the directors. The directors do not consider their own support likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Turnover
Turnover represents the value of children's daycare services provided, the value of grants receivable, and the value of books sold.
Grant income
Government grants are recognised in the profit and loss account and matched against the expenditure towards which they are intended to contribute. The grants are not recognised in the profit and loss account until the conditions for their receipts have been complied with and there is reasonable assurance that the grant will be received.
Where grants are made as a contribution towards expenditure on fixed assets, the amounts of the grant deferred are treated as deferred income. The grants are subsequently released to the profit and loss account over the expected useful life of the related assets on a basis consistent with the depreciation policy.
Goodwill
Acquired goodwill was historically amortised in equal annual instalments over its useful economic life of three years, the average time a child spent at nursery. The company has acquired a new nursery in the year beginning 1 June 2012 and it is believed that it is now appropriate to estimate the useful life as four years due to the increase in average time a child spends at nursery.
1 STATEMENT OF ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are stated at cost less accumulated depreciation.
Depreciation has been provided at the following rates so as to write off the cost less residual value of the assets over their estimated useful lives.
Leasehold properties Straight line basis at 4% per annum
Furniture and fittings Straight line basis at 20% per annum
Office and computer equipment Straight line basis at 33% and 50% per annum
Computer software Reducing balance basis at 20% per annum
Leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Stock
Stock has been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost comprises the value of goods purchased and held for resale. Net realisable value is based on estimated selling price less all further costs to completion.
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.
Deferred taxation
Deferred taxation is the taxation attributable to timing differences between profits computed for taxation purposes and profits as stated in the financial statements and is fully provided for, except in circumstances where losses are deemed irrecoverable, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
2 INTANGIBLE ASSETS
Intangible assets
£
Cost
At 1 June 2015 105,899
At 31 May 2016 105,899
Accumulated amounts written off
At 1 June 2015 73,045
Charge for year 20,750
At 31 May 2016 93,795
Net book value
At 1 June 2015 32,854
At 31 May 2016 12,104
3 TANGIBLE ASSETS
Tangible assets
£
Cost
At 1 June 2015 97,325
Additions 45,678
Disposals (138)
At 31 May 2016 142,865
Accumulated depreciation
At 1 June 2015 41,524
Charge for year 14,530
Disposals (53)
At 31 May 2016 56,001
Net book value
At 1 June 2015 55,801
At 31 May 2016 86,864
4 SHARE CAPITAL
Nominal value Number 2016 2015
£ £ £
Allotted, called up and fully paid:
Ordinary class A shares 1 5 5 5
Ordinary class B share 1 1 1 1
6 6
5 DIRECTORS' TRANSACTIONS
The company made an advance to a director during the year. The following amount was due to the company at the year end:
2016 2015
£ £
S D Symes 10,000 -
The maximum amount due to the company from the director during the year was as follows:
2016 2015
£ £
S D Symes 10,000 -
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