Farley Nursery School Limited - Period Ending 2016-03-31

Registration number: 7179348

Farley Nursery School Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Hugh Davies & Co
35 Chequers Court
Brown Street
Salisbury
Wiltshire
SP1 2AS

Farley Nursery School Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Farley Nursery School Limited
(Registration number: 7179348)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			(As restated) 2015 £
Fixed assets
Tangible fixed assets		2			211,715			170,236
Current assets
Stocks					6,968			10,473
Debtors					75,150			21,036
Cash at bank and in hand					20,199			9,424
					102,317			40,933
Creditors: Amounts falling due within one year					(200,776)			(146,346)
Net current liabilities					(98,459)			(105,413)
Total assets less current liabilities					113,256			64,823
Creditors: Amounts falling due after more than one year					(93,014)			(106,703)
Provisions for liabilities					(13,470)			(10,245)
Net assets/(liabilities)					6,772			(52,125)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					6,672			(52,225)
Shareholders' funds/(deficit)					6,772			(52,125)

For the year ending 31 March 2016 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 directors acknowledge their 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 Board on 29 June 2016 and signed on its behalf by:

.........................................
S Palmer
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Farley Nursery School Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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 January 2015).

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	20% straight line

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% reducing balance
Fixtures and fittings	25% reducing balance and 33% straight line
Short leasehold land and buildings	10% and 25% straight line

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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Farley Nursery School Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		200,000			223,172			423,172
Additions		-			74,880			74,880
At 31 March 2016		200,000			298,052			498,052
Depreciation
At 1 April 2015		200,000			52,936			252,936
Charge for the year		-			33,401			33,401
At 31 March 2016		200,000			86,337			286,337
Net book value
At 31 March 2016		-			211,715			211,715
At 31 March 2015		-			170,236			170,236

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary share of £1 each		100			100			100			100

Page 3

Farley Nursery School Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

4	Prior period adjustments

During the year the goodwill amortisation policy was changed. All goodwill is now amortised over a useful life of 5 years. The prior year adjustment relates to the additional charge required to bring the calculation in line with this policy.

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
S Palmer
Net movement in the year	58,266	1,192	1,192	-

Page 4