Stepping Stones Nursery School (Froxfield) Ltd - Period Ending 2016-12-31

Registration number: 09367679

Stepping Stones Nursery School (Froxfield) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Stepping Stones Nursery School (Froxfield) Ltd

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Stepping Stones Nursery School (Froxfield) Ltd

(Registration number: 09367679)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Intangible assets	5	3,276	4,368
Tangible assets	6	4,253	-
		7,529	4,368
Current assets
Cash at bank and in hand		17,688	7,096
Creditors: Amounts falling due within one year	8	(22,709)	(20,168)
Net current liabilities		(5,021)	(13,072)
Total assets less current liabilities		2,508	(8,704)
Provisions for liabilities		(851)	-
Net assets/(liabilities)		1,657	(8,704)
Capital and reserves
Called up share capital		1	1
Profit and loss account		1,656	(8,705)
Total equity		1,657	(8,704)

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Stepping Stones Nursery School (Froxfield) Ltd

(Registration number: 09367679)
Balance Sheet as at 31 December 2016

Approved and authorised by the director on 28 September 2017
 

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

Mrs Charlotte Marian Paterson

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Stepping Stones Nursery School (Froxfield) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Oakhill Farm Upper Oakhill
Froxfield
Marlborough
Wiltshire
SN8 3JT

The principal place of business is:
Oakhill Farm
Upper Oakhill
Froxfield
Marlborough
Wiltshire
SN8 3JT

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% straight line basis
Computer equipment	20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Page 3

Stepping Stones Nursery School (Froxfield) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 4

Stepping Stones Nursery School (Froxfield) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

3

Taxation

	2016		2015
	£		£
Corporation tax	2,609		-
Deferred tax	851		-
	3,460		-

4	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2015 - 13).

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2016	5,460	5,460
At 31 December 2016	5,460	5,460
Amortisation
At 1 January 2016	1,092	1,092
Amortisation charge	1,092	1,092
At 31 December 2016	2,184	2,184
Carrying amount
At 31 December 2016	3,276	3,276
At 31 December 2015	4,368	4,368

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2015 - £Nil).
 

Page 5

Stepping Stones Nursery School (Froxfield) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

6	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
Additions	5,316	5,316
At 31 December 2016	5,316	5,316
Depreciation
Charge for the period	1,063	1,063
At 31 December 2016	1,063	1,063
Carrying amount
At 31 December 2016	4,253	4,253

7

Debtors

	2016 £	2015 £
Total current trade and other debtors	-	-

8

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		6,967	5,924
Taxation and social security		4,180	3,367
Other creditors		11,562	10,877
		22,709	20,168

9

Dividends

Final dividends paid

	2016 £	2015 £
Final dividend of £10,000 (2015 - £0) per each Ordinary share	10,000	-

Page 6

Stepping Stones Nursery School (Froxfield) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

10	Related party transactions

Transactions with directors

2016	At 1 January 2016 £	Advances to directors £	At 31 December 2016 £
Mrs Charlotte Marian Paterson
made loans to the company. The loans are repayable on demand and are non interest bearing.	(6,946)	(3,717)	(10,663)

2015	Advances to directors £	At 31 December 2015 £
Mrs Charlotte Marian Paterson
made loans to the company. The loans are repayable on demand and are non interest bearing.	(6,946)	(6,946)

11	Transition to FRS 102

There were no changes required as a result of transition to FRS 102.

Page 7