Futurepath Childcare Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07052955 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

FUTUREPATH CHILDCARE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J K Barnett

Mr P D Barnett

REGISTERED OFFICE:

12 Croftlands Avenue

Fareham

Hampshire

PO14 2JR

REGISTERED NUMBER:

07052955 (England and Wales)

ACCOUNTANTS:

Gibson Whitter

Chartered Accountants

and Chartered Tax Advisers

Larch House

Parklands Business Park

Denmead

Hampshire

PO7 6XP

FIXED ASSETS

Tangible assets

4

122,489

131,392

CURRENT ASSETS

Debtors

5

496,237

268,729

Cash at bank and in hand

55,002

41,060

551,239

309,789

CREDITORS

Amounts falling due within one year

6

360,329

255,052

NET CURRENT ASSETS

190,910

54,737

TOTAL ASSETS LESS CURRENT LIABILITIES

313,399

186,129

CREDITORS

Amounts falling due after more than one year

7

-

(7,000

)

PROVISIONS FOR LIABILITIES

10

(3,598

)

(4,478

)

NET ASSETS

309,801

174,651

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

308,801

173,651

SHAREHOLDERS' FUNDS

309,801

174,651

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 25 July 2018 and were signed on its behalf by:

Mrs J K Barnett - Director

1.	STATUTORY INFORMATION

Futurepath Childcare Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents both fee invoices to parents and local authority contributions, excluding value added tax.

Revenue is recognised in the month in which the service is provided.

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 etc

-

25% on reducing balance and 2% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except

to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted

or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates

and laws that have been enacted or substantively enacted by the year end and that are expected to apply to

the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under

finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of

the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2016 - 44 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2016

204,169

Additions

4,771

At 31 October 2017

208,940

DEPRECIATION

At 1 November 2016

72,777

Charge for year

13,674

At 31 October 2017

86,451

NET BOOK VALUE

At 31 October 2017

122,489

At 31 October 2016

131,392

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

35,158

39,501

Other debtors

461,079

229,228

496,237

268,729

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans and overdrafts

-

7,000

Trade creditors

22,567

9,180

Taxation and social security

53,188

28,577

Other creditors

284,574

210,295

360,329

255,052

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans

-

7,000

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.10.17

31.10.16

£

£

Within one year

67,600

63,600

Between one and five years

198,417

254,817

In more than five years

-

11,200

266,017

329,617

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.17

31.10.16

£

£

Bank loans

-

14,000

The company's bank loan is secured by a fixed and floating charge over the assets of the company.

10.	PROVISIONS FOR LIABILITIES

31.10.17

31.10.16

£

£

Deferred tax

3,598

4,478

Deferred

tax

£

Balance at 1 November 2016

4,478

Utilised during year

(880

)

Balance at 31 October 2017

3,598

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £77,500 (2016 - £23,500) were paid to the directors .

The aggregate amount owed to the directors at the balance sheet date is £3,441 (31.10.16: £13,470).

The aggregate amount due from connected company's at the balance sheet date is £348,913 (31.10.16:

£204,671).

During the year the company paid rent and management charges to a connected company totalling £31,775

(31.10.16: £26,269).

The company has provided a fixed and floating charge over its assets on behalf of a connected company.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P D and Mrs J K Barnett.

13.	FIRST YEAR ADOPTION

The adoption of FRS 102 has resulted in no changes in the equity as at 1 November 2015, the profit for the

period ended 31 October 2016 or the equity as at 31 October 2016.