THE QUAYS PRIVATE DAY NURSERY LIMITED - Filleted accounts

THE QUAYS PRIVATE DAY NURSERY LIMITED - Filleted accounts

THE QUAYS PRIVATE DAY NURSERY LIMITED - Company Information

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Registered number
06599663
THE QUAYS PRIVATE DAY NURSERY LIMITED
Filleted Accounts
31 December 2017
THE QUAYS PRIVATE DAY NURSERY LIMITED
Registered number: 06599663
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 3 43,250 47,575
Tangible assets 4 22,427 13,136
65,677 60,711
Current assets
Debtors 5 487,538 316,880
Cash at bank and in hand 23,765 153,012
511,303 469,892
Creditors: amounts falling due within one year 6 (45,911) (50,925)
Net current assets 465,392 418,967
Total assets less current liabilities 531,069 479,678
Provisions for liabilities (3,952) -
Net assets 527,117 479,678
Capital and reserves
Called up share capital 1 1
Profit and loss account 527,116 479,677
Shareholders' funds 527,117 479,678
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The 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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
I Lightley
Director
Approved by the board on 09.05.18
THE QUAYS PRIVATE DAY NURSERY LIMITED
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 15% per annum of net book vlaue
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 28 26
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2017 86,500
At 31 December 2017 86,500
Amortisation
At 1 January 2017 38,925
Provided during the year 4,325
At 31 December 2017 43,250
Net book value
At 31 December 2017 43,250
At 31 December 2016 47,575
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Equipment
£
Cost
At 1 January 2017 31,797
Additions 13,248
At 31 December 2017 45,045
Depreciation
At 1 January 2017 18,661
Charge for the year 3,957
At 31 December 2017 22,618
Net book value
At 31 December 2017 22,427
At 31 December 2016 13,136
5 Debtors 2017 2016
£ £
Trade debtors 7,890 2,768
Amounts owed by group undertakings and undertakings in which the company has a participating interest 479,616 314,112
Prepayments 32 -
487,538 316,880
6 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 1,212 1,571
Accruals and deferred income 27,877 47,858
Corporation tax 12,190 1,183
Other taxes and social security costs 4,341 168
Other creditors 291 145
45,911 50,925
7 Other information
THE QUAYS PRIVATE DAY NURSERY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
237 Thelwall New Road
Grappenhall
Warrington
Cheshire
WA4 2XT
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