Best Family Childcare Limited - Period Ending 2018-08-31

Registration number: 05525782

Best Family Childcare Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2018

Josephs Chartered Accountants
635B Roundhay Road
Leeds
West Yorkshire
LS8 4BA

Best Family Childcare Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Statement of Income and Retained Earnings	4
Balance Sheet	5
Notes to the Financial Statements	6 to 9

Best Family Childcare Limited

Company Information

Directors

Mrs Nicola Best Mr Peter T Best

Company secretary

Mrs Nicola Best

Registered office

97 Gledhow Park Grove Chapel Allerton Leeds LS7 4JW

Accountants

Josephs Chartered Accountants 635B Roundhay Road Leeds West Yorkshire LS8 4BA

Page 1

Best Family Childcare Limited

Directors' Report for the Year Ended 31 August 2018

The directors present their report and the financial statements for the year ended 31 August 2018.

Directors of the company

The directors who held office during the year were as follows:

Mrs Nicola Best - Company secretary and director

Mr Peter T Best

Principal activity

The principal activity of the company is the provision of childcare services.

Small companies provision statement

This report has 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.

Approved by the Board on 22 October 2018 and signed on its behalf by:

Mrs Nicola Best
Company secretary and director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Best Family Childcare Limited
for the Year Ended 31 August 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Best Family Childcare Limited for the year ended 31 August 2018 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Best Family Childcare Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Best Family Childcare Limited and state those matters that we have agreed to state to the Board of Directors of Best Family Childcare Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Best Family Childcare Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Best Family Childcare Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Best Family Childcare Limited. You consider that Best Family Childcare Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Best Family Childcare Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Josephs Chartered Accountants
635B Roundhay Road
Leeds
West Yorkshire
LS8 4BA

22 October 2018

Page 3

Best Family Childcare Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 August 2018

	Note	2018 £	2017 £
Turnover		955,530	877,594
Cost of sales		(466,439)	(467,840)
Gross profit		489,091	409,754
Administrative expenses		(318,209)	(252,780)
Operating profit		170,882	156,974
Other interest receivable and similar income		210	87
Interest payable and similar charges		(343)	(1,079)
		(133)	(992)
Profit before tax	2	170,749	155,982
Taxation		(32,442)	(29,743)
Profit for the financial year		138,307	126,239
Retained earnings brought forward		329,968	263,729
Dividends paid		(122,000)	(60,000)
Retained earnings carried forward		346,275	329,968

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 4

Best Family Childcare Limited

(Registration number: 05525782)
Balance Sheet as at 31 August 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	66,522	80,855
Current assets
Debtors	4	1,750	12,232
Cash at bank and in hand		400,358	367,545
		402,108	379,777
Creditors: Amounts falling due within one year	5	(109,714)	(87,911)
Net current assets		292,394	291,866
Total assets less current liabilities		358,916	372,721
Creditors: Amounts falling due after more than one year	5	-	(27,388)
Provisions for liabilities		(12,639)	(15,363)
Net assets		346,277	329,970
Capital and reserves
Called up share capital	6	2	2
Profit and loss account		346,275	329,968
Total equity		346,277	329,970

For the financial year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 22 October 2018 and signed on its behalf by:
 

Mrs Nicola Best Company Secretary and Director

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 5

Best Family Childcare Limited

Notes to the Financial Statements for the Year Ended 31 August 2018

1	Accounting policies

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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
Leasehold property improvements	10% straight line
Office equipment	33% reducing balance
Fixtures and fittings	25% reducing balance
Caravan	25% reducing balance

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 6

Best Family Childcare Limited

Notes to the Financial Statements for the Year Ended 31 August 2018

2	Profit before tax

Arrived at after charging/(crediting)

	2018 £	2017 £
Depreciation expense	22,317	26,578

3	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 September 2017	22,102	179,308	17,447	218,857
Additions	-	7,984	-	7,984
At 31 August 2018	22,102	187,292	17,447	226,841
Depreciation
At 1 September 2017	11,608	114,907	11,487	138,002
Charge for the year	2,210	18,617	1,490	22,317
At 31 August 2018	13,818	133,524	12,977	160,319
Carrying amount
At 31 August 2018	8,284	53,768	4,470	66,522
At 31 August 2017	10,494	64,401	5,960	80,855

Included within the net book value of land and buildings above is £8,284 (2017 - £10,494) in respect of long leasehold land and buildings.
 

4

Debtors

	2018 £	2017 £
Trade debtors	-	7,546
Other debtors and prepayments	1,750	4,686
	1,750	12,232

Page 7

Best Family Childcare Limited

Notes to the Financial Statements for the Year Ended 31 August 2018

5

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Loans and borrowings	7	66,399	52,129
Trade creditors		2,514	2,994
Taxation and social security		2,446	-
Other creditors		38,355	32,788
		109,714	87,911
Due after one year
Loans and borrowings	7	-	27,388

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	7	-	27,388

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	2	2	2	2

7	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Bank loans	-	27,388

Page 8

Best Family Childcare Limited

Notes to the Financial Statements for the Year Ended 31 August 2018

	2018 £	2017 £
Current loans and borrowings
Bank loans	-	8,078
Directors' current account	66,399	44,051
	66,399	52,129

8	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2018 £	2017 £
Remuneration	21,031	21,031
Contributions paid to money purchase schemes	72,000	26,500
	93,031	47,531

Page 9