The Wandsworth Preschool Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09901029 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

The Wandsworth Preschool Limited

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

9,713

3,709,936

CURRENT ASSETS

Debtors

1,531,203

46,970

Cash at bank

66,633

327,166

1,597,836

374,136

CREDITORS

Amounts falling due within one year

389,112

1,720,470

NET CURRENT ASSETS/(LIABILITIES)

1,208,724

(1,346,334

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,218,437

2,363,602

CREDITORS

Amounts falling due after more than one year

5

35,650

44,676

NET ASSETS

1,182,787

2,318,926

CAPITAL AND RESERVES

Called up share capital

71,698

71,698

Share premium

3,933,242

3,933,242

Retained earnings

(2,822,153

)

(1,686,014

)

1,182,787

2,318,926

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2022 and were signed on its behalf by:

Mr E A Morris - Director

Mr J Morris - Director

1.	STATUTORY INFORMATION

The Wandsworth Preschool Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09901029

Registered office:

Tetherdown Hall 1a Tetherdown

Muswell Hill

London

N10 1ND

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

• the amount can be measured reliably;

• it is probable that the company will receive the consideration due under the contract;

• the stage of completion of the contract at the end of the reporting period can be measured reliably;and

• the costs incurred and the costs to complete the contract can be measured reliably

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Government grants

Government grants, including non-monetary grants, are only recognised when there is reasonable assurance that conditions attached will be complied with and the grant will be received. The company recognises Government grants based on the accrual model.

Government grants are measured at the fair value of the asset received or receivable. Where a grant becomes repayable it shall be recognised as a liability when the repayment meets the definition of a liability.

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements or a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation

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

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 34 (2020 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

3,952,018

Additions

3,558

Disposals

(3,850,707

)

At 31 December 2021

104,869

DEPRECIATION

At 1 January 2021

242,082

Charge for year

34,439

Eliminated on disposal

(181,365

)

At 31 December 2021

95,156

NET BOOK VALUE

At 31 December 2021

9,713

At 31 December 2020

3,709,936

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.12.21

31.12.20

£

£

Repayable by instalments

Bank loans more 5 yr by instal

-

44,676

6.	RELATED PARTY TRANSACTIONS

At the year end, a balance of £164,550 (2020: £43,437) was due to The Winchmore Hill Preschool Limited, £443 (2020: £Nil) due to the Three Little Birds Nurseries Limited, £3,984 (2020: £Nil) due to the Crystal Childcare Limited, £120,748 (2020: £Nil) due from The 3LB Partners Limited, £1,261,777 (2020: £Nil) due from Three Little Birds LPS Limited,£10,528 (2020: £13,649) due from The West Finchley Preschool Limited and £10,295 (2020: £13,279) due from The Muswell Hill Preschool Limited.

Each company is deemed to be a related party by virtue of common control.