Company Registration No. 05504368 (England and Wales)
1ST FOR CHILDREN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH REGISTRAR
1ST FOR CHILDREN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
1ST FOR CHILDREN LIMITED
BALANCE SHEET
AS AT
31 JULY 2021
31 July 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,237
4,800
Current assets
Debtors
6
1,735
Cash at bank and in hand
74,972
48,123
74,972
49,858
Creditors: amounts falling due within one year
7
(18,173)
(12,075)
Net current assets
56,799
37,783
Total assets less current liabilities
59,036
42,583
Creditors: amounts falling due after more than one year
8
(15,515)
(19,058)
Provisions for liabilities
(912)
Net assets
43,521
22,613
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
43,421
22,513
Total equity
43,521
22,613
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
1ST FOR CHILDREN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2021
31 July 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 April 2022
C Cowie
Director
Company Registration No. 05504368
1ST FOR CHILDREN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 3 -
1
Accounting policies
Company information
1st For Children Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Greytown House, 221-227 High Street, Orpington, Kent, United Kingdom, BR6 0NZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The director confirms that they consider that the going concern basis remains appropriate. The director has taken steps following the trading impact of Covid19 to ensure financial facilities remain available to the company to enable it to continue to meet it’s liabilities as they fall due, and to ensure sufficient working capital is available to settle liabilities as they fall due. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1ST FOR CHILDREN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
1ST FOR CHILDREN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
6
6
4
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2020 and 31 July 2021
24,000
Amortisation and impairment
At 1 August 2020 and 31 July 2021
24,000
Carrying amount
At 31 July 2021
At 31 July 2020
5
Tangible fixed assets
Plant and equipment
£
Cost
At 1 August 2020 and 31 July 2021
30,245
Depreciation and impairment
At 1 August 2020
25,445
Depreciation charged in the year
2,563
At 31 July 2021
28,008
Carrying amount
At 31 July 2021
2,237
At 31 July 2020
4,800
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
1,735
1ST FOR CHILDREN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 6 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
3,820
942
Trade creditors
882
357
Taxation and social security
9,515
8,726
Other creditors
3,956
2,050
18,173
12,075
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
15,515
19,058
9
Loans and overdrafts
2021
2020
£
£
Bank loans
19,335
20,000
Payable within one year
3,820
942
Payable after one year
15,515
19,058
Included within bank loans is a CBILS of £19,335. The term is 6 years, inclusive of a 12 month interest free period which is subsidised by the government in full. It attracts a fixed interest rate of 2.50% from the 13th month.