ABC Family Nursery Limited - Period Ending 2014-02-28

ABC Family Nursery Limited

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2014

Manningtons
Chartered Accountants
39 High Street
Battle
East Sussex
TN33 0EE

ABC Family Nursery Limited
Contents

Abbreviated Balance Sheet

Notes to the Abbreviated Accounts

2 to 4

ABC Family Nursery Limited
(Registration number: 04655397)
Abbreviated Balance Sheet at 28 February 2014

	Note	2014 £	2013 £
Fixed assets
Tangible fixed assets		141,118	144,015
Current assets
Debtors		92,333	94,562
Cash at bank and in hand		169	2,435
		92,502	96,997
Creditors: Amounts falling due within one year		(261,527)	(106,544)
Net current liabilities		(169,025)	(9,547)
Total assets less current liabilities		(27,907)	134,468
Creditors: Amounts falling due after more than one year		-	(128,097)
Provisions for liabilities		-	(66)
Net (liabilities)/assets		(27,907)	6,305
Capital and reserves
Called up share capital	4	1,000	1,000
Profit and loss account		(28,907)	5,305
Shareholders' (deficit)/funds		(27,907)	6,305

For the year ending 28 February 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 3 July 2014

.........................................
Mrs P J Chandler
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

ABC Family Nursery Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the net liabilities position on the balance sheet. The company entered into a CVA on 19 March 2013, and was then forced to cease trading in November 2013. Since the year end the company's freehold property has been sold and the bank loan repaid, but the remaining assets are not sufficient to pay the creditors in full and so the company will be placed in liquidation.

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold property	2% and 20% straight line
Fixtures and fittings	20% straight line
Office equipment	33% straight line

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

ABC Family Nursery Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

2	Fixed assets

	Tangible assets £	Total £
Cost
At 1 March 2013	222,838	222,838
Disposals	(6,896)	(6,896)
At 28 February 2014	215,942	215,942
Depreciation
At 1 March 2013	78,823	78,823
Charge for the year	2,897	2,897
Eliminated on disposals	(6,896)	(6,896)
At 28 February 2014	74,824	74,824
Net book value
At 28 February 2014	141,118	141,118
At 28 February 2013	144,015	144,015

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

	2014 £	2013 £

Amounts falling due within one year	133,701	133,045

Included in the creditors are the following amounts due after more than five years:

	2014 £	2013 £

After more than five years by instalments	-	108,304

Page 3

ABC Family Nursery Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2014			2013
		No.	£		No.	£
Ordinary shares of £1 each		1,000	1,000		1,000	1,000

5	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mrs P J Chandler
Interest free loans	-	11,082	19,950	11,982

Page 4