Gracebridge Care and Education Limited |
Registered number: |
11442192 |
Balance Sheet |
as at 31 August 2021 |
|
Notes |
|
|
2021 |
|
|
2020 |
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
|
95,898 |
|
|
80,247 |
|
Current assets |
Debtors |
5 |
|
258,930 |
|
|
35,832 |
Cash at bank and in hand |
|
|
177,745 |
|
|
520,592 |
|
|
|
436,675 |
|
|
556,424 |
|
Creditors: amounts falling due within one year |
6 |
|
(150,303) |
|
|
(259,287) |
|
Net current assets |
|
|
|
286,372 |
|
|
297,137 |
|
Total assets less current liabilities |
|
|
|
382,270 |
|
|
377,384 |
|
|
Provisions for liabilities |
|
|
|
(12,761) |
|
|
(13,076) |
|
|
Net assets |
|
|
|
369,509 |
|
|
364,308 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Contingency reserve account |
7 |
|
|
250,000 |
|
|
250,000 |
Profit and loss account |
|
|
|
119,409 |
|
|
114,208 |
|
Shareholders' funds |
|
|
|
369,509 |
|
|
364,308 |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
L J Baillie |
Director |
Approved by the board on 23 August 2022 |
|
Gracebridge Care and Education Limited |
Notes to the Accounts |
for the year ended 31 August 2021 |
|
|
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. |
|
|
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: |
|
|
Freehold buildings |
over 50 years |
|
Plant and machinery |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
|
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. |
|
2 |
Going Concern |
|
|
The Directors have considered the company's business activities, together with the factors likely to affect its future development, performance and position that are effected due to Covid19 restrictions. The company's activities are that of independent special school for students with socialcare, emotional and mental health difficulties. Due to the nature of the company's business and it and its customers being able to remain open throughout the recent 'lockdown' period in the UK, there has been no significant impact on the financial performance of the company and the directors expect this to continue. Therefore the cash flow forecasts show that the company will have sufficient cash facilities throughout the next 12 months and accordingly have prepared the financial statements on a going concern basis. The company has been profitable in the current and prior year and continues to be so. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities. The directors have considered cash flow forecasts and funding requirements of the business for the foreseeable future in assessing the going concern assertion. The directors consider that preparing the financial statements on the going' concern basis is appropriate based on their enquiries. Having taken account of the ongoing funding requirements of the business and the facilities available to the company, the directors consider that the company has the ability to fulfil its commitments for at least 12 months from the date the financial statements are signed. Therefore the directors consider that the company has reasonable expectation that it can meet all of its liabilities as they fall due for the foreseeable future from the date of approval of the financial statements |
|
|
3 |
Employees |
2021 |
|
2020 |
Number |
Number |
|
|
Average number of persons employed by the company |
43 |
|
42 |
|
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 September 2020 |
- |
|
100,631 |
|
7,000 |
|
107,631 |
|
Additions |
18,125 |
|
- |
|
11,250 |
|
29,375 |
|
At 31 August 2021 |
18,125 |
|
100,631 |
|
18,250 |
|
137,006 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 September 2020 |
- |
|
25,330 |
|
2,054 |
|
27,384 |
|
Charge for the year |
- |
|
11,295 |
|
2,429 |
|
13,724 |
|
At 31 August 2021 |
- |
|
36,625 |
|
4,483 |
|
41,108 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2021 |
18,125 |
|
64,006 |
|
13,767 |
|
95,898 |
|
At 31 August 2020 |
- |
|
75,301 |
|
4,946 |
|
80,247 |
|
|
5 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
|
Trade debtors |
146,004 |
|
- |
|
Amount due from associated Companies |
|
98,914 |
|
- |
|
Other debtors |
14,012 |
|
35,832 |
|
|
|
|
|
|
258,930 |
|
35,832 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Trade creditors |
24,181 |
|
67,068 |
|
Taxation and social security costs |
77,254 |
|
91,129 |
|
Other creditors |
48,868 |
|
101,090 |
|
|
|
|
|
|
150,303 |
|
259,287 |
|
|
|
|
|
|
|
|
|
|
7 |
Contingency reserve account |
2021 |
|
2020 |
£ |
£ |
|
|
At 1 September 2020 |
250,000 |
|
100,000 |
|
transfer from profit and loss |
- |
|
150,000 |
|
|
At 31 August 2021 |
250,000 |
|
250,000 |
|
Each year directors consider the adquecy of the amount to be transferd into contingency reserve for any unforeseeable circumstances and any additional capital or revenue expenditure requirements.. |
8 |
Covid 19 impact |
|
|
As with many organisations, we have been following Government Guidance since March 16th 2020 to minimise the risk to the public, our staff, volunteers and members. The impact on revenue will not be significant due to the nature of company'sare that of independent special school for students with socialcare, emotional and mental health difficulties. |
|
|
|
9 |
Other information |
|
|
Gracebridge Care and Education Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Rear of Arden Lodge |
|
946 Warwick Road |
|
Birmingham |
|
B27 6QG |