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Registration number: 10705253

School's Out Activities Ltd

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

For the Year Ended 30 April 2023

 

School's Out Activities Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 13

 

School's Out Activities Ltd

Company Information

Director

Mr C Melsa

Registered office

Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
School's Out Activities Ltd
for the Year Ended 30 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of School's Out Activities Ltd for the year ended 30 April 2023 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of School's Out Activities Ltd, as a body, in accordance with the terms of our engagement letter dated 27 November 2018. Our work has been undertaken solely to prepare for your approval the accounts of School's Out Activities Ltd and state those matters that we have agreed to state to the Board of Directors of School's Out Activities Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than School's Out Activities Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that School's Out Activities Ltd 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 School's Out Activities Ltd. You consider that School's Out Activities Ltd 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 School's Out Activities Ltd. 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.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

2 November 2023

 

School's Out Activities Ltd

(Registration number: 10705253)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

28,701

34,660

Current assets

 

Stocks

6

20,325

17,575

Debtors

7

35,075

8,250

Cash at bank and in hand

 

345,939

220,365

 

401,339

246,190

Creditors: Amounts falling due within one year

8

(83,845)

(95,535)

Net current assets

 

317,494

150,655

Total assets less current liabilities

 

346,195

185,315

Creditors: Amounts falling due after more than one year

8

-

(416)

Provisions for liabilities (deferred taxation)

(7,175)

(6,585)

Net assets

 

339,020

178,314

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

338,920

178,214

Shareholders' funds

 

339,020

178,314

 

School's Out Activities Ltd

(Registration number: 10705253)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 November 2023
 

.........................................
Mr C Melsa
Director

 

School's Out Activities Ltd

Statement of Changes in Equity for the Year Ended 30 April 2023

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 May 2022

100

178,214

178,314

Profit for the year

-

198,406

198,406

Total comprehensive income

-

198,406

198,406

Dividends

-

(37,700)

(37,700)

At 30 April 2023

100

338,920

339,020

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 May 2021

100

133,757

133,857

Profit for the year

-

115,688

115,688

Total comprehensive income

-

115,688

115,688

Dividends

-

(71,231)

(71,231)

At 30 April 2022

100

178,214

178,314

 

School's Out Activities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
United Kingdom

The principal place of business is:
Oakholt
Norwich Road
Barham
Ipswich
Suffolk
IP6 0PP

These financial statements were authorised for issue by the director on 2 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

 

School's Out Activities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Government grants

Grants are accounted for under the accruals model.

Due to the Covid-19 pandemic the business utilised various Government support schemes.

The grant income in the financial statements consists of the Government Coronavirus Job Retention Scheme ('Furlough') and Covid SSP scheme whereby the Government contributed towards the wages costs of the business and Government backed assistance in the form of an interest free period on a Government backed business bounce back loan.

The company was also in receipt of grant funding from the local authority and other government agencies to assist with the impact of the pandemic and for other business purposes.

The amounts received are reported under other operating income in the financial statements and are recorded in the period to which the grant income relates to.

Tax

The tax expense for the period comprises current corporation tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

During the course of the 2023 year the company was in receipt of corporation tax refunds. The refunds arose from claims made for Research and Development tax relief in respect of expenditure incurred during the 2021 and 2022 accounting years.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and equipment

15% reducing balance basis

Office and computer equipment

write off costs over 3 years

 

School's Out Activities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock held by the company relates to activity equipment held at the accounts period end.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

School's Out Activities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

The pension contributions relate to employer contributions to the employees workplace pension schemes.

Financial instruments

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

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 profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


 

School's Out Activities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 53 (2022 - 42).

4

Government grants

Due to the Covid-19 pandemic the business utilised various Government support schemes.

The grant income in the financial statements consists of the Government Coronavirus Job Retention Scheme ('Furlough') and Covid SSP scheme whereby the Government contributed towards the wages costs of the business and Government backed assistance in the form of an interest free period on a Government backed business bounce back loan.

The company was also in receipt of grant funding from the local authority and other government agencies to assist with the impact of the pandemic and for other business purposes.

The amount of grants recognised in the financial statements was £Nil (2022 - £33,793).

 

School's Out Activities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Tangible assets

Office & computer equipment
£

Fixtures & equipment
£

Total
£

Cost

At 1 May 2022

16,810

52,029

68,839

At 30 April 2023

16,810

52,029

68,839

Depreciation

At 1 May 2022

15,425

18,754

34,179

Charge for the year

967

4,992

5,959

At 30 April 2023

16,392

23,746

40,138

Carrying amount

At 30 April 2023

418

28,283

28,701

At 30 April 2022

1,385

33,275

34,660

6

Stocks

2023
£

2022
£

Other inventories

20,325

17,575

7

Debtors

2023
£

2022
£

Trade debtors

1,789

6,250

Other debtors

33,286

2,000

35,075

8,250

 

School's Out Activities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Hire purchase obligations and bank loan

10

416

15,606

Trade creditors

 

6,903

9,216

Taxation and social security

 

-

3,462

Accruals and deferred income

 

10,793

21,650

Other creditors

 

65,733

45,601

 

83,845

95,535

Creditors include net obligations under hire purchase contracts which are secured of £416 (2022 - £15,606). The liabilities are secured by a charge over the assets to which the agreements relate to.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Hire purchase obligations

10

-

416

Creditors include net obligations under hire purchase contracts which are secured of £0 (2022 - £416). The liabilities are secured by a charge over the assets to which the agreements relate to.

9

Reserves

The profit and loss reserves of the company are fully distributable.

 

School's Out Activities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase obligations

-

416

2023
£

2022
£

Current loans and borrowings

Hire purchase obligations

416

15,606

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £377.00 (2022 - £712.31) per ordinary share

 

37,700

 

71,231

         

12

Related party transactions

Other transactions with the director

Included in creditors at the 30th April 2023 is the sum of £11,535 (2022 £12,777) owed to the director. This is in respect of personal funds injected in to the company by the director at the commencement of trading and expenses that have not been reimbursed to the director by the company.

The loan has been made to the company on an interest free basis.