Company registration number 14094848 (England and Wales)
1633 ENTERPRISES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
1633 ENTERPRISES LIMITED
COMPANY INFORMATION
Directors
Mr J D Gaisford
(Appointed 9 May 2022)
Mr R E May
(Appointed 9 May 2022)
Secretary
Mr M C M MacEacharn
Company number
14094848
Registered office
Exeter School
Victoria Park Road
Exeter
Devon
EX2 4NS
Auditor
Simpkins Edwards Audit LLP
The Summit
Woodwater Park
Pynes Hill
Exeter
Devon
EX2 5WS
1633 ENTERPRISES LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 10
1633 ENTERPRISES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 AUGUST 2023
- 1 -
The directors present their annual report and financial statements for the period ended 31 August 2023.
Principal activities
The company was incorporated on 9 May 2022 and commenced trading on 1 September 2022. Since that date, the principal activity of the company has been the letting of sports and other facilities at Exeter School, which is the charitable parent of this company.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr J D Gaisford
(Appointed 9 May 2022)
Mr R E May
(Appointed 9 May 2022)
Auditor
Simpkins Edwards Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr J D Gaisford
Director
6 February 2024
1633 ENTERPRISES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 AUGUST 2023
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
1633 ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF 1633 ENTERPRISES LIMITED
- 3 -
Opinion
We have audited the financial statements of 1633 Enterprises Limited (the 'company') for the period ended 31 August 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
1633 ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF 1633 ENTERPRISES LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In doing so, we considered the following:-
1633 ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF 1633 ENTERPRISES LIMITED
- 5 -
- The nature of the company, its control environment and performance indicators;
- Results of our enquiries of management and directors regarding their own identification and assessment of the risks of irregularities; and
- The matters discussed among the audit engagement team regarding how and where irregularities might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in relation to the recognition of revenue and the risk of management override of controls.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context relate to the Companies Act 2006.
Our procedures in response to the risks identified included the following:
- Reviewing the financial statement disclosures and testing to supporting documentation;
- Understanding and evaluating the design and implementation of management controls;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular, in relation to income recognition;
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Jonathan Williams BSc ACA CTA
Senior Statutory Auditor
For and on behalf of Simpkins Edwards Audit LLP
6 February 2024
Chartered Accountants
Statutory Auditor
The Summit
Woodwater Park
Pynes Hill
Exeter
Devon
EX2 5WS
1633 ENTERPRISES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 AUGUST 2023
- 6 -
Period
ended
31 August
2023
£
Turnover
178,752
Administrative expenses
(15,444)
Operating profit
163,308
Interest receivable and similar income
399
Profit before taxation
163,707
Tax on profit
Profit for the financial period
163,707
The profit and loss account has been prepared on the basis that all operations are continuing operations.
1633 ENTERPRISES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 7 -
2023
Notes
£
£
Current assets
Debtors
3
36,736
Cash at bank and in hand
142,271
179,007
Creditors: amounts falling due within one year
4
(15,299)
Net current assets
163,708
Capital and reserves
Called up share capital
1
Profit and loss reserves
163,707
Total equity
163,708
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
Mr J D Gaisford
Director
Company registration number 14094848 (England and Wales)
1633 ENTERPRISES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2023
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 9 May 2022
-
Period ended 31 August 2023:
Profit and total comprehensive income
-
163,707
163,707
Issue of share capital
1
-
1
Balance at 31 August 2023
1
163,707
163,708
1633 ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
- 9 -
1
Accounting policies
Company information
1633 Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is Exeter School, Victoria Park Road, Exeter, Devon, EX2 4NS.
1.1
Reporting period
The company was incorporated on 9 May 2022 and commenced trading on 1 September 2022. These are the first set of financial statements presented by the entity. This set of financial statements covers the period from 9 May 2022 to 31 August 2023. The year end was changed to align the company's financial year end with that of its parent company.
1.2
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of Exeter School. These consolidated financial statements are available from its registered office, at Exeter School, Victoria Park Road, Exeter, Devon, EX2 4NS.
1.3
Turnover
Turnover represents lettings income receivable, which is accounted for in the period the lettings take place.
1.4
Taxation
The tax expense represents the sum of the tax currently payable.
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.
As the company is a subsidiary of a registered charity, corporation tax is only provided to the extent that the company has not donated its taxable profits to its charitable parent company under the Gift Aid rules or does not intend to make such a payment within 9 months of the period end.
1633 ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
- 10 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
2
3
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
8,705
Prepayments and accrued income
28,031
36,736
4
Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
13,499
Other creditors
1,800
15,299
5
Parent company
The ultimate parent company is Exeter School, a charitable company limited by guarantee, with registered office address at Victoria Park Road, Exeter, Devon, EX2 4NS.