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Registration number: 01383334

Suzanne Sparrow (Plymouth) Language School Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Suzanne Sparrow (Plymouth) Language School Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Suzanne Sparrow (Plymouth) Language School Ltd

(Registration number: 01383334)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

235,970

464,429

Current assets

 

Debtors

5

24,445

43,939

Cash at bank and in hand

 

24,781

1,768

 

49,226

45,707

Creditors: Amounts falling due within one year

6

(84,932)

(350,061)

Net current liabilities

 

(35,706)

(304,354)

Total assets less current liabilities

 

200,264

160,075

Creditors: Amounts falling due after more than one year

6

(32,117)

(50,623)

Net assets

 

168,147

109,452

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

158,645

334,025

Profit and loss account

8,502

(225,573)

Shareholders' funds

 

168,147

109,452

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 

 

Suzanne Sparrow (Plymouth) Language School Ltd

(Registration number: 01383334)
Statement of Financial Position as at 30 September 2023 (continued)


Dr Suzanne Mary Sparrow
Director

 

Suzanne Sparrow (Plymouth) Language School Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Corrofell,
Yealm Road,
Newton Ferrers
Plymouth
PL8 1BL

Principal activity

The principal activity of the company is that of a language school

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 entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Suzanne Sparrow (Plymouth) Language School Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

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 statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Motor Vehicles

25% reducing balance

Fixtures & Fittings

15% reducing balance

Computer Equipment

15% straight line

 

Suzanne Sparrow (Plymouth) Language School Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 6).

 

Suzanne Sparrow (Plymouth) Language School Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

550,000

95,882

50,996

33,460

730,338

Additions

1,668

1,554

4,784

-

8,006

Disposals

(275,000)

-

-

(22,465)

(297,465)

At 30 September 2023

276,668

97,436

55,780

10,995

440,879

Depreciation

At 1 October 2022

99,750

90,531

47,898

27,730

265,909

Charge for the year

5,534

1,036

1,541

833

8,944

Eliminated on disposal

(49,875)

-

-

(20,069)

(69,944)

At 30 September 2023

55,409

91,567

49,439

8,494

204,909

Carrying amount

At 30 September 2023

221,259

5,869

6,341

2,501

235,970

At 30 September 2022

450,250

5,351

3,098

5,730

464,429

5

Debtors

2023
£

2022
£

Trade debtors

913

25,280

Other debtors

-

2

Prepayments

23,532

18,657

24,445

43,939

 

Suzanne Sparrow (Plymouth) Language School Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9,696

273,438

Trade creditors

 

23,522

22,874

Taxation and social security

 

1,895

1,606

Accruals and deferred income

 

22,223

22,564

Other creditors

 

27,596

29,579

 

84,932

350,061

Creditors include bank overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2022 - £273,438).

HSBC PLC have a fixed and floating charge over the undertaking and all property and assets present and future, together with a fixed charge over 72 North Road East.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

32,117

50,623

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Suzanne Sparrow (Plymouth) Language School Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

1,368

-

Later than one year and not later than five years

3,420

-

4,788

-