Cavendish Education & Training Properties Ltd 14176943 true 2022-06-16 2023-08-31 2023-08-31 The principal activity of the company is as a holding company. Digita Accounts Production Advanced 6.30.9574.0 true true 14176943 2022-06-16 2023-08-31 14176943 2023-08-31 14176943 bus:Consolidated 2023-08-31 14176943 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 14176943 bus:SmallEntities 2022-06-16 2023-08-31 14176943 bus:Audited 2022-06-16 2023-08-31 14176943 bus:FullAccounts 2022-06-16 2023-08-31 14176943 bus:SmallCompaniesRegimeForAccounts 2022-06-16 2023-08-31 14176943 bus:RegisteredOffice 2022-06-16 2023-08-31 14176943 bus:Director1 2022-06-16 2023-08-31 14176943 bus:Director2 2022-06-16 2023-08-31 14176943 bus:Director3 2022-06-16 2023-08-31 14176943 bus:Director4 2022-06-16 2023-08-31 14176943 bus:EntityHasNeverTraded 2022-06-16 2023-08-31 14176943 bus:PrivateLimitedCompanyLtd 2022-06-16 2023-08-31 14176943 core:LandBuildings 2022-06-16 2023-08-31 14176943 1 2022-06-16 2023-08-31 14176943 countries:EnglandWales 2022-06-16 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 14176943

Cavendish Education & Training Properties Ltd

Annual Report and Financial Statements

for the Period from 16 June 2022 to 31 August 2023

 

Cavendish Education & Training Properties Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Cavendish Education & Training Properties Ltd

Company Information

Directors

E E Gibson

S Coles

J A Pickles

A N Hassan

Registered office

4th Floor South
14-16 Waterloo Place
London
SW1Y 4AR

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Cavendish Education & Training Properties Ltd

(Registration number: 14176943)
Balance Sheet as at 31 August 2023

Note

31 August 2023
£

Fixed assets

 

Tangible assets

5

2,005,565

Creditors: Amounts falling due within one year

6

(1,937,351)

Net assets

 

68,214

Capital and reserves

 

Called up share capital

1

Profit and loss account

68,213

Shareholders' funds

 

68,214

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 


E E Gibson
Director

 

Cavendish Education & Training Properties Ltd

Notes to the Financial Statements for the Period from 16 June 2022 to 31 August 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:
4th Floor South
14-16 Waterloo Place
London
SW1Y 4AR

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Burlington Education Holdings Limited.

The financial statements of Burlington Education Holdings Limited may be obtained from Companies House.

Disclosure of long or short period

The financial statements cover a period of 442 days. This is to bring the year end in line with that of its ultimate parent undertaking, Burlington Education Partners Limited.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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

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

The current income 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.

 

Cavendish Education & Training Properties Ltd

Notes to the Financial Statements for the Period from 16 June 2022 to 31 August 2023

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

Freehold property

Nil

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.

Financial instruments


Classification
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 on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Cavendish Education & Training Properties Ltd

Notes to the Financial Statements for the Period from 16 June 2022 to 31 August 2023

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was as follows:

The auditors' remuneration for the period was borne by a fellow group company.

 

5

Tangible assets

Freehold property
£

Cost and carrying amount

Additions and at 31 August 2023

2,005,565

 

6

Creditors

31 August 2023
 £

Due within one year

Amounts due to group undertakings

1,920,564

Corporation tax liability

16,787

1,937,351

 

7

Contingent liabilities

The company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group, headed by its parent undertaking, Burlington Education Holdings Limited. The amount guaranteed at 31 August 2023 is £80,000,000.

 

8

Parent and ultimate parent undertaking

The company's immediate parent is Cavendish Education Limited, incorporated in England and Wales.

 The ultimate parent is Burlington Education Partners Limited, incorporated in Guernsey. Burlington Education Partners Limited is considered to have no single controlling party.

 

 

9

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 15 March 2024 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.