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Registered Number:06550120













ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED





DIRECTORS' REPORT AND FINANCIAL STATEMENTS
 
PAGES FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023











 
ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
REGISTERED NUMBER:06550120


BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Notes
£
£

  

Current assets
  

Stocks
 4 
3,969
4,806

Debtors: amounts falling due within one year
 5 
578,090
343,128

Cash at bank and in hand
 6 
245,450
94,947

  
827,509
442,881

Creditors: amounts falling due within one year
 7 
(827,508)
(442,880)

Net current assets
  
 
 
1
 
 
1

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
  
1
1

  
1
1


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 February 2024.




M Pendlington
Director

The notes on pages 2 to 5 form part of these financial statements.


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ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Royal Hospital School Enterprises Limited (the Company) is a private company limited by shares incorporated and registered in England and Wales. The registered office and principal place of business is Royal Hospital School, Holbrook, Ipswich, IP9 2RX.
The financial statements are presented in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements and going concern

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company is supported as part of a wider group and at the year end owed monies to The Royal Hospital School (part of Greenwich Hospital). The Company has insufficient funds available to repay the monies owed however The Royal Hospital School has undertaken not to require payment until the Company has sufficient surplus funds available. 

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises revenue recognised by the company in respect of services supplied during the period, exclusive of Value Added Tax. Revenue is recognised by reference to when the properties are let.
Food and drink sales are recognised on the date that goods are supplied to customers.

 
2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.


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ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company only enters into basic financial instrument 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 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 Statement of Comprehensive Income.

 
2.8

Distributions

The Company pays 100% of its taxable profits for each financial period to The Royal Hospital School,  part of Greenwich Hospital, which is the Company's immediate parent undertaking. This liability is recognised when there is a legally binding obligation. There is a Deed of Covenant in place confirming the distribution to be made each year and therefore the amount is accrued at each period end and paid in the subsequent period. The movement is recognised as a distribution in the Statement of Changes in Equity


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


- 3 -



 
ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Stocks

2023
2022
£
£

Goods for resale
3,969
4,806



5.


Debtors

2023
2022
£
£


Trade debtors
578,090
342,988

Prepayments and accrued income
-
140

578,090
343,128



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
245,450
94,947



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
587
99,470

Amounts owed to parent undertaking
814,736
310,120

Other taxation and social security
12,185
31,258

Accruals and deferred income
-
2,032

827,508
442,880



8.


Related party transactions

Included in amounts owed to parent undertaking is £489,340 (2022 - £160,825) of expenditure invoiced by The Royal Hospital School in respect of costs incurred on the Company's behalf and a gift aid donation of £325,396 (2022: £149,295). 


- 4 -



 
ROYAL HOSPITAL SCHOOL ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 29 February 2024 by Timothy O'Connor (Senior Statutory Auditor) on behalf of SB Audit LLP.

 

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