Company Registration No. SC311652 (Scotland)
Fettes Centre for Language & Culture Limited
financial statements
for the year ended 31 August 2023
Pages for filing with Registrar
Fettes Centre for Language & Culture Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Fettes Centre for Language & Culture Limited
Balance sheet
as at 31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
1,897
1,906
Cash at bank and in hand
308,525
14,615
310,422
16,521
Creditors: amounts falling due within one year
5
(113,668)
(57,596)
Net current assets/(liabilities)
196,754
(41,075)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
196,753
(41,076)
Total equity
196,754
(41,075)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 19 December 2023 and are signed on its behalf by:
P Worlledge
Director
Company Registration No. SC311652
Fettes Centre for Language & Culture Limited
Notes to the financial statements
for the year ended 31 August 2023
- 2 -
1
Accounting policies
Company information

Fettes Centre for Language & Culture Limited is a private company limited by shares incorporated in Scotland. The registered office is Fettes College, Carrington Road, Edinburgh, EH4 1QX.

1.1
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.

1.2
Going concern

Following a second profitable financial year after the losses accumulated while the business was unable to operate during COVID, there are now net current assets at the balance sheet date. The directors have prepared future budgets and are confident that the company will continue operating profitably. The directors are therefore confident that the company will remain able to meet its liabilities and continue in operational existence for a period of at least twelve months from the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets are initially measured at cost and subsequently measured at cost, net of amortisation and any impairment losses.

 

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fettes Centre for Language & Culture Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
1
Accounting policies (continued)
- 3 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
4 years straight line
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Fettes Centre for Language & Culture Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
1
Accounting policies (continued)
- 4 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10

Retirement benefits

The company participates in a defined contribution pension scheme. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
Fettes Centre for Language & Culture Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 September 2022 and 31 August 2023
26,625
Amortisation and impairment
At 1 September 2022 and 31 August 2023
26,625
Carrying amount
At 31 August 2023
-
0
At 31 August 2022
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,897
1,906
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
69,372
5,978
Amounts owed to group undertakings
21,351
33,460
Other creditors
22,945
18,158
113,668
57,596
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Keith Macpherson and the auditor was Henderson Loggie LLP.
Fettes Centre for Language & Culture Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
- 6 -
8
Controlling entity and related party transactions

The company is a wholly owned subsidiary of Fettes Enterprises Limited, which is a wholly owned subsidiary of Fettes College, the ultimate controlling entity. The School prepares group financial statements and copies can be obtained from its registered address at Fettes College, Carrington Road, Edinburgh, EH4 1QX.

 

On the 1st of September 2022 The Governors of the Fettes Trust was incorporated as Fettes College, a

charitable company registered in Scotland, number SC719759.

 

The company has taken advantage of the exemption available in accordance with section 1AC.35 of FRS 102 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group which is party to the transactions.

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