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REGISTERED NUMBER: 11250194 (England and Wales)














STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

FOR

ABBOTSHOLME SCHOOL LIMITED

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


ABBOTSHOLME SCHOOL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2022







DIRECTORS: Ms T Zhou
Mr C Bao





REGISTERED OFFICE: Abbotsholme School
Rocester
Uttoxeter
Staffordshire
ST14 5BS





REGISTERED NUMBER: 11250194 (England and Wales)





AUDITORS: Wynniatt-Husey Limited (Uttoxeter Branch)
Chartered Accountants
and Statutory Auditors
The Old Bakehouse
Dove Walk
Uttoxeter
Staffordshire
ST14 8EH

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2022

The directors present their strategic report for the year ended 31 August 2022.

BACKGROUND AND ETHOS
Abbotsholme School Limited (Abbotsholme) is an independent co-educational boarding and day school set in 150 acres of glorious countryside on the border of Staffordshire and Derbyshire. It has a long and proud history and is renowned for delivering an outstanding education for boys and girls up to the age of 18. The school is inclusive of pupils of a wide range of ability and talents and provides a broad selection of academic and extra-curricular opportunities. The international element within the school creates a platform for pupils to become global citizens and effective contributors within a competitive environment. Abbotsholme is non-selective and has a reputation for good academic results with 73% of pupils achieving A*/C at BTec and A level. The school achieved a 100% pass rate with pupils receiving offers to top universities. Academic study is central for every pupil and will always take priority, but the experiences of for Abbotsholme pupil are never confined only to the classroom.

Abbotsholme offers a stimulating, personalised curriculum designed to promote the academic achievement and personal development of all pupils in small focused classes from Nursery to Sixth Form, culminating in public examinations at GCSE, BTec and A-Level. Our curriculum includes the core areas of Mathematics, Advanced Mathematics, Sciences, English, English as an additional language, Humanities, Art, Business, Computer Science, Drama, Music, Photography, Psychology, Sport Science, Equestrian, Dance and Agriculture.

The school tradition of individuality, excellence and community is reflected in the character and disposition of its pupils. At Abbotsholme we inspire our pupils to be the best version of themselves. Learning is a balance between a pupil's intellect, physical, emotional and spiritual needs. Our pupils do well academically, excel on the games field, make inspiring music, develop creativity and challenge themselves through our extensive outdoor education programme.

Abbotsholme is a member of the Round Square, a network of 200 schools in 50 countries which provides an exceptional opportunity for our pupils to enjoy and benefit from international exchange visits, to appreciate and value the diversity of our international community.

The school aims to prepare its pupils for the whole of life - to be able to respond to life's challenges and opportunities by giving them a balanced education through a broad academic curriculum and an extensive range of extra-curricular activities in an inspiring setting. The breadth and diversity of opportunity offered to all pupils allows each to develop and achieve their potential.

Abbotsholme aims to provide:
- Knowledge to help everyone achieve and succeed to the best of their individual academic ability.
- An understanding of the natural environment and the importance of protecting it.
- Physical and intellectual challenges which build strength and test courage, as well as providing a stimulating and enjoyable experience.
- Cultural and social enrichment to widen perspective and to develop awareness of our responsibilities to others.
The school is well structured to fulfil these aims. Abbotsholme has a remarkable pool of outstanding teaching, pastoral and coaching staff who ensure that each pupil's needs and aspirations are met. Within fulfilling its ethos and values the directors are conscious of its various key stakeholders and seeks to understand the respective interests of all its stakeholders, parents, staff, pupils and alumnae so that they may be properly considered in the Advisory Board decisions. We do this through various methods, including direct engagement by the board members, the receiving of reports and updates from the members of the school management who engage with such groups, and coverage in the Advisory Board papers of relevant stakeholders interest with regard to proposed courses of action.

The school continues to position itself through its effective marketing, both locally and internationally, to be a competitive player within the independent sector. The strength of Abbostholme's provision is built on the hard work and commitment of all the dedicated staff. Abbotsholme provides a safe and stable working environment where teaching and support staff contribute to the wider life of the school.


ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2022

REVIEW OF BUSINESS
The school commenced the 2021/22 academic year with a roll of 251 pupils (excluding nursery). This is a 16% reduction on pre pandemic levels.

It has been a challenging year, operational hurdles have presented additional complexities. Inspection related disruptions and the ongoing implications of the emergence from the pandemic have impacted the ability to recruit international pupils and maintain pre pandemic optimal recruitment efficiencies. Despite best efforts to adapt and implement contingency plans, the unpredictability of these circumstances together with cost-of-living pressures on all families, have posted challenges to our day-to-day operations.

Proactive measures were taken to address these challenges. Stringent cost control measures were implemented, new revenue streams through partnership arrangements with Chinese Schools progressed and operational processes reviewed to enhance productivity and maximise efficiencies. While progress has been made, we continue to actively explore opportunities for growth and diversification to enhance our competitive position within the domestic and international markets. Abbotsholme continues to monitor market trends and adapt to changing needs. The School has formed a number of partnerships with Chinese Schools with the goal of furthering its international growth. The partnerships have proved very successful and are an opportunity for Abbotsholme to expand their brand within the international education market further enhancing its cultural diversity.

KEY PERFORMANCE INDICATORS
Total revenue for the financial year falls short of projections primarily due to pupil number projections not being met. Operational expenses have remained relatively consistent, with prudent cost controls strategies in place. The deficit for the financial year amounts to £120k an improvement of on the previous financial year where a deficit of £253k was presented, which was significantly impacted by the Covid pandemic.

- In the current financial year, the company's turnover has decreased from £6.26m in 2021 to £6.24m in 2022.
- The gross profit has increased to £916k in 2022 from £640k in 2021.
- The net deficit before tax has improved from £212k in 2021 to a deficit of £120k in 2022.

DEBTORS, CREDITORS AND FINANCIAL INSTRUMENTS
The company endeavours to pay all suppliers within 30 days. Borrowing facilities have been re-negotiated during the last year which has eased the pressure on cash flow. All loan repayments are made in accordance with the terms set out in the agreements.
The company continues to try to improve debtor collection period to help working capital.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks to the business are:
Retaining high level teachers and keeping class sizes to an optimum level.
Pupil recruitment and retention within a competitive market and the challenging financial climate for families.


ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2022

BUSINESS IN THE FUTURE
It has remained a challenging year with substantial pressure placed on the cash flow management.

The company's success and future recruitment opportunities are built on its reputation and its current parents and pupils are the reason that the school exist. It is essential to the school's future that we consistently and continuously offer an attractive high quality package to our customers at an assessable price. In so doing we continue to build our reputation, both locally and internationally.

The appointment of a new Head of School from September 2023 will provide new opportunities. The School is confident that she will bring invaluable leadership skills, educational expertise, and a fresh perspective to the school. With her appointment, the Board are excited to explore the new opportunities that lie ahead for the school through fostering a culture of continuous improvement

ON BEHALF OF THE BOARD:





Mr C Bao - Director


26 April 2024

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2022

The directors present their report with the financial statements of the company for the year ended 31 August 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of school curriculum education.

DIVIDENDS
No dividends will be distributed for the year ended 31 August 2022.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the note 19 to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2021 to the date of this report.

Ms T Zhou
Mr C Bao

Other changes in directors holding office are as follows:

Mr M C Farmer ceased to be a director after 31 August 2022 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The exposure of the company and its subsidiary undertakings included in the consolidation to price risk, credit risk, liquidity risk and cash flow risk is set out in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2022


AUDITORS
The auditors, Wynniatt-Husey Limited (Uttoxeter Branch), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr C Bao - Director


26 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABBOTSHOLME SCHOOL LIMITED

Opinion
We have audited the financial statements of Abbotsholme School Limited (the 'company') for the year ended 31 August 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 2022 and of its loss for the year 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.

Basis for opinion
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 Auditors' 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.

Material uncertainty relating to going concern
We draw attention to note 17 in the financial statements, which indicates that the company made a loss of £120,239 during the period ended 31 August 2022, and of that date, the company's total liabilities exceeded its total assets by £788,473. As stated in note 23, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit matters
Except for the matter described in the Material uncertainty relating to going concern section, we have determined that there are no other key audit matters to be communicated in our report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABBOTSHOLME SCHOOL LIMITED


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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

Auditors' 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 a Report of the Auditors 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We ensured the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABBOTSHOLME SCHOOL LIMITED


We assessed the extent of compliance with the laws and regulations identified above, through enquiries of management and inspecting correspondence with HM Revenue & Customs. Remaining alert for instances of non-compliance throughout the audit. We responded to these risks by enquiring of management about their own identification and assessment of the risks including enquiries of management about their own identification and assessment of the risks of irregularities, performing analytical procedures to identify unusual transactions, sample testing journals and investigation the rationale behind significant or unusual transactions, and reviewing estimates for bias. Also agreeing the financial statement disclosures to underlying supporting documentation

We assessed the susceptibility of the company's financial statements to material misstatement in respect of fraud, by making enquiries of management as to where they considered there was susceptibility to fraud, and knowledge of actual, suspected and alleged fraud. We considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

We made enquiries of management as to the existence of actual or potential litigation and claims.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




Anna Richards (Senior Statutory Auditor)
for and on behalf of Wynniatt-Husey Limited (Uttoxeter Branch)
Chartered Accountants
and Statutory Auditors
The Old Bakehouse
Dove Walk
Uttoxeter
Staffordshire
ST14 8EH

29 April 2024

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2022

31.8.21 31.8.22
£    Notes £   

6,259,509 TURNOVER 6,239,173

(5,619,629 ) Cost of sales (5,322,890 )
639,880 GROSS PROFIT 916,283

(1,052,179 ) Administrative expenses (1,092,051 )
(412,299 ) (175,768 )

202,488 Other operating income 3 82,854
(209,811 ) OPERATING LOSS 5 (92,914 )


(1,901 ) Interest payable and similar expenses 6 (27,325 )
(211,712 ) LOSS BEFORE TAXATION (120,239 )

(42,039 ) Tax on loss 7 -
(253,751 ) LOSS FOR THE FINANCIAL YEAR (120,239 )

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2022

31.8.21 31.8.22
£    Notes £   

(253,751 ) LOSS FOR THE YEAR (120,239 )


- OTHER COMPREHENSIVE INCOME -
(253,751 ) TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(120,239

)

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

BALANCE SHEET
31 AUGUST 2022

31.8.21 31.8.22
£    £    Notes £    £   
FIXED ASSETS
4 Intangible assets 8 4
3,696,474 Tangible assets 9 3,660,404
3,696,478 3,660,408

CURRENT ASSETS
56,657 Stocks 10 31,701
217,190 Debtors 11 195,308
572,780 Cash at bank and in hand 393,234
846,627 620,243
CREDITORS
4,731,339 Amounts falling due within one year 12 4,709,124
(3,884,712 ) NET CURRENT LIABILITIES (4,088,881 )
(188,234 ) TOTAL ASSETS LESS CURRENT
LIABILITIES

(428,473

)

CREDITORS
480,000 Amounts falling due after more than one
year

13

360,000
(668,234 ) NET LIABILITIES (788,473 )

CAPITAL AND RESERVES
1 Called up share capital 16 1
(668,235 ) Retained earnings 17 (788,474 )
(668,234 ) SHAREHOLDERS' FUNDS (788,473 )

The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2024 and were signed on its behalf by:





Mr C Bao - Director


ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2020 1 (414,484 ) (414,483 )

Changes in equity
Total comprehensive income - (253,751 ) (253,751 )
Balance at 31 August 2021 1 (668,235 ) (668,234 )

Changes in equity
Total comprehensive income - (120,239 ) (120,239 )
Balance at 31 August 2022 1 (788,474 ) (788,473 )

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2022

31.8.21 31.8.22
£    Notes £   
Cash flows from operating activities
(871,723 ) Cash generated from operations 1 (18,064 )
95,699 Government grants 1,408
(776,024 ) Net cash from operating activities (16,656 )

Cash flows from investing activities
- Purchase of tangible fixed assets (6,388 )
- Net cash from investing activities (6,388 )

Cash flows from financing activities
27,298 Intercompany Loan Movements (3,481 )
- Loan repayments in year (120,000 )
(22,722 ) Finance lease (5,681 )
(1,901 ) Loan interest (27,325 )
277,850 Amount introduced by directors 183,743
(153,473 ) Amount withdrawn by directors (183,758 )
127,052 Net cash from financing activities (156,502 )

(648,972 ) Decrease in cash and cash equivalents (179,546 )
1,221,752 Cash and cash equivalents at beginning of
year

2

572,780

572,780 Cash and cash equivalents at end of year 2 393,234

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2022

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.8.22 31.8.21
£    £   
Loss before taxation (120,239 ) (211,712 )
Depreciation charges 42,458 45,639
Government grants (1,408 ) (95,699 )
Finance costs 27,325 1,901
(51,864 ) (259,871 )
Decrease in stocks 24,956 817
Decrease/(increase) in trade and other debtors 21,882 (66,412 )
Decrease in trade and other creditors (13,038 ) (546,257 )
Cash generated from operations (18,064 ) (871,723 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2022
31.8.22 1.9.21
£    £   
Cash and cash equivalents 393,234 572,780
Year ended 31 August 2021
31.8.21 1.9.20
£    £   
Cash and cash equivalents 572,780 1,221,752


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.21 Cash flow At 31.8.22
£    £    £   
Net cash
Cash at bank and in hand 572,780 (179,546 ) 393,234
572,780 (179,546 ) 393,234
Debt
Finance leases (5,681 ) 5,681 -
Debts falling due within 1 year (120,000 ) - (120,000 )
Debts falling due after 1 year (480,000 ) 120,000 (360,000 )
(605,681 ) 125,681 (480,000 )
Total (32,901 ) (53,865 ) (86,766 )

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022

1. STATUTORY INFORMATION

Abbotsholme School Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The presentation of the financial statements requires judgements, estimations and assumptions to be made that affect the reported values of assets, liabilities, revenue and expenses. The nature of estimation and judgement means that actual outcomes could differ from those estimates. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

Turnover
Turnover is measured at the fair value of the consideration received or receivable recognised by the company in respect of services supplied during the period.
In the past turnover was always net of pupils remissions, bursaries and scholarships. The company has changed this accounting policy to be in line with FRS 102 section 23 and therefore the income will be shown gross and cost of remissions will be included in cost of sales.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Buildings - 2% straight line on depreciable value ( cost less residual value).
The freehold land is shown in the accounts at cost and is not depreciated.

Government grants
Government grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to the grant and the grant will be received. Grants relating to revenue are recognised in income on an accruals basis.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

All stock movement is expensed to the profit and loss account.


ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire of equipment and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to a work place defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intangible assets
Patents and licences are shown in the accounts at cost and are not amortised as the amounts are not materially different from cost.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at 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.

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES - continued

Going concern
The directors expect the company to continue operating on a going concern basis for the next 12 months. Thus the accounts have been prepared on a going concern basis.

Financial instruments
Financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

Payments in advance
Payments in advance represent sums paid by pupils in advance of their courses which are refundable in whole or in part should they cancel their course.

Bad debts
Unpaid amounts contractually owed by pupils may be written off as bad debts in line with the schools bad debt policy.

Fee deposits
Fee deposits received are held on the balance sheet and refunded when a student leaves the school.

3. OTHER OPERATING INCOME

Other operating income includes grant income.This was received for the following:
Coronavirus Job Retention Scheme £1,408 (2021: £64,642)
Learning skills funding £57,136 (2021: £31,057).

4. EMPLOYEES AND DIRECTORS
31.8.22 31.8.21
£    £   
Wages and salaries 2,790,865 2,829,165
Social security costs 227,997 249,446
Other pension costs 309,788 375,149
3,328,650 3,453,760

The average number of employees during the year was as follows:
31.8.22 31.8.21

Management staff 4 4
Support staff 50 50
Teaching staff 62 60
116 114

31.8.22 31.8.21
£    £   
Directors' remuneration 12,500 12,777

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022

5. OPERATING LOSS

The operating loss is stated after charging:

31.8.22 31.8.21
£    £   
Other operating leases - 417
Depreciation - owned assets 42,458 28,597
Depreciation - assets on finance leases - 17,042
Auditors' remuneration 11,814 10,500
Non-auditors' remuneration 6,901 7,061

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.22 31.8.21
£    £   
Bank loan interest 27,325 -
Leasing - 1,901
27,325 1,901

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.8.22 31.8.21
£    £   
Deferred tax - 42,039
Tax on loss - 42,039

UK corporation tax was charged at 19%) in 2021.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.8.22 31.8.21
£    £   
Loss before tax (120,239 ) (211,712 )
Loss multiplied by the standard rate of corporation tax in the UK of 19%
(2021 - 19%)

(22,845

)

(40,225

)

Effects of:
Expenses not deductible for tax purposes 6,853 8,671
Deferred tax - 42,039
Loss carried forward for which no deferred tax asset was recognised 15,992 31,554
group
Total tax charge - 42,039

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022

8. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 September 2021
and 31 August 2022 4
NET BOOK VALUE
At 31 August 2022 4
At 31 August 2021 4

The intangible assets are the rights acquired to patents and licences.

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
Totals property machinery fittings equipment
£    £    £    £    £   
COST
At 1 September 2021 3,834,750 3,615,631 41,412 50,000 127,707
Additions 6,388 - 6,388 - -
At 31 August 2022 3,841,138 3,615,631 47,800 50,000 127,707
DEPRECIATION
At 1 September 2021 138,276 - 16,205 25,000 97,071
Charge for year 42,458 - 6,771 7,500 28,187
At 31 August 2022 180,734 - 22,976 32,500 125,258
NET BOOK VALUE
At 31 August 2022 3,660,404 3,615,631 24,824 17,500 2,449
At 31 August 2021 3,696,474 3,615,631 25,207 25,000 30,636

The freehold land and buildings are shown at cost. The buildings are depreciated at 2% straight line on cost less residual value. The directors believe that the value of the land and property is higher than the original cost. The company continues a relentless program of repairs and renewals each year to keep the buildings to a high standard.

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Computer
equipment
£   
COST
At 1 September 2021 68,166
Transfer to ownership (68,166 )
At 31 August 2022 -
DEPRECIATION
At 1 September 2021 53,287
Transfer to ownership (53,287 )
At 31 August 2022 -
NET BOOK VALUE
At 31 August 2022 -
At 31 August 2021 14,879

The finance lease on the computer equipment has been repaid in the year, the assets have been transferred to ownership as they now own the assets.

10. STOCKS
31.8.22 31.8.21
£    £   
Stocks 31,701 56,657

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.22 31.8.21
£    £   
Trade debtors 387,382 361,095
Bad debt provision (246,296 ) (319,323 )
Prepayments and accrued income 54,222 175,418
195,308 217,190

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.22 31.8.21
£    £   
Bank loans and overdrafts (see note 14) 120,000 120,000
Finance leases (see note 15) - 5,681
Trade creditors 61,700 48,041
Amounts owed to group undertakings 2,140,634 2,144,115
Escrow Account 626 5,634
Payments in advance 874,540 898,315
Other creditors 1,973 1,266
School trips 14,044 12,722
Wages control account 184 (96 )
Social security and other tax 53,477 151,176
Teacher pension control 33,530 38,106
Directors' current accounts 915,322 915,337
Accrued expenses 80,813 53,023
Fee deposits 412,281 338,019
4,709,124 4,731,339

Amounts owed to group undertakings in the parent company are unsecured, interest free and are repayable on demand.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.22 31.8.21
£    £   
Bank loans (see note 14) 360,000 480,000

14. LOANS

An analysis of the maturity of loans is given below:

31.8.22 31.8.21
£    £   
Amounts falling due within one year or on demand:
Bank loans 120,000 120,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 120,000 120,000

Amounts falling due between two and five years:
Bank loan more than 2 years 240,000 360,000

The company received Coronavirus Business Interruption Loan of £600,000 which is carrying interest rate of 4.16%. The first instalment is due in September 2021. The outstanding balance must be repaid in full by 31 July 2026. The loan has CBILS Guarantee which is backed by the UK Government.

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
31.8.22 31.8.21
£    £   
Net obligations repayable:
Within one year - 5,681

Non-cancellable operating leases
31.8.22 31.8.21
£    £   
Within one year 8,650 8,650
Between one and five years 8,650 17,299
17,300 25,949

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.22 31.8.21
value: £    £   
1 Ordinary £1 1 1

17. RESERVES
Retained
earnings
£   

At 1 September 2021 (668,235 )
Deficit for the year (120,239 )
At 31 August 2022 (788,474 )

Retained earnings represent cumulative distributable profits net of dividends.

18. RELATED PARTY DISCLOSURES

During the year, no dividends were paid to the directors/shareholders.
Included in creditors is an amount due to a director of the company amounting to £915,322 (2021: £915,337) which is an interest free loan. Mr C Bao introduced £183,743 and withdrew £183,758 from the company during the year.

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022

19. POST BALANCE SHEET EVENTS

In the school's ISI inspection in March 2022, the inspectors recognised the breadth of opportunity that Abbotsholme offers its pupils and how well the school prioritises pupil welfare, behaviour, health and safety and risk management, which were all identified as strengths of the school. The inspection identified a few areas which required extra attention, specifically the area of systematic record keeping, and the school immediately implemented a comprehensive plan to facilitate the navigation of its records, as well as investing in a robust digital solution for managing records. A further monitoring inspection occurred in November 2022, and a further action plan was successfully implemented. The school then achieved a successful ISI progress monitoring inspection in May 2023.

The Headmaster, Mr Ruscoe-Price departed Abbotsholme in August 2023, and Mrs Helen Wilkinson assumed the role of Headmistress in September 2023.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Bao by virtue of his majority shareholding in Achieve Education Limited.

21. ULTIMATE PARENT COMPANY

Achieve Education Limited owns 100% of the company. Registered office: Chase Grammar School, Convent Close, Cannock, Staffordshire, WS11 0UR. A copy of the parent company's consolidated accounts are available from Companies House.

22. CHARGES AND SECURITIES

There are fixed and floating charges secured against the assets of the company.

23. GOING CONCERN

Total liabilities exceed total assets by £788,473. However, the directors are confident that the company is able to meet its liabilities as they fall due, with the support of the parent company, Achieve Education Limited. The directors agree to subordinate their directors' loans in the group in favour of third party creditors.