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Company registration number: 06904186
(England and Wales)
Heathcote School Limited
Unaudited filleted financial statements
for the year ended
31 August 2023
Heathcote School Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Heathcote School Limited
Directors and other information
Directors N Solsberg
M Solsberg
M Ablott
C Ablott
Company number 06904186
Registered office Heathcote School
1 Little Baddow Road
Eves Corner, Danbury
Essex
CM3 4QB
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
Heathcote School Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Heathcote School Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Heathcote School Limited for the year ended 31 August 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Heathcote School Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Heathcote School Limited and state those matters that we have agreed to state to the board of directors of Heathcote School Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heathcote School Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Heathcote School Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Heathcote School Limited. You consider that Heathcote School Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Heathcote School Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
26 April 2024
Heathcote School Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 787,407 775,319
_______ _______
787,407 775,319
Current assets
Stocks 1,891 1,355
Debtors 7 181,414 120,453
Cash at bank and in hand 311,905 289,493
_______ _______
495,210 411,301
Creditors: amounts falling due
within one year 8 ( 270,103) ( 216,681)
_______ _______
Net current assets 225,107 194,620
_______ _______
Total assets less current liabilities 1,012,514 969,939
Provisions for liabilities ( 4,549) -
_______ _______
Net assets 1,007,965 969,939
_______ _______
Capital and reserves
Called up share capital 9 88,000 88,000
Profit and loss account 919,965 881,939
_______ _______
Shareholders funds 1,007,965 969,939
_______ _______
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 April 2024 , and are signed on behalf of the board by:
N Solsberg
Director
Company registration number: 06904186
Heathcote School Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Heathcote School, 1 Little Baddow Road, Eves Corner, Danbury, Essex, CM3 4QB.
The principal activity of the company continues to be that of independent preparatory school.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis. The directors have considered the company's forecasts and projections, and are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future, and for a period of at least 12 months from the date of approving these financial statements. For this reason, the directors adopt the going concern basis in preparing the accounts.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and bursaries.
Revenue from the provision of school tuition is recognised when the significant risks and rewards of ownership have transferred to the pupil, usually at the start of the upcoming term when fees are due in advance; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold improvements - 33.3% straight line
Fittings fixtures and equipment - between 10% and 20% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2022: 29 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 September 2022 and 31 August 2023 76,900 76,900
_______ _______
Amortisation
At 1 September 2022 and 31 August 2023 76,900 76,900
_______ _______
Carrying amount
At 31 August 2023 - -
_______ _______
At 31 August 2022 - -
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 September 2022 898,289 94,152 992,441
Additions - 25,449 25,449
Disposals - ( 2,134) ( 2,134)
_______ _______ _______
At 31 August 2023 898,289 117,467 1,015,756
_______ _______ _______
Depreciation
At 1 September 2022 133,147 83,975 217,122
Charge for the year 9,600 3,640 13,240
Disposals - ( 2,013) ( 2,013)
_______ _______ _______
At 31 August 2023 142,747 85,602 228,349
_______ _______ _______
Carrying amount
At 31 August 2023 755,542 31,865 787,407
_______ _______ _______
At 31 August 2022 765,142 10,177 775,319
_______ _______ _______
A legal charge is held over the freehold property of the company, created 31 August 2021 for the entitlement of PFC Education Land Limited. This security relates to a debt in the name of Heather Partnership Limited , the parent company of Heathcote School Limited .
7. Debtors
2023 2022
£ £
Trade debtors 21,970 27,204
Amounts owed by group undertakings 133,214 83,311
Other debtors 26,230 9,938
_______ _______
181,414 120,453
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 32,687 18,045
Taxation and social security 12,904 11,778
Other creditors 224,512 186,858
_______ _______
270,103 216,681
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 88,000 88,000 88,000 88,000
_______ _______ _______ _______
10. Controlling party
The immediate and ultimate parent company is Heather Partnerhsip Limited . The registered office of the parent company is Heathcote School, 1 Little Baddow Road, Eves Corner, Danbury, Essex, CM3 4QB.