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Registration number: 08741839

Supajam Education in Music and Media Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Supajam Education in Music and Media Limited

Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

932,556

966,721

Current assets

 

Debtors

5

562,487

159,074

Cash at bank and in hand

 

18,719

29,965

 

581,206

189,039

Creditors: Amounts falling due within one year

6

(526,757)

(230,785)

Net current assets/(liabilities)

 

54,449

(41,746)

Total assets less current liabilities

 

987,005

924,975

Creditors: Amounts falling due after more than one year

6

(622,920)

(691,111)

Provisions for liabilities

(7,546)

(43,866)

Net assets

 

356,539

189,998

Capital and reserves

 

Called up share capital

10

10

Retained earnings

356,529

189,988

Shareholders' funds

 

356,539

189,998

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

 

Supajam Education in Music and Media Limited

Statement of Financial Position as at 30 November 2023

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

.........................................

D R Court

Director

.........................................

N M Stillwell

Director

Company registration number: 08741839

 

Supajam Education in Music and Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
The Grange
Market Square
Westerham
Kent
TN16 1AR

The principal activity of the company is that of the provision of music education.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 30 November 2023 and had net assets at that date of £356,539.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of VAT, returns, rebates and discounts.

The company recognises revenue over the period of which the support services are provided once the amount can be reliably measured.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, 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.

 

Supajam Education in Music and Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% on cost

Freehold Buildings

Over 50 years

Leasehold property

Over 10 years

Plant and Machinery

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Supajam Education in Music and Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Finance leases and hire purchase

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 61 (2022 - 62).

 

Supajam Education in Music and Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Freehold Land and buildings
£

Furniture, fittings and equipment
 £

Leasehold property
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 December 2022

682,824

163,426

129,604

119,042

1,094,896

Additions

-

8,591

6,231

36,313

51,135

Disposals

-

(7,274)

-

-

(7,274)

At 30 November 2023

682,824

164,743

135,835

155,355

1,138,757

Depreciation

At 1 December 2022

28,226

69,509

-

30,440

128,175

Charge for the year

7,056

34,210

13,012

31,022

85,300

Eliminated on disposal

-

(7,274)

-

-

(7,274)

At 30 November 2023

35,282

96,445

13,012

61,462

206,201

Carrying amount

At 30 November 2023

647,542

68,298

122,823

93,893

932,556

At 30 November 2022

654,598

93,917

129,604

88,602

966,721

5

Debtors

2023
£

2022
£

Trade debtors

38,079

37,697

Amounts owed by group undertakings

-

9,242

Other debtors

524,408

112,135

562,487

159,074

 

Supajam Education in Music and Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

80,519

41,816

Trade creditors

 

101,364

99,061

Amounts owed to group undertakings

314

-

Taxation and social security

 

119,806

70,053

Other creditors

 

224,754

19,855

 

526,757

230,785

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

622,920

691,111



 

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank loan

21,076

-

Hire purchase obligations

59,443

41,816

80,519

41,816



 

2023
£

2022
£

Non-current loans and borrowings

Hire purchase obligations

33,996

81,111

Bank loan

588,924

610,000

622,920

691,111

Obligations under hire purchase contracts are secured on the assets purchased.

The bank loan is secured by a fixed charge over the freehold land and buildings shown in note 5 and a fixed and floating charge over the other assets and undertakings of the company.

 

Supajam Education in Music and Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £17,974 (2022 - £28,291).