Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Prof H W De Burgh 27/05/2016 Dr R Zeng 25/10/2023 30/08/2023 20 August 2024 The principal activity of the Company during the financial year was that of a bilingual school for pre-primary and primary education. 10204398 2023-08-31 10204398 bus:Director1 2023-08-31 10204398 bus:Director2 2023-08-31 10204398 2022-08-31 10204398 core:CurrentFinancialInstruments 2023-08-31 10204398 core:CurrentFinancialInstruments 2022-08-31 10204398 core:Non-currentFinancialInstruments 2023-08-31 10204398 core:Non-currentFinancialInstruments 2022-08-31 10204398 core:ShareCapital 2023-08-31 10204398 core:ShareCapital 2022-08-31 10204398 core:SharePremium 2023-08-31 10204398 core:SharePremium 2022-08-31 10204398 core:RetainedEarningsAccumulatedLosses 2023-08-31 10204398 core:RetainedEarningsAccumulatedLosses 2022-08-31 10204398 core:LeaseholdImprovements 2022-08-31 10204398 core:OfficeEquipment 2022-08-31 10204398 core:LeaseholdImprovements 2023-08-31 10204398 core:OfficeEquipment 2023-08-31 10204398 core:CurrentFinancialInstruments core:Secured 2023-08-31 10204398 core:WithinOneYear 2023-08-31 10204398 core:WithinOneYear 2022-08-31 10204398 core:BetweenOneFiveYears 2023-08-31 10204398 core:BetweenOneFiveYears 2022-08-31 10204398 2022-09-01 2023-08-31 10204398 bus:FilletedAccounts 2022-09-01 2023-08-31 10204398 bus:SmallEntities 2022-09-01 2023-08-31 10204398 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 10204398 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10204398 bus:Director1 2022-09-01 2023-08-31 10204398 bus:Director2 2022-09-01 2023-08-31 10204398 core:OfficeEquipment core:TopRangeValue 2022-09-01 2023-08-31 10204398 2021-09-01 2022-08-31 10204398 core:LeaseholdImprovements 2022-09-01 2023-08-31 10204398 core:OfficeEquipment 2022-09-01 2023-08-31 10204398 core:CurrentFinancialInstruments 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Company No: 10204398 (England and Wales)

ANGLO CHINESE SCHOOL OF LONDON LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

ANGLO CHINESE SCHOOL OF LONDON LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

ANGLO CHINESE SCHOOL OF LONDON LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2023
ANGLO CHINESE SCHOOL OF LONDON LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2023
DIRECTOR Prof H W De Burgh
REGISTERED OFFICE Kensington Wade School
Fulham Palace Road
London
W6 9ER
England
United Kingdom
COMPANY NUMBER 10204398 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
ANGLO CHINESE SCHOOL OF LONDON LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
ANGLO CHINESE SCHOOL OF LONDON LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 478,062 202,252
478,062 202,252
Current assets
Debtors 4 478,180 493,427
Cash at bank and in hand 362,229 289,931
840,409 783,358
Creditors: amounts falling due within one year 5 ( 1,714,246) ( 1,150,633)
Net current liabilities (873,837) (367,275)
Total assets less current liabilities (395,775) (165,023)
Creditors: amounts falling due after more than one year 6 ( 18,333) ( 28,333)
Net liabilities ( 414,108) ( 193,356)
Capital and reserves
Called-up share capital 31 31
Share premium account 2,404,304 2,404,304
Retained earnings ( 2,818,443 ) ( 2,597,691 )
Total shareholders' deficit ( 414,108) ( 193,356)

For the financial 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.

Director's responsibilities:

The financial statements of Anglo Chinese School of London Limited (registered number: 10204398) were approved and authorised for issue by the Director on 20 August 2024. They were signed on its behalf by:

Prof H W De Burgh
Director
ANGLO CHINESE SCHOOL OF LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
ANGLO CHINESE SCHOOL OF LONDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Anglo Chinese School of London Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Kensington Wade School, Fulham Palace Road, London, W6 9ER, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has received reasonable assurances that the shareholder will continue to provide funding as needed, for at least 12 months from the date of signing the financial statements, and that the shareholder has the financial resources available to do so. Given this financial support available, the director believes that any foreseeable financial obligations can be met for at least 12 months from the date of signing these financial statements. Therefore, the director continues to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and discounts and largely consists of tuition fee income, which is credited as income over the period of the relevant school term. This is achieved by using an apportionment basis over the period of the term. Where fees are received in advance of a term, the amounts are recorded as deferred income and included as part of creditors. Turnover other than tuition fee income is recognised as the performance obligations are satisfied.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 29 22

3. Tangible assets

Leasehold improve-
ments
Office equipment Total
£ £ £
Cost
At 01 September 2022 166,053 84,460 250,513
Additions 201,195 89,588 290,783
At 31 August 2023 367,248 174,048 541,296
Accumulated depreciation
At 01 September 2022 0 48,261 48,261
Charge for the financial year 0 14,973 14,973
At 31 August 2023 0 63,234 63,234
Net book value
At 31 August 2023 367,248 110,814 478,062
At 31 August 2022 166,053 36,199 202,252

Leasehold improvements relate to refurbishment of an additional area of the site . The cost has been capitalised but not amortised as the occupancy and use of this will commence from after the year-end. The amortisation will begin from 01 September 2023.

4. Debtors

2023 2022
£ £
Trade debtors 366,335 393,184
Other debtors 111,845 100,243
478,180 493,427

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 10,000 10,000
Trade creditors 144,556 39,023
Accruals and deferred income 641,047 635,999
Other taxation and social security 38,623 28,628
Other creditors 880,020 436,983
1,714,246 1,150,633

Bank loans are secured by a fixed charge over all monies held in the company's bank account.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 18,333 28,333

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 87,576 0
between one and five years 492,952 0
580,528 0

8. Related party transactions

No remuneration was paid to the director during the current year or the prior year.

Included in creditors below 1 year are amounts totalling £600,306 (2022: £150,306) owed to the majority shareholder of the Company. The amount is unsecured, interest free and repayable on demand.

Included in debtors are amounts totalling £47,833 owed by (2022: £47,833) a corporate shareholder of the Company which has directors in common. The amount is unsecured, interest free and repayable on demand.