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Registered number: 03524644









COOPERSALE HALL SCHOOL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
COOPERSALE HALL SCHOOL LIMITED
 
 
COMPANY INFORMATION


Directors
N O Hagger 
M A Hagger 
M O Hagger 




Company secretary
M O Hagger



Registered number
03524644



Registered office
6 Albion Hill

Loughton

Essex

IG10 4RA




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
COOPERSALE HALL SCHOOL LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 25


 
COOPERSALE HALL SCHOOL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

Introduction
 
The directors present their strategic report for the Company for the year ended 31 August 2023. The Company continued to trade as that of a provider of education services.

Business review
 
The Company continues to make use of its efficient system of resourcing the schools centrally. The Development Office has flourished with the Marketing Team acting as a strong department that oversees the marketing strategy for the Company, including oversight of the websites, apps, advertising and publicity. The marketing strategy, together with growing reputations in the local area, have helped the Company to attract more families and the school rolls have grown throughout the period.
Other central resources include accounting, operations, health and safety, maintenance, ICT technical support and infrastructure managing and secretarial. 
The Management Team comprises the Managing Principal (also main Director), Bursar, Company Education Principal, Operations Manager and ICT Manager. The Team meets formally at the start of each week to discuss various issues and generally strategise.
Oak-Tree Group
Happily, all Covid-19 restrictions were relaxed and there was no need for the social distancing, bubbling or remote learning to continue. The Group has retained various Covid-legacy systems, such as first round interviewing by Zoom or meetings via Teams, to improve efficiency.
Independent Schools Inspectorate Inspections
Braeside School was inspected in March 2023 as a full Focused Compliance and Educational Quality inspection.  This was a very successful inspections as the school’s education was found to be ‘excellent’ and it was also found to be fully compliant.
Facilities
During the academic year many of the internal facilities were refurbished, with rooms redecorated and recarpeted on a rolling programme.
At Coopersale Hall, the directors started the building programme to change the use of the previously purchased Bakers Cottage into a senior department. The school successfully gained planning consent for the work and teams of specialists worked to complete Phase 1 (conversion of the existing premises) by 31 August 2023. 
In preparation for the opening of the new building, the school marketed new Year 7 places and offered entrance exams with interviews in February 2024. Places were limited in case the building was not ready on time, and 15 children were accepted to start in September 2024.
Technology
The Company continued to invest heavily in a range of virtual platforms for pupils of all ages in order to facilitate the virtual home learning programmes now used for homework and assessment/exam revision.
Activities
An enhanced programme of holiday activities and weekend clubs was provided in the main breaks, which were very popular with parents and generated additional income.
 
Page 1

 
COOPERSALE HALL SCHOOL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023

Coffee Mornings
The programme of coffee mornings with parents and Mr Hagger at each school continued during the period. The discussions were seen as being very useful for both sides and subsequent actions helped to develop the schools.
Staffing
Beyond the normal routine staff movements, the main change was a new Head at Oaklands School. The previous Head retired in July 2022 and the directors appointed Braeside’s long standing Deputy Head to take over at Oaklands from September 2022. 
Braeside’s Assistant Head became Deputy Head from September 2022.

Principal risks and uncertainties
 
Competition
The main risk to the business is from competitor schools. However, most of the neighbouring preparatory schools are smaller than the schools within the Company and do not have the Company’s level of resources.
There are many large senior schools in the area, all with prep departments and some with pre-prep departments. Although some of these posed a risk when their pre-prep departments were first created, relatively few families decide to leave early.

Financial key performance indicators
 
Annual turnover rose in 2022/2023. Staffing costs included an average 3% pay rise for staff that was applied from September 2022.
Other running costs and overheads have remained stable compared with the previous year.


This report was approved by the board on 2 August 2024 and signed on its behalf.



M O Hagger
Director

Page 2

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

Results and dividends

The profit for the year, after taxation, amounted to £140,269 (2022 - £682,528).

The directors have declared a dividend of £302,000 (2022: £261,000).

Directors

The directors who served during the year were:

N O Hagger 
M A Hagger 
M O Hagger 

Future developments

The directors have previously announced that Coopersale Hall School will extend its provision for seniors from September 2023 and has been working towards completing the redevelopment of a newly-purchased neighbouring residential property in preparation for this project. This is phase 1 of the development, with phase 2 being the construction of a new classroom block in the grounds of the cottage planned for Summer 2024.

Financial instruments

The company's operations expose it to a variety of financial risks that include credit risks, liquidity risk and interest rate risk.
The company has in place a risk management programme that seeks to limit the adverse effect on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company does not use derivative financial instruments to manage interest rate costs, and as such no hedge accounting is applied.
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The company’s finance department implements the policies set by the board of directors. The department have guidelines, agreed by the directors, to manage interest rate risk, credit risk and circumstances where it would be appropriate to use financial instruments to manage these.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures.
Liquidity risk
The company manages its cash and borrowing requirements in order to minimise the interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
Interest bearing liabilities include only bank borrowing facilities on which interest is charged a base rate plus a fixed rate.

Page 3

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 2 August 2024 and signed on its behalf.
 





M O Hagger
Director

Page 4

 
COOPERSALE HALL SCHOOL LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 5

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOPERSALE HALL SCHOOL LIMITED
 

Opinion


We have audited the financial statements of Coopersale Hall School Limited (the 'Company') for the year ended 31 August 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 2023 and of its profit 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 United Kingdom, including the Financial Reporting Council'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.


Conclusions relating to going concern


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.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 6

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOPERSALE HALL SCHOOL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 5, 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 is 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.


Page 7

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOPERSALE HALL SCHOOL LIMITED (CONTINUED)


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 an Auditors' Report 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.


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:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we determined that the most significant are those that had a direct effect on the determination of material amounts and disclosures in the financial statements.
We obtained an understanding of how the entity  are complying with those legal and regulatory frameworks by making enquiries of the management. We corroborated our enquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations. 
We discussed among the audit engagement team regarding the opportunities, including management override of controls, that may exist within the entity for fraud and where fraud might occur in the financial statements. 
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to potential weaknesses in the procurement system, control over banking and the existence of inappropriate journal entries to manipulate performance were also identified. 
Procedures performed to address these were as follows: 
• Identifying and assessing the design effectiveness of controls management has in place to prevent and   detect fraud. 
• Understanding how the management considered and addressed the potential for override of controls    or other inappropriate influence over the financial reporting process,
• Undertaking testing designed to test the controls in place within the procurement system including access  and controls in relation to banking.
• Vouching of specific purchases to supporting documentation to ensure they relate to genuine business    purchases. 
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-   end and journal entries with no description.

 

Page 8

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOPERSALE HALL SCHOOL LIMITED (CONTINUED)



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Laura Ambrose (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

2 August 2024
Page 9

 
COOPERSALE HALL SCHOOL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
Note
£
£

  

Turnover
 3 
3,216,046
2,973,151

Cost of sales
  
(1,883,618)
(1,789,398)

Gross profit
  
1,332,428
1,183,753

Distribution costs
  
(642,227)
(467,955)

Administrative expenses
  
(492,534)
(412,018)

Operating profit
  
197,667
303,780

Income from fixed assets investments
  
-
360,000

Interest payable and similar expenses
 7 
(15,244)
(6,091)

Profit before tax
  
182,423
657,689

Tax on profit
 8 
(42,154)
24,839

Profit for the financial year
  
140,269
682,528

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 25 form part of these financial statements.

Page 10

 
COOPERSALE HALL SCHOOL LIMITED
REGISTERED NUMBER: 03524644

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
83,327
25,589

Investments
 11 
600,100
600,100

  
683,427
625,689

Current assets
  

Debtors: amounts falling due within one year
 12 
2,208,395
1,949,173

Cash at bank and in hand
 13 
131
24

  
2,208,526
1,949,197

Creditors: amounts falling due within one year
 14 
(1,732,551)
(1,269,674)

Net current assets
  
 
 
475,975
 
 
679,523

Total assets less current liabilities
  
1,159,402
1,305,212

Provisions for liabilities
  

Deferred tax
 15 
(20,161)
(4,240)

  
 
 
(20,161)
 
 
(4,240)

Net assets
  
1,139,241
1,300,972


Capital and reserves
  

Called up share capital 
  
150,232
150,232

Share premium account
  
289,000
289,000

Capital redemption reserve
  
15,464
15,464

Profit and loss account
  
684,545
846,276

  
1,139,241
1,300,972


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 August 2024.




M O Hagger
Director

The notes on pages 13 to 25 form part of these financial statements.

Page 11

 
COOPERSALE HALL SCHOOL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 September 2022
150,232
289,000
15,464
846,276
1,300,972


Comprehensive income for the year

Profit for the year
-
-
-
140,269
140,269
Total comprehensive income for the year
-
-
-
140,269
140,269

Dividends: Equity capital
-
-
-
(302,000)
(302,000)


At 31 August 2023
150,232
289,000
15,464
684,545
1,139,241



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


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 September 2021
150,232
289,000
15,464
424,748
879,444


Comprehensive income for the year

Profit for the year
-
-
-
682,528
682,528
Total comprehensive income for the year
-
-
-
682,528
682,528

Dividends: Equity capital
-
-
-
(261,000)
(261,000)


At 31 August 2022
150,232
289,000
15,464
846,276
1,300,972


The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Coopersale Hall School Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 03524644. The address of the registered office is 6 Albion Hill, Loughton, Essex, IG10 4RA. The company's principal activity is that of the provision of education services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound sterling.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Oak Tree Holdings Limited as at 31 August 2023 and these financial statements may be obtained from Companies House.

 
2.3

Revenue

Revenue is recognised by the Company in respect of services supplied. This is principally made up of income from tuition fees. Revenue is recognised for the period the tuition fees relate to and to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discount, rebates, value added tax and other sales taxes.

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 13

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 14

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the 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.

Page 15

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Turnover

All turnover arose within the United Kingdom.

Page 17

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,894,221
1,755,268

Social security costs
174,705
159,358

Cost of defined contribution scheme
103,075
92,973

2,172,001
2,007,599


The average monthly number of employees, including directors, during the year was 70 (2022 - 71).


5.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
40,000
26,000

40,000
26,000



6.


Income from investments

2023
2022
£
£





Dividends received from unlisted investments
-
(360,000)

-
(360,000)



7.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
15,244
5,969

Other interest payable
-
122

15,244
6,091

Page 18

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
26,233
50,989


Group taxation relief
-
(75,670)


26,233
(24,681)


Total current tax
26,233
(24,681)

Deferred tax


Origination and reversal of timing differences
15,921
(158)

Total deferred tax
15,921
(158)


Tax on profit
42,154
(24,839)
Page 19

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 21.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
182,423
657,689


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21.5% (2022 - 19%)
39,221
124,961

Effects of:


Dividends from UK companies
-
(68,400)

Other differences leading to an increase (decrease) in the tax charge
2,933
(5,730)

Group relief
-
(75,670)

Total tax charge for the year
42,154
(24,839)

The corporation tax rate increased from 19% to 25% with effect from 1 April 2023. This results in the increase in tax rate shown above. Next year the Company’s rate will be the full 25%.
The deferred taxation balances have been measured using 25%, which is the enacted rate applicable in the reporting periods when the timing differences reverse.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Dividends

2023
2022
£
£


Dividends paid
302,000
261,000

302,000
261,000

Page 20

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 September 2022
397,042
189,243
586,285


Additions
-
65,128
65,128



At 31 August 2023

397,042
254,371
651,413



Depreciation


At 1 September 2022
397,042
163,654
560,696


Charge for the year on owned assets
-
7,390
7,390



At 31 August 2023

397,042
171,044
568,086



Net book value



At 31 August 2023
-
83,327
83,327



At 31 August 2022
-
25,589
25,589

Page 21

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2022
600,100



At 31 August 2023
600,100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Oaklands School Limited
Education services
Ordinary
100%

The aggregate of the share capital and reserves as at 31 August 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Oaklands School Limited
775,172
26,881


12.


Debtors

2023
2022
£
£


Trade debtors
84,425
66,341

Amounts owed by group undertakings
2,013,062
1,780,061

Other debtors
85,309
86,118

Prepayments and accrued income
25,599
16,653

2,208,395
1,949,173


Other debtors due within one year includes amounts relating to a loan advanced from the Employee Benefit Trust (EBT) of £85,000 (2022: £85,000) that was established in the year ended 31 August 2010.

Page 22

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
131
24

Less: bank overdrafts
(458,867)
(386,962)

(458,736)
(386,938)



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
458,866
386,962

Payments received on account
749,399
451,973

Trade creditors
318,352
42,042

Amounts owed to group undertakings
133,334
218,512

Corporation tax
26,233
120,096

Other taxation and social security
35,008
35,092

Other creditors
469
1,752

Accruals and deferred income
10,890
13,245

1,732,551
1,269,674


The borrowings of the group that amount to £2,483,377 (2022: £1,896,709) are secured by cross guarantees and debentures by and between Oaklands School Limited, Coopersale Hall School Limited, Braeside School Limited, Normanhurst School Limited and Oak Tree Schools Holdings Limited.

Page 23

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

15.


Deferred taxation




2023


£






At beginning of year
(4,240)


Charged to the profit or loss
(15,921)



At end of year
(20,161)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(20,161)
(4,240)

(20,161)
(4,240)


16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £103,075 (2022: £92,973).
Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date.


17.


Commitments under operating leases

At 31 August 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
7,142
14,488

Later than 1 year and not later than 5 years
26,411
778

33,553
15,266

Page 24

 
COOPERSALE HALL SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

18.


Related party transactions

During the year the parent company incurred salaries that have been expensed to the trading subsidiaries of the group. These amounts have been included in the profit and loss account and amount to £370,426 (2022: £284,684).
At the year end, the following amounts were due from/(to) related parties:


2023
2022
£
£

Other related parties
1,879,728
1,561,549
1,879,728
1,561,549


19.


Controlling party

The ultimate parent company is Oak Tree Schools Holdings Limited, a company registered in England and Wales. 
The ultimate controlling party is The Hagger Family due to its majority shareholding in the ultimate parent company.

 
Page 25