Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31truetrueProvision of school servicestruetruetruefalse2022-09-014545truetruefalse 00783067 2022-09-01 2023-08-31 00783067 2021-09-01 2022-08-31 00783067 2023-08-31 00783067 2022-08-31 00783067 c:Director1 2022-09-01 2023-08-31 00783067 d:MotorVehicles 2022-09-01 2023-08-31 00783067 d:MotorVehicles 2023-08-31 00783067 d:MotorVehicles 2022-08-31 00783067 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 00783067 d:FurnitureFittings 2022-09-01 2023-08-31 00783067 d:FurnitureFittings 2023-08-31 00783067 d:FurnitureFittings 2022-08-31 00783067 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 00783067 d:ComputerEquipment 2022-09-01 2023-08-31 00783067 d:ComputerEquipment 2023-08-31 00783067 d:ComputerEquipment 2022-08-31 00783067 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 00783067 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 00783067 d:CurrentFinancialInstruments 2023-08-31 00783067 d:CurrentFinancialInstruments 2022-08-31 00783067 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 00783067 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 00783067 d:ShareCapital 2023-08-31 00783067 d:ShareCapital 2022-08-31 00783067 d:CapitalRedemptionReserve 2023-08-31 00783067 d:CapitalRedemptionReserve 2022-08-31 00783067 d:RetainedEarningsAccumulatedLosses 2023-08-31 00783067 d:RetainedEarningsAccumulatedLosses 2022-08-31 00783067 d:TaxLossesCarry-forwardsDeferredTax 2023-08-31 00783067 d:TaxLossesCarry-forwardsDeferredTax 2022-08-31 00783067 c:FRS102 2022-09-01 2023-08-31 00783067 c:Audited 2022-09-01 2023-08-31 00783067 c:FullAccounts 2022-09-01 2023-08-31 00783067 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 00783067 c:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 00783067 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 00783067









BRAESIDE SCHOOL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
BRAESIDE SCHOOL LIMITED
REGISTERED NUMBER: 00783067

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
19,797
22,787

  
19,797
22,787

Current assets
  

Debtors: amounts falling due within one year
 5 
2,226,140
2,397,621

Cash at bank and in hand
 6 
156
2

  
2,226,296
2,397,623

Creditors: amounts falling due within one year
 7 
(2,651,450)
(2,828,733)

Net current liabilities
  
 
 
(425,154)
 
 
(431,110)

Total assets less current liabilities
  
(405,357)
(408,323)

Provisions for liabilities
  

Deferred tax
 8 
(3,590)
(3,069)

  
 
 
(3,590)
 
 
(3,069)

Net liabilities
  
(408,947)
(411,392)


Capital and reserves
  

Called up share capital 
  
502
502

Capital redemption reserve
  
2,500
2,500

Profit and loss account
  
(411,949)
(414,394)

  
(408,947)
(411,392)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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
Page 1

 
BRAESIDE SCHOOL LIMITED
REGISTERED NUMBER: 00783067
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

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

1.


General information

Braeside School Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 00783067. 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;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

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

 
2.3

Going concern

At the year end the company has net liabilities of £407,934. The financial statements have been  prepared on the going concern basis as the directors have considered the company’s next 12 months requirements and has the financial support of its parent company and fellow subsidiary companies within the group. The directors are comfortable in the knowledge that these related parties will continue to provide support.

Page 3

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

2.Accounting policies (continued)

 
2.4

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 reliabily measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discount and rebates.

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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 4

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

2.Accounting policies (continued)

 
2.9

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.

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

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Computer equipment
-
33%
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.

 
2.10

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 5

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

2.Accounting policies (continued)

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 45 (2022 - 45).

Page 6

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

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2022
26,583
370,701
110,405
507,689


Additions
-
1,016
1,536
2,552



At 31 August 2023

26,583
371,717
111,941
510,241



Depreciation


At 1 September 2022
22,459
353,933
108,510
484,902


Charge for the year on owned assets
1,031
3,489
1,022
5,542



At 31 August 2023

23,490
357,422
109,532
490,444



Net book value



At 31 August 2023
3,093
14,295
2,409
19,797



At 31 August 2022
4,124
16,768
1,895
22,787


5.


Debtors

2023
2022
£
£


Trade debtors
32,361
37,731

Amounts owed by group undertakings
2,176,097
2,345,307

Prepayments and accrued income
17,682
14,583

2,226,140
2,397,621


Page 7

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

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
156
2

Less: bank overdrafts
(243,818)
(156,205)

(243,662)
(156,203)



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
243,818
156,205

Payments received on account
384,991
259,829

Trade creditors
36,673
25,060

Amounts owed to group undertakings
1,947,516
2,308,633

Corporation tax
1,013
19,399

Other taxation and social security
25,397
23,803

Other creditors
1,152
2,862

Accruals and deferred income
10,890
32,942

2,651,450
2,828,733


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 Limited, Braeside School Limited, Normanhurst School Limited and Oak Tree Schools Holdings Limited.

Page 8

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

8.


Deferred taxation




2023


£






At beginning of year
(3,069)


Charged to profit or loss
(521)



At end of year
(3,590)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Tax losses carried forward
(3,590)
(3,069)

(3,590)
(3,069)


9.


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 £63,096 (2022: £55,269).
Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date.


10.


Related party transactions

The Company has taken advantage of the exemptions conferred in FRS 102 Section 33 not to disclose transactions with other group companies where 100% of the voting rights are controlled within the group.


11.


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.

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 2 August 2024 by Laura Ambrose (Senior Statutory Auditor) on behalf of Haslers.

 
Page 9