REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
ACHIEVE EDUCATION LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
ACHIEVE EDUCATION LIMITED |
ACHIEVE EDUCATION LIMITED (REGISTERED NUMBER: 09077274) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ACHIEVE EDUCATION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Old Coach House |
Horse fair |
Rugeley |
Staffordshire |
WS15 2EL |
ACHIEVE EDUCATION LIMITED (REGISTERED NUMBER: 09077274) |
BALANCE SHEET |
31 AUGUST 2023 |
31.8.22 | 31.8.23 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
( |
) | NET CURRENT LIABILITIES | ( |
) |
( |
) | TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
( |
) | Retained earnings | ( |
) |
( |
) | SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ACHIEVE EDUCATION LIMITED (REGISTERED NUMBER: 09077274) |
BALANCE SHEET - continued |
31 AUGUST 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ACHIEVE EDUCATION LIMITED (REGISTERED NUMBER: 09077274) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Achieve Education Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The presentation of the financial statements requires judgements, estimations and assumptions to be made that affect the reported values of assets, liabilities, revenue and expenses. The nature of estimation and judgement means that actual outcomes could differ from those estimates. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company contributes to the TPT Retirement Solutions and Nest pension which are defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
ACHIEVE EDUCATION LIMITED (REGISTERED NUMBER: 09077274) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at 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. |
Other matters |
The company registered for VAT on 1st October 2020. Therefore the accruals stated within the financial statements are stated exclusive of VAT. |
Fixed asset investments |
Investments in subsidiaries for which fair value can be measured reliably without undue cost or efforts is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. They are currently in at cost and not materially different from cost. The directors believe that the market value is not materially less than cost. |
Going concern |
The directors expect the company to continue in business for at least a further 12 months. Thus the accounts have been prepared on a going concern basis. |
Financial instruments |
Financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of derivative. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Chase | Abbotsholme |
Grammar | & CGSP |
Totals | School | asset |
£ | £ | £ |
COST |
At 1 September 2022 |
and 31 August 2023 | 7,776,200 |
NET BOOK VALUE |
At 31 August 2023 | 7,776,200 |
At 31 August 2022 | 7,776,200 |
ACHIEVE EDUCATION LIMITED (REGISTERED NUMBER: 09077274) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Chase Grammar School, Convent Close, Cannock, WS11 0UR |
Nature of business: |
% |
Class of shares: | holding |
31.8.23 | 31.8.22 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Registered office: Chase Grammar School, Convent Close, Cannock, WS11 0UR |
Nature of business: |
% |
Class of shares: | holding |
31.8.23 | 31.8.22 |
£ | £ |
Aggregate capital and reserves |
Registered office: Abbotsholme School, Rocester, Uttoxeter, Staffordshire, England, ST14 5BS |
Nature of business: |
% |
Class of shares: | holding |
31.8.23 | 31.8.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Amounts owed by group undertakings |
Secured loan - Kilgraston | 365,723 | - |
VAT |
Amounts owed by group undertakings in the parent company are unsecured, interest free and are repayable on demand. |
ACHIEVE EDUCATION LIMITED (REGISTERED NUMBER: 09077274) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Wages control account | - | 6,562 |
Paye control account | 5,165 | 5,166 |
Pensions control account | 1,639 | 2,542 |
Directors' current accounts | 7,229,472 | 7,355,472 |
Accrued expenses |
Amounts owed to group undertakings in the parent company are unsecured, interest free and are repayable on demand. |
7. | RELATED PARTY DISCLOSURES |
During the year no dividends were paid to the directors/shareholders. |
Included in creditors is an amount due to the directors of the company, Chenming Bao: £3,764,069 and Tong Zhou: £3,465,403 (Chenming Bao 2022: £3,890,069 and Tong Zhou 2022: £3,465,403) which are interest free loans. Mr C Bao withdrawn £126,000 from the company during the year. |
During the year professional services of £8,250 (2022: £11,250) were provided by Global Thought Leadership Ltd, who is a non-executive director of UK Schools Consultant (HK) Limited t/a UK Boarding Schools Admissions Service. |
8. | POST BALANCE SHEET EVENTS |
The company is actively progressing partnership arrangements with schools within China allowing these schools to offer IGCSE and A level courses in country. |
The Advisory Board have entered into a contract with Kilgraston School Trust to provide management control of the School to help secure its long term future whilst maintaining the ethos of the School. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr C Bao by virtue of his majority shareholding in Achieve Education Limited. |
10. | CHARGES AND SECURITIES |
There are fixed and floating charges secured against the assets of the company. |
11. | GOING CONCERN |
Total liabilities exceed total assets by £621,601 . However, the Directors are confident that the Company is able to meet its liabilities as they fall due, with the support of the directors. The Directors have also agreed to subordinate their directors loan in the group in favour of any other creditor. Renewed growth in pupil numbers, as confidence starts to return to the international market, is resulting in an uplift in international pupil numbers. |