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Registration number: 07580340

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

Company Information

Directors

Mr Edward Ray

Mrs Jessica Ray

Registered office

The Crown Building
Sandy Lane
Rugeley
STAFFS
WS15 2LB

Accountants

Krystal Clear Accounting
Westgate House
44 Hale Road
Ground Floor
Hale, Altrincham
Cheshire
WA14 2EX

 

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

(Registration number: 07580340)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

238,559

236,716

Current assets

 

Debtors

6

28,314

54,345

Cash at bank and in hand

 

22,835

-

 

51,149

54,345

Prepayments and accrued income

 

1,788

-

Creditors: Amounts falling due within one year

(414,966)

(114,029)

Net current liabilities

 

(362,029)

(59,684)

Total assets less current liabilities

 

(123,470)

177,032

Creditors: Amounts falling due after more than one year

(35,981)

(174,994)

Accruals and deferred income

 

(10,795)

(420)

Net (liabilities)/assets

 

(170,246)

1,618

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(170,346)

1,518

Shareholders' (deficit)/funds

 

(170,246)

1,618

For the financial year ending 31 March 2024 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

 

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

(Registration number: 07580340)
Abridged Balance Sheet as at 31 March 2024

.........................................
Mr Edward Ray
Director

 

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
The Crown Building
Sandy Lane
Rugeley
STAFFS
WS15 2LB

These financial statements were authorised for issue by the Board on 28 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Furniture, fittings, tools & equipment

15% straight line

Motor vehicles

20% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Leases

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 balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve 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 (including directors) during the year, was 50 (2023 - 28).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

22,255

17,435

 

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

227,500

38,237

25,401

291,138

Additions

-

-

24,098

24,098

At 31 March 2024

227,500

38,237

49,499

315,236

Depreciation

At 1 April 2023

20,475

28,867

5,080

54,422

Charge for the year

6,825

5,530

9,900

22,255

At 31 March 2024

27,300

34,397

14,980

76,677

Carrying amount

At 31 March 2024

200,200

3,840

34,519

238,559

At 31 March 2023

207,025

9,370

20,321

236,716

Included within the net book value of land and buildings above is £200,200 (2023 - £207,025) in respect of freehold land and buildings.
 

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Dividends

Interim dividends paid

 

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Interim dividend of £Nil per each Ordinary

-

-

 

 

9

Related party transactions

 

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr Edward Ray

Loan

3,303

7,863

(4,560)

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr Edward Ray

Loan

(821)

4,124

3,303

 

PS for Schools Ltd

trading as Progressive Sports for Schools Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

15,727

18,100

Contributions paid to money purchase schemes

9,600

10,850

25,327

28,950

Summary of transactions with entities with joint control or significant interest

As at 31/3/2024 the following balances were oustanding with the parent company, Progressive Education Group Ltd, or subsiuary companies of the parent company:-

Coach Sports (London) Ltd was owed £1,070
Progressive Schools Ltd was owed £13,502
Progressive Education Group Ltd was owed £351,247