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REGISTERED NUMBER: 11250194 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

ABBOTSHOLME SCHOOL LIMITED

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)






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


ABBOTSHOLME SCHOOL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: Ms T Zhou
Mr C Bao





REGISTERED OFFICE: Abbotsholme School
Rocester
Uttoxeter
Staffordshire
ST14 5BS





REGISTERED NUMBER: 11250194 (England and Wales)





ACCOUNTANTS: Wynniatt-Husey Limited (Uttoxeter Branch)
The Old Bakehouse
Dove Walk
Uttoxeter
Staffordshire
ST14 8EH

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

BALANCE SHEET
31 AUGUST 2023

31.8.22 31.8.23
£    £    Notes £    £   
FIXED ASSETS
4 Intangible assets 4 4
3,660,404 Tangible assets 5 3,674,767
3,660,408 3,674,771

CURRENT ASSETS
31,701 Stocks 6 32,289
195,308 Debtors 7 56,789
393,234 Cash at bank and in hand 262,979
620,243 352,057
CREDITORS
4,709,124 Amounts falling due within one year 8 4,675,281
(4,088,881 ) NET CURRENT LIABILITIES (4,323,224 )
(428,473 ) TOTAL ASSETS LESS CURRENT
LIABILITIES

(648,453

)

CREDITORS
360,000 Amounts falling due after more than one year 9 240,000
(788,473 ) NET LIABILITIES (888,453 )

CAPITAL AND RESERVES
1 Called up share capital 11 1
(788,474 ) Retained earnings 12 (888,454 )
(788,473 ) SHAREHOLDERS' FUNDS (888,453 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

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.

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

BALANCE SHEET - continued
31 AUGUST 2023


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

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 30 August 2024 and were signed on its behalf by:





Mr C Bao - Director


ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Abbotsholme School Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable recognised by the company in respect of services supplied during the period.
In the past turnover was always net of pupils remissions, bursaries and scholarships. The company has changed this accounting policy to be in line with FRS 102 section 23 and therefore the income will be shown gross and cost of remissions will be included in cost of sales.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Nil
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Buildings - 2% straight line on depreciable value ( cost less residual value).
The freehold land is shown in the accounts at cost and is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

All stock movement is expensed to the profit and loss account.

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.

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

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.

Hire of equipment and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company contributes to a work place defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intangible assets
Patents and licences are shown in the accounts at cost and are not amortised as the amounts are not materially different from cost.

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.

Going concern
The directors expect the company to continue operating on a going concern basis for the next 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 the derivative.

Payments in advance
Payments in advance represent sums paid by pupils in advance of their courses which are refundable in whole or in part should they cancel their course.

Bad debts
Unpaid amounts contractually owed by pupils may be written off as bad debts in line with the schools bad debt policy.

Fee deposits
Fee deposits received are held on the balance sheet and refunded when a student leaves the school.

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 116 (2022 - 116 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 September 2022
and 31 August 2023 4
NET BOOK VALUE
At 31 August 2023 4
At 31 August 2022 4

The intangible assets are the rights acquired to patents and licences.

5. TANGIBLE FIXED ASSETS
Freehold Plant and
Totals property machinery
£    £    £   
COST
At 1 September 2022 3,841,138 3,615,631 47,800
Additions 37,301 - 17,259
At 31 August 2023 3,878,439 3,615,631 65,059
DEPRECIATION
At 1 September 2022 180,734 - 22,976
Charge for year 22,938 - 9,166
At 31 August 2023 203,672 - 32,142
NET BOOK VALUE
At 31 August 2023 3,674,767 3,615,631 32,917
At 31 August 2022 3,660,404 3,615,631 24,824

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment
£    £    £   
COST
At 1 September 2022 50,000 - 127,707
Additions - 3,500 16,542
At 31 August 2023 50,000 3,500 144,249
DEPRECIATION
At 1 September 2022 32,500 - 125,258
Charge for year 7,500 525 5,747
At 31 August 2023 40,000 525 131,005
NET BOOK VALUE
At 31 August 2023 10,000 2,975 13,244
At 31 August 2022 17,500 - 2,449

The freehold land and buildings are shown at cost. The buildings are depreciated at 2% straight line on cost less residual value. The directors believe that the value of the land and property is higher than the original cost. The company continues a relentless program of repairs and renewals each year to keep the buildings to a high standard.

The finance lease on the computer equipment has been repaid in the year, the assets have been transferred to ownership as they now own the assets.

6. STOCKS
31.8.23 31.8.22
£    £   
Stocks 32,289 31,701

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 260,354 387,382
Bad debt provision (239,829 ) (246,296 )
Prepayments and accrued income 36,264 54,222
56,789 195,308

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts (see note 10) 131,927 120,000
Trade creditors 167,371 61,700
Amounts owed to group undertakings 1,649,157 2,140,634
Escrow Account - 626
Payments in advance 853,329 874,540
Other creditors 17,587 1,973
School trips 16,085 14,044
Wages control account - 184
Social security and other tax 116,968 53,477
Teacher pension control 90,162 33,530
Directors' current accounts 1,130,242 915,322
Accrued expenses 103,821 80,813
Fee deposits 398,632 412,281
4,675,281 4,709,124

Amounts owed to group undertakings in the parent company are unsecured, interest free and are repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans (see note 10) 240,000 360,000

10. LOANS

An analysis of the maturity of loans is given below:

31.8.23 31.8.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 11,927 -
Bank loans 120,000 120,000
131,927 120,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 120,000 120,000

Amounts falling due between two and five years:
Bank loan more than 2 years 120,000 240,000

The company received Coronavirus Business Interruption Loan of £600,000 which is carrying interest rate of 4.16%. The first instalment started in September 2021. The outstanding balance must be repaid in full by 31 July 2026. The loan has CBILS Guarantee which is backed by the UK Government.

ABBOTSHOLME SCHOOL LIMITED (REGISTERED NUMBER: 11250194)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
1 Ordinary £1 1 1

12. RESERVES
Retained
earnings
£   

At 1 September 2022 (788,474 )
Deficit for the year (99,980 )
At 31 August 2023 (888,454 )

Retained earnings represent cumulative distributable profits net of dividends.

13. RELATED PARTY DISCLOSURES

During the year, no dividends were paid to the directors/shareholders.
Included in creditors is an amount due to a director of the company amounting to £1,130,242 (2022: £915,322) which is an interest free loan. Mr C Bao introduced £214,920 into the company during the year.

14. POST BALANCE SHEET EVENTS

The Headmaster, Mr Ruscoe-Price departed Abbotsholme in August 2023, and Mrs Helen Wilkinson assumed the role of Headmistress in September 2023.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Bao by virtue of his majority shareholding in Achieve Education Limited.

16. ULTIMATE PARENT COMPANY

Achieve Education Limited owns 100% of the company. Registered office: Chase Grammar School, Convent Close, Cannock, Staffordshire, WS11 0UR. A copy of the parent company's consolidated accounts are available from Companies House.

17. CHARGES AND SECURITIES

There are fixed and floating charges secured against the assets of the company.

18. GOING CONCERN

Total liabilities exceed total assets by £888,453. However, the directors are confident that the company is able to meet its liabilities as they fall due, with the support of the parent company, Achieve Education Limited. The directors agree to subordinate their directors' loans in the group in favour of third party creditors.