Company registration number NI070347 (Northern Ireland)
BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
COMPANY INFORMATION
Directors
PR Hepburn
(Appointed 4 July 2023)
PK Johnstone
(Appointed 26 February 2024)
Secretary
Resolis Limited
Company number
NI070347
Registered office
The Soloist Building
1 Lanyon Place
Belfast
BT1 3LP
Auditor
Ernst & Young LLP
Bedford House
16 Bedford Street
Belfast
BT2 7DT
BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activities of the company on incorporation were to design, build, finance and maintain St Mary’s Primary School, St Joseph’s Primary School and Our Lady’s and St Patrick’s College under the Government’s Private Finance Initiative. With the design and building stages now complete the company’s main activity is the maintenance of the schools.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L McKenna
(Resigned 31 May 2023)
Mr Patrick Duffy
(Resigned 4 July 2023)
Mr Eamon O'Hare
(Resigned 4 July 2023)
PR Hepburn
(Appointed 4 July 2023)
PK Johnstone
(Appointed 26 February 2024)
Auditor

A resolution to reappoint Ernst & Young LLP as auditor will be put to the members at the Annual General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

 

Under applicable law and regulations, the directors are also responsible for preparing a Directors’ report, that complies with that law and those regulations.

BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Each director has taken all the steps that he/she is obliged to take as a director in order to make himself/herself aware of any relevant audit information and to establish that the auditor is aware of that information.

Going concern

The directors have considered the appropriateness of preparing the financial statements on a going concern basis.

 

The directors maintain a long-term financial model over the duration of the bank facility which demonstrates the company can service the debt requirements and meet the minimum financial ratios in the short to long term. In particular the company is expected to continue to be cash generative and meet its obligations as they fall due for at least 12 months from date of signing Financial statements. Consequently, the directors continue to adopt the going concern basis of accounting in preparing the company’s annual financial statements

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr Paul Hepburn
Director
16 September 2024
BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
- 3 -
Opinion

We have audited the financial statements of Belfast Educational Services (Down & Connor) Limited (the 'company') year ended 31 March 2024 which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity, and the related notes 1 to 12, including a summary of significant accounting policies. The 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:

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 Auditor's 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 UK, including the FRC’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 the period of 12 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this 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 the other information, we are required to report that fact.

 

We have nothing to report in this regard.

BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
- 4 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in 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:

Responsibilities of directors

As explained more fully in the Directors’ responsibilities statement set out on page 1, 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.

BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
- 5 -
Auditor's 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 auditor’s 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.

 

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

 

Our approach was as follows:

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
- 6 -

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 2006. Our 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 auditor’s 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.

Mark Lawther
Senior Statutory Auditor
for and on behalf of Ernst & Young LLP, Statutory Auditor
Belfast
17 September 2024
BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
£
£
Turnover
2,421,299
2,103,964
Cost of sales
(1,560,622)
(1,339,373)
Gross profit
860,677
764,591
Administrative expenses
(687,530)
(639,801)
Operating profit
173,147
124,790
Interest receivable and similar income
2,195,352
2,177,623
Interest payable and similar expenses
5
(1,470,829)
(1,667,525)
Profit before taxation
897,670
634,888
Tax on profit
(224,418)
(119,745)
Profit for the financial year
673,252
515,143
Other comprehensive income
Cash flow hedges gain arising in the year
263,417
2,695,161
Tax relating to other comprehensive income
(66,136)
(673,824)
Total comprehensive income for the year
870,533
2,536,480

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
7
23,022,256
24,056,011
Debtors falling due within one year
7
1,693,755
1,601,216
Cash at bank and in hand
3,655,756
4,579,753
28,371,767
30,236,980
Creditors: amounts falling due within one year
8
(2,482,259)
(3,365,539)
Net current assets
25,889,508
26,871,441
Creditors: amounts falling due after more than one year
9
(26,355,993)
(27,524,448)
Net liabilities
(466,485)
(653,007)
Capital and reserves
Called up share capital
10
25,000
25,000
Hedging reserve
(496,493)
(693,774)
Profit and loss reserves
5,008
15,767
Total equity
(466,485)
(653,007)

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

The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Mr Paul Hepburn
Director
Company registration number NI070347 (Northern Ireland)
BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Share capital
Hedging reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
25,000
(2,715,111)
624
(2,689,487)
Year ended 31 March 2023:
Profit
-
-
515,143
515,143
Other comprehensive income:
Cash flow hedges gains
-
2,695,161
-
2,695,161
Tax relating to other comprehensive income
-
(673,824)
-
0
(673,824)
Total comprehensive income
-
2,021,337
515,143
2,536,480
Dividends
-
-
(500,000)
(500,000)
Balance at 31 March 2023
25,000
(693,774)
15,767
(653,007)
Year ended 31 March 2024:
Profit
-
-
673,252
673,252
Other comprehensive income:
Cash flow hedges gains
-
263,417
-
263,417
Tax relating to other comprehensive income
-
(66,136)
-
0
(66,136)
Total comprehensive income
-
197,281
673,252
870,533
Dividends
-
-
(684,011)
(684,011)
Balance at 31 March 2024
25,000
(496,493)
5,008
(466,485)
BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
1
Accounting policies
Company information

Belfast Educational Services (Down & Connor) Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is The Soloist Building, 1 Lanyon Place, Belfast, BT1 3LP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have considered the appropriateness of preparing the financial statements on a going concern basis. true

 

The directors maintain a long-term financial model over the duration of the bank facility which demonstrates the company can service the debt requirements and meet the minimum financial ratios in the short to long term. In particular the company is expected to continue to be cash generative and meet its obligations as they fall due for at least 12 months from date of signing Financial statements. Consequently, the directors continue to adopt the going concern basis of accounting in preparing the company’s annual financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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.

BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Finance debtor and contractual receivable

Finance debtor and contractual receivables are classified as loans and receivables as defined in FRS 102, which are initially recognised at the fair value of the consideration receivable and are then stated at amortised cost.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Hedge accounting

The company designates certain hedging instruments, including derivatives, embedded derivatives and non-derivatives, as either fair value hedges or cash flow hedges. At the inception of the hedge relationship, the company documents the relationship between the hedging instrument and the hedged item along with risk management objectives and strategy for undertaking various hedge transactions. At the inception of the hedge and on an ongoing basis, the company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -

For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of the hedge is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.

 

Any gain or loss previously recognised in other comprehensive income is reclassified to profit or loss when the hedge relationship ends. This occurs when the hedging instrument expires or no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised, or the hedging instrument is terminated.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or right to pay less or to receive more, tax, with the following exceptions:

 

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.9

Lifecycle

The Company is responsible for the lifecycle costs associated with its principal activity, however risk here is mitigated by passing on lifecycle risk to a third party facilities management company. Lifecycle costs are accounted for on an accrual basis as disclosed in the indicative lifecycle works program or lifecycle tracker as used by all parties through the operating phase of the concession period, with any underspend included within accruals and creditors due less than one year.

BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events are believed to be reasonable under the circumstances.

Critical judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Hedge accounting and consideration of the fair value of derivative financial instruments

The Company uses derivative financial instruments to hedge certain economic exposures in relation to movements in interest rates as compared with the position that was expected at the date the underlying transaction being hedged was entered into. The Company fair values its derivative financial instruments and records the fair value of those instruments on Balance Sheet. No market prices are available for these instruments and consequently the fair values are determined by calculating the present value of the estimated future cashflows based on observable yield curves. There is also a judgement on whether an economic hedge relationship exists in order to achieve hedge accounting. Appropriate documentation has been prepared detailing the economic relationship between the hedging instrument and the underlying loan being hedged.

Deferred taxation

Deferred tax is recognised on all timing differences at the reporting date for certain exceptions. judgement in the case of the recognition of deferred taxation assets, the Directors have to form an opinion as to whether it is possible that the deferred taxation asset recognised is recoverable against future taxable profits arising. This exercise of judgment requires the Directors to consider forecast information over a long time horizon having regard to the risks that the forecasts may not be achieved and then form a reasonable opinion as to the recoverability of the deferred taxation asset.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty are as follows:

Accounting for service concession arrangements

Accounting for the service concession contract and finance debtors requires estimation of service margins, finance debtor interest rates and associated amortisation profile which is based on forecast results of the contract. These were forecast initially within the operating model at financial close and are closely monitored throughout the duration of the project.

 

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,730
6,300
For other services
Taxation compliance services
1,950
1,700
BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
4
Employees

The average number of employees of the Company was nil (2023 nil).

 

5
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
224,545
233,022
6
Financial instruments
2024
2023
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
661,990
925,032
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
98,255
156,428
Corporation tax recoverable
22,799
-
0
Other debtors
1,572,701
1,444,788
1,693,755
1,601,216
2024
2023
Amounts falling due after more than one year:
£
£
Finance debtor
22,856,759
23,824,378
Deferred tax asset
165,497
231,633
23,022,256
24,056,011
Total debtors
24,716,011
25,657,227
BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,407,329
1,384,503
Other borrowings
86,628
131,000
Trade creditors
43,449
182,446
Amounts owed to group undertakings
176,864
737,888
Corporation tax
-
0
60,169
VAT
199,453
186,054
Accruals and deferred income
568,536
683,479
2,482,259
3,365,539
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,606,791
17,040,064
Other borrowings
1,705,941
1,766,572
Derivative financial instruments
661,990
925,032
Other creditors
8,381,271
7,792,780
26,355,993
27,524,448

The bank loans and overdrafts are the subject of fixed and floating charges over the shareholdings in the company and all the company’s assets. Interest is charged at variable rate, but an interest rate derivative is used to manage the cash flow interest rate exposure arising on the variable rate debt with the net result that fixed interest, at an effective fixed rate of 4.73% is paid. The loan is repayable by March 2035.

 

The loan notes bear fixed interest rate and rank ahead of all unsecured obligations of the company.

Amounts included above which fall due after five years are as follows:
Payable by instalments
12,317,991
13,882,841
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25,000
25,000
BELFAST EDUCATIONAL SERVICES (DOWN & CONNOR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
11
Reserves

Cash flow hedge reserve

The hedge reserve includes all fair value movements and related deferred tax of the hedged interest rate swap.

 

Profit and loss reserve

This reserve contains all current and prior period retained profits and losses.

 

12
Parent company

The immediate parent undertaking is Belfast Educational Services (Down & Connor) Holdings Limited, a company incorporated in Northern Ireland. The accounts for Belfast Educational Services (Down & Connor) Holdings Limited can be obtained from Registrar of Companies, 32-38 Linenhall Street, Belfast.

 

The company's accounts are not incorporated into consolidated accounts of any other entity.

 

There is no ultimate controlling party.

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