REGISTERED NUMBER: 02080884 (England and Wales) |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 August 2023 |
for |
International Community College Limited |
REGISTERED NUMBER: 02080884 (England and Wales) |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 August 2023 |
for |
International Community College Limited |
International Community College Limited (Registered number: 02080884) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 |
International Community College Limited |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
128 Ebury Street |
London |
SW1W 9QQ |
International Community College Limited (Registered number: 02080884) |
Strategic Report |
for the Year Ended 31 August 2023 |
The directors present their strategic report for the year ended 31 August 2023. |
REVIEW OF BUSINESS |
Turnover increased by 10.25% for the year ended 31 August 2023 to £11,343,289 (2022: £10,289,039) and operating profit before taxation increased by 33.68% to £628,313 (2022: £470,060). The company has net current assets of £12,835,418 (2022: £10,815,330) and is in a good position to take advantage of any opportunities which may arise in the future. The financial performance for the year and the year end financial position were both considered satisfactory by the directors. |
The company continues to invest in first class educational facilities and equipment for the students. |
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using key performance indicators is not necessary for understanding of the development, performance or the position of the business. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company caters for the educational needs of the international community in London, mainly children of diplomats or expatriate families relocated to London on average for 3-4 years. The school's primary source of income is tuition fees collected from students and as such the school's financial performance is directly linked to the number of students enrolled. |
Significant decline in enrolment that could lead to financial loss, restriction on growth and educational offering. To grow, the company must continue to target market segments including students from overseas and local self-paying families. |
Risk of cyber attack on IT systems and data that could lead to reputational damage or financial loss. Policies, procedures and training are in place to protect the IT system and data. |
Safeguarding and health and safety. The company wishes to create an environment in school where all feel safe and secure and can thrive and therefore policies, procedures and training are in place to mitigate these risks. |
Careful and prudent financial management of the company ensures that it is not exposed to significant financial risks and provides a stable base for the future development of the organisation. |
Parental surveys are conducted annually, with areas for improvement identified and responsive school action plans developed. These enable the company to react quickly with improvements as necessary and maintain its word of mouth referrals. |
FUTURE DEVELOPMENTS |
The directors do not anticipate any significant changes in the company's activities for the forseeable future. |
ON BEHALF OF THE BOARD: |
24 September 2024 |
International Community College Limited (Registered number: 02080884) |
Report of the Directors |
for the Year Ended 31 August 2023 |
The directors present their report with the financial statements of the company for the year ended 31 August 2023. |
PRINCIPAL ACTIVITY |
The company's principal activity during the year continued to be that of providing 'Educational Services' within the meaning of The Education Act 1944. |
DIVIDENDS |
The directors do not recommend the payment of a dividend. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
CHARITABLE DONATIONS |
The company made charitable donations in the year of £20,072. |
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
The company maintains directors' liability insurance which gives appropriate cover for any legal action brought against its directors. The company has also granted indemnities to each of its directors to the extent permitted by law. Qualifying third party indemnity provisions were in force in the year ending 31 August 2023 and remain in force, in relation to certain losses and liabilities which the directors may incur to third parties in the course of acting as directors of the company. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
International Community College Limited (Registered number: 02080884) |
Report of the Directors |
for the Year Ended 31 August 2023 |
AUDITORS |
The auditors, Rawi & Co Associates Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
International Community College Limited |
Opinion |
We have audited the financial statements of International Community College Limited (the 'company') for the year ended 31 August 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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: |
- | give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' 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 a period of at least twelve 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, 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 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 this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
International Community College Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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 misrepresentations, or through collusion. |
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
128 Ebury Street |
London |
SW1W 9QQ |
International Community College Limited (Registered number: 02080884) |
Statement of Comprehensive Income |
for the Year Ended 31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
419,615 | 414,822 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
International Community College Limited (Registered number: 02080884) |
Balance Sheet |
31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | 13 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained profit | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
International Community College Limited (Registered number: 02080884) |
Statement of Changes in Equity |
for the Year Ended 31 August 2023 |
Called up |
share | Retained | Total |
capital | profit | equity |
£ | £ | £ |
Balance at 1 September 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 August 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 August 2023 |
International Community College Limited (Registered number: 02080884) |
Cash Flow Statement |
for the Year Ended 31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 5,210,004 |
Cash and cash equivalents at end of year | 2 | 4,956,662 | 5,314,807 |
International Community College Limited (Registered number: 02080884) |
Notes to the Cash Flow Statement |
for the Year Ended 31 August 2023 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
31.8.23 | 31.8.22 |
£ | £ |
Profit for the financial year |
Depreciation charges |
Finance income | (57,995 | ) | (1,314 | ) |
Taxation |
740,323 | 629,566 |
(Increase)/decrease in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 4,956,662 | 5,314,807 |
Year ended 31 August 2022 |
31.8.22 | 1.9.21 |
£ | £ |
Cash and cash equivalents | 5,314,807 | 5,210,004 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.22 | Cash flow | At 31.8.23 |
£ | £ | £ |
Net cash |
Cash at bank | 5,314,807 | (358,145 | ) | 4,956,662 |
5,314,807 | ( |
) | 4,956,662 |
Total | 5,314,807 | (358,145 | ) | 4,956,662 |
International Community College Limited (Registered number: 02080884) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
International Community College Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 that are believed to be reasonable under the circumstances. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes value of fee income receivable from students for tuition and ancillary services. Fee income is recognised in the academic year in which the student attends the school. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
Stocks |
Stocks consisting of library books, sportswear, educational materials and provisions are valued by the directors at the lower of cost and net realisable value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
International Community College Limited (Registered number: 02080884) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss account in the period to which they relate. |
Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
Deferred income |
Deferred income represent the following year's tuition fees, extras and bussing fees invoiced in the current year. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
31.8.23 | 31.8.22 |
£ | £ |
An analysis of turnover by geographical market is given below: |
31.8.23 | 31.8.22 |
£ | £ |
United Kingdom |
4. | OTHER OPERATING INCOME |
31.8.23 | 31.8.22 |
£ | £ |
Other operating income | 150,703 | 53,924 |
International Community College Limited (Registered number: 02080884) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | EMPLOYEES AND DIRECTORS |
31.8.23 | 31.8.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.8.23 | 31.8.22 |
Administration | 23 | 23 |
Teaching and support | 102 | 98 |
31.8.23 | 31.8.22 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
31.8.23 | 31.8.22 |
£ | £ |
Emoluments etc |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.8.23 | 31.8.22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Audit fees |
Key management personnel compensation (including directors' emoluments) |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.8.23 | 31.8.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
International Community College Limited (Registered number: 02080884) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.8.23 | 31.8.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax | 7,255 | 10,549 |
Others | 87,669 | 40,389 |
Total tax charge | 228,519 | 124,171 |
8. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
9. | STOCKS |
31.8.23 | 31.8.22 |
£ | £ |
Library books etc | 1,305 | 289 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade debtors |
Other debtors | 4,799,187 | 3,403,308 |
Prepayments and accrued income |
International Community College Limited (Registered number: 02080884) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade creditors |
Other creditors < 1 year | 1,556,777 | 1,410,964 |
Corporation tax |
Social security and other taxes |
12. | PROVISIONS FOR LIABILITIES |
31.8.23 | 31.8.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances | ( |
) |
Deferred tax reversal | 7,255 | 10,548 |
8,391 | 1,136 |
Deferred |
tax |
£ |
Balance at 1 September 2022 |
Provided during the year | 7,255 |
Balance at 31 August 2023 |
13. | ACCRUALS AND DEFERRED INCOME |
31.8.23 | 31.8.22 |
£ | £ |
Accruals and deferred income | 11,090,487 | 9,470,857 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.23 | 31.8.22 |
value: | £ | £ |
Ordinary shares | £1 | 50,000 | 50,000 |
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets. |
15. | RESERVES |
Retained |
profit |
£ |
At 1 September 2022 |
Profit for the year |
At 31 August 2023 |
16. | ULTIMATE PARENT COMPANY |
In the opinion of the directors the immediate and ultimate parent company is Educational Associates Limited, a company incorporated in British Virgin Islands. |
International Community College Limited (Registered number: 02080884) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
17. | CONTINGENT LIABILITIES |
The company has a cross guarantee and debenture (with fixed and floating charges over all the business assets) totalling £6,014,000 (2022-£6,014,000) to secure bank borrowings of its associates. |
The company has a bank overdraft facility of £1,100,000 which is secured by way of a cross guarantee and debenture (with fixed and floating charges over all the business assets). |
18. | OTHER FINANCIAL COMMITMENTS |
Total future minimum lease payments under non-cancellable operating leases: |
Land and buildings | Land and buildings |
2023 | 2022 |
Falling due: | £ | £ |
within one year | 902,400 | 902,400 |
within two to five years | 4,200,000 | 4,262,400 |
in over five years | 840,000 |
5,102,400 | 6,004,800 |
19. | AMOUNT DUE FROM DIRECTORS |
The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022: |
31.8.23 | 31.8.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
20. | RELATED PARTY DISCLOSURES |
31.8.23 | 31.8.22 |
£ | £ |
Rent paid |
Amount due from |
31.8.23 | 31.8.22 |
£ | £ |
Rent paid |
Amount due from |
International Community College Limited (Registered number: 02080884) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
20. | RELATED PARTY DISCLOSURES - continued |
31.8.23 | 31.8.22 |
£ | £ |
Amount due from |
21. | PENSION PLANS |
The company operates a defined contribution scheme. During the year the company contributed £255,873 (2022: £262,208). There were outstanding contributions of £41,175 (2022: £41,088) at year end included in other creditors amounts falling due within one year. |
22. | PRESENTATION CURRENCY |
The financial statements are presented in Sterling. |
23. | PRINCIPAL PLACE OF BUSINESS |
The address of the company's principal place of business and registered office is |
139 Gunnersbury Avenue |
London |
W3 8LG |