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Registered number: 03362427










MAHARISHI EDUCATION CENTRE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MAHARISHI EDUCATION CENTRE LIMITED
REGISTERED NUMBER: 03362427

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
25,508
-

Tangible assets
 5 
4,092,370
4,208,786

  
4,117,878
4,208,786

Current assets
  

Debtors: amounts falling due within one year
 6 
42,555
9,093

Cash at bank and in hand
  
33,294
74,733

  
75,849
83,826

Creditors: amounts falling due within one year
 7 
(142,347)
(163,940)

Net current liabilities
  
 
 
(66,498)
 
 
(80,114)

Total assets less current liabilities
  
4,051,380
4,128,672

Creditors: amounts falling due after more than one year
 8 
(3,469,446)
(3,549,165)

  

Net assets
  
581,934
579,507


Capital and reserves
  

Called up share capital 
  
1,600,001
1,600,001

Profit and loss account
  
(1,018,067)
(1,020,494)

  
581,934
579,507


Page 1

 
MAHARISHI EDUCATION CENTRE LIMITED
REGISTERED NUMBER: 03362427
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Dr Peter Warburton
Director

Date: 25 September 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
MAHARISHI EDUCATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Maharishi Education Centre Limited (the "Company") is a private company limited by shares, incorporated and domiciled in England and Wales. The address of the registered office is Maharishi Peace Palace, Gardenia Close, Rendlesham, Woodbridge, Suffolk, IP12 2GX. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. 
The Directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties about the Company's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
The Directors are confident that the business model adopted in 2019/20 following restructuring post launch in 2016, is proving successful. This is indicated by the return to a small profit in 2023 despite the cost of living crisis following the slow climb out and recovery from the Covid period and some significant building maintenance requirements in 2021/2022. The expectations for 2024 and 2025 are encouraging, particularly with the success of a very large and lengthy course for senior members of the organisation over the 2024 summer fully identifying the potential of ‘high end’ courses at the Peace Palace.  Occupancy rates for residential courses continue to strengthen, and the Maharishi On line courses are ever popular. Forward bookings by course participants for courses during seasonal periods such as Christmas, New Year and Easter are also strengthening, supporting positive cash flow and an increasing number of overseas participants are joining events and courses as the positive reputation of the Peace Palace service and environment gains wider recognition. The introduction of the Peace Palace shop has provided incremental income. Additionally the Peace Palace has been able to offer ayurvedic consultations during courses. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Page 3

 
MAHARISHI EDUCATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.8

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website costs
-
3
years

Page 4

 
MAHARISHI EDUCATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the 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.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
 
Page 5

 
MAHARISHI EDUCATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 6

 
MAHARISHI EDUCATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 5).
 

Page 7

 
MAHARISHI EDUCATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Website costs

£



Cost


Additions
29,950



At 31 December 2023

29,950



Amortisation


Charge for the year on owned assets
4,442



At 31 December 2023

4,442



Net book value



At 31 December 2023
25,508



At 31 December 2022
-



Page 8

 
MAHARISHI EDUCATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
4,587,312
750,690
5,338,002


Additions
750
-
750



At 31 December 2023

4,588,062
750,690
5,338,752



Depreciation


At 1 January 2023
514,152
615,064
1,129,216


Charge for the year on owned assets
83,231
33,935
117,166



At 31 December 2023

597,383
648,999
1,246,382



Net book value



At 31 December 2023
3,990,679
101,691
4,092,370



At 31 December 2022
4,073,160
135,626
4,208,786


6.


Debtors

2023
2022
£
£


Trade debtors
21,791
9,093

Trade debtors
20,000
-

Prepayments and accrued income
764
-

42,555
9,093


Page 9

 
MAHARISHI EDUCATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan
5,941
5,941

Other loans
10,997
15,890

Trade creditors
49,041
41,204

Amounts owed to group undertakings
17,911
6,985

Other taxation and social security
8,427
12,658

Leases
18,022
18,022

Other creditors
88
103

Accruals and deferred income
31,920
63,137

142,347
163,940



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
33,663
39,603

Other loans
2,775,885
2,814,557

Leases
642,749
660,770

Accruals and deferred income
17,149
34,235

3,469,446
3,549,165


Page 10

 
MAHARISHI EDUCATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,941
5,941

Other loans
10,997
15,890


16,938
21,831


Amounts falling due 2-5 years

Bank loans
23,762
23,761

Other loans
2,775,885
229,140


2,799,647
252,901

Amounts falling due after more than 5 years

Bank loans
9,901
15,842

Other loans
-
2,585,417

9,901
2,601,259

2,826,486
2,875,991


Other loans includes an amount of £2,550,070 (2022: £2,585,417) owed to Maharishi Foundation, the
ultimate parent undertaking, of which £721,461 (2022: £756,807) is unsecured and bears interest at 3%
above base rate per annum capped to 4%. The residual amount of £1,828,609 (2022: £1,828,609) is interest free. Both loans are not due for repayment before 31 December 2026 and are unsecured.
The bank loan relates to a Covid Bounce Back loan arrangement with HSBC. The loan was originally
repayable by 59 installments commencing 12 months after the initial draw down. During the year, the
Company renegotiated the terms of the loan such that the loan capital is being repaid by equal
installments over 10 years commencing in January 2022. The loan bears interest at a rate of 2.5% per
annum and is unsecured.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,821 (2022 - £158) . Contributions totalling £88 (2022 - £103) were payable to the fund at the balance sheet date and are included in creditors.

Page 11

 
MAHARISHI EDUCATION CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 to not disclose transactions with its ultimate parent undertaking, Maharishi Foundation and its subsidiaries, as the Company is a wholly owned subsidiary. 


12.


Controlling party

The immediate and ultimate controlling party is Maharishi Foundation, a charity registered in both England
and Wales and in Scotland.
The smallest and largest group for which the results of the Company are included is that headed by
Maharishi Foundation. Consolidated financial statements are publicly available from Gardenia Close,
Rendlesham, Woodbridge IP12 2GX or the Charity Commission for England and Wales.

 
Page 12