Company registration number 03569066 (England and Wales)
TALBOT HOUSE SCHOOL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
TALBOT HOUSE SCHOOL LIMITED
COMPANY INFORMATION
Director
Mr M A V Broadway
Secretary
Mrs J M Broadway
Company number
03569066
Registered office
8 Firs Glen Road
Bournemouth
Dorset
BH9 2LR
Auditor
HJS Chartered Accountants
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
TALBOT HOUSE SCHOOL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TALBOT HOUSE SCHOOL LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
758,844
779,702
Current assets
Stocks
531
333
Debtors
6
110,030
91,331
Cash at bank and in hand
617,754
555,187
728,315
646,851
Creditors: amounts falling due within one year
7
(246,252)
(239,257)
Net current assets
482,063
407,594
Total assets less current liabilities
1,240,907
1,187,296
Creditors: amounts falling due after more than one year
8
(810,000)
(810,000)
Provisions for liabilities
(1,960)
(662)
Net assets
428,947
376,634
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
418,947
366,634
Total equity
428,947
376,634
TALBOT HOUSE SCHOOL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 31 October 2024
Mr M A V Broadway
Director
Company registration number 03569066 (England and Wales)
TALBOT HOUSE SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Talbot House School Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Firs Glen Road, Bournemouth, Dorset, BH9 2LR.

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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the year end, the company had net current assets of £482,063 (2022: £407,594).

 

The company is currently dependent on loans made by the shareholders of the parent company. The shareholders of the parent company have confirmed that they will not demand repayment of the loans until the company has sufficient funds. Further support is available from the shareholders of the parent company if required.

 

Based on the ongoing support of the shareholders of the parent company and the positive cashflow forecasts for the year ahead, the directors consider it appropriate to continue to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover represents tuition fees and other educational related income from external customers. Fees receivable are accounted for in the year in which the service is provided. fees receivable are stated after deducting allowances granted by the school.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Straight line over 50 years
Leasehold improvements
Straight line over 50 years
Plant and equipment
Straight line over 3 years, Straight line over 5 years and Straight line over 10 years
TALBOT HOUSE SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value.

1.8
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.

1.9
Financial instruments

The company only enters into Basic financial instrument transactions.

 

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.

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.

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.

1.10
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.

1.11
Taxation

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

TALBOT HOUSE SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TALBOT HOUSE SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
29
22
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
225,734
Amortisation and impairment
At 1 September 2022 and 31 August 2023
225,734
Carrying amount
At 31 August 2023
-
0
At 31 August 2022
-
0
5
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Total
£
£
£
£
Cost
At 1 September 2022
846,117
47,926
365,099
1,259,142
Additions
-
0
-
0
5,048
5,048
At 31 August 2023
846,117
47,926
370,147
1,264,190
Depreciation and impairment
At 1 September 2022
120,184
10,552
348,704
479,440
Depreciation charged in the year
20,228
959
4,719
25,906
At 31 August 2023
140,412
11,511
353,423
505,346
Carrying amount
At 31 August 2023
705,705
36,415
16,724
758,844
At 31 August 2022
725,933
37,374
16,395
779,702
TALBOT HOUSE SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,183
9,719
Other debtors
81,281
68,000
Prepayments and accrued income
15,566
13,612
110,030
91,331
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,651
20,363
Taxation and social security
10,717
10,626
Payments on account
109,909
115,291
Other creditors
35,257
27,833
Accruals
74,718
65,144
246,252
239,257
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
810,000
810,000

Other loans totalling £810,000 (2022: £810,000) are unsecured and attract interest at 4.25% above the Bank of England base rate.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Other matters

We would like to draw your attention to the fact that this is the first year we are auditing the company. We have performed a review of the balances brough forward and have not noted material differences.

 

Our opinion remains unchanged due to this matter.

Senior Statutory Auditor:
Angela Trainor
Statutory Auditor:
HJS Chartered Accountants
TALBOT HOUSE SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
10
Related party transactions

During the year, the company was owed £76,000 (2022 - £68,000) by Moyles Court School Limited, a company that the director is, also, a director of and under common control.

 

During the year, the company was owed £5,281 (2022 - £Nil) by Eastwoods Equestrian Limited, a company that the director is, also, a director of and under common control.

 

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