The directors present the strategic report for the year ended 31 March 2024.
These financial statements have been prepared under FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.
The company was incorporated in the Great Britain and registered in England and Wales. The company is domiciled in the United Kingdom.
Principal activities
Pyramid Schools (Cornwall) Limited, ("the company") undertakes a Private Finance Initiative (PFI) concession with Cornwall Council ("the Council") to design, build, finance and operate 17 schools in Cornwall. The contract was signed on 13 May 2004. Building activities commenced from that date and were completed in September 2007. Service operations on the existing buildings commenced in May 2004 and will run for 28 years from that date.
There have not been any changes in the company's activities in the year under review, and the directors are not aware, at the date of this report, of any likely changes in activity for the foreseeable future. There have been no significant events since the balance sheet date.
In the year the company made a profit of £844,000 (2023: £599,000).
Key performance indicators
The company's operations are managed under the supervision of its shareholders and lenders and are largely determined by the detailed terms of the PFI contract with the Council and the building and facilities management subcontracts. For this reason, the company's directors believe that further key performance indicators apart from profit before and after taxation are not necessary or appropriate for the understanding of the performance or financial position of the business.
The PFI contract and related subcontracts are fixed for the term of the concession and this enables the company to have certainty over its income and major expenses for the term of the contract. Furthermore, the company has a Facilities Agreement with its lenders which fixes the level of borrowing and repayments due until the loan is fully repaid incorporating inter alia the terms of the PFI contract, subcontracts and Facilities Agreement. Directors prepare a forecast which is updated regularly and it predicts that the company will be profitable and will have sufficient cash resources to operate within the terms of the PFI contract, subcontracts and Facilities Agreement. Therefore, the directors, having considered the financial position of the company and its expected future cash flows, have prepared the financial statements on the going concern basis.
The company's principal activity as detailed above is risk averse as its trading relationships with its customer, lenders and subcontractors are determined by the terms of their respective detailed PFI contracts. Its main exposure is to financial risks as detailed in the following section.
One of the risks of the company is that services may not be able to continue due to the financial failure of one of the company's subcontractors. The financial stability of the facilities management and management service companies is being monitored. The directors have reviewed the benchmarking information on the facilities management contract fee and are comfortable that this is a market rate which would enable replacement of the contractor for a similar fee.
The company has exposures to a variety of financial risks which are managed with the purpose of minimising any potential adverse effect on the company's performance.
The board has policies for managing each of these risks and they are summarised below:
Interest rate risk
The company hedged its interest rate risk at the inception of the project by swapping its variable rate debt into fixed rate by the use of an interest rate swap. Interest is recognised on the accruals basis at the appropriate date.
Inflation risk
The company hedged its inflation risk at the inception of the project by entering into RPI linked contracts for services provided to the Council and for services received for facilities management.
Liquidity risk
The company adopts a prudent approach to liquidity management by maintaining sufficient cash and liquid resources to meet its obligations. Due to the nature of the project, cash flows are reasonably predictable and so this is not a major risk area for the company.
Credit risk
The company receives the bulk of its revenue from a Council and therefore is not exposed to significant credit risk. Cash investments, interest rate swap arrangement and inflation swap arrangements are with institutions of a suitable credit quality.
Ownership
In the directors' opinion there is no controlling party. At the balance sheet date the ultimate parent companies who jointly control the company are PPP Equity PIP LP (acting by its General Partner Dalmore Capital 6 GP Limited and its manager Dalmore Capital Limited), and Aberdeen Infrastructure Partners LP Inc acting by its manager abrdn Investments Limited.
The directors have prepared a detailed model forecast to project completion incorporating the relevant terms of the Project Agreement, Subcontracts and Common Terms Agreement and reasonably prudent economic assumptions. This forecast and associated business model, which is updated regularly, predicts that the company will remain profitable and will have sufficient cash resources to operate within the terms of the Project Agreement, Subcontracts and Facilities Agreement.
Continuing on from the previous reporting period, ended 31 March 2023, and persisting throughout this financial year and following the year end, there were events of default under the Common Terms Agreement, Project Agreement and Facilities Management Subcontract Agreement. The events of default relate to deductions thresholds being breached in a twelve month rolling period. The directors are confident that the performance improvement plan that is in place will reduce the level of deductions going forward and the project will return to normal operations. Should there be no further instances of deductions exceeding gross basic monthly payment threshold the company will no longer be in an instance of default under any agreement by October 2024. Stress tests have been applied to cashflow forecasts to determine if the company has sufficient cash to meet its liabilities as they fall due. The cash position is manageable and the company has sufficient resources to meet its obligations for at least 12 months from the date of signing of the financial statements so long as the debt is not recalled.
At the year end and to the date of signing there is not a formal waiver from the senior debt lender relating to the events of default. As such, the debt has been classified as all due within one year as the default means the lender could ask for repayment on demand. In discussion with the lender there is no evidence that they intend to recall the debt earlier than the repayment terms that would prevail without an event of default. However, under the Common Terms Agreement it is within the lender's control to recall the outstanding loan balance. The company’s cash position and future cash flow forecasts evidence that it would not be possible for the company to meet its liabilities if the debt was recalled for repayment in full rather than instalments. Despite this course of action being available to the lenders the directors consider the possibility to be remote and as such they deem the application of the going concern basis of preparation of the financial statements to be appropriate.
Cornwall Council have the option to terminate the Project Agreement due to the event of default under the Project Agreement. Cornwall Council have been involved in the performance improvement plan and as such are looking for improvements in performance instead of terminating the Project Agreement. Should the contract be terminated then there may be potential inflows to the company. However, these inflows are uncertain in value and timeliness and therefore the company can not place any reliance on fund being received on termination to cover, or part cover, the repayment of the senior debt.
At the date of signing the financial statements no proceedings had commenced to recall the senior debt earlier than repayment by instalments or termination of the Project Agreement. The directors acknowledge that there are significant risks surrounding the defaults and this could impact the company’s ability to continue as a going concern. However, appropriate actions are being taken to mitigate these risks and the likelihood of the default resulting in the company no longer to be able to continue is remote.
During the event of default it is not possible for the company to make interest payments on the subordinated debt or to make dividend payments to Pyramid Schools (Cornwall) (Holdings) Limited “the parent company”.
In addition to the event of default, the directors have also considered other economic factors including the macroeconomic situation and find it appropriate to continue to apply the going concern basis of preparing the financial statements.
The directors confirm that there are no plans that would change the future operations of the company.
The directors have prepared the financial statements on a going concern basis however note that the events of default under the Common Terms Agreement, Project Agreement and Facilities Management Subcontract Agreement indicate the existence of material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern.
Going concern (continued)
The directors confirm the completeness of the information provided regarding events and conditions relating to going concern at the date of approval of the financial statements, including plans for future actions.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2024.
The results for the year are shown in the Statement of Comprehensive Income on page 12. Ordinary dividends were paid amounting to £- (2023: £-). The directors do not propose the payment of a final dividend and no dividends have been paid following the year end.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
JS Gordon resigned on 30 June 2023 and was reappointed on 30 June 2023. JS Gordon held office at the date the financial statements were signed.
There are no post balance sheet events to declare.
Pursuant to section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and Johnston Carmichael LLP will therefore continue in office.
Basis for opinion
Material uncertainty relating to going concern
We draw attention to note 1.2 in the financial statements concerning the company’s ability to continue as a going concern, arising from events of default under the Common Terms Agreement, Project Agreement and Facilities Management Subcontract. The default under the Project Agreement gives Cornwall Council the right to cancel the project agreement as a result of breach of the deductions threshold in a twelve-month rolling period. In addition, the default under the Facilities Agreement gives the lender the right to recall the senior loan currently on demand.
As stated within note 1.2, these events or conditions, along with other matters as set forth in note 1.2 to the financial statements indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
As explained more fully in the Statement of directors' responsibilities set out on page 5, 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.
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which 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 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 assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.
All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We obtained an understanding of the legal and regulatory frameworks that are applicable to company and the sector in which it operates, focusing on provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:
UK Generally Accepted Accounting Practice,
Companies Act 2006;
UK Corporation Tax legislation; and
VAT legislation.
We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes.
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:
Revenue recognition; and
Management override of controls.
In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:
Recalculating the unitary charge received by taking the base charge per the project agreement and uplifting for RPI;
Agreeing a sample of monthly income receipts to invoice and bank statements;
Reconciling the finance income and amortisation to the finance debtor reconciliation to ensure allocation methodology is in line with contractual terms and relevant accounting standards;
Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;
Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;
Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
Completion of appropriate checklists and use of our experience to assess the company's compliance with the Companies Act 2006; and
Agreement of the financial statement disclosures to supporting documentation.
Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, 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 intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed 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 are to become aware of it.
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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Pyramid Schools (Cornwall) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Park Row, Leeds, United Kingdom, LS1 5AB.
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 £'000.
Cornwall Council have the option to terminate the Project Agreement due to the event of default under the Project Agreement. Cornwall Council have been involved in the performance improvement plan and as such are looking for improvements in performance instead of terminating the Project Agreement. Should the contract be terminated then there may be potential inflows to the company. However, these inflows are uncertain in value and timeliness and therefore the company can not place any reliance on fund being received on termination to cover, or part cover, the repayment of the senior debt.
At the date of signing the financial statements no proceedings had commenced to recall the senior debt earlier than repayment by instalments or termination of the Project Agreement. The directors acknowledge that there are significant risks surrounding the defaults and this could impact the company’s ability to continue as a going concern. However, appropriate actions are being taken to mitigate these risks and the likelihood of the default resulting in the company no longer to be able to continue is remote.
During the event of default it is not possible for the company to make interest payments on the subordinated debt or to make dividend payments to Pyramid Schools (Cornwall) (Holdings) Limited “the parent company”.
In addition to the event of default, the directors have also considered other economic factors including the macroeconomic situation and find it appropriate to continue to apply the going concern basis of preparing the financial statements.
The directors confirm that there are no plans that would change the future operations of the company.
The directors have prepared the financial statements on a going concern basis however note that the events of default under the Common Terms Agreement, Project Agreement and Facilities Management Subcontract Agreement indicate the existence of material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern.
Accounting for PFI contracts
In prior years the company took advantage of exemptions made available under section 35 10 (i) of FRS 102, and as such there has been no substantial change to the treatment of the finance debtor due to the adoption of the standard.
Under the terms of the contract, substantially all the risks and rewards of ownership of the property remain with Cornwall Council (“the Council”).
During the period of construction, costs incurred as a direct consequence of financing, designing and constructing the schools, including finance costs, are capitalised and shown as work in progress. On completion of the construction, credit is taken for the deemed sale, which is recorded within turnover. The construction expenditure and associated costs are reallocated to cost of sales. Amounts receivable are classified as a finance debtor (PFI debtor).
Revenues received from the customer are apportioned between:
capital repayments;
finance income; and
operating revenue.
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.
Loans and receivables
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest rate method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of the interest would be immaterial. The effective interest rate method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument it bet carrying amount on initial recognition.
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, including creditors, bank loans and loans from fellow group companies 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.
Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.
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.
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the fair value of the derivative financial instrument is recognised directly in the statement of comprehensive income as other comprehensive income or expense. Any ineffective portion of the hedge is recognised immediately in profit or loss.
Where hedge accounting recognises a liability then an associated deferred tax asset is also recognised.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods in which the hedged item affects profit or loss or when the hedging relationship ends.
Hedge accounting is discontinued when the entity revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time is reclassified to profit or loss when the hedged item is recognised in profit or loss. When a forecast transaction is no longer expected to occur, any gain or loss that was recognised in other comprehensive income is reclassified immediately to profit or loss.
Lifecycle
Under the terms of the PFI contract, the company has a programme of expenditure for the maintenance of and replacement of non-moveable assets in the facilities. The company recognises such expenses as incurred, with any committed expenditure at the balance sheet dates being appropriately accrued for with the associated expense recognised through the Profit and Loss Account.
The lifecycle risk on the project is split between the company and the facilities management provider, the split being 80% company risk and 20% facilities management. Where there is an underspend on lifecycle against the programme for maintenance and replacement profile, as agreed at the start of concession and adjusted for relevant variations, the company accrues 20% of the total underspend. This represents the facilities management's share of lifecycle that will form an expense to the company at the point that the facilities management incurs the lifecycle expenditure or if there is an underspend on lifecycle at the end of concession they would be entitled to receive 20% of the total value of the underspend throughout the concession.
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of making judgements about carrying values of assets and liabilities that are not readily available from other sources. 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 if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.
The company’s borrowings are linked to SONIA and the company has entered into interest rate swaps to restrict its exposure to future interest rate fluctuations.
In assessing whether the company is entitled to apply cash flow hedge accounting, the directors must apply judgment in considering whether there is appropriate matching between the hedged item (the loan balance) and the hedging instrument (the interest rate swap). The directors must prepare documentation to demonstrate this consideration.
In the directors' judgment, the company has met the criteria for cash flow hedge accounting, accordingly the company has therefore recognised fair value movements on derivatives in effective hedging relationships through other comprehensive income as well as deferred taxation thereon.
The company was established to provide services under certain private finance agreements with the Council. Under the terms of these Agreements, the Council (as grantor) controls the services to be provided by the company over the contract term. Based on the contractual arrangements the company has classified the project as a service concession arrangement, and has accounted for the principal assets, of and income streams from, the project in accordance with FRS 102, Section 34.12 Service Arrangements.
Accounting for the service concession contract and finance debtor requires estimation of finance debtor interest rates and the associated amortisation profile, which is based on projected trading results for the remainder of the contract term.
Derivative financial instruments are carried at fair value, which required estimation of various factors including future interest rates and credit risk.
Fair values for derivative contracts are based on mark-to-market valuations provided by the contract counterparty. Whilst these can be tested for reasonableness, the exact valuation methodology and forecast assumptions for future interest rates or inflation rates are specific to the counterparty.
Turnover is attributable to one geographical market, the United Kingdom.
The average monthly number of persons (including directors) employed by the company during the year was: nil (2023: nil).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
Corporation tax remained at 19% until March 2023. Since 1 April 2023 the main rate increased to 25% for business profits made by the company over £250,000. A small profit rate (SPR) was introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate. The company has assessed the impact of this change and consider the full rate of 25% will apply.
There is a deferred tax asset relating to the interest rate derivative, calculated at 25%, which will unwind over the term of the hedging arrangement. All movements in the deferred tax asset have been recognised in other comprehensive income.
Included within other debtors is a VAT asset of £nil (2023: £211,000).
The financee debtor is amortised over the length of concession. Interest is charged at 5.81% (2023: 5.81%) and is calculated on the carrying value quarterly.
Due to an event of default under the Common Terms Agreement the bank loan balance has been classified as repayable on demand. The strategic report provides greater detail of the circumstances of the event of default under the Common Terms Agreement.
The details of securities and applicable interest rates of the bank loan are included under creditors due after one year.
Included within accruals and deferred income is £1,067,000 (2023: £951,000) which relates to accrued lifecycle costs.
The senior secured loan represents amounts borrowed under a facility agreement with Bank of Scotland and European Investment Bank. The Bank of Scotland loan bears interest at a margin over SONIA of 0.90% and the European Investment Bank loan is fixed at 5.6%. Both are repayable in instalments between 2008 and 2030. The loan is secured by fixed and floating charges over the undertaking, property, assets and rights of the company, and has certain covenants attached. In order to hedge against interest variations on the Bank of Scotland loan, the company has entered into an interest rate swap agreement with Bank of Scotland whereby at six monthly intervals sums are exchanged reflecting the difference between floating and fixed interest rates, calculated on a predetermined notional principal amount.
The Loans from group undertakings comprises subordinated debt, which, represents amounts borrowed from the shareholders at a rate of 12.0% and is repayable in instalments over the term of the contract.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
The deferred tax asset will unwind over the life of the financial instrument.
On 13 May 2004, the company entered into a 26 year fixed interest rate swap arrangement to hedge its exposure to the effect of interest rate fluctuations.
The interest rate swap contract is designated as a hedge of variable interest rate risk of the company's floating rate borrowings. The hedged cash flows are expected to occur and to affect statement of comprehensive income over the period to maturity of the swap. The swap was affected on a notional amount of £29m payable bi-annually between June 2004 and March 2030.
The company received directors services from PPP Equity PIP LP of £97,000 (2023: £83,000) of which £- (2023: £-) was outstanding at the year end.
The company received directors services from Aberdeen Infrastructure Partners LP of £97,000 (2023: £83,000) of which £- (2023: £-) was outstanding at the year end.
The company has taken advantage of Section 33 of FRS 102 and has not disclosed transactions with wholly owned entities within the group. The group comprises the company and its parent Pyramid Schools (Cornwall) (Holdings) Limited.
The company is incorporated and domiciled in Great Britain. The immediate controlling party is Pyramid Schools (Cornwall) (Holdings) Limited. Copies of the financial statements of Pyramid Schools (Cornwall) Holdings Limited are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. The registered address is 1 Park Row, Leeds, England, LS1 5AB.
In the directors' opinion there is no ultimate controlling party. At the balance sheet date, the ultimate parent companies who jointly control the company are PPP Equity PIP LP acting by its General Partner, Dalmore Capital 6 GP Limited, and its manager Dalmore Capital Limited and Aberdeen Infrastructure Partners LP Inc acting by its General Partner, Aberdeen Infrastructure Finance GP Limited, and by its manager abrdn Investments Limited.