Company registration number 10578636 (England and Wales)
LONGBOAT SPECIAL EDUCATION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LONGBOAT SPECIAL EDUCATION LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
LONGBOAT SPECIAL EDUCATION LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LONGBOAT SPECIAL EDUCATION LTD FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Longboat Special Education Ltd for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Longboat Special Education Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Longboat Special Education Ltd and state those matters that we have agreed to state to the board of directors of Longboat Special Education Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Longboat Special Education Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Longboat Special Education Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Longboat Special Education Ltd. You consider that Longboat Special Education Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Longboat Special Education Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ashgates Corporate Services Limited
Chartered Certified Accountants
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
27 November 2024
LONGBOAT SPECIAL EDUCATION LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
778,126
644,455
Current assets
Debtors
4
1,155,210
1,184,762
Cash at bank and in hand
328,054
587,260
1,483,264
1,772,022
Creditors: amounts falling due within one year
5
(1,229,516)
(938,834)
Net current assets
253,748
833,188
Total assets less current liabilities
1,031,874
1,477,643
Creditors: amounts falling due after more than one year
6
(1,221,948)
(1,401,624)
Provisions for liabilities
(28,350)
(63,191)
Net (liabilities)/assets
(218,424)
12,828
Capital and reserves
Called up share capital
8
10,000
10,000
Profit and loss reserves
(228,424)
2,828
Total equity
(218,424)
12,828
LONGBOAT SPECIAL EDUCATION LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
V R Kinder
Director
Company registration number 10578636 (England and Wales)
LONGBOAT SPECIAL EDUCATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Longboat Special Education Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hill Top Farm, Danethorpe Lane, Danethorpe Hill, Newark, NG24 2PD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support of the director not requiring the withdrawal of his monies owed to him until sufficient funds are available.true
If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Long leasehold land and buildings
15 years straight line
Plant and machinery
25 years straight line / 5% straight line
Fixtures, fittings and computer equipment
25% reducing balance/ 3 years straight line
Motor vehicles
25% reducing balance
LONGBOAT SPECIAL EDUCATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
99
94
LONGBOAT SPECIAL EDUCATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Long leasehold land and buildings
Plant and machinery
Fixtures, fittings and computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
603,584
4,800
396,027
2,855
1,007,266
Additions
7,000
70,563
173,010
250,573
Disposals
(15,539)
(15,539)
At 31 March 2024
603,584
11,800
451,051
175,865
1,242,300
Depreciation and impairment
At 1 April 2023
133,081
444
227,635
1,651
362,811
Depreciation charged in the year
42,686
296
56,071
16,823
115,876
Eliminated in respect of disposals
(14,513)
(14,513)
At 31 March 2024
175,767
740
269,193
18,474
464,174
Carrying amount
At 31 March 2024
427,817
11,060
181,858
157,391
778,126
At 31 March 2023
470,503
4,356
168,392
1,204
644,455
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
562,757
644,796
Amounts owed by group undertakings
237,718
65,759
Other debtors
354,735
474,207
1,155,210
1,184,762
5
Creditors: amounts falling due within one year
2024
2023
£
£
Loans and borrowings
7
10,000
10,000
Trade creditors
199,247
102,329
Amounts owed to group undertakings
20,532
112
Taxation and social security
146,538
78,642
Other creditors
853,199
747,751
1,229,516
938,834
LONGBOAT SPECIAL EDUCATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Loans and borrowings
7
12,500
22,500
Other creditors
1,209,448
1,379,124
7
1,221,948
1,401,624
7
Loans and borrowings
2024
2023
£
£
Bank loans
22,500
32,500
22,500
2,790,748
Payable within one year
10,000
10,000
Payable after one year
12,500
22,500
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
5,200
10,000
5,200
10,000
Ordinary B of £1 each
2,400
-
2,400
-
Ordinary C of £1 each
2,400
-
2,400
-
10,000
10,000
10,000
10,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
As restated
2024
2023
£
£
1,878,213
1,921,640
1,878,213
1,921,640
10
Directors' transactions
At the balance sheet date amounts owed to directors amounted to £1,214,521 (2023 - £1,379,124).
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
LONGBOAT SPECIAL EDUCATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Directors' transactions
(Continued)
- 8 -
Interest free loan repayable on demand
-
-
81,550
(66,827)
14,723
-
81,550
(66,827)
14,723