Company registration number 04010405 (England and Wales)
EDUCATIONAL OPTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
EDUCATIONAL OPTIONS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
EDUCATIONAL OPTIONS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mrs A E Milner
Secretary
Mrs A E Milner
Company number
04010405
Registered office
Elm Green Preparatory School
Parsonage Lane
Little Baddow
Chelmsford
Essex
United Kingdom
CM3 4SU
Accountants
TC Group
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
EDUCATIONAL OPTIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
131,246
152,761
Current assets
Debtors
6
791,090
720,113
Cash at bank and in hand
1,543,924
1,597,034
2,335,014
2,317,147
Creditors: amounts falling due within one year
7
(936,192)
(859,281)
Net current assets
1,398,822
1,457,866
Total assets less current liabilities
1,530,068
1,610,627
Provisions for liabilities
(2,793)
(4,405)
Net assets
1,527,275
1,606,222
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,527,274
1,606,221
Total equity
1,527,275
1,606,222
The director of the company has 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 director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
EDUCATIONAL OPTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 3 December 2024
Mrs A E Milner
Director
Company Registration No. 04010405
EDUCATIONAL OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Educational Options Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elm Green Preparatory School, Parsonage Lane, Little Baddow, Chelmsford, Essex, United Kingdom, CM3 4SU.
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
Turnover
Turnover represents the invoiced value of goods sold to pupils and services of education provided to pupils. Goods are invoiced immediately and services are invoiced termly in advance.
An adjustment is made at the year end to defer all income invoiced for the summer term.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 has been fully amortised over its expected life.
1.4
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:
Leasehold land and buildings
Over the period of the lease
Fixtures and fittings
15% straight line
Computers
25% straight line
Motor vehicles
25% straight line
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.
EDUCATIONAL OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
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.
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Teaching staff are members of the Teachers' Pension Scheme (TPS), a defined benefit scheme administered by the Teachers' Pension Agency. Contributions to the scheme are recognised as an expense in measuring profit or loss in the year in which they arise.
The Teachers' Pension Scheme is an unfunded scheme. Contributions on a 'pay as you go' basis are credited to the exchequer under arrangements governed by the Superannuation Act 1972.
Actuarial valuations are carried out on a notional set of investments. Under the definitions set out in FRS102, the Teachers' Pension Scheme is a multi-employer pension scheme. The school is unable to identity its share of the underlying (notional) assets and liabilities of the Scheme. Accordingly, under FRS102 the Scheme is accounted for as if it were a defined contribution scheme.
EDUCATIONAL OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.8
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.
1.9
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.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
42
44
EDUCATIONAL OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
312,186
Amortisation and impairment
At 1 April 2023 and 31 March 2024
312,186
Carrying amount
At 31 March 2024
At 31 March 2023
5
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
253,290
138,455
54,255
9,000
455,000
Depreciation and impairment
At 1 April 2023
121,359
137,979
33,901
9,000
302,239
Depreciation charged in the year
13,192
285
8,038
21,515
At 31 March 2024
134,551
138,264
41,939
9,000
323,754
Carrying amount
At 31 March 2024
118,739
191
12,316
131,246
At 31 March 2023
131,931
476
20,354
152,761
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
736,299
681,623
Other debtors
42,679
38,490
778,978
720,113
Deferred tax asset
12,112
791,090
720,113
EDUCATIONAL OPTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
62,719
Trade creditors
99,771
103,317
Taxation and social security
30,132
Other creditors
773,702
725,832
936,192
859,281
8
Operating lease commitments
Lessee
Operating lease payments represent rentals payable for the property used by the company. The lease is for a period of 30 years from 2003 for £70,000 plus VAT per annum, which is adjusted annually for any increase in RPI (Retail Price Index).
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,302,282
1,384,670