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REGISTERED NUMBER: 04892739 (England and Wales)















THE NEW MODEL SCHOOL COMPANY LTD.

Unaudited Financial Statements for the Year Ended 31 August 2024






THE NEW MODEL SCHOOL COMPANY LTD. (REGISTERED NUMBER: 04892739)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


THE NEW MODEL SCHOOL COMPANY LTD.

Company Information
for the year ended 31 August 2024







Directors: A L Cornforth
R Funnell
D J Livsey
X N C Villers
J P Ashmore





Registered office: Maple Walk School
62a Crownhill Road
London
NW10 4EB





Registered number: 04892739 (England and Wales)





Accountants: Cooper Parry Advisory Limited
CUBO Birmingham
4th Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

THE NEW MODEL SCHOOL COMPANY LTD. (REGISTERED NUMBER: 04892739)

Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 295,689 212,454

Current assets
Debtors 5 365,629 298,554
Cash at bank 3,276,552 2,513,074
3,642,181 2,811,628
Creditors
Amounts falling due within one year 6 3,155,945 2,260,489
Net current assets 486,236 551,139
Total assets less current liabilities 781,925 763,593

Provisions for liabilities 7 24,013 32,324
Net assets 757,912 731,269

Capital and reserves
Called up share capital 501,057 501,057
Capital redemption reserve 5,000 5,000
Retained earnings 251,855 225,212
Shareholders' funds 757,912 731,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2024 and were signed on its behalf by:





D J Livsey - Director


THE NEW MODEL SCHOOL COMPANY LTD. (REGISTERED NUMBER: 04892739)

Notes to the Financial Statements
for the year ended 31 August 2024

1. Statutory information

The New Model School Company Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable.

The majority of the Company's revenue is derived from tuition fees, together with fees for ancillary education-related services. The Company's performance obligations in respect of these revenue streams are delivered evenly over time, typically a school term or an academic year, and so revenue is recognised on this basis with fees initially recognised as deferred income and then transferred to the statement of comprehensive income over the period of time to which the fees relate.

Certain revenue streams, including registration fees, transportation fees and the retention of non-refundable deposits, are recognised at the point in time at which the Company has no further performance obligations.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - Straight line over the life of the lease
Fixtures and fittings - 15% on cost
Computer equipment - 20% on cost

All fixed assets are recorded at cost or valuation.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only 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 NEW MODEL SCHOOL COMPANY LTD. (REGISTERED NUMBER: 04892739)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

3. Employees and directors

The average number of employees during the year was 67 (2023 - 65 ) .

4. Tangible fixed assets
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
Cost
At 1 September 2023 275,231 69,369 191,700 536,300
Additions 43,599 63,446 30,416 137,461
Disposals - - (3,238 ) (3,238 )
At 31 August 2024 318,830 132,815 218,878 670,523
Depreciation
At 1 September 2023 190,105 27,325 106,416 323,846
Charge for year 23,775 11,859 18,592 54,226
Eliminated on disposal - - (3,238 ) (3,238 )
At 31 August 2024 213,880 39,184 121,770 374,834
Net book value
At 31 August 2024 104,950 93,631 97,108 295,689
At 31 August 2023 85,126 42,044 85,284 212,454

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 169,745 143,267
Other debtors 25,032 6,624
Prepayments 170,852 148,663
365,629 298,554

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 129,883 76,287
Corporation tax - 16,185
Social security and other taxes 55,031 53,033
Other creditors 756,342 704,913
Accruals and deferred income 2,214,689 1,410,071
3,155,945 2,260,489

THE NEW MODEL SCHOOL COMPANY LTD. (REGISTERED NUMBER: 04892739)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

6. Creditors: amounts falling due within one year - continued

Included within other creditors are deposits of £644,242 (2023 - £627,080) which relate to interest free deposits received from parents for their child to attend the school. They are repayable on the child leaving, which from experience the Company has found could be at any time during their schooling, therefore parent deposits are classified as falling due within one year.

Included within accruals and deferred income are fees in advance of £2,180,729 (2023 - £1,345,957) received for the Autumns Spring and Summer terms (£1,404,353, £394,235 and £382,143 respectively) following the year end.

7. Provisions for liabilities
2024 2023
£    £   
Deferred tax 24,013 32,324

Deferred
tax
£   
Balance at 1 September 2023 32,324
Provided during year (8,311 )
Balance at 31 August 2024 24,013

8. Contingent liabilities

The Company set aside funds to cover a bank guarantee required by the Teachers' Pension Scheme. As at 31 August 2024 the amount of the potential liability associated with this guarantee was £72,000 (2023 - £72,000).

9. Pension commitments

The Company operates two defined contribution pension schemes. The assets of the scheme are held separately from those of the Company in independently administered funds. The Company participates in the Teachers' Pension Scheme (The TPS) for certain qualifying employees.

The pension cost charge represents contributions payable by the Company to the funds and amounted to £321,580 (2023 - £273,497). Contributions totalling £45,733 (2023 - £7,220) were payable to the funds at the reporting date and are included in creditors.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers' Pensions Regulations 2010 (as amended) and The Teachers' Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value' benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.