Registered number
06342006
Queensbury School of Education Limited
Unaudited Filleted Accounts
31 August 2024
Queensbury School of Education Limited
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 645,661 661,254
Current assets
Debtors 4 2,794 3,061
Cash at bank and in hand 21,390 44,304
24,184 47,365
Creditors: amounts falling due within one year 5 (57,872) (46,316)
Net current (liabilities)/assets (33,688) 1,049
Total assets less current liabilities 611,973 662,303
Creditors: amounts falling due after more than one year 6 (133,787) (156,516)
Provisions for liabilities (1,460) (1,540)
Net assets 476,726 504,247
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 475,726 503,247
Shareholder's funds 476,726 504,247
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S. Naveenan
Director
Approved by the board on 14 January 2025
Registered number: 06342006
Queensbury School of Education Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
1.1 Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
1.2 Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
1.3 Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 25% Reducing balance
Computers 33.33% Straight line
1.4 Taxation
A 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 is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
1.5 Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
1.6 Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Computers Total
£ £ £ £
Cost
At 1 September 2023 758,443 55,452 30,852 844,747
Additions - - 2,404 2,404
At 31 August 2024 758,443 55,452 33,256 847,151
Depreciation
At 1 September 2023 105,295 47,347 30,851 183,493
Charge for the year 15,169 2,027 801 17,997
At 31 August 2024 120,464 49,374 31,652 201,490
Net book value
At 31 August 2024 637,979 6,078 1,604 645,661
At 31 August 2023 653,148 8,105 1 661,254
4 Debtors 2024 2023
£ £
Other debtors 2,794 3,061
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 22,000 22,000
Taxation and social security costs 16,191 16,383
Director's account 3,741 686
Other creditors 15,940 7,247
57,872 46,316
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 133,787 156,516
7 Loans 2024 2023
£ £
Bank loans outstanding at the year end include:
Instalments falling due for payment after more than five years 21,179 38,122
Secured bank loans 155,787 178,516
The bank loan of £133,287 out of £155,787 (2023 - £146,015 out of £178,516) is secured by a fixed and floating charge over the company's assets. The balance of £22,500 ( 2023 - £32500) represents bounce bank loan which is not secured over the company's assets but guaranteed by the Government.
8 Pension commitments
The company operates a defined contribution workplace pension scheme, NEST, for the eligible employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £908 (2023 - £694) were due to the fund.They are included in other creditors.
9 Impact of Covid - 19
The Covid-19 pandemic continue to affect the company's operations which has resulted in the reduction in tutorial fees and the loss of revenue during the year.
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 230
11 Other information
Queensbury School of Education Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Oxford Road
1st Floor
Wealdstone
Harrow
Middlesex
HA3 7RG
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