Registration number:
Thetford Grammar School Limited
for the Year Ended 31 December 2023
Thetford Grammar School Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
Thetford Grammar School Limited
Company Information
Director: |
J Liu |
Registered office: |
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Registered number: |
10756483 |
Accountants: |
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Thetford Grammar School Limited
(Registration number: 10756483)
Balance Sheet as at 31 December 2023
Note |
31.12.23 |
31.12.22 |
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£ |
£ |
£ |
£ |
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FIXED ASSETS |
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Intangible assets |
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Tangible assets |
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CURRENT ASSETS |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
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Creditors within 1yr |
1,219,498 |
1,054,915 |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors |
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PROVISIONS FOR LIABILITIES |
- |
( |
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Net assets |
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CAPITAL AND RESERVES |
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Called up share capital |
5,760,480 |
5,760,480 |
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Other reserves |
1,579,500 |
1,579,500 |
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Profit and loss account |
(2,218,618) |
(2,256,415) |
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Shareholders' funds |
5,121,362 |
5,083,565 |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Thetford Grammar School Limited
(Registration number: 10756483)
Balance Sheet as at 31 December 2023 (continued)
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Thetford Grammar School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
1. |
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
2. |
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is Pound Sterling (£).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax credit for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Thetford Grammar School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
The freehold property is maintained to a high standard and no depreciation is charged as in the opinion of the directors any such sum is immaterial |
Plant and machinery |
From 5 to 15 years |
Computer equipment |
From 3 to 10 years |
The useful lives of the fixed assets were reviewed and adjusted as considered appropriate by the director.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
3. |
Staff numbers |
The average number of persons employed by the company during the year, was
4. |
Loss/profit before tax |
Arrived at after charging/(crediting)
31.12.23 |
31.12.22 |
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Depreciation expense |
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Tax losses of approximately £1.5m are availble for offset against future profits. Thus, deferred tax has not been provided as these losses can be offset.
Thetford Grammar School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
5. |
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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6. |
Tangible assets |
Freehold property |
Fixtures and fittings |
Plant and machinery |
Computer equipment |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
- |
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Charge for the year |
- |
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At 31 December 2023 |
- |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Thetford Grammar School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
6 |
Tangible assets (continued) |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Thetford Grammar School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
6 |
Tangible assets (continued) |
The freehold property was revalued by an Independent valuer on 11 July 2023 and fair value is represented by cost of £2,750,000 plus revaluation surplus of £1,950,000 giving a total of £4,700,000.
7. |
Debtors |
Current |
31.12.23 |
31.12.22 |
Trade debtors |
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Prepayments |
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Other debtors |
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8. |
Creditors |
Creditors: amounts falling due within one year
31.12.23 |
31.12.22 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
31.12.23 |
31.12.22 |
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Due after one year |
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Loans and borrowings |
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Thetford Grammar School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
9. |
Share capital |
Allotted, called up and fully paid shares
31.12.23 |
31.12.22 |
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No. |
£ |
No. |
£ |
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5,760,480 |
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5,760,480 |
10. |
GROUP INFORMATION |
The ultimate parent company is KGH Holdings Ltd, incorporated in Seychelles and its registered office address is Second Floor, The Quadrant, Manglier Street, Victoria, Mahe, Republic of Seychelles.
11. |
Loans and borrowings |
31.12.23 |
31.12.22 |
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Non-current loans and borrowings |
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Other borrowings |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Thetford Grammar School Limited
for the Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Thetford Grammar School Limited for the year ended 31 December 2023 as set out on pages 2 to 9 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
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Thetford Grammar School Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Thetford Grammar School Limited and state those matters that we have agreed to state to the Board of Directors of Thetford Grammar School Limited, 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 Thetford Grammar School Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Thetford Grammar School Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Thetford Grammar School Limited. You consider that Thetford Grammar School Limited 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 accounts of Thetford Grammar School Limited. 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 accounts.
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Chartered Accountants
Savoy Circus
London
W3 7DA