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Registration number: 10756483

Thetford Grammar School Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Thetford Grammar School Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

Accountants' Report

10

 

Thetford Grammar School Limited

Company Information

Director:

J Liu

Registered office:

Thetford Grammar School
Bridge Street
Thetford
IP24 3AF

Registered number:

10756483

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Thetford Grammar School Limited

(Registration number: 10756483)
Balance Sheet as at 31 December 2023

Note

31.12.23

31.12.22

   

£

£

£

£

FIXED ASSETS

   

 

Intangible assets

5

 

472,077

 

606,588

Tangible assets

6

 

5,607,660

 

5,563,396

   

6,079,737

 

6,169,984

CURRENT ASSETS

   

 

Debtors

7

243,231

 

297,026

 

Cash at bank and in hand

 

37,586

 

61,664

 

 

280,817

 

358,690

 

CREDITORS

   

 

Creditors within 1yr

8

1,219,498

 

1,054,915

 

Net current liabilities

   

(938,681)

 

(696,225)

Total assets less current liabilities

   

5,141,056

 

5,473,759

Creditors
Amounts falling due after more than one year

8

 

19,694

 

19,694

PROVISIONS FOR LIABILITIES

 

-

 

(370,500)

Net assets

   

5,121,362

 

5,083,565

CAPITAL AND RESERVES

   

 

Called up share capital

9

 

5,760,480

 

5,760,480

Other reserves

 

1,579,500

 

1,579,500

Profit and loss account

 

(2,218,618)

 

(2,256,415)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 20 December 2024

 

Thetford Grammar School Limited

(Registration number: 10756483)
Balance Sheet as at 31 December 2023 (continued)

.........................................
J Liu
Director

 

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:
Thetford Grammar School
Bridge Street
Thetford
IP24 3AF
England

These financial statements were authorised for issue by the director on 20 December 2024.

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 75 (2022 - 75).

4.

Loss/profit before tax

Arrived at after charging/(crediting)

31.12.23
£

31.12.22
£

Depreciation expense

19,538

17,648

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
£

Cost or valuation

At 1 January 2023

1,345,106

At 31 December 2023

1,345,106

Amortisation

At 1 January 2023

738,518

Amortisation charge

134,511

At 31 December 2023

873,029

Carrying amount

At 31 December 2023

472,077

At 31 December 2022

606,588

6.

Tangible assets

Freehold property
£

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Cost or valuation

At 1 January 2023

5,417,990

200,438

23,000

138,011

Additions

-

64,385

-

9,430

At 31 December 2023

5,417,990

264,823

23,000

147,441

Depreciation

At 1 January 2023

-

120,635

20,806

87,680

Charge for the year

-

14,804

1,532

10,012

At 31 December 2023

-

135,439

22,338

97,692

Carrying amount

At 31 December 2023

5,417,990

129,384

662

49,749

At 31 December 2022

5,417,990

79,803

2,194

50,331

 

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
£

Cost or valuation

At 1 January 2023

16,014

5,795,453

Additions

-

73,815

At 31 December 2023

16,014

5,869,268

Depreciation

At 1 January 2023

2,936

232,057

Charge for the year

3,203

29,551

At 31 December 2023

6,139

261,608

Carrying amount

At 31 December 2023

9,875

5,607,660

At 31 December 2022

13,078

5,563,396

 

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

138,577

192,590

Prepayments

37,357

37,141

Other debtors

67,297

67,295

 

243,231

297,026

8.

Creditors

Creditors: amounts falling due within one year

31.12.23
£

31.12.22
£

Due within one year

Trade creditors

43,541

115,155

Taxation and social security

88,540

192,049

Accruals and deferred income

36,773

38,697

Other creditors

1,050,644

709,014

1,219,498

1,054,915

Creditors: amounts falling due after more than one year

Note

31.12.23
£

31.12.22
£

Due after one year

 

Loans and borrowings

11

19,694

19,694

 

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

 

No.

£

No.

£

Ordinary shares of £1 each

5,760,480

5,760,480

5,760,480

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
£

Non-current loans and borrowings

Other borrowings

19,694

19,694

 

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.

......................................

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

20 December 2024