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Company No: 01788139 (England and Wales)

SPL EDUCATION LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

SPL EDUCATION LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

SPL EDUCATION LIMITED

DIRECTOR'S REPORT

For the financial year ended 31 August 2024
SPL EDUCATION LIMITED

DIRECTOR'S REPORT (continued)

For the financial year ended 31 August 2024

The director presents this annual report and the unaudited financial statements of the Company for the financial year ended 31 August 2024.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was the running of St Peter's school.

The company’s long-term strategy is to support parents by providing education and childcare for children from the age of 3 to 13 years of age, throughout the year. St Peter’s School is, in effect, open 5 days per week for some 46 weeks of the year making it unique in the West country in offering such a comprehensive service.

The average number of children attending the school for the year under review was 306, our highest recorded. This is likely to be exceeded during the following academic year as the demand for places remains robust, notwithstanding uncertainty about VAT and the unwelcome increase in school fees that will accompany its introduction. The school has undertaken a great deal of preparatory work in readiness for the imposition of VAT on school fees. Parents have been given detailed information so that they can make considered choices in as timely a fashion as is possible.

During the year the school invested considerable financial resources on HR (human resource) matters which is not expected to be repeated in a generation. This had a material effect on the out-turn for the year. Outside of these exceptional costs, performance was in line with plan. In the past few years, the school has ensured that staff remuneration has reflected a short period of high inflation and has taken steps to moderate fee increases, recognising that our core customer base could be described as the aspirant middle-class. There is clear evidence that the economic disruption associated with that period is settling down although one or two suppliers have tested our patience. Over the short term we expect normal operating margins to be fully restored.

Going forward there will be a short period of consolidation as we assess and respond to the impact of VAT being imposed on fees. We intend to actively mitigate the effect of VAT on school fees in order to maximise affordability for parents. Staffing levels will remain constant and our strategy of ensuring staff remuneration packages remain competitive by reference to the Living Wage Foundation recommendations on remuneration and benefits and keeping the teaching staff in the Teachers’ Pensions Scheme means that we have been and anticipate continuing to be able to recruit from a strong field of applicants when the need arises.

The school passed an inspection from our regulator (Independent School’s Inspectorate – ISI) in May 2024 with flying colours. A significant strength was identified by the inspectors the wording of which sums up the school’s entire ethos and purpose:

‘Pupils achieve a high number of academic, sporting, musical and artistic scholarships every year. This is the result of the extensive programme of extra-curricular activities, the comprehensive system of pastoral care and the St Peter’s School baccalaureate programme. This broad provision for pupils’ personal development, is a significant strength of the school.’

ISI School Inspection Report – 14 to 16 May 2024.

GOING CONCERN

The director has prepared the financial statements on the going concern basis. Further details are provided in the notes to the financial statements.

DIRECTOR

The director, who served during the financial year and to the date of this report except as noted, was as follows:

J Middleton

This Director's Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved and signed by:

J Middleton
Director

04 February 2025

SPL EDUCATION LIMITED

BALANCE SHEET

As at 31 August 2024
SPL EDUCATION LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 48,385 46,743
Tangible assets 4 751,366 931,512
799,751 978,255
Current assets
Stocks 1,686 2,664
Debtors 5 386,469 290,768
Cash at bank and in hand 82,447 22,044
470,602 315,476
Creditors: amounts falling due within one year 6 ( 1,342,063) ( 1,091,470)
Net current liabilities (871,461) (775,994)
Total assets less current liabilities (71,710) 202,261
Provision for liabilities ( 38,336) ( 105,080)
Net (liabilities)/assets ( 110,046) 97,181
Capital and reserves
Called-up share capital 10,000 10,000
Share premium account 225,000 225,000
Profit and loss account ( 345,046 ) ( 137,819 )
Total shareholder's (deficit)/funds ( 110,046) 97,181

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of SPL Education Limited (registered number: 01788139) were approved and authorised for issue by the Director on 04 February 2025. They were signed on its behalf by:

J Middleton
Director
SPL EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
SPL EDUCATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SPL Education Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is St Peters School, Harefield, Lympstone, EX8 5AU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable in respect of the provision of education at the school and nurseries.

Amounts recoverable , which are included in debtors, are stated at the net sales value of the services provided after provision for contingencies and anticipated future losses, less amounts received as payments on account, excess payments on account are included in creditors as payments on account.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Defined benefit schemes
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for teachers in academy trusts. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers’ Pension Scheme
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on
1.7% above the rate of CPI. The key elements of the valuation outcome are:

• Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed.

The result of this valuation will be implemented from 1 April 2024.The next valuation result is due to be implemented from 1 April 2028.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 22 years straight line
Other intangible assets 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements depreciated over the life of the lease
Vehicles 15 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 95 93

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 September 2023 360,000 3,293 363,293
Additions 0 17,406 17,406
At 31 August 2024 360,000 20,699 380,699
Accumulated amortisation
At 01 September 2023 313,257 3,293 316,550
Charge for the financial year 14,023 1,741 15,764
At 31 August 2024 327,280 5,034 332,314
Net book value
At 31 August 2024 32,720 15,665 48,385
At 31 August 2023 46,743 0 46,743

4. Tangible assets

Land and buildings Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 September 2023 44,133 1,202,935 203,633 961,277 2,411,978
Additions 0 19,544 0 59,557 79,101
Disposals 0 0 ( 59,790) 0 ( 59,790)
At 31 August 2024 44,133 1,222,479 143,843 1,020,834 2,431,289
Accumulated depreciation
At 01 September 2023 0 759,373 102,701 618,392 1,480,466
Charge for the financial year 0 160,502 14,495 57,076 232,073
Disposals 0 0 ( 32,616) 0 ( 32,616)
At 31 August 2024 0 919,875 84,580 675,468 1,679,923
Net book value
At 31 August 2024 44,133 302,604 59,263 345,366 751,366
At 31 August 2023 44,133 443,562 100,932 342,885 931,512

5. Debtors

2024 2023
£ £
Trade debtors 137,449 150,336
Amounts owed by Group undertakings 46,250 0
Other debtors 202,770 140,432
386,469 290,768

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 54,930 18,525
Amounts owed to Parent undertakings 0 48,750
Other taxation and social security 95,737 81,402
Obligations under finance leases and hire purchase contracts (secured) 0 27,460
Other creditors 1,191,396 915,333
1,342,063 1,091,470

7. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 95,667 123,333

The company has a non-cancellable operating lease in respect of land and buildings.