Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false2023-03-01falseNo description of principal activity6060truetrue 06829359 2023-03-01 2024-02-29 06829359 2022-03-01 2023-02-28 06829359 2024-02-29 06829359 2023-02-28 06829359 c:Director1 2023-03-01 2024-02-29 06829359 d:Buildings 2023-03-01 2024-02-29 06829359 d:Buildings 2024-02-29 06829359 d:Buildings 2023-02-28 06829359 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06829359 d:Buildings d:LongLeaseholdAssets 2023-03-01 2024-02-29 06829359 d:Buildings d:LongLeaseholdAssets 2024-02-29 06829359 d:Buildings d:LongLeaseholdAssets 2023-02-28 06829359 d:Buildings d:ShortLeaseholdAssets 2023-03-01 2024-02-29 06829359 d:MotorVehicles 2023-03-01 2024-02-29 06829359 d:MotorVehicles 2024-02-29 06829359 d:MotorVehicles 2023-02-28 06829359 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06829359 d:FurnitureFittings 2023-03-01 2024-02-29 06829359 d:FurnitureFittings 2024-02-29 06829359 d:FurnitureFittings 2023-02-28 06829359 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06829359 d:OfficeEquipment 2023-03-01 2024-02-29 06829359 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06829359 d:CurrentFinancialInstruments 2024-02-29 06829359 d:CurrentFinancialInstruments 2023-02-28 06829359 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 06829359 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 06829359 d:ShareCapital 2024-02-29 06829359 d:ShareCapital 2023-02-28 06829359 d:RetainedEarningsAccumulatedLosses 2024-02-29 06829359 d:RetainedEarningsAccumulatedLosses 2023-02-28 06829359 c:OrdinaryShareClass1 2023-03-01 2024-02-29 06829359 c:OrdinaryShareClass1 2024-02-29 06829359 c:OrdinaryShareClass1 2023-02-28 06829359 c:OrdinaryShareClass2 2023-03-01 2024-02-29 06829359 c:OrdinaryShareClass2 2024-02-29 06829359 c:OrdinaryShareClass2 2023-02-28 06829359 c:FRS102 2023-03-01 2024-02-29 06829359 c:Audited 2023-03-01 2024-02-29 06829359 c:FullAccounts 2023-03-01 2024-02-29 06829359 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06829359 c:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 06829359 4 2023-03-01 2024-02-29 06829359 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06829359










THE SERENDIPITY CENTRE LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
THE SERENDIPITY CENTRE LIMITED
REGISTERED NUMBER: 06829359

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
875,915
954,940

  
875,915
954,940

Current assets
  

Debtors: amounts falling due within one year
 4 
310,018
399,822

Cash at bank and in hand
 5 
138,056
139,468

  
448,074
539,290

Creditors: amounts falling due within one year
 6 
(1,137,783)
(1,353,146)

Net current liabilities
  
 
 
(689,709)
 
 
(813,856)

Total assets less current liabilities
  
186,206
141,084

  

Net assets
  
186,206
141,084


Capital and reserves
  

Called up share capital 
 7 
10,000
10,000

Profit and loss account
  
176,206
131,084

  
186,206
141,084


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S G Maguinness
Director

Date: 27 February 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
THE SERENDIPITY CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The Serendipity Centre Limited is a private company limited by shares and incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements. The company's registration number is 06829359. The company's place of business is located at 1st Floor, Goodlands House, St Luke's Close, Hedge End, Hampshire, SO30 2US.
The financial statements have been prepared on a going concern basis under the historical cost convention modified to include items at fair value. The financial statements have been prepared in accordance with FRS 102 Section 1A small entities, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in Sterling which is the functional currency of the company and are rounded to the nearest £1.
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.

 
1.2

Going concern

The Company continues to face demands on its working capital as insufficient profitability is being generated from operations. Post year end results indicate that at current occupancy levels, the company is in a cash neutral position. 
Available financial information reflects current pressures with future profitability and the Company will remain in a cash neutral position if maintaining current occupancy levels which are reliant on the retention of suitably qualified staff. It should also be noted that the Company is in a net current liability position and that any change in occupancy levels could have a material impact on cash and profitability.
The directors continue to review what other actions can be taken to alleviate the current working capital demands and have concluded that the company is dependent on maintaining occupancy levels in order to meet its liabilities as they fall due.
Based on the expectation of maintained occupancy, the directors believe that the Company can continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue being recognised is specifically in relation to the delivery of care and education.
 The following criteria must also be met before revenue is recognised:
Rendering of services
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably

Page 2

 
THE SERENDIPITY CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.Accounting policies (continued)

 
1.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.
Lease incentives are recognised over the lease term on a straight line basis

 
1.5

Leased assets: the Company as lessee

Where assets are financed by leasing agreement that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease.  The corresponding leasing commitments are shown as amounts payable to the lessor.  Depreciation on the relevant assets is charged to profit or loss over the shorter of estimate useful econominc life and the term of the lease.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

 
1.6

Pensions

Retirement benefits to employees of the company who are teachers are provided by the Teachers' Pension Scheme ("TPS"). This is a defined benefit scheme and the assets are held separately from those of the company.
The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the company in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. The TPS is a multi-employer scheme and the company is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they are paid each year.
 
In addition, the company operates a defined contribution pension scheme for non-teaching staff.  The pension charge in the accounts represents the aggregate of these two schemes. 
 
Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

 
THE SERENDIPITY CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.Accounting policies (continued)

 
1.7

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, unless it relates to items in other comprehensive income or directly in equity. In such cases, the related tax is also recognised other comprehensive income or directly in equity.
Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date.
Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset or liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

 
1.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
1.9

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. 
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may be affected.
On transition to FRS 102, the option has been taken to carry out a one-off revaluation of the properties to be treated as a deemed cost.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Freehold improvements
-
2% straight line
Leasehold improvements
-
10% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
20% straight line
Office equipment
-
20% straight line

 
1.10

Short term debtors and creditors

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

 
1.11

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash in hand and short term deposits with an original maturity date of three months or less.

Page 4

 
THE SERENDIPITY CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.


Employees

The average monthly number of employees, including directors, during the year was 60 (2023 - 60).


3.


Tangible fixed assets







Freehold property
Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 March 2023
500,000
500,770
116,682
283,553
1,401,005


Additions
-
-
10,339
9,950
20,289


Disposals
-
-
(23,765)
(6,643)
(30,408)



At 29 February 2024

500,000
500,770
103,256
286,860
1,390,886



Depreciation


At 1 March 2023
37,050
117,792
84,555
206,668
446,065


Charge for the year on owned assets
5,700
49,554
12,898
27,277
95,429


Disposals
-
-
(23,765)
(2,758)
(26,523)



At 29 February 2024

42,750
167,346
73,688
231,187
514,971



Net book value



At 29 February 2024
457,250
333,424
29,568
55,673
875,915



At 28 February 2023
462,950
382,978
32,127
76,885
954,940

Page 5

 
THE SERENDIPITY CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
150,501
183,483

Other debtors
22,744
122,508

Prepayments and accrued income
136,773
93,831

310,018
399,822



5.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
138,056
139,468



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
309,630
339,095

Amounts owed to group undertakings
39,828
43,428

Corporation tax
-
206,918

Other taxation and social security
40,837
42,151

Other creditors
315,976
320,364

Accruals and deferred income
431,512
401,190

1,137,783
1,353,146


£300,000 of other creditors are secured by way of fixed and floating charge over the undertaking and all property and assets present and future.

Page 6

 
THE SERENDIPITY CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



3,900 (2023 - 3,900) Ordinary A shares of £1.00 each
3,900
3,900
6,100 (2023 - 6,100) Ordinary B shares of £1.00 each
6,100
6,100

10,000

10,000



8.


Contingent liabilities

Legal case
There are ongoing legal proceedings in relation to disputes surrounding the dismissal of the previous managing director and as at the date of signing the financial statements the company continues to rigorously defend its position and as such, no provision has been made regarding this matter.
Dividends
A right to a dividend accrues on the Ordinary B shares at £56.30 per share (a total of £343,430 per annum) whilst there is an investor loan balance outstanding. This only becomes payable at the point there are sufficient distributable reserves and sufficient cash resources to make the payment. For the year to 29 February 2024 a dividend of £343,430 (2023: £343,430) was not paid as there was insignificant reserves cashflow, and therefore no obligation existed to pay at the year end. The contingent liability for dividends at 29 February 2024 is £686,860 (2023: £343,430) in respect of Ordinary B shares and £275,870 in respect of Ordinary A shares.
In addition to the above dividends, there are also £39,828 of unpaid dividends previously declared on Ordinary B shares as mentioned in Note 12.
The dividend payable on Ordinary A shares would be payable upon payment of all accrued Ordinary B dividends.


9.


Pension commitments

The company operates the Teachers Pension Scheme which is a defined benefit scheme and also a defined contribution scheme for non-teaching staff. The pension charge for the period represents contributions payable by the company to schemes and amounted to £97,621 (2023: £84,437).
Contributions totalling £15,966 (2023: £16,354) were payable to the schemes at the end of the year and are included in creditors.

Page 7

 
THE SERENDIPITY CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Related party transactions

Shareholders
The Ordinary A shareholder received rental payments from the company totalling £7,200 (2023: £7,200).
At the year end, the shareholder owed the company £455,355 (2023: £446,426). Interest is charged on the loan at 2%. During the year interest of £8,929 (2023: £8,753) has been charged on the outstanding balance. The £455,355 has been provided against in full within the financial statements. The directors continue to pursue the outstanding debt through legal proceedings.
A pension scheme owned by a parent company shareholder received rental payments from the company totalling £18,944 (2023: £18,944). A separate company owned by this shareholder received consultancy payments of £22,000 (2023: £31,000). The balance owing to this related party totalled £Nil (2023: £9,000). 
A company related to a separate parent company shareholder charged consultancy fees of £Nil (2023: £4,800). The balance owing to the shareholder's company at the yearend totalled £Nil (2023: £Nil).
Parent company shareholders received rental payments from the company totalling £50,000 (2023: £50,000). 
There are total parent company shareholder loan balances of £300,010 (2023: £300,010). Additional loans totalling £148,500 were paid into the company and repaid back to the shareholders during the year Interest accrued on loans in the year totalled £40,665 (2023: £15,001), repayments of interest to the shareholders totalled £40,665 (2023: £12,834) bringing the total interest accrual to £Nil (2023: £3,459).
Preference dividends were declared to shareholder companies of £Nil (2023: £Nil). Amounts owed to group undertakings total £39,828 (2023: £43,428) following payments of £1,800 (2023: £30,738) to one shareholder company and £1,800 (2023: £269,262) to the parent company.
A company with a common director
Fixed assets were disposed of to a company with common directors, generating proceeds and profit of £12,170. Total sales to this company amounted to £14,128 and the debtor at yearend stands at £14,128.
Key management personnel
The employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total remuneration in respect of key management is £61,595 (2023: £101,434).


11.


Auditors' information

The auditors' report on the financial statements for the year ended 29 February 2024 was unqualified.

In their report, the auditors drew attention to the following matter without qualifying their report:

In forming our opinion on the financial statements, which is not modified, we draw attention to the disclosure made in Note 1.2 to the financial statements concerning the company's ability to continue as a going concern. As stated in Note 1.2, certain events or conditions pertain which indicate a material uncertainty exists that casts a doubt on the company's ability to continue as a going concern. The financial statements do not contain any adjustments that would result if the company was unable to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 27 February 2025 by James Bagley (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 8