Company Registration No. 02191072 (England and Wales)
THE CROFT SCHOOL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
THE CROFT SCHOOL LIMITED
COMPANY INFORMATION
Directors
Mrs L K M Bagnall
Mr B L D Thornton
Mrs J Thornton
Secretary
Mrs J Thornton
Company number
02191072
Registered office
Alveston Hill
Loxley Road
Stratford-upon-Avon
Warwickshire
CV37 7RL
Auditor
Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
Bankers
Allica Bank Limited
4th Floor
164 Bishopsgate
London
EC2M 4LX
Lloyds Bank Plc
22 Bridge Street
Stratford upon Avon
Warwickshire
CV 37 6AG
THE CROFT SCHOOL LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 17
THE CROFT SCHOOL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company is the provision of educational services.

Business review

The Headmaster and his team provided an excellent forward thinking education for The Croft’s pupils during this period. Good financial controls allowed The Croft to continue to develop educationally and maintain the quality of its infrastructure.

 

Key performance indicators

The directors continue to review a robust risk management system which is geared towards improving school performance. Income, cost management, operating profit, and cash flow continue to be significant in decision making.

Main risks and uncertainties

Our key risks centre on the uncertainty of the national and international economic situation and how this will affect our income and costs. Educationally, we continue to ensure safeguarding is primary in our consideration of all pupils. The directors continue to be committed to the long-term success of the school.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs L K M Bagnall
Mr B L D Thornton
Mrs J Thornton
Auditor

Kendall Wadley LLP were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

THE CROFT SCHOOL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr B L D Thornton
Director
27 February 2025
THE CROFT SCHOOL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE CROFT SCHOOL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CROFT SCHOOL LIMITED
- 4 -
Opinion

We have audited the financial statements of The Croft School Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THE CROFT SCHOOL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CROFT SCHOOL LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- an understanding of the risk assessment process (including the assessment of the risk of fraud) adopted by the Board is obtained and the attitude to risk ascertained

 

- an assessment of the susceptibility to material mis-statement of the financial statements as a result of management over-ride or fraud is made

 

- it is ensured that the engagement team have, collectively, the appropriate competence, capabilities and skills to be involved in the assignment, are fully briefed and understand the risks specific to the group

The information obtained through the assessment to risk procedures is reviewed and the following work undertaken:

 

- processes to test the outcomes of our assessment include analytical review, the relevance and accuracy of significant accounting estimates, substantive testing of significant transactions, work to identify unusual or unexpected accounting entries including the testing of journal entries, information disclosed in the financial statements is traced to supporting documentation. In all instances it is acknowledged that material mis-statements that arise from fraud may involve deliberate concealment or collusion and are, therefore, by their very nature harder to detect than those arising from error.

 

- an understanding of the legal and regulatory framework as applicable to the company and group is obtained together with knowledge of the procedures put in place by the company and group in order to comply with the same.

THE CROFT SCHOOL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CROFT SCHOOL LIMITED (CONTINUED)
- 6 -

It should be noted that Auditing standards limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Elizabeth Needham ACA CTA (VAT) (Senior Statutory Auditor)
For and on behalf of Kendall Wadley LLP, Statutory Auditor
Chartered Accountants
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
27 February 2025
THE CROFT SCHOOL LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
2024
2023
Notes
£
£
Turnover
4,972,836
4,728,131
Cost of sales
(3,100,829)
(2,834,441)
Gross profit
1,872,007
1,893,690
Administrative expenses
(1,660,287)
(1,293,679)
Other operating income
64,415
58,419
Operating profit
276,135
658,430
Interest receivable and similar income
5,127
74
Interest payable and similar expenses
(45,507)
(37,514)
Profit before taxation
235,755
620,990
Taxation
5
(87,296)
(156,107)
Profit for the financial year
148,459
464,883
Total comprehensive income for the year
148,459
464,883
Retained earnings at 1 September 2023
1,968,907
1,693,161
Dividends
(194,128)
(189,137)
Retained earnings at 31 August 2024
1,923,238
1,968,907

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The profit for the financial period is also the total comprehensive income for the period.
THE CROFT SCHOOL LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
3,132,111
3,123,252
Current assets
Stocks
7
959
959
Debtors
8
41,555
100,269
Cash at bank and in hand
1,065,467
364,867
1,107,981
466,095
Creditors: amounts falling due within one year
9
(1,404,414)
(1,030,051)
Net current liabilities
(296,433)
(563,956)
Total assets less current liabilities
2,835,678
2,559,296
Creditors: amounts falling due after more than one year
10
(852,137)
(561,304)
Provisions for liabilities
12
(60,183)
(28,965)
Net assets
1,923,358
1,969,027
Capital and reserves
Called up share capital
14
120
120
Profit and loss reserves
1,923,238
1,968,907
Total equity
1,923,358
1,969,027

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
Mr B L D Thornton
Director
Company Registration No. 02191072
THE CROFT SCHOOL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
1
Accounting policies
Company information

The Croft School Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alveston Hill, Loxley Road, Stratford-upon-Avon, Warwickshire, CV37 7RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have assessed the company's ability to continue as a going concern. As a result of this assessment, no material uncertainties have been identified that cast doubt about the ability of the company to continue as a going concern.true

 

The company meets its day-to-day working capital requirements through its banking facilities and the directors are confident that current facilities will continue to be made available to the company. The directors feel that due to stable pupil numbers, revenue will continue at respectable levels without the need for additional working capital.

 

Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore they continue to adopt the going concern basis of accounting in preparing these financial statements.

1.3
Turnover

Turnover represents the value of services provided to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where termly fees are received in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
2% straight line
Plant and equipment
10 - 20% straight line
Fixtures, fittings & equipment
20% straight line
Computer equipment
33% straight line
Motor vehicles
25% reducing balance

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.

THE CROFT SCHOOL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 10 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE CROFT SCHOOL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 11 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

THE CROFT SCHOOL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 12 -
1.11
Retirement benefits

The company operates a defined contribution scheme. The Scottish Widow scheme is administered by Scottish Widows who are independent of the company's finances. Contributions payable are charged to the profit and loss account in the year they are payable.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,493
8,928
THE CROFT SCHOOL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Management and office
13
13
Teaching and support
71
71
Other
17
16
101
100

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,756,120
2,514,564
Social security costs
224,554
202,784
Pension costs
367,459
344,047
3,348,133
3,061,395
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
56,078
142,305
Deferred tax
Origination and reversal of timing differences
31,218
13,802
Total tax charge
87,296
156,107
THE CROFT SCHOOL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
5,085,584
1,383,555
6,469,139
Additions
-
0
172,460
172,460
Disposals
-
0
(14,159)
(14,159)
At 31 August 2024
5,085,584
1,541,856
6,627,440
Depreciation and impairment
At 1 September 2023
1,993,903
1,351,984
3,345,887
Depreciation charged in the year
108,781
54,820
163,601
Eliminated in respect of disposals
-
0
(14,159)
(14,159)
At 31 August 2024
2,102,684
1,392,645
3,495,329
Carrying amount
At 31 August 2024
2,982,900
149,211
3,132,111
At 31 August 2023
3,091,681
31,571
3,123,252
7
Stocks
2024
2023
£
£
Stocks
959
959
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,881
9,105
Other debtors
14,137
11,215
Prepayments and accrued income
16,537
79,949
41,555
100,269
THE CROFT SCHOOL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
9
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13
83,455
137,853
Obligations under finance leases
3,535
-
0
Payments received on account
603,413
453,596
Trade creditors
41,987
155,549
Fees in advance scheme
354,829
-
0
Corporation tax
56,078
142,305
Other taxation and social security
55,477
51,987
Other creditors
40,422
26,668
Accruals and deferred income
165,218
62,093
1,404,414
1,030,051
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
402,889
479,304
Other creditors
87,570
82,000
Fees in advance scheme
361,678
-
852,137
561,304
11
Fees in advance scheme

Parents may enter into a contract to pay the school up to the equivalent of five years' tuition fees in advance. The money may be returned subject to specific conditions. Assuming the students enter and remain at the school, their advance fees will be applied as follows:

2024
2023
Between 1 to 2 years
258,180
-
Between 2 to 5 years
103,498
-
Due after more than one year (note 10)
361,678
-
Due within one year (note 9)
354,829
-
Balance at 31st August
716,507
-
12
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
60,183
28,965
THE CROFT SCHOOL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
13
Loans and overdrafts
2024
2023
£
£
Bank loans
486,344
617,157
Payable within one year
83,455
137,853
Payable after one year
402,889
479,304

The bank loans of £486,344 (2023: £617,157) are secured by a first legal charge over the company's freehold property and by a fixed and floating charge over all the assets of the company. Interest on the bank loan is charged at LIBOR plus 2.75%. The bank loan is repayable upon demand if the terms and conditions are breached. Interest on the COVID-19 bounce back loan is charged at 2.50%.

 

14
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
120
120
120
120
15
Retirement benefit schemes
Defined contribution schemes

The company operates a defined contribution pension scheme with Scottish Widows. The scheme funds are administered by Scottish Widows who are independent of the company's finances. Contributions payable are charged to the profit and loss account in the year they are payable.

 

The charge to profit and loss in respect of this defined contribution scheme was £367,459 (2023: £334,047).

16
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
50,281
57,133
Between two and five years
92,981
145,963
143,262
203,096
17
Related party transactions

The directors have advanced money to the company, these loans are unsecured, interest free and repayable on demand. At the balance sheet date the balance was £7,131 in credit (2023: £533 overdrawn).

 

THE CROFT SCHOOL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
18
Directors' transactions

Dividends totalling £194,128 (2023: £189,137) were paid in the year in respect of shares held by the company's directors.

2024-08-312023-09-01falsefalsefalse27 February 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityMrs L K M BagnallMr B L D ThorntonMrs J ThorntonMrs J Thornton021910722023-09-012024-08-3102191072bus:Director12023-09-012024-08-3102191072bus:Director22023-09-012024-08-3102191072bus:Director32023-09-012024-08-3102191072bus:CompanySecretary12023-09-012024-08-3102191072bus:RegisteredOffice2023-09-012024-08-3102191072bus:Agent12023-09-012024-08-31021910722024-08-31021910722022-09-012023-08-3102191072core:RetainedEarningsAccumulatedLosses2022-09-012023-08-31021910722023-08-3102191072core:LandBuildings2024-08-3102191072core:OtherPropertyPlantEquipment2024-08-3102191072core:LandBuildings2023-08-3102191072core:OtherPropertyPlantEquipment2023-08-3102191072core:CurrentFinancialInstruments2024-08-3102191072core:CurrentFinancialInstruments2023-08-3102191072core:Non-currentFinancialInstruments2024-08-3102191072core:Non-currentFinancialInstruments2023-08-3102191072core:ShareCapital2024-08-3102191072core:ShareCapital2023-08-3102191072core:RetainedEarningsAccumulatedLosses2024-08-3102191072core:RetainedEarningsAccumulatedLosses2023-08-3102191072core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-012024-08-3102191072core:PlantMachinery2023-09-012024-08-3102191072core:FurnitureFittings2023-09-012024-08-3102191072core:ComputerEquipment2023-09-012024-08-3102191072core:MotorVehicles2023-09-012024-08-3102191072core:UKTax2023-09-012024-08-3102191072core:UKTax2022-09-012023-08-3102191072core:LandBuildings2023-08-3102191072core:OtherPropertyPlantEquipment2023-08-31021910722023-08-3102191072core:LandBuildings2023-09-012024-08-3102191072core:OtherPropertyPlantEquipment2023-09-012024-08-3102191072core:WithinOneYear2024-08-3102191072core:WithinOneYear2023-08-3102191072core:BetweenTwoFiveYears2024-08-3102191072core:BetweenTwoFiveYears2023-08-3102191072bus:PrivateLimitedCompanyLtd2023-09-012024-08-3102191072bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3102191072bus:FRS1022023-09-012024-08-3102191072bus:Audited2023-09-012024-08-3102191072bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP