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Registered number: 05034337














ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
COMPANY INFORMATION


Director
C Tardios 




Registered number
05034337



Registered office
5 Elstree Gate
Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 25


 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The director presents her strategic report for the year ended 31 July 2024.

Business review
 
St. John's Preparatory and Senior School is a co-educational day school situated in a total of 28 acres of green belt countryside, taking pupils from the age of 3 years old up through the Seniors to G.C.S.E. and 'A' levels. The school is on two separate sites with the Prep separated from the Seniors by less than half a mile. 
Turnover has increased by 5.85% as fees have been increased overall to the school this year and net assets have increased from £9.9m to £11m. Cash reserves net of debt have increased by further £4.4m, primarily driven by a rise in advance deposits from parents securing future enrolment. 
The introduction of VAT on private school fees with effect from January 2025 and the changes to Employer's National Insurance from April 2025 have both had a significant impact on the school's budget and financial planning.  In an attempt to assist with this transition, taking into account the fact that the School will be able to recover input VAT on its qualifying expenditure, offset by the significant impact of the large increase in Employer’s National Insurance costs, and the anticipated increase our suppliers will implement as the new National Insurance costs feed through, the School decided the following:
a. The current published fees will be discounted by 5% for 3 terms commencing with Spring Term 2025 and including Summer Term 2025 and Autumn Term 2025.  This is in addition to any other discounts that parents have been receiving such as siblings and alumni discounts. 
b. Fees for the 25/26 Academic Year will be frozen at 24/25 levels.  

Principal risks and uncertainties
 
The assessment of risks faced by the company and the development of strategies for dealing with these risks is achieved on an ongoing basis through the way in which the company is controlled and managed. The risk management process seeks to enable the early identification, evaluation and effective management of the key risks facing the business at an operational level and to operate internal controls, which adequately mitigate these risks. The company regularly assesses its risk management activities to ensure good practice in all areas.
Despite the adverse impact of both the introduction of VAT on private school fees and increases in Employer National Insurance costs, the director considers that the principal risks and uncertainty to the business relate to its ability to continue to attract and retain the best teachers with the right capabilities at all levels in the school.
The director has taken steps to ensure the school is in full compliance with all legal and regulatory requirements related to the VAT changes, including timely reporting and documentation to mitigate the additional regulatory risks associated with the new legislation.

Financial key performance indicators
 
The director considers the key performance indicators of the business to be student numbers and staff costs which directly impact turnover and operating profit as set out in the Statement of Comprehensive Income on page 8.
The director considers that the School has continued to deliver an outstanding education programme to  students which has continued despite with a spectacularly successful transition to online learning, maintaining a steady demand for places. Net assets have increased from £9.8m to just over £11m and debt has reduced by £0.7m.

Page 1

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Other key performance indicators
 
The director recognises the importance of maintaining the continued delivery of an outstanding education programme to students and considers the outcome of Ofsted inspection reports to be a key non-financial performance indicator of the business. 
The latest Ofsted report issued in May 2019 rated the school as "Outstanding" and this continues to have a positive impact on student applications. For the future, the school will be subject to compliance reviews by the Independent Schools Inspectorate, the first of which is expected to take place in summer 2025.  


This report was approved by the director on 7 April 2025.



C Tardios
Director

Page 2

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024

The director presents her report and the financial statements for the year ended 31 July 2024.

Director

The director who served during the year was:

C Tardios 

Results and dividends

The profit for the year, after taxation, amounted to £1,270,791 (2023 - £1,465,108).

During the year dividends of £62,000 (2023 - £72,000) were paid to ordinary shareholders as recommended by the director.  The director does not recommend the payment of a final dividend.

Future developments

The director is confident the school will maintain its high educational and academic standards. Despite the adverse impact of changes to the taxation regime since the year end, the school will continue to look to expand to increase capacity and to maintain and improve both indoor and outdoor facilities.

Qualifying third party indemnity provisions

The company maintains an insurance policy on behalf of the director against liability arising from negligence. breach of duty and breach of trust in relation to the company.

Subsequent events

Private school fees became subject to Value Added Tax at 20% with effect from January 2025. This constitutes a significant  subsequent event impacting the school’s financial outlook.
The introduction of VAT on tuition fees will result in an increase in overall costs for parents and the school anticipates inevitable changes in enrolment levels due to affordability concerns. Cash flow projections and revenue forecasts have been adjusted to reflect the new VAT liability and the school has introduced measures to mitigate the financial burden on parents as set out in the Strategic Report.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company's auditors are unaware, and

she has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is 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 to enable her to ensure that the financial statements comply with the Companies Act 2006She is 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.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the director on 7 April 2025 and signed on its behalf.
 





C Tardios
Director

Page 4

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 

Opinion


We have audited the financial statements of St. John's Preparatory & Senior School Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 July 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED (CONTINUED)

Other information


The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.


In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


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 Strategic Report or the Director's 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED (CONTINUED)

Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006,taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 
Page 7

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.





Stephen Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

7 April 2025
Page 8

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
7,470,538
7,057,494

Administrative expenses
  
(5,931,242)
(5,372,597)

Exceptional income
 5 
96,195
135,122

Fair value movements
  
34,318
7,796

Operating profit
 6 
1,669,809
1,827,815

Interest receivable and similar income
 10 
157,316
63,918

Interest payable and similar expenses
 11 
(36,218)
(64,552)

Profit before tax
  
1,790,907
1,827,181

Tax on profit
 12 
(520,116)
(362,073)

Profit for the financial year
  
1,270,791
1,465,108

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 25 form part of these financial statements.

Page 9

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
REGISTERED NUMBER:05034337

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
-
26,000

Tangible assets
 15 
5,711,806
6,000,151

Investments
 16 
186,441
152,123

  
5,898,247
6,178,274

Current assets
  

Debtors: amounts falling due within one year
 17 
2,163,735
2,486,873

Bank and cash balances
  
10,279,402
6,562,846

  
12,443,137
9,049,719

Current liabilities
  

Creditors: amounts falling due within one year
 18 
(6,693,823)
(4,660,639)

Net current assets
  
 
 
5,749,314
 
 
4,389,080

Total assets less current liabilities
  
11,647,561
10,567,354

Creditors: amounts falling due after more than one year
 19 
(293,137)
(411,442)

Provisions for liabilities
  

Deferred tax
 21 
(290,261)
(300,540)

Net assets
  
11,064,163
9,855,372


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account
  
11,064,063
9,855,272

  
11,064,163
9,855,372


The financial statements were approved and authorised for issue by the director and were signed on its behalf on 7 April 2025.




C Tardios
Director

The notes on pages 14 to 25 form part of these financial statements.

Page 10

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
100
8,361,364
8,361,464



Profit for the year
-
1,465,108
1,465,108

Dividends: Equity capital (note 14)
-
28,800
28,800



At 1 August 2023
100
9,855,272
9,855,372



Profit for the year
-
1,270,791
1,270,791

Dividends: Equity capital
-
(62,000)
(62,000)


At 31 July 2024
100
11,064,063
11,064,163


The notes on pages 14 to 25 form part of these financial statements.

Page 11

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,270,791
1,465,108

Adjustments for:

Amortisation of intangible assets
26,000
26,000

Depreciation of tangible assets
401,083
384,552

Interest payable
36,218
64,552

Interest receivable
(157,316)
(63,918)

Taxation charge
520,116
362,073

Decrease/(increase) in debtors
323,139
(553,047)

Increase in creditors
2,490,904
422,253

Net fair value gains recognised in P&L
(34,318)
(7,796)

Corporation tax paid
(398,041)
(301,876)

Net cash generated from operating activities

4,478,576
1,797,901


Cash flows from investing activities

Purchase of tangible fixed assets
(112,739)
(210,968)

Interest received
157,316
63,918

Net cash from/(used in) investing activities

44,577
(147,050)

Cash flows from financing activities

Repayment of loans
(708,379)
(496,471)

Dividends paid
(62,000)
28,800

Interest payable
(36,218)
(64,553)

Net cash used in financing activities
(806,597)
(532,224)

Net increase in cash and cash equivalents
3,716,556
1,118,627

Cash and cash equivalents at beginning of year
6,562,846
5,444,219

Cash and cash equivalents at the end of year
10,279,402
6,562,846


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,279,402
6,562,846


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

6,562,846

3,716,556

10,279,402

Debt due after 1 year

(411,442)

118,305

(293,137)

Debt due within 1 year

(708,989)

590,239

(118,750)


5,442,415
4,425,100
9,867,515

The notes on pages 14 to 25 form part of these financial statements.

Page 13

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

St. John's Preparatory & Senior School Limited is a private limited liability company incorporated in England and Wales, with its principal business address at John's Preparatory School, The Ridgeway, Potters Bar  EN6 5QT.
The principal activity of the company is the provision of educational services and independent schooling.
The Company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, and value added tax.
Turnover represents the total amount receivable by the Company for tuition and is recognised on a straight line basis over the period of provision. Where fees are invoiced in advance they are deferred on the Statement of Financial Position and recognised as turnover over the period of the service provision. The majority of the tuition fees invoiced by the company are invoiced termly in advance.

 
2.3

Intangible assets

Goodwill represents the difference between amounts paid on the acquisition of a business and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income Statement over its estimated useful economic life of 20 years. 

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical 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 by management.

Page 14

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5%
Plant and machinery
-
15%
Motor vehicles
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

No depreciation is provided in respect of freehold property. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the Company.

 
2.5

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.7

Financial instruments


The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Valuation of investments

Short-term investments, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

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.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight line basis over the lease term.

 
2.14

Pensions

Defined contribution pension plan
The Company contributes to defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Borrowing costs

All borrowing costs are recognised in Statement of Comprehensive Income in the year in which they are incurred.

Page 16

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the director has made the following judgments:
a) Determine whether leases entered into by the Company as a lease are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. 
b) Determine whether there are indicators of impairment of the Company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
In preparing these financial statements, the director has considered the following key sources of estimation uncertainty:
Tangible and intangible assets are depreciated/amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values. 

Page 17

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

School fees
7,470,538
7,057,494


All turnover arose within the United Kingdom.


5.


Exceptional income

2024
2023
£
£


Retrospective rates rebate
96,195
135,122


6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
232,777
279,827


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,000
10,000
Page 18

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,906,878
2,717,426

Social security costs
288,374
254,339

Cost of defined contribution scheme
55,964
49,143

3,251,216
3,020,908


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Teaching personnel
71
71



Non-teaching personnel
15
15

86
86


9.


Director's remuneration

2024
2023
£
£

Director's emoluments
15,000
15,000



10.


Interest receivable

2024
2023
£
£


Other interest receivable
157,316
63,918


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
32,259
64,429

Other interest payable
3,959
123

36,218
64,552

Page 19

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
530,395
415,769


Deferred tax


Origination and reversal of timing differences
(10,279)
(53,696)


Tax on profit
520,116
362,073

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate (2023 - composite rate) of corporation tax in the UK of 25% (2023 - 21.005%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,790,907
1,827,179


Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 21.005%)
447,727
383,799

Effects of:


Non-tax deductible amortisation of goodwill
6,500
5,461

Expenses not deductible for tax purposes
19,846
325

Capital allowances for year in excess of depreciation
64,791
27,697

Other short-term timing difference
111
125

Non-taxable fair value adjustments
(8,580)
(1,638)

Deferred taxation
(10,279)
(53,696)

Total tax charge for the year
520,116
362,073


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Dividends

2024
2023
£
£


Ordinary dividends
62,000
72,000


Prior year ordinary dividends no longer payable
-
(100,800)

62,000
(28,800)


14.


Intangible assets




Goodwill

£



Cost


At 1 August 2023
520,000



At 31 July 2024

520,000



Amortisation


At 1 August 2023
494,000


Charge for the year on owned assets
26,000



At 31 July 2024

520,000



Net book value



At 31 July 2024
-



At 31 July 2023
26,000



Page 21

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

15.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



Cost


At 1 August 2023
1,893,114
6,206,766
620,200
115,233
8,835,313


Additions
-
3,788
108,951
-
112,739



At 31 July 2024

1,893,114
6,210,554
729,151
115,233
8,948,052



Depreciation


At 1 August 2023
-
2,290,588
429,342
115,233
2,835,163


Charge for the year on owned assets
-
309,892
91,191
-
401,083



At 31 July 2024

-
2,600,480
520,533
115,233
3,236,246



Net book value



At 31 July 2024
1,893,114
3,610,074
208,618
-
5,711,806



At 31 July 2023
1,893,114
3,916,178
190,859
-
6,000,151

The freehold and long-leasehold property have been pledged as security for the company's bank loans.


16.


Fixed asset investments





Listed investments

£



Valuation


At 1 August 2023
152,123


Revaluations
34,318



At 31 July 2024
186,441




Page 22

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

17.


Debtors

2024
2023
£
£


Trade debtors
1,972,955
2,429,173

Prepayments and accrued income
190,780
57,700

2,163,735
2,486,873



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loan (note 19)
118,305
708,379

Corporation tax
409,988
277,634

Other taxation and social security
71,398
68,283

Other creditors
635,204
430,345

Accruals and deferred income
5,458,928
3,175,998

6,693,823
4,660,639



19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loan
293,137
411,442


Secured loan
The bank loan bears interest at a fixed rate of 3.61% being paid in monthly installments maturing in November 2027.
The loan is secured by a debenture and first legal charges over the freehold land and buildings.

Page 23

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loan
118,305
708,379

Amounts falling due 1-2 years

Bank loan
122,647
118,305

Amounts falling due 2-5 years

Bank loan
170,490
293,137


411,442
1,119,821



21.


Deferred taxation




2024


£






At beginning of year
300,540


Released to Statement of Comprehensive Income
(10,279)



At end of year
290,261

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
290,261
300,540


The net deferred tax liability expected to reverse next year is £85,819 (2023 - £83,339). This primarily relates to the reversal of existing timing differences on acquired tangible fixed assets and capital allowances through depreciation, offset by expected tax deductions when payment are made to utilise provisions.

Page 24

 
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



23.


Pension commitments

The company contributes to defined contributions pension schemes. The assets of the schemes are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the funds and amounted to £55,964 (2023 - £49,143). Contributions totalling £14,920 (2023 - £12,026) were payable to the funds at the reporting date and are included in creditors. 


24.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£



Not later than 1 year
100,000
100,000

Later than 1 year and not later than 5 years
400,000
400,000

Later than 5 years
2,666,667
2,766,667

3,166,667
3,266,667


25.


Related party transactions

During the year the Company paid rent amounting to £60,000 (2023 - £60,000) to the director.

During the year the Company paid dividends amounting to £62,000 (2023 - £72,000) to the director.

At the Statement of Financial Position date the Company owed £609 (2023 - £445) to the director.

During the year the Company paid remuneration of £115,000 (2023 - £115,000) to key management personnel.


26.


Controlling party

The director, C Tardios, controls the Company by virtue of her shareholding.

 
Page 25