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Registration number: 02971956

Prepared for the registrar

St Davids A.S.C. (Marlowe) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

St Davids A.S.C. (Marlowe) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

St Davids A.S.C. (Marlowe) Limited

Company Information

Directors

M E Davies

W G Thomas

H J Lewis

Company secretary

K F Vellam

Registered office

Units 2 & 3
The Hawthorns
Hawthorns Lane
Corse
Gloucestershire
GL19 3NY

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

St Davids A.S.C. (Marlowe) Limited

(Registration number: 02971956)
Balance Sheet as at 31 August 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

157,267

30,082

Current assets

 

Debtors

5

548,638

656,046

Cash at bank and in hand

 

781,290

361,085

 

1,329,928

1,017,131

Creditors: Amounts falling due within one year

6

(381,017)

(114,050)

Net current assets

 

948,911

903,081

Total assets less current liabilities

 

1,106,178

933,163

Creditors: Amounts falling due after more than one year

6

(83,626)

-

Net assets

 

1,022,552

933,163

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,022,452

933,063

Total equity

 

1,022,552

933,163

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

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 


M E Davies
Director

 

St Davids A.S.C. (Marlowe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 2 & 3
The Hawthorns
Hawthorns Lane
Corse
Gloucestershire
GL19 3NY

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover represents amounts receivable for the provision of care and education. Where the amount received relates to a period which covers the balance sheet date, the amount is apportioned over the period to which it refers.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

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

The current 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 taxable income.

 

St Davids A.S.C. (Marlowe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

20% on cost per annum

Plant and machinery

33-50% on cost per annum

Motor vehicles

33-50% on cost per annum

Office equipment

33-50% on cost per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

St Davids A.S.C. (Marlowe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

St Davids A.S.C. (Marlowe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

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

 

St Davids A.S.C. (Marlowe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 September 2023

147,446

41,595

189,041

Additions

20,695

155,981

176,676

Disposals

(66,068)

(31,143)

(97,211)

At 31 August 2024

102,073

166,433

268,506

Depreciation

At 1 September 2023

118,526

40,433

158,959

Charge for the year

19,408

30,083

49,491

Eliminated on disposal

(66,068)

(31,143)

(97,211)

At 31 August 2024

71,866

39,373

111,239

Carrying amount

At 31 August 2024

30,207

127,060

157,267

At 31 August 2023

28,920

1,162

30,082

 

5

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

219,595

86,929

Amounts owed by related parties

284,133

20,706

Other debtors

 

-

529,159

Prepayments

 

26,641

9,040

Deferred tax assets

8

18,269

10,212

   

548,638

656,046

 

St Davids A.S.C. (Marlowe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

6

Creditors

2024
 £

2023
 £

Due within one year

Loans and borrowings

37,932

-

Trade creditors

12,066

18,331

Amounts due to related parties

5,208

9,683

Social security and other taxes

35,010

33,473

Other creditors

20,855

2,636

Accrued expenses

119,725

48,466

Corporation tax liability

150,221

1,461

381,017

114,050

Due after one year

Loans and borrowings

83,626

-

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

83,626

-

 

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

37,932

-

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

83,626

-

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Difference between accumulated depreciation and amortisation and capital allowances

18,269

18,269

2023

Asset
£

Difference between accumulated depreciation and amortisation and capital allowances

10,212

10,212

 

St Davids A.S.C. (Marlowe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

9

Parent and ultimate parent undertaking

On 15 December 2023 the company's entire issued share capital was acquired by Hartmore Genesis Limited, incorporated in England and Wales. Prior to that date the company's immediate and ultimate parent was St David's C&FS Limited, incorporated in England and Wales.