Hartmore Education Limited 03990621 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the provision of residential care homes for children and young adults. Digita Accounts Production Advanced 6.30.9574.0 true true 03990621 2023-09-01 2024-08-31 03990621 2024-08-31 03990621 core:AcceleratedTaxDepreciationDeferredTax 2024-08-31 03990621 core:RetainedEarningsAccumulatedLosses 2024-08-31 03990621 core:ShareCapital 2024-08-31 03990621 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-08-31 03990621 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-08-31 03990621 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 03990621 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 03990621 core:FurnitureFittingsToolsEquipment 2024-08-31 03990621 core:LandBuildings 2024-08-31 03990621 core:MotorVehicles 2024-08-31 03990621 bus:SmallEntities 2023-09-01 2024-08-31 03990621 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 03990621 bus:FilletedAccounts 2023-09-01 2024-08-31 03990621 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03990621 bus:RegisteredOffice 2023-09-01 2024-08-31 03990621 bus:CompanySecretary1 2023-09-01 2024-08-31 03990621 bus:Director2 2023-09-01 2024-08-31 03990621 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03990621 core:Buildings 2023-09-01 2024-08-31 03990621 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 03990621 core:LandBuildings 2023-09-01 2024-08-31 03990621 core:MotorCars 2023-09-01 2024-08-31 03990621 core:MotorVehicles 2023-09-01 2024-08-31 03990621 countries:EnglandWales 2023-09-01 2024-08-31 03990621 2023-08-31 03990621 core:RetainedEarningsAccumulatedLosses 2023-08-31 03990621 core:ShareCapital 2023-08-31 03990621 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03990621 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 03990621 core:FurnitureFittingsToolsEquipment 2023-08-31 03990621 core:LandBuildings 2023-08-31 03990621 core:MotorVehicles 2023-08-31 03990621 2022-09-01 2023-08-31 03990621 2023-08-31 03990621 core:AcceleratedTaxDepreciationDeferredTax 2023-08-31 03990621 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-31 03990621 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-08-31 03990621 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03990621 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 03990621 core:FurnitureFittingsToolsEquipment 2023-08-31 03990621 core:LandBuildings 2023-08-31 03990621 core:MotorVehicles 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 03990621

Prepared for the registrar

Hartmore Education Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Hartmore Education Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Hartmore Education Limited

Company Information

Director

S P Miller

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

 

Hartmore Education Limited

(Registration number: 03990621)
Balance Sheet as at 31 August 2024

Note

31 August 2024
 £

31 August 2023
 £

Fixed assets

 

Tangible assets

4

129,636

79,612

Current assets

 

Debtors

5

845,970

784,005

Cash at bank and in hand

 

1,981,867

2,264,454

 

2,827,837

3,048,459

Creditors: Amounts falling due within one year

6

(543,671)

(392,155)

Net current assets

 

2,284,166

2,656,304

Total assets less current liabilities

 

2,413,802

2,735,916

Creditors: Amounts falling due after more than one year

6

(40,220)

-

Net assets

 

2,373,582

2,735,916

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,373,482

2,735,816

Total equity

 

2,373,582

2,735,916

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

Director's responsibilities:

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 director acknowledges his 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 director on 24 April 2025
 


S P Miller
Director

 

Hartmore Education 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. Marlowe C&FS Limited holds 100% of shares in Hartmore Education Limited. The bank facilities treat the bank accounts of both companies as a Group, with a net overdraft facility of £100,000.

Judgements and estimation uncertainty

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

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.

 

Hartmore Education 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

Freehold buildings

20% straight line basis

Fixtures and fittings

33-50% straight line basis

Motor vehicles

33-50% straight line basis

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.

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.

 

Hartmore Education Limited

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

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.

 

Hartmore Education 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 the director) during the year, was as follows:

 

Hartmore Education Limited

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

 

4

Tangible assets

Freehold buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost

At 1 September 2023

69,868

95,928

49,700

215,496

Additions

2,450

34,840

60,330

97,620

Disposals

(3,210)

(12,550)

(12,300)

(28,060)

At 31 August 2024

69,108

118,218

97,730

285,056

Depreciation

At 1 September 2023

44,272

51,197

40,415

135,884

Charge for the year

13,398

28,654

5,544

47,596

Eliminated on disposal

(3,210)

(12,550)

(12,300)

(28,060)

At 31 August 2024

54,460

67,301

33,659

155,420

Carrying amount

At 31 August 2024

14,648

50,917

64,071

129,636

At 31 August 2023

25,596

44,731

9,285

79,612

 

5

Debtors

Note

31 August 2024
 £

31 August 2023
 £

Trade debtors

 

-

815

Amounts owed by group undertakings

652,480

310,378

Other debtors

 

73,663

371,749

Prepayments

 

115,539

93,652

Deferred tax assets

8

4,288

7,411

   

845,970

784,005

 

6

Creditors

31 August 2024
 £

31 August 2023
 £

Due within one year

Loans and borrowings

13,805

-

Trade creditors

102,354

96,632

Social security and other taxes

16,441

14,465

Other creditors

215,825

49,051

Accrued expenses

69,376

38,522

Corporation tax liability

125,870

193,485

543,671

392,155

Due after one year

Loans and borrowings

40,220

-

 

Hartmore Education Limited

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

 

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

13,805

-

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

40,220

-

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Difference between accumulated depreciation and amortisation and capital allowances

4,288

4,288

2023

Asset
£

Difference between accumulated depreciation and amortisation and capital allowances

7,411

7,411

 

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 Marlowe C&FS Limited, incorporated in England and Wales.