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REGISTERED NUMBER: 04973052 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 August 2024

for

THE GARDEN HOUSE SCHOOL LIMITED

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Statement of Financial Position 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 12


THE GARDEN HOUSE SCHOOL LIMITED

Company Information
for the Year Ended 31 August 2024







DIRECTORS: C Warland
S V Strafford





SECRETARY: S V Strafford





REGISTERED OFFICE: Turks Row
London
SW3 4TW





REGISTERED NUMBER: 04973052 (England and Wales)





AUDITORS: Hill Wooldridge & Co. Limited
Statutory Auditor & Chartered Accountants
107 Hindes Road
Harrow
Middlesex
HA1 1RU

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Strategic Report
for the Year Ended 31 August 2024

The directors present their strategic report for the year ended 31 August 2024.

BUSINESS REVIEW
The results set out in these accounts show turnover of £13,108,986 (2023 : £11,997,859) and an operating profit of £1,777,615 (2023 : £1,471,081). At 31st August 2024 the company had net assets of £1,920,763 (2023 : £882,561). This is the company's third full academic year of operation and the directors consider the position at the end of the year to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES
The key risks and uncertainties relating to the business are considered to be the global economic situation and the possibility of changes to the legislation affecting the independent school sector.

FINANCIAL KEY PERFORMANCE INDICATORS
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from its trading activities.

The directors have prepared forecasts for the next 12 months which indicate that the company has sufficient resources available to trade as a going concern.

OTHER KEY PERFORMANCE INDICATORS
The directors use a number of indicators to monitor the company's performance. The key non-financial indicator is pupil numbers. Pupil numbers are similar to what they were in 2023. The key financial indicators are turnover and operating profit which can be seen above.

FUTURE DEVELOPMENTS
The directors anticipate the environment will remain competitive. They believe the company is in a good position to face future challenges and to improve on current performance.

ON BEHALF OF THE BOARD:





C Warland - Director


15 May 2025

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Report of the Directors
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company for the year ended 31 August 2024.

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

DIVIDENDS
An interim dividend of £60,000 per share on the Ordinary £1 shares was paid on 3 May 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the B Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 August 2024 will be £ 120,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

C Warland
S V Strafford

MATTERS COVERED IN THE STRATEGIC REPORT
The company has chosen in accordance with s414C(ll) of the Companies Act 2006, to set out in the company's Strategic report information required by Schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008, and Part 2 of The Companies (Miscellaneous Reporting) Regulations 2018 to be contained in the Directors' report. It has done so in respect of risk exposure and future developments.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Report of the Directors
for the Year Ended 31 August 2024


AUDITORS
The auditors, Hill Wooldridge & Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




C Warland - Director


15 May 2025

Report of the Independent Auditors to the Members of
The Garden House School Limited

Opinion
We have audited the financial statements of The Garden House School Limited (the 'company') for the year ended 31 August 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 August 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
The Garden House School Limited


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page three, 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 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.

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 a Report of the Auditors 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 private schools;


-
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,
data protection, anti-bribery, safeguarding, employment 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; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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 throughout the period 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;
- reviewing the minutes of the board meetings; and
- enquiring of management as to actual and potential litigation and claims.

We believe that our audit was capable of detecting material irregularities, including fraud, but note that it is inherently difficult to detect such irregularities. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
The Garden House School Limited


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 a Report of the Auditors 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.




Lino Perdoni FCA (Senior Statutory Auditor)
for and on behalf of Hill Wooldridge & Co. Limited
Statutory Auditor & Chartered Accountants
107 Hindes Road
Harrow
Middlesex
HA1 1RU

15 May 2025

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Statement of Income and Retained Earnings
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 3 13,108,986 11,997,859

Administrative expenses 11,331,371 10,526,778
OPERATING PROFIT 5 1,777,615 1,471,081

Interest receivable and similar income 7 162,694 32,655
1,940,309 1,503,736

Interest payable and similar expenses 8 213,541 -
PROFIT BEFORE TAXATION 1,726,768 1,503,736

Tax on profit 9 568,566 455,454
PROFIT FOR THE FINANCIAL YEAR 1,158,202 1,048,282

Retained earnings at beginning of year 882,558 (45,724 )

Dividends 10 (120,000 ) (120,000 )

RETAINED EARNINGS AT END OF YEAR 1,920,760 882,558

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 8,250,000 8,750,000
Tangible assets 12 268,685 349,723
8,518,685 9,099,723

CURRENT ASSETS
Stocks 13 6,291 2,053
Debtors 14 627,428 905,852
Cash at bank and in hand 5,850,382 4,185,850
6,484,101 5,093,755
CREDITORS
Amounts falling due within one year 15 6,998,998 6,797,397
NET CURRENT LIABILITIES (514,897 ) (1,703,642 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,003,788

7,396,081

CREDITORS
Amounts falling due after more than one
year

16

(6,073,932

)

(6,495,099

)

PROVISIONS FOR LIABILITIES 18 (9,093 ) (18,421 )
NET ASSETS 1,920,763 882,561

CAPITAL AND RESERVES
Called up share capital 19 3 3
Retained earnings 20 1,920,760 882,558
SHAREHOLDERS' FUNDS 1,920,763 882,561

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2025 and were signed on its behalf by:





C Warland - Director


THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Statement of Cash Flows
for the Year Ended 31 August 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,477,671 128,390
Interest paid (213,541 ) -
Tax paid (633,688 ) (197,145 )
Net cash from operating activities 1,630,442 (68,755 )

Cash flows from investing activities
Purchase of tangible fixed assets (8,604 ) (137,590 )
Interest received 162,694 32,655
Net cash from investing activities 154,090 (104,935 )

Cash flows from financing activities
Equity dividends paid (120,000 ) (120,000 )
Net cash from financing activities (120,000 ) (120,000 )

Increase/(decrease) in cash and cash equivalents 1,664,532 (293,690 )
Cash and cash equivalents at beginning
of year

2

4,185,850

4,479,540

Cash and cash equivalents at end of year 2 5,850,382 4,185,850

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Notes to the Statement of Cash Flows
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,726,768 1,503,736
Depreciation charges 589,642 597,995
Finance costs 213,541 -
Finance income (162,694 ) (32,655 )
2,367,257 2,069,076
(Increase)/decrease in stocks (4,238 ) 895
Decrease in trade and other debtors 278,424 13,748
Decrease in trade and other creditors (163,772 ) (1,955,329 )
Cash generated from operations 2,477,671 128,390

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 5,850,382 4,185,850
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 4,185,850 4,479,540


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 4,185,850 1,664,532 5,850,382
4,185,850 1,664,532 5,850,382
Total 4,185,850 1,664,532 5,850,382

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

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

1. STATUTORY INFORMATION

The Garden House School Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover arising from school fees is recognised on the accruals basis and is included in the profit or loss of the company over the school year to which the fees relate to.

Intangible assets - goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination 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 profit or loss over its useful economic life, being 20 years.

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.

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:

Leasehold property-over the lease period
Fixtures and fittings-20%straight line
Motor vehicles-25%reducing balance
Computer equipment-20%straight line

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.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

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, loans to related parties and investments in ordinary shares.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

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.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Pension costs - defined contribution pension plan
The company operates a defined contribution plan 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 profit or loss 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.

Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit or loss in the same period as the related expenditure.

Interest income
Interest income is recognised in profit or loss using the effective interest method.

3. TURNOVER

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 5,575,229 5,034,726
Social security costs 597,646 543,895
Other pension costs 867,962 699,646
7,040,837 6,278,267

The average number of employees during the year was as follows:
2024 2023

Teaching 113 116
Administration 30 31
143 147

2024 2023
£    £   
Directors' remuneration 111,300 104,000
Directors' pension contributions to money purchase schemes 100,066 80,066

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 10,424 10,768
Other operating leases 1,101,728 1,027,135
Depreciation - owned assets 89,642 97,996
Goodwill amortisation 500,000 500,000

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

19,200

19,200
Taxation compliance services 3,600 3,600
Other assurance services 3,600 3,600

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Bank interest received 162,694 32,655

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other loan interest 213,541 -

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 577,894 413,688

Deferred tax (9,328 ) 41,766
Tax on profit 568,566 455,454

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,726,768 1,503,736
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

431,692

375,934

Effects of:
Expenses not deductible for tax purposes 7,635 3,776
Remeasurement of deferred tax (9,328 ) 41,766
Fixed asset differences 138,567 100,986
In year tax rate increase - (67,008 )
Total tax charge 568,566 455,454

With effect from 1 April 2023 the rate of corporation tax increased, tapering from 19% for businesses with profits of less than £50,000 to 25% for businesses with profits over £250,000.

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 120,000 120,000

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 10,000,000
AMORTISATION
At 1 September 2023 1,250,000
Amortisation for year 500,000
At 31 August 2024 1,750,000
NET BOOK VALUE
At 31 August 2024 8,250,000
At 31 August 2023 8,750,000

12. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 145,785 54,113 74,636 289,271 563,805
Additions - - - 8,604 8,604
At 31 August 2024 145,785 54,113 74,636 297,875 572,409
DEPRECIATION
At 1 September 2023 39,285 9,638 32,367 132,792 214,082
Charge for year 16,959 10,823 7,405 54,455 89,642
At 31 August 2024 56,244 20,461 39,772 187,247 303,724
NET BOOK VALUE
At 31 August 2024 89,541 33,652 34,864 110,628 268,685
At 31 August 2023 106,500 44,475 42,269 156,479 349,723

13. STOCKS
2024 2023
£    £   
Goods for resale 6,291 2,053

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 95,009 119,588
Other debtors 100,284 32,747
Prepayments and accrued income 432,135 753,517
627,428 905,852

THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 228,351 586,346
Corporation tax 357,894 413,688
Other taxation and social security 174,691 123,753
Other creditors 649,567 575,721
Accruals and deferred income 5,588,495 5,097,889
6,998,998 6,797,397

Included within other creditors are amounts due to directors totalling £288,000 (2023 : £216,000).

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 6,073,932 6,495,099

Included within other creditors are amounts due to directors totalling £4,130,320 (2023 : £4,319,487).

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 979,488 730,000
Between one and five years 3,917,952 3,000,000
In more than five years 5,171,696 4,582,500
10,069,136 8,312,500

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 9,093 18,421

Deferred
tax
£   
Balance at 1 September 2023 18,421
Credit to Income Statement during year (9,328 )
Balance at 31 August 2024 9,093

The deferred tax asset is made up as follows:
20242023
££

Accelerated capital allowances9,09318,421
Tax losses carried forward--
9,09318,421


THE GARDEN HOUSE SCHOOL LIMITED (REGISTERED NUMBER: 04973052)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2
1 B Ordinary £1 1 1
3 3

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

20. RESERVES
Retained
earnings
£   

At 1 September 2023 882,558
Profit for the year 1,158,202
Dividends (120,000 )
At 31 August 2024 1,920,760

21. PENSION COMMITMENTS

During the year, the company operated a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs represent contributions payable by the company to the fund and amounted to £867,962 (2023 : £699,646). Contributions totalling £97,801 (2023 : £74,409) were payable to the fund at the reporting date and are included in other creditors.

22. RELATED PARTY DISCLOSURES

At 31 August 2024 £6,597,932 (2023 : £6,951,099) was due to shareholders in relation to deferred consideration for the acquisition of the School. These balances are included within other creditors.

During the year, £524,000 (2023 : £2,126,000) was drawn by the current shareholders of the company against the balances owed to them in the above loan accounts.

Two of the three shareholders of the company are also company directors.

During the year, dividends totalling £120,000 (2023 : £120,000) were credited to company directors.

During the year, interest totalling £213,541 (2023 : £nil) was credited to company directors.

23. ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no ultimate controlling party of the company.