| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 August 2024 |
| for |
| KSI HKS Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 August 2024 |
| for |
| KSI HKS Limited |
| KSI HKS Limited (Registered number: 12309255) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| KSI HKS Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| and Statutory Auditors |
| 9 St Clare Street |
| London |
| EC3N 1LQ |
| KSI HKS Limited (Registered number: 12309255) |
| Balance Sheet |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors: amounts falling due within one year | 5 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| KSI HKS Limited (Registered number: 12309255) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| KSI HKS Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company meets its day-to-day working capital requirements through its bank facilities and long term borrowings from its UK parent company, the parent company has confirmed to financially support the company for at least 12 months from the date of signing these financial statements. The Directors have assessed the operations of the school, discussed the substance and availability of that support from the UK parent. Based on these, the directors have concluded 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. |
| Turnover |
| School, nursery, preschool fees and other educational income receivable are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances and other remissions allowed by the company. Other educational income consists of extras, optional subjects and ancillaries charged to pupils. |
| Scholarship and bursary awards are included as expenditure in the period for which they are given. Scholarships, bursaries and allowances towards school fees are treated as a reduction in the fees. |
| All other types of income, including investment income, are accounted for on an accruals basis and recognised in the statement of financial activities when earned by the school. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Plant and machinery - 10% on cost |
| Office equipment - 10% on cost |
| Furniture & Fixtures - 10% on cost |
| Motor Vehicles - 25% on cost |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| KSI HKS Limited (Registered number: 12309255) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other payables, bank loan and loans from group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest method. |
| Share capital |
| Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. |
| The company's ordinary shares are classified as equity instruments. |
| 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 balance sheet date. |
| KSI HKS Limited (Registered number: 12309255) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Interest expenses |
| Interest expense is recognised using effective interest rate method. In calculating interest expense, the effective interest rate is applied to the amortised cost of the liability for interest expense. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| KSI HKS Limited (Registered number: 12309255) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts owed by group undertakings are unsecured, interest-free, have no fixed repayment date, and are repayable on demand. No rent is charged by the fellow subsidiary KSI HKS Property Limited to the company which has an interest free loan of £1,829,091 (2023: £1,683,497) from the company. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans and overdrafts (see note 8) |
| Deferred income |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans (see note 8) |
| Deferred income |
| Amounts owed to group undertakings |
| Amounts owed to group undertakings were loans from the company's intermediate parent company KSI Education Limited. The terms of the loan are that interest will be charged at the end of each financial year, on a daily basis, at a rate of 3.5% above the Bank of England base rate, until 1 September 2024, and at a rate of 4% per annum from 1 September 2024 to 31 May 2029. The interest will be paid in-kind and be capitalised and added to the principal borrowings until such time that the company is in a position of reporting profits. During the year, interest of £71,447 (2023: £55,480) was charged on the loan. See note 6. |
| KSI HKS Limited (Registered number: 12309255) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Bank overdraft and bank loans are secured and charged over the freehold property of KSI HKS Property Limited. |
| Loan from Barclays offered a capital repayment holiday - no capital repayment of 12 months from the date of the first drawdown in January 2021 of the facility. Interest is charged at 3.25% above the floating rate basis. During the capital repayment holiday, loan interest is debited to the current account on the charging dates, subsequently the loan will be paid as set out in the repayment Instalments over 48 months. |
| Bank overdraft is charged at 2.75% per annum over the Bank of England Rate on the drawn portion of the facility. |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 11. | ULTIMATE CONTROLLING PARTY |
| The immediate parent company is KSI Education Limited. |
| The intermediate parent company and the smallest and largest group to consolidate these financial statements is KSI Education Limited. Copies of the KSI Education Limited consolidated financial statements can be obtained from the company registered office at G16, Central Court 25, Southampton Buildings, London, England, WC2A 1AL. |