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01/09/2023
31/08/2024
2024-08-31
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No description of principal activities is disclosed
2023-09-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
10812320
2023-09-01
2024-08-31
10812320
2024-08-31
10812320
2023-08-31
10812320
2022-09-01
2023-08-31
10812320
2023-08-31
10812320
2022-08-31
10812320
core:FurnitureFittingsToolsEquipment
2023-09-01
2024-08-31
10812320
core:OnerousContractsExcludingVacantProperties
2023-09-01
2024-08-31
10812320
bus:Director1
2023-09-01
2024-08-31
10812320
core:FurnitureFittingsToolsEquipment
2023-08-31
10812320
core:FurnitureFittingsToolsEquipment
2024-08-31
10812320
core:WithinOneYear
2024-08-31
10812320
core:WithinOneYear
2023-08-31
10812320
core:AfterOneYear
2024-08-31
10812320
core:AfterOneYear
2023-08-31
10812320
core:ShareCapital
2024-08-31
10812320
core:ShareCapital
2023-08-31
10812320
core:RetainedEarningsAccumulatedLosses
2024-08-31
10812320
core:RetainedEarningsAccumulatedLosses
2023-08-31
10812320
core:FurnitureFittingsToolsEquipment
2023-08-31
10812320
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2023-09-01
2024-08-31
10812320
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2023-09-01
2024-08-31
10812320
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2023-09-01
2024-08-31
10812320
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2023-09-01
2024-08-31
10812320
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2023-09-01
2024-08-31
10812320
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2023-09-01
2024-08-31
10812320
core:ComputerEquipment
2024-08-31
10812320
core:ComputerEquipment
2023-08-31
Company registration number:
10812320
St Bees School Management Company Limited
Unaudited filleted financial statements
For the year ended
31 August 2024
St Bees School Management Company Limited
Contents
Statement of financial position
Notes to the financial statements
St Bees School Management Company Limited
Statement of financial position
31 August 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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3 |
494,477 |
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556,442 |
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________ |
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________ |
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494,477 |
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556,442 |
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Current assets |
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Stocks |
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602 |
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1,420 |
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Debtors |
|
4 |
312,561 |
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323,117 |
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Cash at bank and in hand |
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154,056 |
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157,486 |
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________ |
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________ |
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467,219 |
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482,023 |
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Creditors: amounts falling due |
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within one year |
|
5 |
(
8,681,496) |
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|
(
8,098,553) |
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|
________ |
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|
________ |
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|
Net current liabilities |
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|
(
8,214,277) |
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|
(
7,616,530) |
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________ |
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________ |
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Total assets less current liabilities |
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|
(
7,719,800) |
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|
(
7,060,088) |
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Creditors: amounts falling due |
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after more than one year |
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6 |
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|
(
7,903) |
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|
(
18,215) |
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|
|
________ |
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|
________ |
|
Net liabilities |
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|
(
7,727,703) |
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|
|
(
7,078,303) |
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________ |
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________ |
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Capital and reserves |
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Called up share capital |
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4 |
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4 |
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Profit and loss account |
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|
(
7,727,707) |
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(
7,078,307) |
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________ |
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________ |
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Shareholders deficit |
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|
(
7,727,703) |
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|
(
7,078,303) |
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________ |
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________ |
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For the 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 May 2025
, and are signed on behalf of the board by:
Mr L J R Gribble
Director
Company registration number:
10812320
St Bees School Management Company Limited
Notes to the financial statements
Year ended 31 August 2024
1.
Accounting policies
Basis of preparation
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied with the same financial statements.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At 31 August 2024 the company had a deficiency of assets, and has generated further losses post year end. The directors have confirmed that the company has the continuing operational and financial support of its investors, Full Circle Education Limited, and that there is no intention to cease trading within 12 months of the date of their report. The accounts have been drawn up on a going concern basis.
Turnover
Turnover consists of the sales value, excluding VAT, of all income earned in the period under contracts to supply goods and services to third parties. It includes the relevant proportion of contract values where work is partially performed in the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
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Fittings fixtures and equipment |
- |
10 % |
reducing balance |
|
Computer equipment |
- |
20 % |
straight line |
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|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
Basic financial instruments are recognised at amortised cost.
Defined contribution plans
The company operates a defined contribution pension scheme and the pension charge represents the amount payable by the company to the funds in respect of the year.
2.
Employee numbers
The average number of persons employed by the company during the year amounted to
49
(2023:
47
).
3.
Tangible assets
|
|
Fixtures, fittings and equipment |
Computer equipment |
Total |
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|
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|
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|
£ |
£ |
£ |
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Cost |
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At 1 September 2023 and 31 August 2024 |
984,530 |
55,050 |
1,039,580 |
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________ |
________ |
________ |
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Depreciation |
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At 1 September 2023 |
438,561 |
44,577 |
483,138 |
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|
|
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Charge for the year |
54,598 |
7,367 |
61,965 |
|
|
|
|
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________ |
________ |
________ |
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At 31 August 2024 |
493,159 |
51,944 |
545,103 |
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________ |
________ |
________ |
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Carrying amount |
|
|
|
|
|
|
|
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At 31 August 2024 |
491,371 |
3,106 |
494,477 |
|
|
|
|
|
|
________ |
________ |
________ |
|
|
|
|
|
At 31 August 2023 |
545,969 |
10,473 |
556,442 |
|
|
|
|
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|
________ |
________ |
________ |
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4.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
298,776 |
296,952 |
|
Other debtors |
|
13,785 |
26,165 |
|
|
|
________ |
________ |
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|
|
312,561 |
323,117 |
|
|
|
________ |
________ |
|
|
|
|
|
5.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
10,312 |
10,056 |
|
Trade creditors |
|
110,886 |
97,291 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
7,510,503 |
6,955,174 |
|
Taxation and social security |
|
119,629 |
106,671 |
|
Other creditors |
|
930,166 |
929,361 |
|
|
|
________ |
________ |
|
|
|
8,681,496 |
8,098,553 |
|
|
|
________ |
________ |
|
|
|
|
|
6.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
7,903 |
18,215 |
|
|
|
________ |
________ |
|
|
|
|
|
7.
Pension commitments
The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension charge for the year includes contributions payable to defined contribution schemes of £158,884 (2023: £132,315). At the balance sheet date, unpaid contributions of £21,753 (2023: £7,485) were due to the funds. These are included in other creditors.
8.
Controlling party
The company is a Joint Venture entity in which 75% of the share capital is owned by Full Circle Education Limited (company number 11678133), and 25% of the share capital is owned by St Bees School (company number 06595861, charity number 1129534).
9.
Going concern
At 31 August 2024 the company had a deficiency of assets, and has generated further losses post year end. The directors have confirmed that the company has the continuing operational and financial support of its investors, Full Circle Education Limited, and that there is no intention to cease trading within 12 months of the date of their report. The accounts have been drawn up on a going concern basis.