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Registered number: 00064556










Cottesmore School Limited










Annual Report and Financial Statements

For the Year Ended 31 August 2024

 
Cottesmore School Limited
 

Company Information


Directors
Mr T F Rogerson 
Mrs C A Rogerson 
Mrs C E Rogerson (appointed 17 October 2024)




Registered number
00064556



Registered office
Floor 2
Springfield House

Springfield Road

Horsham

West Sussex

RH12 2RG




Independent auditors
Kreston Reeves LLP

Springfield House

Springfield Road

Horsham

West Sussex

RH12 2RG





 
Cottesmore School Limited
 

Contents



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Notes to the Financial Statements
12 - 23

 
Cottesmore School Limited
 

Strategic Report
For the Year Ended 31 August 2024

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

Business review
 
The results set out in the attached financial statements show a profit for the year ended 31 August 2024 of £191,643 (2023: £300,837). Income decreased by 1.8%, which is mainly due to a normalisation of pupil numbers following two prior years of exceptional enrolment. Overheads also increased by 2.4%, primarily due to the cost of living crisis and significant inflationary pressures.
The Directors are satisfied with progress in the financial period.

Principal risks and uncertainties
 
The key risks which face the school are that an incident occurs which damages the School's reputation, safeguarding, ensuring compliance with the regulations of Ofsted and other regulations, cyber crime and inflation. The Directors and Governors monitor these risks regularly and ensure controls are in place to reduce these risks occurring. The Directors are satisfied that the major risks identified have been adequately mitigated where necessary.

Financial key performance indicators
 
The key performance indicators (KPIs) of the company are fees per pupil and staff costs per pupil. These KPIs are monitored regularly by the Directors.

Other key performance indicators
 
The Directors also closely and rigorously monitor parent satisfaction and pupil attainment.


This report was approved by the board and signed on its behalf.



................................................
Mrs C A Rogerson
Director
Date: 20 May 2025
Page 1

 
Cottesmore School Limited
 

 
Directors' Report
For the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the company continued to be that of a private preparatory school for boys and girls.

Results and dividends

The profit for the year, after taxation, amounted to £191,643 (2023 - £300,837).

The dividends paid during the year are shown in the Statement of Changes in Equity.

Directors

The directors who served during the year were:

Mr T F Rogerson 
Mrs C A Rogerson 

Future developments

The Directors intend to continue to live up to its Preparatory School of the Year Awards and to give pupils the confidence to excel in both academic and extra-curricular activities in a boarding environment. The Directors Mission, ethos and Aims of the school are set out on the schools website www.cottesmoreschool.com.

Page 2

 
Cottesmore School Limited
 

 
Directors' Report (continued)
For the Year Ended 31 August 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsKreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Mrs C A Rogerson
Director
Date: 20 May 2025
Page 3

 
Cottesmore School Limited
 

 
Independent Auditors' Report to the Members of Cottesmore School Limited
 

Opinion


We have audited the financial statements of Cottesmore School Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 4

 
Cottesmore School Limited
 

 
Independent Auditors' Report to the Members of Cottesmore School Limited (continued)


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 is 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.


Page 5

 
Cottesmore School Limited
 

 
Independent Auditors' Report to the Members of Cottesmore School Limited (continued)


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 an Auditors' Report 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:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to safeguarding, health and safety, employment law, General Data Protection Regulations and anti-bribery. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition. Audit procedures performed by the engagement team included:

Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud;
Assessment of identified fraud risk factors;
Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud;
Challenging assumptions and judgements made by management in its significant accounting estimates;
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud;
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business;
Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud;
Reading minutes of meetings of those charged with governance;
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
Page 6

 
Cottesmore School Limited
 

 
Independent Auditors' Report to the Members of Cottesmore School Limited (continued)




Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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 an Auditors' Report 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.





Kelly Goodwin BA(Hons) ACA (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves LLP
Chartered accountants
Statutory Auditor
Horsham

23 May 2025
Page 7

 
Cottesmore School Limited
 

Statement of Comprehensive Income
For the Year Ended 31 August 2024

2024
2023
Note
£
£

  

Turnover
 3 
4,963,610
5,052,277

Gross profit
  
4,963,610
5,052,277

Administrative expenses
  
(4,978,793)
(4,862,560)

Other operating income
  
184,149
155,913

Operating profit
 4 
168,966
345,630

Interest receivable and similar income
  
122,618
67,713

Profit before tax
  
291,584
413,343

Tax on profit
 8 
(99,941)
(112,506)

Profit for the financial year
  
191,643
300,837

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 23 form part of these financial statements.
Page 8

 
Cottesmore School Limited
Registered number: 00064556

Balance Sheet
As at 31 August 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
1,537,432
1,330,395

  
1,537,432
1,330,395

Current assets
  

Stocks
 11 
69,691
70,208

Debtors: amounts falling due within one year
 12 
509,375
568,783

Cash at bank and in hand
  
6,412,658
5,215,658

  
6,991,724
5,854,649

Creditors: amounts falling due within one year
 13 
(2,829,290)
(2,192,747)

Net current assets
  
 
 
4,162,434
 
 
3,661,902

Total assets less current liabilities
  
5,699,866
4,992,297

Creditors: amounts falling due after more than one year
 14 
(868,268)
(347,733)

Provisions for liabilities
  

Deferred tax
 15 
(110,786)
(93,715)

  
 
 
(110,786)
 
 
(93,715)

Net assets
  
4,720,812
4,550,849


Capital and reserves
  

Called up share capital 
 16 
12,207
12,207

Other reserves
 17 
450
450

Profit and loss account
 17 
4,708,155
4,538,192

  
4,720,812
4,550,849


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mrs C A Rogerson
Director
Date: 20 May 2025

The notes on pages 12 to 23 form part of these financial statements.
Page 9

 
Cottesmore School Limited
 

Statement of Changes in Equity
For the Year Ended 31 August 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
12,207
450
4,259,035
4,271,692


Comprehensive income for the year

Profit for the year
-
-
300,837
300,837

Dividends: Equity capital
-
-
(21,680)
(21,680)



At 1 September 2023
12,207
450
4,538,192
4,550,849


Comprehensive income for the year

Profit for the year
-
-
191,643
191,643

Dividends: Equity capital
-
-
(21,680)
(21,680)


At 31 August 2024
12,207
450
4,708,155
4,720,812


The notes on pages 12 to 23 form part of these financial statements.
Page 10

 
Cottesmore School Limited
 

Statement of Cash Flows
For the Year Ended 31 August 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
191,643
300,837

Adjustments for:

Depreciation of tangible assets
100,023
93,960

Interest received
(122,618)
(67,713)

Taxation charge
99,941
112,506

Decrease/(increase) in stocks
517
(4,873)

Decrease/(increase) in debtors
59,408
(87,343)

Increase in creditors
1,170,280
89,276

Corporation tax (paid)
(96,072)
(207,878)

Net cash generated from operating activities

1,403,122
228,772


Cash flows from investing activities

Purchase of tangible fixed assets
(307,060)
(200,648)

Interest received
122,618
67,713

Net cash from investing activities

(184,442)
(132,935)

Cash flows from financing activities

Dividends paid
(21,680)
(21,680)

Net cash used in financing activities
(21,680)
(21,680)

Net increase in cash and cash equivalents
1,197,000
74,157

Cash and cash equivalents at beginning of year
5,215,658
5,141,501

Cash and cash equivalents at the end of year
6,412,658
5,215,658


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,412,658
5,215,658

6,412,658
5,215,658


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
Cottesmore School Limited
 

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

1.


General information

Cottesmore School Limited (00064556) is a private company limited by shares incorporated in England and Wales. The registered office is Floor 2, Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.
The company's principal activity during the year continued to be that of a private preparatory school for boys and girls.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

These financial statements are presented in sterling and rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents fees from the provision of education. Fees received for education to be provided in future years are carried forward as deferred income.
School hire, swimming pool hire, rental income, investment income and donations are accounted for in the period in which they are receivable.

 
2.3

Going concern

The Directors assess whether the use of going concern is appropriate and whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the School to continue as a going concern. Having reviewed the expected ongoing demand for pupil places and its future projected cash flows, the Directors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future.  The Directors have considered the level of funds held and the expected level of income and expenditure for a period of twelve months from finalisation of these financial statements.
Page 12

 
Cottesmore School Limited
 

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

2.Accounting policies (continued)

 
2.4

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 and reducing balance methods shown below..

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost
Plant and machinery
-
25%
reducing balance / 20 years straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
10%
reducing balance

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.

 
2.5

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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.6

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.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 13

 
Cottesmore School Limited
 

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

2.Accounting policies (continued)

 
2.8

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 relate parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at
the balance sheet date.
 
 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.


 
2.10

Interest income

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

 
2.11

Pensions

Defined contribution pension plan
The Company operates two defined contribution plans 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 Balance Sheet. The assets of the plans are held separately from the Company in independently administered funds.
Multi-employer pension plan
The Company is a member of the Teachers’ Pension Scheme (TPS) a multi-employer defined benefit plan. Where it is not possible for the Company to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan.

Page 14

 
Cottesmore School Limited
 

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

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.


3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
4,354,992
4,478,255

Registration fees
14,270
15,726

Extras and disbursements
594,348
558,296

4,963,610
5,052,277


All turnover arose within the United Kingdom.

Page 15

 
Cottesmore School Limited
 

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

4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Operating lease expenses
2,376
1,432


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,060
17,904

Fees payable to the Company's auditors for non-audit services
7,483
5,263

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,029,031
1,984,122

Social security costs
204,691
196,323

Employer pension contributions
334,319
288,982

2,568,041
2,469,427


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
57
58

The key management personnel of the company is comprised of solely the directors.

Page 16

 
Cottesmore School Limited
 

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

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
118,423
103,803

Company contributions to defined contribution pension schemes
26,115
20,946

144,538
124,749


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
82,870
96,801


82,870
96,801


Total current tax
82,870
96,801

Deferred tax


Origination and reversal of timing differences
17,071
15,705

Total deferred tax
17,071
15,705


99,941
112,506
Page 17

 
Cottesmore School Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
291,584
413,343


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.52%)
72,896
88,951

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,242
5,721

Capital allowances for year in excess of depreciation
9,648
6,777

Remeasurement of taxation for changes in tax rates
15,155
10,328

Under provision of corporation tax in prior period
-
729

Total tax charge for the year
99,941
112,506

Page 18

 
Cottesmore School Limited
 

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

9.


Dividends

2024
2023
£
£


Dividends
21,680
21,680

21,680
21,680


10.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
2,125,446
77,553
62,887
920,314
3,186,200


Additions
-
5,830
-
301,230
307,060



At 31 August 2024

2,125,446
83,383
62,887
1,221,544
3,493,260



Depreciation


At 1 September 2023
1,224,709
47,248
43,832
540,016
1,855,805


Charge for the year on owned assets
42,509
8,313
4,764
44,437
100,023



At 31 August 2024

1,267,218
55,561
48,596
584,453
1,955,828



Net book value



At 31 August 2024
858,228
27,822
14,291
637,091
1,537,432



At 31 August 2023
900,737
30,305
19,055
380,298
1,330,395


11.


Stocks

2024
2023
£
£

Uniform stock
69,691
70,208

69,691
70,208


Page 19

 
Cottesmore School Limited
 

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

12.


Debtors

2024
2023
£
£


Trade debtors
343,901
500,449

Other debtors
46,291
9,913

Prepayments and accrued income
119,183
58,421

509,375
568,783



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
177,392
87,305

Corporation tax
82,870
96,072

Other taxation and social security
40,738
46,000

Other creditors
48,286
112,955

Deposits held
293,930
198,985

Fees and extras in advance
2,142,518
1,570,222

Accruals and deferred income
43,556
81,208

2,829,290
2,192,747



14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Deposits
387,180
347,733

Fees in advance
481,088
-

868,268
347,733


Page 20

 
Cottesmore School Limited
 

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

15.


Deferred taxation




2024


£






At beginning of year
(93,715)


Charged to profit or loss
(17,071)



At end of year
(110,786)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
120,292
103,142

Other timing differences
(9,506)
(9,427)

110,786
93,715


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



12,207 (2023 - 12,207) Ordinary A, C, D, E, F, G shares of £1 each
12,207
12,207

Each share carries one vote per share, ranks equally for any dividend declared, and ranks equally for any distribution made on the winding up of the company.



17.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends and other adjustments.
Page 21

 
Cottesmore School Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024
18.


Analysis of net debt




At 1 September 2023
Cash flows
At 31 August 2024
£

£

£

Cash at bank and in hand

5,215,658

1,197,000

6,412,658

Debt

-

-

-


5,215,658
1,197,000
6,412,658


19.


Pension commitments

Defined contribution pension scheme
The company operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £131,529 (2023: £11,821). Contributions totalling £34,013 (2023: £4,134) were payable to the funds at the balance sheet date and are included in creditors.
Teachers' pension scheme
The company participates in the Teachers' Pension Scheme (England and Wales) ("the TPS") for some of its teaching staff. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers' Pensions Regulations 2010 and, from 1 April 2014, the Teachers' Pension Scheme Regulations 2014. Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuations of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023, confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%
 
The pension charge for the year includes contributions payable to the TPS of £202,790 (2023: £277,161). At the balance sheet date contributions of £4,008 (2023: £33,574) were due to the scheme and are included within creditors.


20.


Commitments under operating leases

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
2,376
1,432

Later than 1 year and not later than 5 years
10,098
3,222

12,474
4,654

Page 22

 
Cottesmore School Limited
 

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

21.


Related party transactions

T Rogerson
(Director and shareholder)
During the year the company continued to provide an interest free loan to this director. At the Balance Sheet date the amount owed to the company was £15,442 (2023: £7,243). This will be repaid post year end.


Page 23