| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Statement of Comprehensive Income | 9 |
| Balance Sheet | 10 |
| Statement of Changes in Equity | 11 |
| Cash Flow Statement | 12 |
| Notes to the Financial Statements | 13 |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| Unit 4 Mulgrave Chambers |
| 26-28 Mulgrave Road |
| Sutton |
| Surrey |
| SM2 6LE |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| The directors present their strategic report for the year ended 31 August 2024. |
| REVIEW OF BUSINESS |
| The results for the year and financial position of the company are as shown in the annexed financial statements. |
| We aim to present a balanced and comprehensive review of the development and performance of the company during the year and its position at the year end. Our review is consistent with the size and nature of our business activities and is written in the context of the risks and uncertainties we face. |
| The company continues to operate as a private school for students aged 10 to 16. The school is a specialist performing arts school offering vocational and academic education. |
| The company's turnover increased in the year to £4,224,166 (2023 - £4,104,564), despite the ongoing challenging economic environment. |
| The company maintained profitability, recording a profit before tax of £87,058 down from £203,799 in 2023, reflecting a challenging year of cost pressures. Overall, the company's profit and loss reserve has increased by £25,577 to £7,902,022 (2023 - £7,876,445). |
| KEY PERFORMANCE INDICATORS |
| The company uses the following Key Performance Indicators to monitor the performance of the business: |
| 2024 | 2023 |
| Turnover | £4.22m | £4.10m |
| Gross Profit Percentage | 54.98% | 54.22% |
| Operating profit before taxation | £0.09m | £0.20m |
| The net assets of the company are £9.62 million at the balance sheet date up from £9.59 million in 2023. |
| Despite the challenges of the economic environment, with rising inflation and the cost of living crisis, the company has continued to operate and support its students academic success. |
| The introduction of VAT on private school fees from January 2025 and the changes to Employers National Insurance from April 2025 have both had an affect on the school's financial planning.The company anticipates another challenging year ahead, as whilst the school will be able to recover input VAT on qualifying expenditure, this will be offset by the impact of the large increase in Employers National Insurance costs and the anticipated increases implemented by suppliers as the new National Insurance costs are passed on. |
| The strong net asset position continues to form a foundation on which will support the company through the challenges ahead and enable the company to continue to grow and prosper. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The most significant risks facing the business are the short and medium term impact of the current economic pressures from the ongoing cost of living crisis and pressures on interest rates and inflation, all of which have impacted on the business, and the introduction of VAT on private schools from January 2025. The impact on the company and the responses of the Directors are detailed below. |
| Financial risk management |
| The company continuously monitors its cash flow and working capital requirements to ensure that an adequate level of liquidity is maintained at all times, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the company's reputation. Liquidity is provided through cash balances and access to the company's banking facilities. It is the company's policy to pay all creditors in line with their credit terms. |
| Economic risk management |
| The company recognises the challenging risks associated with the current economic environment. The board considers that the company has a strong balance sheet, robust internal controls and the necessary long term strategy required to minimise and manage the impact of these risks. |
| Competitive risk management |
| The company recognises the risks associated with the competitive market and will continue to offer the highest level of academic and vocational education to its students. |
| Credit risk management |
| As with most businesses the company is exposed to the credit risk of customers and their ability to pay debts on a timely basis. |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES - (continued) |
| Government policy |
| The company recognises the risks associated with changes in government policy, such as the introduction on VAT on private school fees from January 2025, and regularly assesses and considers the risks in relation to potential changes in policy that may impact the school. |
| Inflation and the cost of living crisis |
| Global inflationary pressures that have arisen following international political unrest and change continue to represent an ongoing risk to the business. These pressures are seen most clearly in relation to: |
| Wage cost inflation and staff retention |
| The company is continually affected by wage cost inflation and pressures within the labour market, which will be further exacerbated by increases in Employer National Insurance Contributions. The company and its directors continue to monitor the situation closely and adapt the school offering in line with guidance. There continues to be a steady stream of teachers leaving the profession due to staff shortages, being overworked and suffering from stress and this is putting pressure on the company recruitment practices to ensure it can successfully identify and employ high quality staff and to continue to deliver the high level of academic and vocational education it has always done. |
| Utilities costs |
| Increasing volatility, uncertainty, cost pressures and general environmental awareness in the UK market has resulted in increased pressures on the company in recent times. To manage and help mitigate the risk associated with these pressures, the company carefully monitors energy consumption and suppliers charges. |
| ON BEHALF OF THE BOARD: |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| 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 in the year under review was that of a private school. |
| DIVIDENDS |
| The company paid interim ordinary B share dividends of £nil (2023 - £85,000) during the year. No final dividends are due on either the ordinary A or B shares. |
| FUTURE DEVELOPMENTS |
| As for many businesses of our size, the business environment in which we operate continues to be challenging. Despite the introduction of VAT on private school fees, we are confident in the company's ability to maintain its position, albeit with cautious growth expectations and we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| 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), 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 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. |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| AUDITORS |
| The auditors, THP Limited, will be proposed for re-appointment. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED |
| Opinion |
| We have audited the financial statements of Sylvia Young Theatre School Limited (the 'company') for the year ended 31 August 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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 |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
| 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 the sector in which the company operates; |
| - | 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 and data protection, anti-bribery, employment, environmental, advertising 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; |
| - | reviewed journal entries 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; |
| - | enquiring of management as to actual and potential litigation and claims; and |
| - | reviewing correspondence with HMRC and any other relevant regulators as required. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| 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 |
| SYLVIA YOUNG THEATRE 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. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditors |
| Unit 4 Mulgrave Chambers |
| 26-28 Mulgrave Road |
| Sutton |
| Surrey |
| SM2 6LE |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| 87,425 | 203,799 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| BALANCE SHEET |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 21 |
| Interest paid | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) |
| Amount introduced by directors |
| Amount withdrawn by directors | ( |
) |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
22 |
742,959 |
| Cash and cash equivalents at end of year |
22 |
1,187,157 |
889,155 |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 1. | STATUTORY INFORMATION |
| Sylvia Young Theatre School Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared on a going concern basis and under the historical cost convention. |
| Going concern |
| The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts. |
| The directors, having considered all the information available, are confident that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the directors are satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements. |
| Significant judgements and estimates |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| a) Critical judgements in applying the entity's accounting policies |
| There are no specific judgements, apart from those involving estimates as detailed below, that management has made in the process of applying the entity’s accounting policies that have a significant effect on the amounts recognised in the financial statements. |
| b) Critical accounting estimates and assumptions |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates can differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
| (i) Useful economic lives of tangible and intangible assets |
| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of tangible assets and note 3 for the amortisation and depreciation policy in respect of each class of asset. |
| (ii) Impairment of debtors |
| The company makes an estimate of the recoverable value of trade and other debtors. When assessing their impairment, the management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 11 for the net carrying amount of debtors. |
| Revenue recognition |
| Turnover represents fees due in respect of schooling and education services provided in the year, together with donations received. |
| Fees billed in advance for schooling and education services are deferred according to the expected start date of the services provided. |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful lives: |
| Long leasehold | - Over the period of the lease |
| Improvements to property | - Over the remaining lease term since being brought in to use |
| Fixtures and fittings | - 10% on cost |
| Computer equipment | - 25% on cost |
| Where an asset is under construction, no depreciation is charged until the asset is brought into use. |
| Taxation |
| Taxation for the year comprises current and deferred tax. 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 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. |
| Deferred taxation |
| 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. |
| Value added tax |
| Value added tax is irrecoverable and therefore increases the relevant costs. |
| Employee benefits |
| The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. |
| (i) Short Term Benefits |
| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
| (ii) Group Personal Pension Plans |
| The company operates a number of defined contribution pension schemes to meet the requirements of its directors, teaching and administrative staff. 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 the income statement when they fall due. Amounts not paid are shown as a creditor on the balance sheet. The assets of those schemes are held separately from the company in independently administered funds. |
| The company contributed to the Teachers' Pension Scheme at rates set by the scheme actuary and advised to the company by the scheme administrator. The scheme is a multi-employer defined benefit pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the school. In accordance with FRS102 the scheme is accounted for as a defined contribution scheme and contributions are accounted for when advised as due by the scheme administrator. |
| Operating leases |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments. |
| Basic financial instruments are initially recognised at transaction value and subsequently carried at this value less any provision for impairment. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 4 | 5 |
| Teaching staff | 69 | 68 |
| Administrative staff | 36 | 33 |
| 5. | DIRECTORS' EMOLUMENTS |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| The Directors of the company are also its 'key management' for the purposes of disclosure under FRS102. |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Auditors' remuneration for non-audit work |
| Rent of premises |
| Other operating lease rentals |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Interest on taxation |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 8. | 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 |
| Annual Tax on Enveloped Dwellings |
| Total current tax |
| Deferred tax | ( |
) |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Annual Tax on Enveloped Dwellings |
| Rate movement on deferred tax provision | ( |
) |
| Total tax charge | 61,481 | 77,548 |
| 9. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary B shares of £1 each |
| Interim dividends paid |
| 10. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Long | to | and | Computer |
| leasehold | property | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 11. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amount due from related party |
| Directors' current accounts |
| Prepayments |
| Amounts falling due after more than one year: |
| Trade debtors |
| Aggregate amounts |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts |
| Accruals and deferred income |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Amounts shown relate to the full amount of lease payments left in accordance with the respective leases. |
| 15. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 355,585 | 359,598 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Credit to Statement of Comprehensive Income during year | ( |
) |
| Balance at 31 August 2024 |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 20,000 | 20,000 |
| Ordinary B | £1 | 1,700,000 | 1,700,000 |
| 1,720,000 | 1,720,000 |
| All shares carry equal voting rights, however Ordinary A shares are entitled to appoint the Chairman at any general meeting of the company and Ordinary B shareholders are only entitled to vote on matters pertaining to the specific rights of their share class. |
| The directors may at any time resolve to declare a dividend on one or more classes of share and not one of the other classes. |
| 17. | PENSION COMMITMENTS |
| The company contributes to a number of defined contribution pension schemes for certain of its directors and staff. The assets of all schemes are held separately from those of the company in independently administered funds. |
| At the year end an amount of £33,213 (2023 - £28,288) was outstanding. |
| 18. | TRANSACTIONS WITH DIRECTORS |
| The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| The amount advanced to S Baker was interest free and repayable on demand. The amount has been repaid since the year end date. |
| The amount advanced to S Ruffell was subject of interest at a rate of 2.25% per annum and repayable on demand. The amount has been repaid since the year end date. |
| 19. | RELATED PARTY DISCLOSURES |
| 2024 | 2023 |
| £ | £ |
| Services supplied |
| Amount due to related parties |
| SYLVIA YOUNG THEATRE SCHOOL LIMITED (REGISTERED NUMBER: 01812483) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 19. | RELATED PARTY DISCLOSURES - continued |
| 2024 | 2023 |
| £ | £ |
| Expenses recharged by them |
| Expenses recharged to them |
| Amount due from related party |
| 20. | ULTIMATE CONTROLLING PARTY |
| N A and S Ruffell control the company by virtue of their combined holding of 41% of the issued ordinary share capital and as trustees of The Ruffell Accumulation and Maintenance Settlement which holds 17% of the issued ordinary share capital. |
| 21. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Finance costs | 367 | - |
| Finance income | (17,759 | ) | (9,890 | ) |
| 273,420 | 402,803 |
| Decrease/(increase) in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 22. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 1,187,157 | 889,155 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 889,155 | 742,959 |
| 23. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 889,155 | 298,002 | 1,187,157 |
| 889,155 | 1,187,157 |
| Total | 889,155 | 298,002 | 1,187,157 |