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Registration number: 07512318

Prepared for the registrar

Sussex Educare Limited

Annual Report and Financial Statements

for the Year Ended 31 August 2024

 

Sussex Educare Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Sussex Educare Limited

Company Information

Directors

G Baker

D R Blackman

Company secretary

D R Blackman

Registered office

Grasmere House, Rapkyns Village
Guildford Road
Broadbridge Heath
Horsham
West Sussex
RH12 3PQ

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Sussex Educare Limited

(Registration number: 07512318)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,198,675

1,198,675

Current assets

 

Debtors

6

7,383

7,281

Cash at bank and in hand

 

2,250

825

 

9,633

8,106

Creditors: Amounts falling due within one year

7

(1,425,163)

(1,398,677)

Net current liabilities

 

(1,415,530)

(1,390,571)

Net liabilities

 

(216,855)

(191,896)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(216,856)

(191,897)

Shareholders' deficit

 

(216,855)

(191,896)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 May 2025 and signed on its behalf by:
 


D R Blackman
Director

 

Sussex Educare Limited

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Grasmere House, Rapkyns Village
Guildford Road
Broadbridge Heath
Horsham
West Sussex
RH12 3PQ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

Notwithstanding the net liability position shown on the balance sheet, the financial statements have been prepared on the going concern basis. The directors have considered the forecast cash flows and the cash requirements of the business in their assessment of going concern. As a result of this assessment it was concluded that the cash requirements of the business for the 12 months from signing will be met through a combination of operational cash flows and intergroup loans and thus the business is deemed to operate as a going concern.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Sussex Educare Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

Nil

Plant and machinery

10% - 15% straight line

Fixtures, fittings and equipment

15% straight line

No depreciation is provided on freehold land and buildings as it is the company's policy to maintain these assets so that they keep their previously assessed standard of performance. As the useful economic lives of these assets are of such length and the residual values are such that they are not materially different from the carrying amount any depreciation would not be material.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Sussex Educare Limited

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

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Sussex Educare Limited

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

 

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 September 2023 and at 31 August 2024

1,198,674

120,201

1,318,875

Depreciation

At 1 September 2023

-

120,200

120,200

Charge for the year

-

-

-

At 31 August 2024

-

120,200

120,200

Carrying amount

At 31 August 2024

1,198,674

1

1,198,675

At 31 August 2023

1,198,674

1

1,198,675

 

6

Debtors

2024
 £

2023
 £

Prepayments

7,383

7,281

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

21,275

19,808

Amounts due to related parties

8

1,331,576

1,306,145

Other creditors

 

60,952

60,952

Accrued expenses

 

11,360

11,772

 

1,425,163

1,398,677

 

8

Related party transactions

Summary of transactions with other related parties

At the balance sheet date, the company owed £725,688 (2023 - £725,688) to the ultimate controlling party as a result of loans to the company and payments made on its behalf to assist with start-up costs. This loan is secured by way of a legal charge over the Freehold Property of the company.

At the balance sheet date, the company owed £460,244 (2023 - £460,244) to companies in which the ultimate controlling party has controlling interest as a result of short term working capital funding. The company also owed £145,644 (2023 - £120,213) to companies under common control. No interest is charged on these amounts.

 

9

Parent and ultimate parent undertaking

The ultimate parent is SHC Rapkyns Holdco Limited, incorporated in Jersey.

 The ultimate controlling party is Dr S H Sachedina by virtue of his majority shareholding.

 

Sussex Educare Limited

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

 

10

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 May 2025 was Stephanie Hayman, who signed for and on behalf of Hazlewoods LLP.