| REGISTERED NUMBER: |
| Financial Statements |
| for the Period 1 January 2024 to 31 August 2024 |
| for |
| LC2 Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Period 1 January 2024 to 31 August 2024 |
| for |
| LC2 Limited |
| LC2 Limited (Registered number: 04515989) |
| Contents of the Financial Statements |
| for the Period 1 January 2024 to 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| LC2 Limited |
| Company Information |
| for the Period 1 January 2024 to 31 August 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| LC2 Limited (Registered number: 04515989) |
| Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| The financial statements were approved by the director and authorised for issue on |
| LC2 Limited (Registered number: 04515989) |
| Notes to the Financial Statements |
| for the Period 1 January 2024 to 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| LC2 Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes. |
| Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transactions, the fair value of the consideration is measured as the present value of all future receipts using the inputted rate of interest. |
| The Company recognises revenue when the following conditions are satisfied: |
| i. the Company has transferred to the buyer the significant risks and rewards of ownership of the goods or |
| services; |
| ii. the Company retains neither continuing managerial involvement to the degree associated with ownership |
| nor effective control over the goods or services sold; |
| iii. the amount of revenue can be measured reliably; |
| iv. it is probable that the economic benefits associated with the transaction can be measured reliably. |
| Provision of educational services |
| Income represents school fees and extra charges relating to the three academic terms in the year and income from other activities. Fees invoiced in advance are carried forward for credit in the period to which they relate. |
| Interest receivable |
| Interest income is recognised using the effective interest method. |
| 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. |
| LC2 Limited (Registered number: 04515989) |
| Notes to the Financial Statements - continued |
| for the Period 1 January 2024 to 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost |
| includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. |
| Depreciation and residual values |
| Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful |
| life as follows: |
| Short Leasehold - 4% on a straight line basis |
| Fixtures and fittings - 15% on a straight line basis |
| Computer equipment - 15% on a straight line basis |
| Plant & machinery - 15% on a straight line basis |
| The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each |
| reporting period. The effect of any changes is accounted for prospectively. |
| Subsequent additions and major components |
| Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably. |
| The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. |
| Repairs and maintenance costs are expensed as incurred. |
| Derecognition |
| Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| LC2 Limited (Registered number: 04515989) |
| Notes to the Financial Statements - continued |
| for the Period 1 January 2024 to 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | Plant and | and | Computer |
| leasehold | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for period |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Deferred tax asset |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| In the previous accounting period the Directors of the Company took advantage of audit exemption under s.477 of the Companies Act 2006. Therefore, the comparatives in the financial statements were not subject to audit. |
| for and on behalf of |
| LC2 Limited (Registered number: 04515989) |
| Notes to the Financial Statements - continued |
| for the Period 1 January 2024 to 31 August 2024 |
| 8. | ULTIMATE CONTROLLING PARTY |
| The Company's parent company is Wishford Education Holdco 2 Limited. The smallest and largest group into which the results of LC2 Limited are consolidated in Wishford Education Group Limited. |
| Copies of the group financial statements may be obtained from 25-27 High Street, Corsham, Wiltshire, SN13 0ES. |
| 9. | CHANGE IN REPORTING FREQUENCY |
| The Company has changed its accounting reference date from December to August in order to align the Company with the Group's accounting reference date. This resulted in the current accounting period being 8 months, therefore, the comparative amounts presented in the financial statements are not entirely comparable. |