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Registered number: 03005470









BARNARDISTON HALL PREPARATORY SCHOOL LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024






































Whitings LLP
Chartered Accountants
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
COMPANY INFORMATION


Directors
K A Boulter 
R A Richardson 




Company secretary
R A Richardson



Registered number
03005470



Registered office
Barnardiston Hall Preparatory School
Hall Road

Barnardiston

Haverhill

Suffolk

CB9 7TG




Independent auditors
Whitings LLP
Chartered Accountants & Statutory Auditor

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY




Principal bankers
HSBC Bank Plc
21 Meridian Way

Meridian Business Park

Norwich

Norfolk

NR7 0TA





 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 5
Directors' Report
6 - 7
Independent Auditors' Report
8 - 11
Consolidated Statement of Comprehensive Income
12
Consolidated Balance Sheet
13
Company Balance Sheet
14 - 15
Consolidated Statement of Changes in Equity
16
Company Statement of Changes in Equity
17
Consolidated Statement of Cash Flows
18 - 19
Consolidated Analysis of Net Debt
20
Notes to the Financial Statements
21 - 41


 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

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

Introduction
 
The Parent Company continues to offer full time education to children up to the age of 13 as an independent Nursery and Preparatory School, providing both day care and boarding facilities and a wide range of out-of-term activities.
The Group also provides specialist residential care and educational facilities to vulnerable young people with learning difficulties and associated challenges through its subsidiary company, Broadlands Hall Limited. 

Page 1

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Business review
 
The Parent Company continues to be affected by factors beyond its control. These include a significant downturn in international students for holiday courses due to various factors including the war in Ukraine, the World economy and current political dynamics and uncertainty.   
Links remain with those schools which have historically sent groups of pupils to Barnardiston for integration courses in term-time and who continue to do so. Boarding continues to be difficult, as it is nationally, and we do not expect that this part of our business will improve significantly. 
Day Pupil numbers remained stable, even with the addition of VAT onto private school fees and the increase in Employers NI contribution. We continue to have strong numbers in the Pre-Prep; here children are between 3 and 7 years of age and these pupils are likely to stay at the School until they are 13. This gives us a good base on which to build for the future. 
Mr Gavin Sinnott has now nearly completed his third year as Headmaster and he and his family are well settled into the role. School life continues to thrive.
Both the Early Years’ Foundation Stage (graded Good at its last inspection by Ofsted) and the Prep School (fully compliant, with areas of excellence) are well regarded and there continues to be a stream of parents of potential day pupils visiting.
The Nursery and the provision of the Forest School, and the happy and ‘bubbly’, family-type atmosphere in the School, continue to be an attraction to parents. There is an unrivalled breadth of curriculum and very strong scholarship results - academic and in sports, music, drama, art and technology. Most referrals come from word of mouth and personal recommendations.  As a result, there are weekly visits to the School by prospective parents and pupil numbers are steadily increasing, from 222 in September 2023 to 225 at the start of September 2024 even in the face of the new financial challenges. 
The subsidiary company Broadlands Hall has grown significantly over the last two years with further expansion expected over the next 12 months. The School, which has recently been extended to a very high standard, was – two years ago - approved by the DfE to double its size, from 25 to 50 pupils. Pupils increased from 35 to 40 during the period September 2023 - August 2024 and we currently have 49 pupils in the School. 
There is literally unlimited demand for SEND places, both locally and nationally which has been well publicised in the press. We receive up to 5 requests per night for consideration for places but we are full and have to turn potential pupils down.  We have, therefore, submitted a material change request to increase our day pupil numbers to 65 in September 2025 and  to 80 in September 2026. We have also requested a material change to allow the School to take weekly boarders. An Ofsted inspection visit has recently taken place and the inspectors have recommended that the DfE agrees both; we expect this to come through by the beginning of the Autumn Term 2025. 
We expect Broadlands to increase its annual income from £5,547,459 (YE 2024) to £7,144,054  (YE 2025)
Both Thistledown and Broadlands (Children Care Homes) are graded ‘Good’ by Ofsted, with the School ‘Good’ overall, with ‘outstanding features’. High Gables, the remaining care home has re-opened and now accommodates its maximum of 3 young people. 
As a combination, Barnardiston and Broadlands have a very positive financial future, founded on the very significant growth of the Broadlands Group. This private business is, in effect, funded by the Government. This more than balances the loss made by Barnardiston – funding which comes from individual parents' pockets and which is therefore subject to personal economic circumstances; the imposition of VAT, increased Employer NI payments and the reduction in the number of boarders have exacerbated the pressure on parents and schools.

Page 2

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Financial key performance indicators
 
The key performance indicators are average pupil numbers, turnover and profit/loss before tax.
Barnardiston Hall Preparatory School Limited
Average pupil numbers 238 (2023 - 217)
Turnover £2,601,047 (2023 - £2,428,865)
Loss before tax before dividends received from subsidiaries, and after exceptional impairment losses - £1,953,819 (2023 - £770,045)
Broadlands Hall Limited
Average pupil numbers 37 (2023 - 27)
Turnover £5,538,380 (2023 - £3,897,119)
Profit before tax £1,534,847 (2023 - £851,525)

Page 3

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Principal risks and uncertainties
 
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies and procedures are subject to ongoing review by Management. Compliance with regulation, legal and ethical standards is a high priority of the Group.
The principal risks are shown below:
Regulatory - unfavourable Ofsted or Independent Schools Inspectorate (ISI) report
Action Taken: Checks are carried out on a regular basis to ensure compliance with Ofsted and ISI requirements. Third parties are also used to ensure regulatory matters are dealt with properly. All parts of our business are graded ‘Good’ or better.
The Group maintains a high standard of education and care, and at competitive rates, to ensure pupil numbers are maintained. The serious shortage of special needs’ day places in schools nationally helps the growth of Broadlands Hall School, discussed earlier. 
Recruitment  - recruitment of unsuitable staff
Action Taken: The Group follows formal procedures for recruitment of staff including  safeguarding issues.
Funding and Liquidity
Action Taken: The Group's approach to liquidity management is to use a mixture of long-term and short-term debt to meet liabilities when due. Forward forecasting and variance analysis is carried out on a regular basis.
VAT
Action Taken: The Management Team acknowledges that VAT being imposed on School fees will happen and are planning accordingly. Barnardiston Hall is in the fortunate position of not being a charitable trust and, therefore, is not at as a great risk as some other independent schools.
 
Page 4

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


Future developments
The Independent Schools’ sector has faced several challenges over the last five years, with the restriction on travel, Brexit, the current cost of living crisis and now VAT implications.   That said, with increasing numbers in the Pre-Prep Department at Barnardiston Hall, and the repayment of all CBILS loans (as a result of the pandemic), we will continue to hold our own.
The Broadlands Group has been significantly strengthened by DfE’s agreement to double its number of day pupils; these pupils are not dependent on a fragile economy but offer a resource to Local Authorities for special needs’ places which they cannot source elsewhere. The demand is significant and continuous. The extension to the facilities led to an increase in turnover of circa £1.6 million from 2023 to 2024. This turnover is expected to increase from £5.5 million in 2024 to over £7 million by August 2026. 


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



K A Boulter
Director

Date: 11 July 2025

Page 5

 
BARNARDISTON HALL PREPARATORY 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £532,989 (2023 - profit £69,224).

Details of dividends are shown in note 12.

Directors

The directors who served during the year were:

K A Boulter 
R A Richardson 

Future developments

Future developments are included in the Strategic Report.

Page 6

 
BARNARDISTON HALL PREPARATORY 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsWhitings 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.
 





K A Boulter
Director

Date: 11 July 2025

Page 7

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 

Opinion


We have audited the financial statements of Barnardiston Hall Preparatory School Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 August 2024 and of the Group's loss 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 Group 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.


Material uncertainty related to going concern


We draw attention to note 2.3 in the financial statements, which indicates that the company’s principal bankers have issued a reservation of rights letter following a covenant breach by the company. As stated in note 2.3, these events or conditions, along with the other matters as set out in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


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. 


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 8

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNARDISTON HALL PREPARATORY SCHOOL LIMITED (CONTINUED)


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.


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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 9

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNARDISTON HALL PREPARATORY SCHOOL LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 Group's and the parent 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 Group or the parent 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 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 Group 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:

Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, and fraud; 
Enquiry of management around actual and potential litigation and claims;
Reviewing compliance with certain laws and regulations including with regulators ISI and Ofsted;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Challenging assumptions and judgements made by management in their significant accounting estimates, such as those identified in note 3; and
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropiateness, and evaluating the business rationale of significant transactions outside of the course of normal business.


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.


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 Auditors' Report.


Page 10

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNARDISTON HALL PREPARATORY SCHOOL LIMITED (CONTINUED)


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.





Jonathan Moore ACCA (Senior Statutory Auditor)
  
for and on behalf of
Whitings LLP
 
Chartered Accountants
Statutory Auditor
  
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

11 July 2025
Page 11

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,139,427
6,325,983

Cost of sales
  
(642,812)
(497,491)

Gross profit
  
7,496,615
5,828,492

Administrative expenses
  
(6,904,952)
(5,436,533)

Other operating income
 5 
14,237
1,502

Exceptional other operating charges
  
(754,000)
-

Operating (loss)/profit
  
(148,100)
393,461

Interest receivable and similar income
 9 
-
341

Interest payable and similar expenses
 10 
(270,872)
(312,323)

(Loss)/profit before taxation
  
(418,972)
81,479

Tax on (loss)/profit
 11 
(114,017)
(12,255)

(Loss)/profit for the financial year
  
(532,989)
69,224

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(532,989)
69,224

  
(532,989)
69,224

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

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

The notes on pages 21 to 41 form part of these financial statements.

Page 12

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
REGISTERED NUMBER: 03005470

CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
8,054,402
8,181,662

  
8,054,402
8,181,662

Current assets
  

Stocks
 17 
18,422
18,422

Debtors: amounts falling due within one year
 18 
545,963
400,532

Cash at bank and in hand
 19 
143,069
41,699

  
707,454
460,653

Creditors: amounts falling due within one year
 20 
(6,738,814)
(5,968,925)

Net current liabilities
  
 
 
(6,031,360)
 
 
(5,508,272)

Total assets less current liabilities
  
2,023,042
2,673,390

Creditors: amounts falling due after more than one year
 21 
(216,703)
(190,943)

Provisions for liabilities
  

Deferred taxation
 24 
(176,179)
(151,130)

  
 
 
(176,179)
 
 
(151,130)

Net assets
  
1,630,160
2,331,317


Capital and reserves
  

Called up share capital 
 25 
2,002
2,002

Share premium account
 26 
998
998

Profit and loss account
 26 
1,627,160
2,328,317

  
1,630,160
2,331,317


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




K A Boulter
Director

Date: 11 July 2025

The notes on pages 21 to 41 form part of these financial statements.

Page 13

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
REGISTERED NUMBER: 03005470

COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
4,062,768
4,290,540

Investments
 16 
1
1

  
4,062,769
4,290,541

Current assets
  

Stocks
 17 
14,872
14,872

Debtors: amounts falling due within one year
 18 
227,017
228,838

Cash at bank and in hand
 19 
34,032
3,501

  
275,921
247,211

Creditors: amounts falling due within one year
 20 
(4,197,770)
(4,335,380)

Net current liabilities
  
 
 
(3,921,849)
 
 
(4,088,169)

Total assets less current liabilities
  
140,920
202,372

  

Creditors: amounts falling due after more than one year
 21 
(49,806)
(101,503)

Provisions for liabilities
  

Deferred taxation
 24 
(87,453)
(87,453)

  
 
 
(87,453)
 
 
(87,453)

Net assets
  
3,661
13,416

Page 14

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
REGISTERED NUMBER: 03005470
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 25 
2,002
2,002

Share premium account
 26 
998
998

Profit and loss account brought forward
  
10,416
21,299

Profit for the year
  
158,413
21,217

Dividends paid

  

(168,168)
(32,100)

Profit and loss account carried forward
  
661
10,416

  
3,661
13,416


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




K A Boulter
Director

Date: 11 July 2025

The notes on pages 21 to 41 form part of these financial statements.

Page 15

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
2,002
998
2,291,193
2,294,193



Profit for the year
-
-
69,224
69,224

Dividends: Equity capital
-
-
(32,100)
(32,100)



At 1 September 2023
2,002
998
2,328,317
2,331,317



Loss for the year
-
-
(532,989)
(532,989)

Dividends: Equity capital
-
-
(168,168)
(168,168)


At 31 August 2024
2,002
998
1,627,160
1,630,160


The notes on pages 21 to 41 form part of these financial statements.

Page 16

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
2,002
998
21,299
24,299



Profit for the year
-
-
21,217
21,217

Dividends: Equity capital
-
-
(32,100)
(32,100)



At 1 September 2023
2,002
998
10,416
13,416



Profit for the year
-
-
158,413
158,413

Dividends: Equity capital
-
-
(168,168)
(168,168)


At 31 August 2024
2,002
998
661
3,661


The notes on pages 21 to 41 form part of these financial statements.

Page 17

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(532,989)
69,224

Adjustments for:

Depreciation of tangible assets
231,049
170,514

Impairment loss
754,000
-

Loss on disposal of tangible assets
1,845
2,156

Interest paid
270,872
312,323

Interest received
-
(341)

Taxation charge
114,017
12,255

Decrease/(increase) in stocks
-
(1,650)

(Increase) in debtors
(145,431)
(107,893)

Increase in creditors
1,349,884
950,609

Net cash generated from operating activities

2,043,247
1,407,197


Cash flows from investing activities

Purchase of tangible fixed assets
(860,603)
(832,072)

Sale of tangible fixed assets
970
6,526

Interest received
-
341

HP interest paid
(13,733)
(17,505)

Net cash from investing activities

(873,366)
(842,710)

Cash flows from financing activities

New secured loans
-
250,000

Repayment of loans
(382,611)
(208,165)

Other new loans
200,000
-

Repayment of other loans
(271,450)
(435,323)

New/repayment of  finance leases
(73,245)
(38,437)

Dividends paid
(168,168)
(32,100)

Interest paid
(257,139)
(294,818)

Net cash used in financing activities
(952,613)
(758,843)
Page 18

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


2024
2023

£
£



Net increase/(decrease) in cash and cash equivalents
217,268
(194,356)

Cash and cash equivalents at beginning of year
(507,225)
(312,869)

Cash and cash equivalents at the end of year
(289,957)
(507,225)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
143,069
41,699

Bank overdrafts
(433,026)
(548,924)

(289,957)
(507,225)


Page 19

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024




At 1 September 2023
Cash flows
At 31 August 2024
£

£

£

Cash at bank and in hand

41,699

101,370

143,069

Bank overdrafts

(548,924)

115,898

(433,026)

Debt due after 1 year

(40,958)

(120,665)

(161,623)

Debt due within 1 year

(2,534,503)

576,726

(1,957,777)

Finance leases

(223,542)

73,245

(150,297)


(3,306,228)
746,574
(2,559,654)

The notes on pages 21 to 41 form part of these financial statements.

Page 20

 
BARNARDISTON HALL PREPARATORY SCHOOL 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, registered in England and Wales. The address of the registered office is Barnardiston Hall, Hall Road, Barnardiston, Haverhill, Suffolk, CB9 7TG. The principal activity is provision of education.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
 

Page 21

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Going concern

The group has reclassified certain loans as falling due within one year. The group breached an interest cover covenant in respect of the financial statements for the year ended 31 August 2022. The group’s principal banker subsequently issued a reservation of rights letter to the company in respect of its borrowings. As at the time of approval of these financial statements this had not been rectified. The principal banker, at the time of approval of these financial statements, has not taken any further action. Based the group’s results for the year ended 31 August 2023, the group is likely to breach the interest cover covenant. 
The group has reported a loss before tax of £418,972 including exceptional impairment losses (profit of £335,028 before impairment)(2023 - profit before tax £81,479). At that date, the group had net current liabilities of £6,031,360 (2023 - £5,508,274).
The directors have prepared cash flow forecasts which have provided the directors with sufficient comfort that the financial statements should be prepared on the going concern basis but this is reliant on the ongoing support of the group’s principal banker and other lenders, and that no action is taken as a result of the covenant breaches. The directors recognise that due the above circumstances, the existence of a material uncertainty which may cast significant doubt over the group’s ability to continue as a going concern exists.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

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

Page 22

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 plan are held separately from the Group in independently administered funds.

Multi-employer pension plan

The Group is a member of a multi-employer plan. Where it is not possible for the Group 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 23

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.11

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.13

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 24

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets 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 method.

Depreciation is provided on the following basis:

Buildings with an economic life less than 50 years
-
5%
to 10% straight line
Plant and machinery
-
15%
reducing balance/15% to 33% straight line
Motor vehicles
-
15%
to 25% reducing balance
Fixtures and fittings
-
15%
reducing balance/15% to 33% straight line

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.

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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.

Page 25

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

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 Consolidated 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 Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 26

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.22

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 27

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations and future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related results. The estimates and assumptions that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Impairment of tangible assets
The company conducts an annual impairment review by comparing the carrying amount of tangible fixed assets with their value in use. The valuation is calculated as an estimate of the present value of the future cash flows obtainable as a result of the assets continued use, including those resulting from its subsequent disposal.
Impairment of debtors
The company makes estimates of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the financial circumstances of the debtor, the ageing profile of debtors and historical experience.
Going concern
Further details regarding this can be found in note 2.3.


4.


Turnover

2024
2023
£
£

Rendering of services
8,139,427
6,325,983


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
552
1,502

Government grants receivable
13,685
-

14,237
1,502


Government grants receivable consist of grants for the Teachers' Pension Employer Contribution Grant.

Page 28

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
22,000
21,000


7.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,074,192
3,532,055
1,909,270
1,648,069

Social security costs
376,354
310,457
182,317
150,552

Cost of defined contribution scheme
318,403
231,617
238,529
177,316

4,768,949
4,074,129
2,330,116
1,975,937


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


        2024
        2023
            No.
            No.







Administration and support
10
10



Other departments
151
139

161
149

The Company had an average monthly number of employees, including directors, during the year of 70 (2023 - 69).

Page 29

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
42,333
40,582

Group contributions to defined contribution pension schemes
10,649
9,190

52,982
49,772


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


9.


Interest receivable

2024
2023
£
£


Other interest receivable
-
341


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
222,809
248,205

Other loan interest payable
10,116
36,446

Finance leases and hire purchase contracts
13,733
17,505

Other interest payable
24,214
10,167

270,872
312,323

Page 30

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
102,833
11,452

Adjustments in respect of previous periods
(13,865)
(1,639)


Total current tax
88,968
9,813

Deferred tax


Origination and reversal of timing differences
25,049
2,442

Total deferred tax
25,049
2,442


Tax on (loss)/profit
114,017
12,255

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19-25%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(418,972)
81,479


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19-25%)
(104,743)
15,481

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
232,625
6,069

Adjustments to tax charge in respect of prior periods
(13,865)
(1,639)

Other differences leading to an increase (decrease) in the tax charge
-
(7,656)

Total tax charge for the year
114,017
12,255


12.


Dividends

2024
2023
£
£


Dividends paid
168,168
32,100

Page 31

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

13.


Exceptional items

2024
2023
£
£


Impairment loss
754,000
-

Having identified that there are impairment indicators, the directors reviewed the carrying value of freehold property within tangible fixed assets and consider that an impairment loss should be recognised.


14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £158,413 (2023 - £21,217).

Page 32

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
9,152,460
2,335,290
299,543
878,332
12,665,625


Additions
724,603
54,066
31,690
50,244
860,603


Disposals
-
-
(7,150)
-
(7,150)



At 31 August 2024

9,877,063
2,389,356
324,083
928,576
13,519,078



Depreciation


At 1 September 2023
1,797,842
1,828,860
131,452
725,809
4,483,963


Charge for the year on owned assets
57,843
101,517
44,706
26,983
231,049


Disposals
-
-
(4,336)
-
(4,336)


Impairment charge
754,000
-
-
-
754,000



At 31 August 2024

2,609,685
1,930,377
171,822
752,792
5,464,676



Net book value



At 31 August 2024
7,267,378
458,979
152,261
175,784
8,054,402



At 31 August 2023
7,354,618
506,430
168,091
152,523
8,181,662

Included in freehold property is non depreciable land and buildings with a net book value of £6,986,089 (2023 - £6,882,612). Impairment losses of £1,484,084 (2023 - £1,484,084) have been provided for in calculating the net book value of freehold property.

The net book value of assets held under finance leases or hire purchase contracts, included are £206,430  (2023 - £262,852).

Page 33

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           15.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£

Cost or valuation


At 1 September 2023
5,406,167
1,639,891
236,244
645,867
7,928,169


Additions
600,494
22,197
9,500
19,341
651,532


Disposals
-
-
(4,500)
-
(4,500)



At 31 August 2024

6,006,661
1,662,088
241,244
665,208
8,575,201



Depreciation


At 1 September 2023
1,571,598
1,415,909
97,786
552,336
3,637,629


Charge for the year on owned assets
15,892
55,931
35,566
15,572
122,961


Disposals
-
-
(2,157)
-
(2,157)


Impairment charge
754,000
-
-
-
754,000



At 31 August 2024

2,341,490
1,471,840
131,195
567,908
4,512,433



Net book value



At 31 August 2024
3,665,171
190,248
110,049
97,300
4,062,768



At 31 August 2023
3,834,569
223,982
138,458
93,531
4,290,540

Included in freehold property is non depreciable land and buildings with a net book value of £3,949,942 (2023 - £3,449,686). Impairment losses of £1,484,084 (2023 - £1,484,084) have been provided for in calculating the net book value of freehold property.
The net book value of assets held under finance leases or hire purchase contracts, included are £110,463 (2023 - £149,950).






Page 34

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
1



At 31 August 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Broadlands Hall Limited
Greenwood House, Greenwood Court, Skyliner Way, Bury St Edmunds, Suffolk
Provision of children's care homes
Ordinary
100%


17.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Consumables
18,422
18,422
14,872
14,872


Page 35

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
452,136
303,735
155,398
171,742

Other debtors
8,634
43,825
5,641
26,415

Prepayments and accrued income
77,397
49,998
58,182
27,707

Tax recoverable
7,796
2,974
7,796
2,974

545,963
400,532
227,017
228,838



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
143,069
41,699
34,032
3,501

Less: bank overdrafts
(433,026)
(548,924)
(433,026)
(548,924)

(289,957)
(507,225)
(398,994)
(545,423)



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
433,026
548,924
433,026
548,924

Bank loans
1,873,286
2,255,897
867,099
971,398

Other loans
84,491
278,606
9,500
9,500

Trade creditors
664,458
176,167
288,191
75,773

Amounts owed to group undertakings
-
-
410,022
1,104,614

Corporation tax
103,014
14,046
-
-

Other taxation and social security
539,455
644,726
280,979
295,926

Obligations under finance lease and hire purchase contracts
95,216
73,557
52,206
34,709

Other creditors
294,194
45,118
280,016
37,101

Accruals and deferred income
2,651,674
1,931,884
1,576,731
1,257,435

6,738,814
5,968,925
4,197,770
4,335,380


Page 36

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
161,623
40,958
-
-

Net obligations under finance leases and hire purchase contracts
55,080
149,985
49,806
101,503

216,703
190,943
49,806
101,503


Bank loans and overdrafts are secured by first or second legal charges over the group's freehold properties, together with a fixed and floating charge over the assets and undertakings of the group. Other loans are secured by a first legal charge over one of the group's freehold properties. The borrowings have terms of between 12 and 180 months. The loans are repayable by monthly instalments. Interest is charged at rates between 2.88% and 18.01%.
Hire purchase and finance leases are secured on the assets concerned. 
A director has provided a personal guarantee in respect of certain borrowings.

Page 37

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
1,873,286
2,255,897
867,099
971,398

Other loans
84,491
278,606
9,500
9,500


1,957,777
2,534,503
876,599
980,898

Amounts falling due 1-2 years

Other loans
161,623
40,958
-
-

2,119,400
2,575,461
876,599
980,898


The group has reclassified certain loans as falling due within 1 year. The group breached an interest cover covenant in respect of the financial statements for the year ended 31 August 2023. The group’s principal banker has subsequently issued a reservation of rights letter to the group companies in respect of its borrowings. 
Due to this breach of the covenants, the bank is contractually entitled to request for immediate repayment of all balances. The outstanding loan amount plus overdrafts as at 31 August 2024 for the company is £1,300,125 (2023 - £1,520,322).The outstanding loan amount plus overdrafts as at 31 August 2024 for the group is £2,306,312 (2023 - £2,804,821).


23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
101,772
108,662
53,099
53,099

Between 1-5 years
58,406
160,178
52,784
105,883

160,178
268,840
105,883
158,982

Page 38

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

24.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(151,130)
(148,688)


Charged to profit or loss
(25,049)
(2,442)



At end of year
(176,179)
(151,130)

Company


2024
2023


£

£






At beginning of year
(87,453)
(116,339)


Charged to profit or loss
-
28,886



At end of year
(87,453)
(87,453)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(176,179)
(156,859)
(87,453)
(91,508)

Short term timing differences
-
5,729
-
4,055

(176,179)
(151,130)
(87,453)
(87,453)


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,002 (2023 - 2,002) Ordinary shares of £1.00 each
2,002
2,002


Page 39

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

26.


Reserves

Share premium account

This reserve has arisen from amounts paid for ordinary shares in excess of their nominal value.

Profit and loss account

This reserve comprises all current and prior period distributable retained profits and losses.


27.


Contingent liabilities

Amounts not provided for in the company balance sheet
The total amount of contingencies not included in the company balance sheet is £1,006,186 (2023 - £1,284,499). A contingent liability exists under a guarantee provided in support of group companies in respect of bank borrowings.


28.


Pension commitments

The group operates a defined contribution pension scheme and a defined benefit scheme that is accounted for as a defined contribution scheme in line with the policy at note 2.9. The assets of the schemes are held separately from those of the group in an independently administered funds. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £318,403 (2023 - £231,618). Contributions totalling £42,248 (2023 - £28,846) were payable to the scheme at the end of the year and are included in creditors.


29.


Commitments under operating leases

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
5,615
5,615
2,436
2,436

Later than 1 year and not later than 5 years
1,872
5,615
812
2,436

7,487
11,230
3,248
4,872

Group lease payments of £47,263 (2023 - £44,788) were recognised as an expense during the year.
Lease payments for the company of £22,825 (2023 - £20,932) were recognised as an expense during the year.

Page 40

 
BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

30.


Related party transactions

Key management personnel, which includes the directors and members of the senior management team, received compensation of £479,567 (2023 - £437,018).
Included in creditors are balances due to directors of £242,076 (2023 - £16,271).
During the year the company paid dividends to directors of £168,168  (2023 - £32,100).


31.


Controlling party

The ultimate controlling party is K Boulter by way of his 100% shareholding in the parent company.

Page 41