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Registered number:
FOR THE YEAR ENDED 31 AUGUST 2024
Whitings LLP
Chartered Accountants
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
COMPANY INFORMATION
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
CONTENTS
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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.
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.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
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.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
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)
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
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.
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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.
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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.
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.
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 2006. They 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.
The loss for the year, after taxation, amounted to £532,989 (2023 - profit £69,224).
Details of dividends are shown in note 12.
The directors who served during the year were:
Future developments are included in the Strategic Report.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
There have been no significant events affecting the Group since the year end.
The auditors, Whitings LLP, will 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.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
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 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).
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.
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.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNARDISTON HALL PREPARATORY SCHOOL LIMITED (CONTINUED)
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 Report. 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. 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.
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.
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.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNARDISTON HALL PREPARATORY SCHOOL LIMITED (CONTINUED)
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.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARNARDISTON HALL PREPARATORY SCHOOL LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Greenwood House
Greenwood Court
Skyliner Way
Suffolk
IP32 7GY
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
REGISTERED NUMBER: 03005470
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
REGISTERED NUMBER: 03005470
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
REGISTERED NUMBER: 03005470
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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
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:
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.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (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:
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.
Page 25
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (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.
Page 27
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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.
Page 28
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 29
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 30
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 31
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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 £
Page 32
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 33
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
15.Tangible fixed assets (continued)
Page 34
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 35
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 36
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 38
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Page 39
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Share premium account
Profit and loss account
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.
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.
Page 40
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BARNARDISTON HALL PREPARATORY SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The ultimate controlling party is
Page 41
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