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Registered number: 00783067









BRAESIDE SCHOOL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
BRAESIDE SCHOOL LIMITED
REGISTERED NUMBER: 00783067

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
14,966
19,797

  
14,966
19,797

Current assets
  

Debtors: amounts falling due within one year
 6 
2,802,240
2,226,140

Cash at bank and in hand
 7 
145
156

  
2,802,385
2,226,296

Creditors: amounts falling due within one year
 8 
(3,278,621)
(2,651,450)

Net current liabilities
  
 
 
(476,236)
 
 
(425,154)

Total assets less current liabilities
  
(461,270)
(405,357)

Provisions for liabilities
  

Deferred tax
 9 
(3,590)
(3,590)

  
 
 
(3,590)
 
 
(3,590)

Net liabilities
  
(464,860)
(408,947)


Capital and reserves
  

Called up share capital 
  
502
502

Capital redemption reserve
  
2,500
2,500

Profit and loss account
  
(467,862)
(411,949)

  
(464,860)
(408,947)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2025.




Page 1

 
BRAESIDE SCHOOL LIMITED
REGISTERED NUMBER: 00783067
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

................................................
M O Hagger
Director

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
BRAESIDE SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Braeside School Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 00783067. The address of the registered office is 6 Albion Hill, Loughton, Essex, IG10 4RA. The company's principal activity continued to be that of the provision of education services.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's financial statements are rounded to the nearest Pound.
The Company's functional currency is GBP.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Oak Tree Schools Holdings Limited as at 31 August 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The company incurred a loss before tax of £55,913 (2023 - profit £3,979) in the year and have net liabilities at the year end totalling £464,860 (2023 - £408,947). The financial statements have been prepared on a basis other than going concern as the directors have considered the company's next 12 months to be its last.
The financial statements have been prepared on a basis other than going concern basis. Please see note 14 for further details of the closure of the school. Braeside School will continue to receive financial support from Oak Tree School Holdings Limited to the point of closure as stated in a letter of support which has been provided and signed on the date of signing these financial statements.

Page 3

 
BRAESIDE SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised by the Company in respect of services supplied. This is principally made up of income from tuition fees. Turnover is recognised for the period the tuition fees relate to and to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliabily measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discount and rebates.

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in 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 Company in independently administered funds.

 
2.8

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 corporation 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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.
Page 4

 
BRAESIDE SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line method and reducing balance method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Computer equipment
-
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.

 
2.10

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.

 
2.11

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.

 
2.12

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.
 
2.13

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.
Page 5

 
BRAESIDE SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables 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 instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. 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 payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Page 6

 
BRAESIDE 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

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
Judgements, estimates and assumptions are continually evaluated. Revisions to accounting estimates are recognised in the period in which the esimate is revised where the revision affects only that period, or in the period of revisions and future perios where the revision affects both the current and future periods.
The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effects on the amounts recognised in the financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 43 (2023 - 45).


5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost 


At 1 September 2023
26,583
371,717
111,941
510,241


Disposals
-
(357,422)
-
(357,422)



At 31 August 2024

26,583
14,295
111,941
152,819



Depreciation


At 1 September 2023
23,490
357,422
109,532
490,444


Charge for the year on owned assets
773
2,859
1,199
4,831


Disposals
-
(357,422)
-
(357,422)



At 31 August 2024

24,263
2,859
110,731
137,853



Net book value



At 31 August 2024
2,320
11,436
1,210
14,966



At 31 August 2023
3,093
14,295
2,409
19,797

Page 7

 
BRAESIDE SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Debtors

2024
2023
£
£


Trade debtors
354,829
32,361

Amounts owed by group undertakings
2,435,863
2,176,097

Prepayments and accrued income
11,548
17,682

2,802,240
2,226,140



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
145
156

Less: bank overdrafts
(356,954)
(243,818)

(356,809)
(243,662)



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
356,954
243,818

Payments received on account
742,650
384,991

Trade creditors
152,756
36,673

Amounts owed to group undertakings
1,963,112
1,947,516

Corporation tax
1,013
1,013

Other taxation and social security
49,827
25,397

Other creditors
1,309
1,152

Accruals and deferred income
11,000
10,890

3,278,621
2,651,450


The borrowings of the group that amount to £2,701,890 (2023 - £2,483,377) are secured by cross guarantees and debentures by and between Oaklands School Limited, Coopersale Hall School Limited, Braeside School Limited, Normanhurst School Limited and Oak Tree Schools Holdings Limited.

Page 8

 
BRAESIDE SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Deferred taxation




2024


£






At beginning of year
(3,590)



At end of year
(3,590)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax losses carried forward
(3,590)
(3,590)

(3,590)
(3,590)


10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £66,707 (2023 - £63,096).
Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date.


11.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
147,142
65,142

Later than 1 year and not later than 5 years
12,983
258,411

Later than 5 years
-
19,333

160,125
342,886


12.


Related party transactions

The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned Group companies.

Page 9

 
BRAESIDE SCHOOL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

13.


Post balance sheet events

On 5th November 2024 the Directors' issued a letter to the parents of the pupils at Braeside School stating that the school will stop operating at the end of the Summer Term, July 2025. This is due to the lease on the property coming to an end and a new agreement on a new lease not being reached. All pupils have been offered available places at the other schools within the Oak Tree Group who all have similar values and ethoses as Braeside School. All staff have been offered a similar role at the other schools within the Oak Tree Group. 


14.


Controlling party

The ultimate parent company is Oak Tree Schools Holdings Limited, a company registered in England and Wales, United Kingdom. The ultimate controlling party is The Hagger Family due to its majority shareholding.
Consolidated financial statements for Oak Tree Schools Holdings Limited can be obtained from 6 Albion Hill, Loughton, Essex, IG10 4RA.

15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2024 was unqualified.

The audit report was signed on 8 August 2025 by Laura Ambrose (Senior Statutory Auditor) on behalf of Haslers.

 
Page 10