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COMPANY REGISTRATION NUMBER: 3921517
Hurlingham School Limited
Financial Statements
31 August 2024
Hurlingham School Limited
Financial Statements
Year ended 31st August 2024
Contents
Page
Strategic report
1
Directors' report
5
Independent auditor's report to the members
7
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15
Hurlingham School Limited
Strategic Report
Year ended 31st August 2024
BUSINESS OVERVIEW The company was incorporated on 8th February 2000. The principal activity of the company during the period was the operating and management of an independent preparatory school. Hurlingham School is a co-educational school in Putney which offers an inspiring, enriching environment with high academic standards and a comprehensive curriculum. Boys and girls, aged from 4 - 11 years, are encouraged to rise to academic, creative, sporting, and social development supported by our experienced, dedicated and talented staff. The schools' activities are organised into a lower and upper school, which are reported as one division. The school has an excellent reputation and provides a broad range of facilities and access to off-site facilities for our growing sports program, which enables the school to deliver a diverse and exciting curriculum. We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties the company faces. RISK MANAGEMENT OBJECTIVES AND POLICIES The objective of the school's Risk Management procedure is to identify the principal risks facing the school so that existing controls may be considered and further action taken if required, including external insurance. The Board of Directors has a comprehensive risk management process to identify and monitor the risks faced by the school. The financial risks considered include: economic / financial uncertainty, liquidity and solvency, credit risk, the risk of fraud and compliance with financial / statutory requirements. Processes are in place to identify and monitor financial, operational, regulatory and reputational risks and the necessary mitigations, and these are kept under regular review by senior management and external Advisors. External Advisors have been provided with assurance that risks have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed. One of our continuous risks and challenges is maintaining pupil numbers. This risk is intrinsically linked with the economy. We mitigate this risk by continually reviewing and improving practices and standards, which in turn maintains the school's excellent reputation.
STRATEGY & REVIEW Hurlingham School continues to be extremely successful and popular, which is mainly due to our outstanding academic results, excellent facilities and accomplished teaching staff enabling each child to maximise his or her full potential and striving to achieve beyond expectations. Hurlingham has previously achieved an outstanding inspection report in 2011 and was judged fully compliant in a further inspection in November 2017 by the Independent Schools Inspectorate (ISI) and will continue to invest resources in developing innovative programs and educational structures. The school closely monitors performance to maintain its leading status as a high achieving and respected school within its market. The full quality inspection, due to take place during the academic year 2020-21 in accordance with ISI inspection cycle was delayed due to the Covid-19 Pandemic but it was carried out in February 2022. Once again the School was judged to be fully compliant and 'Excellent' in all areas. The ISI report is published in two parts: compliance and educational quality. The focused compliance reviews school procedures, policies and processes against the standards in order to ascertain if they are met. We are very pleased to report that every single standard was met at both the Prep School and the Nursery. The second part of the report focuses upon the educational quality and this in turn is categorised in two parts; the quality of pupils' academic outcomes and the quality of their personal development, each of which has various sub categories. The School was graded 'excellent', the highest possible grading, in each of these areas. The report is testament to the hard work that goes on at Hurlingham on a daily basis. It highlights some fabulous achievements and recognises the School's intent across the curriculum to educate the whole child and to provide a stimulating environment which supports our pupils to be the best they can possibly be. The inspecting team were overwhelmingly impressed with the attitudes to learning and the positivity that pervades every classroom and learning activity. They were taken by the pupils' courtesy, confidence and independence but also their resilience, moral development, and inclusivity. Naturally, we will use this strong validation as a springboard to be even better. We will build on our strengths and continue to identify areas for development. We remain determined to do all we can in the best interests of our pupils and the entire school community. In September 2017, as part of the Boards' future growth strategy, the stakeholders acquired a local Nursery and Pre-Prep school which was subsequently rebranded as Hurlingham Nursery School. The latter now acts as an additional and natural 'feeder' to the main school and helps to ensure continuity between Nursery and main school for local families with a significant proportion of the Reception class intake joining from our Nursery. The Percentage of pupils moving on to the Prep-School is increasing year on year with families sending their children to the Nursery so that they are assured a guaranteed place at the Prep-School. In September 2023 over 50% of the Reception cohort at the Prep came from Hurlingham Nursery. Hurlingham also enriches the children by organising inspiring educational out of school excursions with a variety of trips which include the local theatre, museums, art galleries and places that are relevant to the curriculum. Middle and upper school also enjoy residential trips both nationally and internationally which enable them to grow in confidence, experience and maturity. At seasonal times of the year, the children perform at the local church and local community residential homes. These performances are extremely rewarding for the children and also enrich the community. We take great care that we employ only the most dedicated and passionate teachers and support staff who all strive to make Hurlingham the most exceptional place for a child to begin their journey into education.
FINANCIAL REVIEW & PERFORMANCE We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being: return on capital employed, debtors days, liquidity, turnover and operating margin. These indicators were as follows:
2024 2023
ROCE% 9 5
Debtor days (Trade debtors/fees x 365) 12 12
Current Ratio (Current Assets:Current liabilities) 1 1
The above figures have been rounded to the nearest whole number. Return on capital employed (ROCE) remained constant at 5% during the year. Return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes total assets less current liabilities, less investments, less cash, plus overdrafts and other short term borrowings. The steady ROCE was primarily due to increases in personnel costs and expenditure on ongoing maintenance and schools facilities, being offset by an increase in our fee income from higher pupil numbers. However, due to prudent management of costs and success in pupil recruitment, the school has managed to increase the gross margin by 2.5% and also its operating margins compared to the prior year. Whilst the school experienced increased operating costs during 2024, the post pandemic recovery in pupil numbers since the 2022-23 academic year continued and the 2023-24 academic year saw a gradual return of pupil numbers with a significant number of pupils joining on occasional places at start of the academic year. Although we are working towards a return to pre-pandemic pupil numbers over the next couple of years, the growth in 2023-24 pupil numbers and associated income, ensured that we were able to maintain the sound financial position of the school as at the end of the financial year. The 2023-24 academic year began with 10 more pupils than had been on the roll the previous Autumn and that number increased further still over the course of the year. The number of acceptances of places to date means that we will be starting the next academic year with a further increase on the 2023-24 pupil numbers. It is currently anticipated that this will represent a return to our pre-Covid pupil numbers. The growth in pupil numbers is a reflection of the overall popularity of the school as pupil numbers gradually increased during the academic year and we continue to receive numerous enquiries from families looking for places for their children in a range of year groups for the upcoming academic year.
MOVING FORWARD The independent private school sector continues to remain highly competitive and there will inevitably be further challenges ahead perhaps most notably in relation to the current economic climate arising from the war in the ongoing war in Ukraine, continuing post-Brexit slowdown and Labour's introduction of 20% VAT on private school fees from January 2025. We are confident, however, that from the start of the 2024-25 academic year we will continue to rebuild our pupil numbers and work towards a return to full classes and waiting lists as we experienced prior to the start of the pandemic. Our Head who has a wealth of experience in independent primary education joined us in September 2020 and has had a very successful first four years. He has proved popular with the parents, pupils and staff. He has a clear vision for the school and has continued to introduce exciting new initiatives which were clearly identified and praised in the ISI report and will continue to promote the School's justified reputation as one of the best prep schools in London. In recognition the challenges facing the independent sector in light of the Labour Government's VAT policy we have now recruited a very experienced Head of Admissions and Marketing who has been charged with raising the School's social media profile and increasing engagement with prospective families to ensure that the pupil recruitment process is seamless. With the school's strong underlying financial position, continuing popularity and its demographic dominance in the area, we are poised once more to grow over the next decade in terms of the quality of our educational offering. However, as we are constrained from expanding the school within its current premises due to lack of available space, the board will continue to explore investment opportunities which will assist in our long-term strategy and future expansion.
This report was approved by the board of directors on 27th August 2025 and signed on behalf of the board by:
Ms F Goulden
Director
Registered office:
122 Putney Bridge Road
Putney
London
SW15 2NQ
Hurlingham School Limited
Directors' Report
Year ended 31st August 2024
The directors present their report and the financial statements of the company for the year ended 31 August 2024 .
Directors
The directors who served the company during the year were as follows:
Ms F Goulden
Mr G Duncan
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Disclosure of information in the strategic report
The Strategic Report precedes the Directors report.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 27 August 2025 and signed on behalf of the board by:
Ms F Goulden
Director
Registered office:
122 Putney Bridge Road
Putney
London
SW15 2NQ
Hurlingham School Limited
Independent Auditor's Report to the Members of Hurlingham School Limited
Year ended 31st August 2024
Opinion
We have audited the financial statements of Hurlingham School Limited (the 'company') for the year ended 31st August 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 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 company's affairs as at 31st August 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Conclusions relating to going concern
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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or - the 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s 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 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: The extent to which the audit was considered capable of detecting irregularities including fraud We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with FRS102. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were, General Data Protection Regulation (GDPR), and employment legislation. We assessed the susceptibility of the companys' financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - reviewed and tested journal entries to identify unusual transactions and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - reviewing and agreeing financial statement disclosures and testing to underlying supporting documentation; and - inquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:www.frc.org.uk/auditors responsibilities. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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 auditor's 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.
Viral Patel BA FCA
(Senior Statutory Auditor)
For and on behalf of
Virash Bach & Co. Limited
Chartered Accountants & Statutory Auditor
72 Lyndhurst Road
Thornton Heath
Surrey
CR7 7PW
28 August 2025
Hurlingham School Limited
Statement of Comprehensive Income
Year ended 31st August 2024
2024
2023
Note
£
£
Turnover
4
6,936,964
6,364,922
Cost of sales
3,958,455
3,805,635
------------
------------
Gross profit
2,978,509
2,559,287
Administrative expenses
2,011,719
2,082,947
Other operating income
5
5,718
152,287
------------
------------
Operating profit
6
972,508
628,627
Other interest receivable and similar income
10
64,802
13,012
Interest payable and similar expenses
11
306,053
318,534
------------
------------
Profit before taxation
731,257
323,105
Tax on profit
12
205,158
486,378
---------
---------
Profit/(loss) for the financial year and total comprehensive income
526,099
( 163,273)
---------
---------
All the activities of the company are from continuing operations.
Hurlingham School Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
15
15,985,232
16,002,693
Current assets
Debtors
16
1,528,397
1,469,712
Cash at bank and in hand
4,056,883
1,848,835
------------
------------
5,585,280
3,318,547
Creditors: amounts falling due within one year
17
4,355,940
2,288,624
------------
------------
Net current assets
1,229,340
1,029,923
-------------
-------------
Total assets less current liabilities
17,214,572
17,032,616
Creditors: amounts falling due after more than one year
18
5,642,638
5,820,213
Provisions
19
1,815,959
1,798,089
-------------
-------------
Net assets
9,755,975
9,414,314
-------------
-------------
Capital and reserves
Called up share capital
24
850,855
850,855
Revaluation reserve
25
4,948,631
4,955,988
Capital redemption reserve
25
400,245
400,245
Profit and loss account
25
3,556,244
3,207,226
------------
------------
Shareholders funds
9,755,975
9,414,314
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 August 2025 , and are signed on behalf of the board by:
Ms F Goulden
Director
Company registration number: 3921517
Hurlingham School Limited
Statement of Changes in Equity
Year ended 31st August 2024
Called up share capital
Revaluation reserve
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
£
At 1st September 2022
850,855
5,361,289
245
3,712,198
9,924,587
Loss for the year
( 163,273)
( 163,273)
Other comprehensive income for the year
23
( 405,301)
405,301
---------
------------
----
------------
------------
Total comprehensive income for the year
( 405,301)
242,028
( 163,273)
Dividends paid and payable
13
( 347,000)
( 347,000)
Redemption of shares
400,000
( 400,000)
---------
------------
---------
------------
------------
Total investments by and distributions to owners
400,000
( 747,000)
( 347,000)
At 31st August 2023
850,855
4,955,988
400,245
3,207,226
9,414,314
Profit for the year
526,099
526,099
Other comprehensive income for the year
23
( 7,357)
7,357
---------
------------
---------
------------
------------
Total comprehensive income for the year
( 7,357)
533,456
526,099
Dividends paid and payable
13
( 184,438)
( 184,438)
----
----
----
---------
---------
Total investments by and distributions to owners
( 184,438)
( 184,438)
---------
------------
---------
------------
------------
At 31st August 2024
850,855
4,948,631
400,245
3,556,244
9,755,975
---------
------------
---------
------------
------------
Hurlingham School Limited
Statement of Cash Flows
Year ended 31st August 2024
2024
2023
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
526,099
( 163,273)
Adjustments for:
Depreciation of tangible assets
116,454
114,687
Other interest receivable and similar income
( 64,802)
( 13,012)
Interest payable and similar expenses
306,053
318,534
Loss on disposal of tangible assets
4,059
Tax on profit
205,158
486,378
Accrued expenses
3,753
27,515
Changes in:
Trade and other debtors
( 32,618)
( 58,039)
Trade and other creditors
2,259,469
231,972
------------
---------
Cash generated from operations
3,319,566
948,821
Interest paid
( 306,053)
( 318,534)
Interest received
64,802
13,012
Tax paid
( 252,084)
( 1,213)
------------
---------
Net cash from operating activities
2,826,231
642,086
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 98,993)
( 223,917)
Proceeds from sale of tangible assets
13,256
------------
---------
Net cash used in investing activities
( 98,993)
( 210,661)
------------
---------
Cash flows from financing activities
Purchase of own shares
( 400,000)
Proceeds from borrowings
( 334,752)
( 117,922)
Dividends paid
( 184,438)
( 347,000)
------------
---------
Net cash used in financing activities
( 519,190)
( 864,922)
------------
---------
Net increase/(decrease) in cash and cash equivalents
2,208,048
( 433,497)
Cash and cash equivalents at beginning of year
1,848,835
2,282,332
------------
------------
Cash and cash equivalents at end of year
4,056,883
1,848,835
------------
------------
Hurlingham School Limited
Notes to the Financial Statements
Year ended 31st August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 122 Putney Bridge Road, Putney, London, SW15 2NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the school against those fees, are accounted for in the period in which the service is provided and are stated net of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill (Purchased)
-
20 years on Straight line basis
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long Leasehold Property
-
64 years on Straight line basis
Plant & Machinery
-
10% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
15% reducing balance
Equipment
-
15% reducing balance
The companys' Freehold building is estimated to have a useful life of 50 years. The value of the freehold building less residual value at end of its economic life is depreciated on a straight line basis. However, the directors are of the opinion that the residual value will at least equate to the book value of the freehold property after 50 years, after setting off any diminution for wear and tear against future appreciation in value of the property. Consequently, no depreciation provision has been provided in respect of freehold buildings as any depreciation provision would not be material. Although the Companies Act would normally require the annual depreciation of fixed assets, the directors undertake an annual impairment review of the property and consider the residual value to equate to the carrying value of the property. This policy is in accordance with the provisions of FRS102 and is necessary in order for the accounts to give a true and fair view. The company does not depreciate the land upon which the building is situated.
An amount equal to the excess of the annual depreciation charge on revalued assets over the original cost depreciation charge on those assets is transferred annually from the revaluation reserve to retained earnings.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
School Fees and related income
6,936,964
6,364,922
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
3,925
3,688
Other operating income
1,793
148,599
-------
---------
5,718
152,287
-------
---------
6. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
116,454
114,687
Loss on disposal of tangible assets
4,059
Impairment of trade debtors
1,028
44
Operating lease rentals
4,824
5,104
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
14,950
14,950
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
11,710
15,743
--------
--------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
60
58
Administrative staff
12
11
Management staff
1
1
----
----
73
70
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,390,103
3,230,826
Social security costs
355,156
346,203
Other pension costs
487,778
447,596
------------
------------
4,233,037
4,024,625
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
276,527
235,885
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
247,705
209,924
---------
---------
Included within the Directors remuneration above, are the value of Benefits provided during the year amounting to £40,002 (2023: £35,885).
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
12,049
11,698
Interest on bank deposits
52,753
Other interest - Corporation tax repayment supplement
1,314
--------
--------
64,802
13,012
--------
--------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
306,053
318,381
Dividends paid on shares classed as debt
153
---------
---------
306,053
318,534
---------
---------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
187,288
52,187
Deferred tax:
Origination and reversal of timing differences
17,870
434,191
---------
---------
Tax on profit
205,158
486,378
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 21.51 %).
2024
2023
£
£
Profit on ordinary activities before taxation
731,257
323,105
---------
---------
Profit on ordinary activities by rate of tax
182,815
69,516
Effect of expenses not deductible for tax purposes
631
991
Effect of capital allowances and depreciation
3,842
( 18,320)
Other tax adjustment to increase/(decrease) tax liability - deferred tax movement
17,870
434,191
---------
---------
Tax on profit
205,158
486,378
---------
---------
13. Dividends
Equity dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on ordinary Class A Shares
184,438
287,500
Dividends on ordinary Class C Shares
59,500
---------
---------
184,438
347,000
---------
---------
Dividends on shares classed as debt
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
153
----
----
14. Intangible assets
Goodwill
£
Cost
At 1st September 2023 and 31st August 2024
267,000
---------
Amortisation
At 1st September 2023 and 31st August 2024
267,000
---------
Carrying amount
At 31st August 2024
---------
At 31st August 2023
---------
15. Tangible assets
At 1st September 2023
Additions
At 31st August 2024
£
£
£
Cost
Land and buildings
15,601,791
15,601,791
Plant and machinery
701,410
701,410
Fixtures and fittings
762,530
53,028
815,558
Motor vehicles
53,295
53,295
Equipment
540,520
45,965
586,485
-------------
--------
-------------
17,659,546
98,993
17,758,539
-------------
--------
-------------
At 1st September 2023
Charge for the year
At 31st August 2024
£
£
£
Depreciation
Land and buildings
192,188
21,354
213,542
Plant and machinery
527,163
17,425
544,588
Fixtures and fittings
558,241
38,597
596,838
Motor vehicles
40,210
1,963
42,173
Equipment
339,051
37,115
376,166
-------------
---------
------------
1,656,853
116,454
1,773,307
-------------
---------
------------
At 31st August 2024
At 31st August 2023
£
£
Carrying amount
Land and buildings
15,388,249
15,409,603
Plant and machinery
156,822
174,247
Fixtures and fittings
218,720
204,289
Motor vehicles
11,122
13,085
Equipment
210,319
201,469
-------------
-------------
15,985,232
16,002,693
-------------
-------------
Freehold and long leasehold land and buildings included above were recognised using a previous open market valuation adopted during the 2014/15 financial year of £15.5m as a deemed cost on transition to FRS 102. These assets are being depreciated from their revaluation value and have a net book value of £15,388,251 (2023: £15,409,605). The equivalent historic cost carrying value of these assets is £8,847,921 (2023: £8,855,278). Included within the carried value for Freehold property is an amount of £2,850,000 relating to land. The company does not depreciate land. Long leasehold property was also revalued during the 2014/15 financial year. The revalued amount was adopted as the deemed cost going forward and is amortised on a straight line basis over the remaining lease term of 64 years as at the date of revaluation.
Tangible assets held at valuation
The freehold land and buildings were previously revalued in prior years, by Gerald Eve LLP, independent qualified surveyors and architects, on an open market basis. The directors are of the opinion that the valuations obtained would also be the fair values of the properties applicable as at the date of transition to FRS102 due to market conditions in the intervening period. The company had taken advantage of the exemptions under FRS102 and elected to adopt the fair value as the deemed cost going forward. Under the "cost" based approach, the directors undertake an impairment review at the end of each financial year to ensure that the carrying values reflect the fair value of the asset(s) as at the balance sheet date. The directors also periodically obtain independent professional valuations to verify that their assessment, with the most recent professional valuation being in 2021. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
16. Debtors
2024
2023
£
£
Trade debtors
234,597
217,368
Prepayments and accrued income
214,673
171,059
Other debtors
1,079,127
1,081,285
------------
------------
1,528,397
1,469,712
------------
------------
17. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
230,988
215,751
Trade creditors
172,194
188,937
Accruals and deferred income
3,038,237
843,203
Corporation tax
150,753
215,549
Social security and other taxes
83,482
88,871
Director loan accounts
38,839
157,839
Other creditors
641,447
578,474
------------
------------
4,355,940
2,288,624
------------
------------
Bank loans and overdrafts provided to the company are secured via a first charge over the company's freehold and leasehold assets and an unlimited debenture from the company
18. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,366,145
4,597,134
Other creditors
1,276,493
1,223,079
------------
------------
5,642,638
5,820,213
------------
------------
Bank loans and overdrafts provided to the company are secured via a first charge over the company's freehold and leasehold assets and an unlimited debenture from the company
Bank loans carry an interest charge of 6.48% and are repayable in 2037.
19. Provisions
Deferred tax (note 20)
£
At 1st September 2023
1,798,089
Additions
17,870
------------
At 31st August 2024
1,815,959
------------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 19)
1,815,959
1,798,089
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
157,860
139,990
Revaluation of tangible assets
1,658,099
1,658,099
------------
------------
1,815,959
1,798,089
------------
------------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 487,778 (2023: £ 447,596 ).
22. Financial instruments
The company had no financial instruments that were required to be measured at fair value through profit or loss (FVTPL)during the year.
23. Analysis of other comprehensive income
Revaluation reserve
Profit and loss account
Total
£
£
£
Year ended 31st August 2024
Reclassification from revaluation reserve to profit and loss account
( 7,357)
7,357
-------
-------
----
Year ended 31st August 2023
Reclassification from revaluation reserve to profit and loss account
( 405,301)
405,301
---------
---------
----
24. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary "A" shares of £ 1 each
1,000
1,000
1,000
1,000
Ordinary "B" shares of £ 1 each
100
100
100
100
Ordinary "C" shares of £ 1 each
850,000
850,000
850,000
850,000
7% Cumulative Preference shares of £ 1 each
925,000
925,000
925,000
925,000
------------
------------
------------
------------
1,776,100
1,776,100
1,776,100
1,776,100
------------
------------
------------
------------
Hurlingham School Limited
Notes to the Financial Statements (continued)
Year ended 31st August 2024
24. Called up share capital (continued)
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary "A" shares of £ 1 each
755
755
755
755
Ordinary "B" shares of £ 1 each
100
100
100
100
Ordinary "C" shares of £ 1 each
850,000
850,000
850,000
850,000
---------
---------
---------
---------
850,855
850,855
850,855
850,855
---------
---------
---------
---------
25. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
26. Analysis of changes in net debt
At 1 Sep 2023
Cash flows
At 31 Aug 2024
£
£
£
Cash at bank and in hand
1,848,835
2,208,048
4,056,883
Debt due within one year
(373,590)
103,763
(269,827)
Debt due after one year
(4,597,134)
230,989
(4,366,145)
------------
------------
------------
( 3,121,889)
2,542,800
( 579,089)
------------
------------
------------
Hurlingham School Limited
Notes to the Financial Statements (continued)
Year ended 31st August 2024
27. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
9,209
16,709
Later than 1 year and not later than 5 years
9,209
18,419
--------
--------
18,418
35,128
--------
--------
28. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Ms F Goulden
( 10,703)
( 59,849)
59,849
( 10,703)
Mr G Duncan
( 147,136)
( 124,589)
243,589
( 28,136)
---------
---------
---------
--------
( 157,839)
( 184,438)
303,438
( 38,839)
---------
---------
---------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Ms F Goulden
( 150,141)
( 161,702)
301,140
( 10,703)
Mr G Duncan
( 379,685)
( 186,311)
418,860
( 147,136)
---------
---------
---------
---------
( 529,826)
( 348,013)
720,000
( 157,839)
---------
---------
---------
---------
The above amounts represent amounts owed by the company to the directors in respect of dividends paid but not drawn by the director and expenses incurred on behalf of the company to be reimbursed. The following dividends were declared and paid during the year to each of the respective directors:
Ordinary Shares Dividend Preference Shares Dividend
£
Ms F Goulden 160,843
Mr G Duncan 186,157 153
29. Related party transactions
The company was under the control and management of the two remaining directors throughout the period. Ms Goulden controls 32.45% of the company through her shareholdings with Mr G Duncan controlling the remainder. In the prior years, the company had advanced a short term loan of £485,000 to Thornhill Development Limited (TDL), a company in which the directors hold an interest. The latter loan was unsecured and repayable on demand and remained outstanding at the year end. In addition, the company had also advanced additional monies on an interest free basis to TDL, resulting in an aggregate amount of £793,308 remaining unpaid or accrued as at the period end. All amounts owed from TDL are on an interest free, unsecured basis and are repayable on demand. During the prior year, the company had advanced funds and paid expenses and which were subsequently recharged on behalf of and to, Hurlingham Lion House Limited (HLHL), a company in which the directors hold an interest. The company has continued with the latter, resulting in an amount of £436,420 advanced as at the balance sheet date. The amount owed to the company was advance on an unsecured, interest free basis and is repayable on demand and remained payable as at the balance sheet date. Additionally, the company had paid expenses on behalf of and recharged expenses incurred to Hurlingham Nursery School Limited (HNSL)and also received funds on trust on behalf of HNSL, a company in which the directors hold an interest. The aggregate amount owed to HNSL as at the balance sheet date was £74,806. The latter amount was advanced on an unsecured, interest free basis and is repayable on demand. As disclosed elsewhere within the notes to these financial statements, dividends were also paid during the year to the directors and only shareholders in the company, in accordance with their respective shareholding as stated in the Directors report.