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REGISTERED NUMBER: 01454970 (England and Wales)














STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

CHASE GRAMMAR SCHOOL LTD

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


CHASE GRAMMAR SCHOOL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr C Bao
Mr N Roskilly





REGISTERED OFFICE: Chase Grammar School
Convent Close
Cannock
Staffordshire
WS11 0UR





REGISTERED NUMBER: 01454970 (England and Wales)





AUDITORS: Wynniatt-Husey Ltd
Chartered Accountants
and Statutory Auditors
The Old Coach House
Horse fair
Rugeley
Staffordshire
WS15 2EL

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

REVIEW OF BUSINESS

Given the challenging economic environment for the fee paying parents, and so the reduction in pupil numbers into the 2025/2026 academic year, particularly following the UK Government's decision to levy VAT on school fees, the directors determined to close the school with effect from 1 September 2025.

BACKGROUND AND ETHOS

Chase Grammar School Limited (Chase Grammar) was a non-selective independent school for 2 to 19 year old's and offers a stimulating, personalised curriculum designed to promote the academic achievement and personal development of all pupils in small focused classes from Nursery to A-Level, culminating in public examinations at BTEC, GCSE and A-Level. IELTS and the International Foundation Diploma are offered to international pupils. Our curriculum included the core areas of Mathematics (including Advanced Mathematics and Further Mathematics), Sciences, English, English as an additional language, English Literature, Humanities (Classics, Geography, History, Religious Studies) and Performing Arts, as well as Art, Business, Computer Science, Drama, Economics, Music, Photography, Psychology, Sport Science and a choice of six different modern languages (French, German, Italian, Mandarin, Russian and Spanish). Careers, P.E, Sport and Wellbeing were taught throughout the school.

The school was non-selective entry and was inclusive of pupils of a wide range of abilities and talents and provided a broad selection of academic and extra-curricular opportunities. The international element within the school created a platform for pupils to become global citizens and effective contributors within a competitive environment. Chase Grammar was non-selective and had an impressive reputation for outstanding academic results. At A level, 48% of all A Level grades awarded were A*-A, with 72% achieving A*-B. Furthermore, the pupils in year 13 made 0.7 grade progress against their targets, on average, and SEND pupils made 1.25 grades progress. At GCSE, 26% of all grades awarded were at Grades 7-9, reflecting the high aspirations and strong work ethic of our learners. Furthermore, 49% International students achieved Grades 8 or 9 and, on average, attaining 1.2 grades above their targets..
Academic study was central for every pupil and would always take priority, but the experiences of a Chase Grammar pupil were never confined only to the classroom. Pupils were introduced to a range of learning strategies through the Learning Toolbox programme run by their Academic Mentors and enjoyed an offer of over 50 different enrichment activities each week. A wide range of school trips and special events were also part of every pupil's experience at Chase Grammar.

International pupils could join the school at any stage but many joined as part of our "Pre A Level" programme, before starting A levels. In year 13, international pupils had the opportunity to study the International Foundational Diploma as an alternative route to university entrance.

Whilst offering an excellent, broad education with modest fees, we aimed to continually invest in the infrastructure and facilities at the school. Chase Grammar had a remarkable pool of outstanding teaching, pastoral and coaching staff who ensure that each pupil's needs and aspirations were met. The school aimed to prepare its pupils for the whole of life - to be able to respond to life's challenges and opportunities by giving them a balanced education through a strong academic curriculum and an extensive range of extra-curricular activities in an inspiring setting. The breadth and diversity of opportunity offered to all pupils allowed each to develop and achieve their potential.
Within fulfilling its ethos and values the directors were conscious of its various key stakeholders and sought to understand the respective interests of all its stakeholders, parents, staff, pupils and alumnae so that they could be properly considered in the Advisory Board decisions. We did this through various methods, including direct engagement by the board members, the receiving of reports and updates from the members of the school management who engaged with such groups, and coverage in the Advisory Board papers of relevant stakeholders interest with regard to proposed courses of action.

Scholarship and mentoring programme
The Chase Grammar Oxbridge Programme aimed to prepare pupils holistically for applications to Oxford, Cambridge and other Russell Group universities, not only in terms of academic excellence, but also in developing their critical, scholarly analysis, passion for their subject, and the interview skills unique to these universities. The programme operated on the belief that, while examination performance is an important prerequisite for application, the most successful applicants would have proven their intrinsic enjoyment of the subject, would already have begun working at an undergraduate level and would be able to clearly express their ideas and respond to the constructive criticism given during interviews. The focus of the Scholarship Programme was on supporting students with their preparation.
The Scholarship Programme sought to create strong applicants through personal development, skills coaching,
high-quality teaching and interview skills, while also offering excellent leadership and learning opportunities through

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

wider school life. Learning for the sake of learning was strongly encouraged, and the Oxbridge scholars could consider themselves to be part of a learning community - sharing their ideas, challenging each other and supporting each other to greater academic success. They were, in the Classical mode, 'symposiasts' who saw the play in learning.

International programme with Chinese schools
The school has formed a number of partnerships with Chinese Schools to further its international growth. The
partnership has proved very successful and was an opportunity for Chase Grammar to expand its brand within the
international education market further enhancing its cultural diversity.

KEY PERFORMANCE INDICATORS

- In the current financial year, the company's turnover has increased from £4.27m in 2023 to £4.45m in 2024.
- The gross profit has increased from £630k in 2023 to £665k in 2024.
- The net profit/loss before tax has decreased from a deficit of £234k in 2023 to a deficit of £154k.
- The company's net asset value now stands at £3,072,612.

DEBTORS, CREDITORS AND FINANCIAL INSTRUMENTS

The company endeavours to pay all suppliers within 30 days. All loan repayments are made in accordance with the terms set out in the agreements.

The Company has a robust fee collection process with all fees due and payable on or before the first day of the term
unless parents subscribe to the monthly fee collection service, Go Cardless.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks to the business are:
Retaining high level teachers and keeping class sizes to an optimum level.
Pupil recruitment and retention within a competitive market and challenging financial climate for families.

BUSINESS IN THE FUTURE
The company continued its principal activities throughout the year. However, the directors decided to close the school for economic reasons from 1 September 2025.

The impact of the Covid-19 pandemic has had a significant impact on the school's traditional recruitment streams and has resulted in a lower than normal recruitment of international students which has affected the Chase Grammar revenue streams. This together with the UK Government's decision to levy VAT on school fees, has made the school economically unviable.

Whilst the marketing of the school and engagement with prospective parents has been a strategic priority with a focus on diversification of international markets to broaden the recruitment reach and make the school less reliant on traditional markets, this has proved insufficient, and the difficult decision to close the school has been made.

ON BEHALF OF THE BOARD:





Mr C Bao - Director


29 August 2025

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report with the financial statements of the company for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of school curriculum education.

DIVIDENDS
No dividends will be distributed for the year ended 31 August 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements, see note 20. The school is due to close on 1 September 2025 due to poor student numbers and sustained losses'.

DIRECTORS
Mr C Bao has held office during the whole of the period from 1 September 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mr M C Farmer - resigned 31 March 2024

Mr N Roskilly was appointed as a director after 31 August 2024 but prior to the date of this report.

Ms T Zhou ceased to be a director after 31 August 2024 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The exposure of the company and its subsidiary undertakings included in the consolidation to price risk, credit risk, liquidity risk and cash flow risk is set out in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of 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 judgements 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.

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr C Bao - Director


29 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHASE GRAMMAR SCHOOL LTD

Opinion
We have audited the financial statements of Chase Grammar School Ltd (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Emphasis of matter - Financial statements prepared on a basis other than
going concern.

We draw attention to Note 20 to the financial statements which explains that the directors intend to cease trading from 1 September 2025 and do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 20. Our opinion is not modified in respect of this matter.

Key audit matters
Except for the matter described in the emphasis of matter, we have determined that there are no other key audit matters to be communicated in our report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHASE GRAMMAR SCHOOL LTD


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

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:
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.

We ensured the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

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 and Taxation legislation.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHASE GRAMMAR SCHOOL LTD


We assessed the extent of compliance with the laws and regulations identified above, through enquiries of management and inspecting correspondence with HM Revenue & Customs. Remaining alert for instances of non-compliance throughout the audit. We responded to these risks by enquiring of management about their own identification and assessment of the risks including enquiries of management about their own identification and assessment of the risks of irregularities, performing analytical procedures to identify unusual transactions, sample testing journals and investigation the rationale behind significant or unusual transactions, and reviewing estimates for bias. Also agreeing the financial statement disclosures to underlying supporting documentation.

We assessed the susceptibility of the company's financial statements to material misstatement in respect of fraud, by making enquiries of management as to where they considered there was susceptibility to fraud, and knowledge of actual, suspected and alleged fraud. We considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

We made enquiries of management as to the existence of actual or potential litigation and claims.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Anna Richards (Senior Statutory Auditor)
for and on behalf of Wynniatt-Husey Ltd
Chartered Accountants
and Statutory Auditors
The Old Coach House
Horse fair
Rugeley
Staffordshire
WS15 2EL

30 August 2025

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.23 31.8.24
£    Notes £   

4,274,315 TURNOVER 4,450,043

(3,643,856 ) Cost of sales (3,785,349 )
630,459 GROSS PROFIT 664,694

(706,068 ) Administrative expenses (653,449 )
(75,609 ) 11,245

24,678 Other operating income 7,700
(50,931 ) OPERATING PROFIT/(LOSS) 4 18,945


(183,153 ) Interest payable and similar expenses 5 (173,176 )
(234,084 ) LOSS BEFORE TAXATION (154,231 )

7,575 Tax on loss 6 49,480
(226,509 ) LOSS FOR THE FINANCIAL YEAR (104,751 )

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.23 31.8.24
£    Notes £   

(226,509 ) LOSS FOR THE YEAR (104,751 )


- OTHER COMPREHENSIVE INCOME -
(226,509 ) TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(104,751

)

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

BALANCE SHEET
31 AUGUST 2024

31.8.23 31.8.24
£    £    Notes £    £   
FIXED ASSETS
4,579,660 Tangible assets 7 4,552,907

CURRENT ASSETS
3,234,362 Debtors 8 2,139,305
999,753 Cash at bank and in hand 648,058
4,234,115 2,787,363
CREDITORS
5,356,932 Amounts falling due within one year 9 4,157,658
(1,122,817 ) NET CURRENT LIABILITIES (1,370,295 )
3,456,843 TOTAL ASSETS LESS CURRENT
LIABILITIES

3,182,612

CREDITORS
(230,000 ) Amounts falling due after more than one
year

10

(110,000

)

(49,480 ) PROVISIONS FOR LIABILITIES 14 -
3,177,363 NET ASSETS 3,072,612

CAPITAL AND RESERVES
86,001 Called up share capital 15 86,001
120,494 Revaluation reserve 16 120,494
2,970,868 Retained earnings 16 2,866,117
3,177,363 SHAREHOLDERS' FUNDS 3,072,612

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:





Mr C Bao - Director


CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2022 86,001 3,197,377 120,494 3,403,872

Changes in equity
Total comprehensive income - (226,509 ) - (226,509 )
Balance at 31 August 2023 86,001 2,970,868 120,494 3,177,363

Changes in equity
Total comprehensive income - (104,751 ) - (104,751 )
Balance at 31 August 2024 86,001 2,866,117 120,494 3,072,612

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.23 31.8.24
£    Notes £   
Cash flows from operating activities
964,631 Cash generated from operations 1 25,436
964,631 Net cash from operating activities 25,436

Cash flows from investing activities
(14,956 ) Purchase of tangible fixed assets (28,488 )
(14,956 ) Net cash from investing activities (28,488 )

Cash flows from financing activities
(33,545 ) Intercompany loan movements 1,117,880
(219,040 ) Loan repayments in year (1,193,352 )
(183,153 ) Interest paid (173,176 )
- Amount introduced by directors 4
- Amount withdrawn by directors (99,999 )
(435,738 ) Net cash from financing activities (348,643 )

513,937 (Decrease)/increase in cash and cash equivalents (351,695 )
485,816 Cash and cash equivalents at beginning of
year

2

999,753

999,753 Cash and cash equivalents at end of year 2 648,058

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.8.24 31.8.23
£    £   
Loss before taxation (154,231 ) (234,084 )
Depreciation charges 55,241 54,480
Finance costs 173,176 183,153
74,186 3,549
Increase in trade and other debtors (4,012 ) (12,986 )
(Decrease)/increase in trade and other creditors (44,738 ) 974,068
Cash generated from operations 25,436 964,631

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 648,058 999,753
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 999,753 485,816


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 999,753 (351,695 ) 648,058
999,753 (351,695 ) 648,058
Debt
Debts falling due within 1 year (2,243,352 ) 1,073,352 (1,170,000 )
Debts falling due after 1 year (230,000 ) 120,000 (110,000 )
(2,473,352 ) 1,193,352 (1,280,000 )
Total (1,473,599 ) 841,657 (631,942 )

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Chase Grammar School Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The presentation of the financial statements requires judgements, estimations and assumptions to be made that affect the reported values of assets, liabilities, revenue and expenses. The nature of estimation and judgement means that actual outcomes could differ from those estimates. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

Turnover
Turnover is measured at the fair value of the consideration received or receivable recognised by the company in respect of services supplied during the period.
In the past turnover was always net of pupils remissions, bursaries and scholarships. The company has changed this accounting policy to be in line with FRS 102 section 23 and therefore the income will be shown gross and cost of remissions will be included in cost of sales.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Portable classrooms - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Buildings - 2% straight line on depreciable value ( cost less residual value).
The freehold land is shown in the accounts at cost and is not depreciated.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at 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.

Going concern
In the summer of 2025, the director made the decision to close the school from September 2025. The directors have prepared these financial statements on a basis other than going concern.

Financial instruments
Financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

Payments in advance
Payments in advance represent sums paid by pupils in advance of their courses which are refundable in whole or in part should they cancel their course.

Bad debts
Unpaid amounts contractually due by pupils and agents relating to pupils no longer attending school are written off to bad debts.

Fee deposits
Fee deposits received are held on the balance sheet and refunded when a student leaves the school.

3. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 2,373,297 1,990,692
Social security costs 202,884 167,528
Other pension costs 260,325 240,612
2,836,506 2,398,832

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.8.24 31.8.23

Management staff 2 2
Administrative staff / Support staff 34 28
Teaching staff 47 42
83 72

31.8.24 31.8.23
£    £   
Directors' remuneration 26,208 31,307
Directors' pension contributions to money purchase schemes 568 564

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

31.8.24 31.8.23
£    £   
Other operating leases 16,767 10,175
Depreciation - owned assets 55,241 54,480
Auditors' remuneration 15,880 10,500
Non-auditors' remuneration 5,500 2,640

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.24 31.8.23
£    £   
Bank loan interest 171,478 182,757
HMRC interest 1,698 396
173,176 183,153

6. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
31.8.24 31.8.23
£    £   
Deferred tax (49,480 ) (7,575 )
Tax on loss (49,480 ) (7,575 )

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

6. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.8.24 31.8.23
£    £   
Loss before tax (154,231 ) (234,084 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

(38,558

)

(58,521

)

Effects of:
Depreciation in excess of capital allowances 6,852 9,059
Deferred tax (49,480 ) (7,575 )

Loss carried forward for which no deferred tax asset was recognised 31,706 49,462
Total tax credit (49,480 ) (7,575 )

The company currently has tax losses carried forward of £1,197,761.

7. TANGIBLE FIXED ASSETS
Freehold Portable
Totals property classrooms
£    £    £   
COST
At 1 September 2023 4,911,850 4,375,924 65,893
Additions 28,488 - -
At 31 August 2024 4,940,338 4,375,924 65,893
DEPRECIATION
At 1 September 2023 332,190 7,518 56,696
Charge for year 55,241 7,518 920
At 31 August 2024 387,431 15,036 57,616
NET BOOK VALUE
At 31 August 2024 4,552,907 4,360,888 8,277
At 31 August 2023 4,579,660 4,368,406 9,197

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

7. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment
£    £    £   
COST
At 1 September 2023 322,234 - 147,799
Additions 16,521 1,300 10,667
At 31 August 2024 338,755 1,300 158,466
DEPRECIATION
At 1 September 2023 182,933 - 85,043
Charge for year 15,582 152 31,069
At 31 August 2024 198,515 152 116,112
NET BOOK VALUE
At 31 August 2024 140,240 1,148 42,354
At 31 August 2023 139,301 - 62,756

The freehold land and buildings are shown at cost. The buildings are depreciated at 2% straight line on cost less residual value. The directors believe that the value of the land and property is higher than the original cost. The company continues a relentless program of repairs and renewals each year to keep the buildings to a high standard.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 102,925 92,063
Bad debts provision (58,937 ) (48,390 )
Amounts owed by group undertakings 2,016,477 3,115,546
Other debtors - 110
Prepayments and accrued income 78,840 75,033
2,139,305 3,234,362

Amounts owed by group undertakings in the parent company are unsecured, interest free and are repayable on demand.

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts (see note 11) 1,170,000 2,243,352
Trade creditors 73,039 60,669
Coutts company credit card 166 792
Amounts owed to group undertakings 31,713 12,902
Payments in advance 1,402,385 1,421,724
Wages control account - 220
PAYE control account 44,442 41,478
Pension liabilities 33,711 55,438
Directors' current accounts 471,404 571,399
Accrued expenses 225,547 187,068
Fee deposits 694,682 752,096
Other creditors 10,569 9,794
4,157,658 5,356,932

Amounts owed to group undertakings in the parent company are unsecured, interest free and are repayable on demand.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans (see note 11) 110,000 230,000

11. LOANS

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
£    £   
Amounts falling due within one year or on demand:
Bank loans less 1 year 1,170,000 2,243,352

Amounts falling due between one and two years:
Bank loans 1-2 years 110,000 120,000

Amounts falling due between two and five years:
Bank loans 2-5 years - 110,000

The loans are carrying interest rates of between approximately 3.30% and 3.99%.
The Coutts bank loan repayment started on 9 September 2021. The outstanding balance of £1,050.000 was repaid on the 30th January 2025.
HSBC Business Interruption Loan repayment started on 3 August 2021 and has the CBILS Guarantee which is backed by the UK Government. The outstanding balance must be repaid in full by 3 July 2026.

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 16,767 16,767
Between one and five years 18,714 12,909
35,481 29,676

13. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans 1,050,000 1,923,352

Bank debt is secured by first legal charges on the company's freehold land and buildings. The company also have fixed and floating charge over all assets.

14. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax - 49,480

Deferred
tax
£   
Balance at 1 September 2023 49,480
Credit to Income Statement during year (49,480 )
Balance at 31 August 2024 -

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
86,001 Ordinary £1 86,001 86,001

16. RESERVES
Retained Revaluation
Totals earnings reserve
£    £    £   

At 1 September 2023 3,091,362 2,970,868 120,494
Deficit for the year (104,751 ) (104,751 )
At 31 August 2024 2,986,611 2,866,117 120,494

Retained earnings represent cumulative distributable profits net of dividends.

CHASE GRAMMAR SCHOOL LTD (REGISTERED NUMBER: 01454970)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

17. ULTIMATE PARENT COMPANY

Achieve Education Limited is regarded by the directors as being the company's ultimate parent company.

Achieve Education Limited owns 100% of the company. Registered office: Chase Grammar School, Convent Close, Cannock, Staffordshire, WS11 0UR. A copy of the parent company's consolidated accounts are available from Companies House.

18. CONTINGENT LIABILITIES

There is a potential contingent liability of £40,000 in relation to a shortfall in the teachers pension scheme. However this may not be payable if future conditions are met.

19. RELATED PARTY DISCLOSURES

During the year no dividends were paid to the directors/shareholders.

Included in creditors is an amount due to a director of the company of £471,404 (2023: £571,399). This is an interest free loan and repayable upon demand.

During the year student fees of £1,577,673 (2023: £732,779) were received from UK Schools Consultant (HK) Limited t/a UK Boarding Schools Admissions Service ( a company with a common director).
Included in cost of sales are £52,350 (2023: £109,450) of costs from a company with a common director.

20. POST BALANCE SHEET EVENTS

Following several years sustaining losses, post covid and falling student numbers the directors have made the difficult decision to close the school from 1 September 2025.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Bao by virtue of his majority shareholding in Achieve Education Limited.

22. CHARGES AND SECURITIES

There are fixed and floating charges secured over all assets.

23. GOING CONCERN

Due to the closure of the school from 1 September 2025 the directors have prepared the financial statements on a basis other than going concern.