| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| MERTON COURT SCHOOL LLP |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| MERTON COURT SCHOOL LLP |
| MERTON COURT SCHOOL LLP (REGISTERED NUMBER: OC344696) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MERTON COURT SCHOOL LLP |
| GENERAL INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 2nd Floor |
| Medway Bridge House |
| 1-8 Fairmeadow |
| Maidstone |
| Kent |
| ME14 1JP |
| MERTON COURT SCHOOL LLP (REGISTERED NUMBER: OC344696) |
| BALANCE SHEET |
| 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET ASSETS ATTRIBUTABLE TO MEMBERS | 913,364 | 761,941 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
10 |
838,364 |
686,941 |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 75,000 | 75,000 |
| 913,364 | 761,941 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 10 | 838,364 | 686,941 |
| Members' other interests | 75,000 | 75,000 |
| Amounts due from members | 6 | (475,871 | ) | (203,784 | ) |
| 437,493 | 558,157 |
| The members acknowledge their responsibilities for: |
| (a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
| MERTON COURT SCHOOL LLP (REGISTERED NUMBER: OC344696) |
| BALANCE SHEET - continued |
| 31 MARCH 2025 |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| MERTON COURT SCHOOL LLP (REGISTERED NUMBER: OC344696) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| Merton Court School LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| Accounting standards require the members to consider the appropriateness of the going concern basis when preparing the financial statements. The members confirm that they consider that the going concern basis remains appropriate. The members believe that the LLP has sufficient resources to continue in operational existence for the foreseeable future. The members believe this to be the case the LLP has positive cash balances and no significant long term liabilities other than balances owing to the members, who will continue to give their support. |
| The members confirm that they consider that the going concern basis remains appropriate. The imposition by the new Labour Government of VAT and the hostile attitude of the new government towards the Independent Sector is a cause for serious concern for all businesses related to Education. Unlike others in the sector the business has suffered no reduction in pupil roll. The business does not utilise any overdraft and long-term finance is provided by the members. The members believe that the LLP has sufficient resources to trade profitably and continue in operational existence for the foreseeable future. The members believe this to be the case as the LLP has positive cash balances and no significant long term liabilities other than balances owing to the members, who will continue to give their support. |
| Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover is recognised upon invoice date. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Property improvements | 10% straight line |
| Motor vehicles | 25% reducing balance |
| Computer, fixture & fittings | 25%-33% straight line |
| Office equipment | 25% reducing balance |
| The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| MERTON COURT SCHOOL LLP (REGISTERED NUMBER: OC344696) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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 LLP operates a defined contribution pension scheme. Contributions payable to the LLP'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 the transaction price. |
| Cash and equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known accounts of cash with no significant risk of change in value. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Cost |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Capital goods scheme adjust | ( |
) | ( |
) | ( |
) |
| At 31 March 2025 |
| Depreciation |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2025 |
| Net book value |
| At 31 March 2025 |
| At 31 March 2024 |
| MERTON COURT SCHOOL LLP (REGISTERED NUMBER: OC344696) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| Cost |
| At 1 April 2024 |
| Disposals | ( |
) |
| Transfer to ownership | (53,469 | ) |
| At 31 March 2025 |
| Depreciation |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Transfer to ownership | (26,931 | ) |
| At 31 March 2025 |
| Net book value |
| At 31 March 2025 |
| At 31 March 2024 |
| 5. | STOCKS |
| 2025 | 2024 |
| £ | £ |
| Stocks |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts due from members | 475,871 | 203,784 |
| Other debtors |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Social security and other taxes |
| Pension creditor | 31,282 | 14,387 |
| VAT | 147,864 | - |
| Other creditors |
| Accruals and deferred income |
| MERTON COURT SCHOOL LLP (REGISTERED NUMBER: OC344696) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans - 1-2 years |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable |
| operating leases |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| 2025 | 2024 |
| £ | £ |
| Amounts owed to members in respect of profits | 838,364 | 686,941 |
| Falling due within one year | 838,364 | 686,941 |
| Amounts owing to members rank after other liabilities. |
| 11. | PENSION COMMITMENTS |
| At the year end, there was £31,282 owing to the pension scheme (2024: £14,387). |
| 12. | RELATED PARTY DISCLOSURES |
| During the year the LLP was charged £185,000 (2024: £185,000) for property related costs and charges from the designated members of the LLP. At the year end there were no amounts outstanding to any of the members. |
| As at the balance sheet date included within other debtors was £163,011.87 (2024: £127,670) loaned to SEALS Hospitality Limited, a company under common control. |
| 13. | CONTROLLING PARTY |
| The LLP is controlled by its members. |