INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
TORBAY EDUCATION LIMITED
REGISTERED NUMBER:12153652
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 10 form part of these financial statements.
Page 1
TORBAY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Torbay Education Limited is a private company, limited by shares, incorporated in England, United Kingdom. The address of the registered office is Town Hall, Torquay, Devon, United Kingdom, TQ1 3DR. The principal activity of the Company is to provide services to the local council.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Torbay Council commissioned a full Needs Analysis and Review of the SEND provision within Torbay following a joint inspection between Ofsted and the Care Quality Commission (CQC).
The outcome of the review was reported to Torbay Council’s Cabinet on 23 January 2025 and the recommendation for a ‘Torbay Locality Model’ was approved. The recommended locality model approved that Torbay Education Limited ceased to trade as an arm’s length company of Torbay Council, and the staff delivering Medical Tuition Services transition to a new delivery model in line with the review outcomes.
It was therefore proposed that Torbay Education Limited ceased to trade on 31 August 2025 and the trade, assets and remaining staff transfered to the Torbay Council with effect from 1 September 2025.
Consequently, the Director's consider it appropriate for the accounts to be prepared on a basis other than going concern.
As the operations of the Company have been carried on by Torbay Council, no adjustments to, or reclassification of the amounts included in the financial statements have been required.
The outcome of the review was reported to Torbay Council’s Cabinet on 23 January 2025 and the recommendation for a ‘Torbay Locality Model’ was approved. The recommended locality model approved that Torbay Education Limited ceased to trade as an arm’s length company of Torbay Council, and the staff delivering Medical Tuition Services transition to a new delivery model in line with the review outcomes.
It was therefore proposed that Torbay Education Limited ceased to trade on 31 August 2025 and the trade, assets and remaining staff transfered to the Torbay Council with effect from 1 September 2025.
Consequently, the Director's consider it appropriate for the accounts to be prepared on a basis other than going concern.
As the operations of the Company have been carried on by Torbay Council, no adjustments to, or reclassification of the amounts included in the financial statements have been required.
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TORBAY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the Company in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently, the TPS is treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.
The LGPS is a funded multi-employer scheme and the assets are held separately from those of the Council in separate administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date. The amounts charged to profit and loss are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the profit and loss for the year and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other comprehensive income.
Actuarial gains and losses are recognised immediately in other comprehensive income.
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TORBAY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
The average monthly number of employees, including directors, during the year was 14 (2024: 14).
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TORBAY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
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TORBAY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by Devon County Council Pension Fund. Both are multi-employer defined benefit schemes.
The latest actuarial valuation of the TPS related to the period ended 31 March 2020 and of the LGPS 31 March 2022.
Contributions amounting to £12,838 were payable to the schemes at 31 March 2025 (2024 - £12,876) and are included in creditors.
TEACHERS' PENSION SCHEME
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in schools. All teachers have the option to opt-out of the TPS following enrolment.
The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
VALUATION OF TEACHERS' PENSION SCHEME
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.
Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:
The latest actuarial valuation of the TPS related to the period ended 31 March 2020 and of the LGPS 31 March 2022.
Contributions amounting to £12,838 were payable to the schemes at 31 March 2025 (2024 - £12,876) and are included in creditors.
TEACHERS' PENSION SCHEME
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in schools. All teachers have the option to opt-out of the TPS following enrolment.
The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
VALUATION OF TEACHERS' PENSION SCHEME
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.
Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:
∙Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy). This is an increase of 5% in employer contributionns and the cost control result is such that no change in member benefits is needed.
∙Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million.
The result of this valuation was implemented on 1 April 2024.The next valuation result is due to be
implemented from 1 April 2027.
The employer's pension costs paid to TPS in the year amounted to £104,677 (2024: £84,617).
A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https://www.teacherspensions .co.uk/news /employers/2019/04/teachers -pensions-valuation -report.aspx).
Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. Company has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Company has set out above the information available on the scheme.
implemented from 1 April 2027.
The employer's pension costs paid to TPS in the year amounted to £104,677 (2024: £84,617).
A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https://www.teacherspensions .co.uk/news /employers/2019/04/teachers -pensions-valuation -report.aspx).
Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. Company has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Company has set out above the information available on the scheme.
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TORBAY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
9.Pension commitments (continued)
LOCAL GOVERNMENT PENSION SCHEME
The LGPS is a funded defined benefit pension scheme, with the assets held in separate administered funds. The total contribution made for the year ended 31 March 2025 was £ 29,087 (2024: £ 29,681), of which employer’s contributions totalled £21,923 (2024: £22,399) and employees’ contributions totalled £7,164 (2024: £7,282). The agreed contribution rates for future years are 18.4 per cent for employers and 5.5 - 12.5 per cent for employees.
The LGPS is a funded defined benefit pension scheme, with the assets held in separate administered funds. The total contribution made for the year ended 31 March 2025 was £ 29,087 (2024: £ 29,681), of which employer’s contributions totalled £21,923 (2024: £22,399) and employees’ contributions totalled £7,164 (2024: £7,282). The agreed contribution rates for future years are 18.4 per cent for employers and 5.5 - 12.5 per cent for employees.
Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of an academy trust closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013 and on 21 July 2022, the Department for Education reaffirmed its commitment to the guarantee, with a parliamentary minute published on GOV.UK (https://www.gov.uk/government /publications /academies-and-local -government-pension -scheme-liabilities /dfe-local-government -pension-scheme -guarantee-for-academy -trusts).
The pension cost and provision for the year ended 31 March 2025 are based on the advice of a professionally qualified actuary.
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TORBAY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
9.Pension commitments (continued)
Page 8
TORBAY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
9.Pension commitments (continued)
Page 9
TORBAY EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The audit report was signed on 16 December 2025 by Nathan Coughlin FCA (Senior statutory auditor)
on behalf ofBishop Fleming Audit Limited .
on behalf of
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