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Registered number: 05034337 ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
COMPANY INFORMATION
Director | C Tardios
Registered number | 05034337
Registered office | 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
Independent auditors | Sopher + Co LLP
| Chartered Accountants & Statutory Auditors
| 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
CONTENTS
| Page
Strategic Report | 1 - 2
Director's Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12
Analysis of Net Debt | 13
Notes to the Financial Statements | 14 - 26
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
Introduction
The director presents her strategic report for the year ended 31 July 2025.
Business review
St. John's Preparatory and Senior School is a co-educational day school situated in a total of 28 acres of green belt countryside, taking pupils from the age of 3 years old up through the Seniors to G.C.S.E. and 'A' levels. The school is on two separate sites with the Prep separated from the Seniors by less than half a mile. Turnover has increased by 0.5% as fees have been increased overall to the school this year and net assets have increased from £11m to £12.5m. Cash reserves net of debt have decreased by further £0.2m, primarily driven by a fall in advance deposits from parents securing future enrolment. The introduction of VAT on private school fees with effect from January 2025 and the changes to Employer's National Insurance from April 2025 have both had a significant impact on the school's budget and financial planning. In an attempt to assist with this transition, taking into account the fact that the School will be able to recover input VAT on its qualifying expenditure, offset by the significant impact of the large increase in Employer’s National Insurance costs, and the anticipated increase our suppliers will implement as the new National Insurance costs feed through, the School decided the following: a. The current published fees were discounted by 5% for 3 terms commencing with Spring Term 2025 and including Summer Term 2025 and Autumn Term 2025. This was in addition to any other discounts that parents have been receiving such as siblings and alumni discounts. b. Fees for the 25/26 Academic Year have been frozen at 24/25 levels.
Principal risks and uncertainties
The assessment of risks faced by the company and the development of strategies for dealing with these risks is achieved on an ongoing basis through the way in which the company is controlled and managed. The risk management process seeks to enable the early identification, evaluation and effective management of the key risks facing the business at an operational level and to operate internal controls, which adequately mitigate these risks. The company regularly assesses its risk management activities to ensure good practice in all areas. Despite the adverse impact of both the introduction of VAT on private school fees and increases in Employer National Insurance costs, the director considers that the principal risks and uncertainty to the business relate to its ability to continue to attract and retain the best teachers with the right capabilities at all levels in the school attracting new pupils to the School particularly in the Nursery and Preparatory School. The director has taken steps to ensure the school is in full compliance with all legal and regulatory requirements related to the VAT changes, including timely reporting and documentation to mitigate the additional regulatory risks associated with the new legislation.
Financial key performance indicators
The director considers the key performance indicators of the business to be student numbers and staff costs which directly impact turnover and operating profit as set out in the Statement of Comprehensive Income on page 8. The director considers that the School has continued to deliver an outstanding education programme to students whilst continuing to offer excellent value for money and maintaining its reputation leading to a strong demand for places. Net assets have increased from £11m to just over £12.5m and debt has reduced by £0.1m. Page 1
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Other key performance indicators
The director recognises the importance of maintaining the continued delivery of an outstanding education programme to students and considers the outcome of Ofsted inspection reports to be a key non-financial performance indicator of the business. The latest Ofsted report issued in May 2019 rated the school as "Outstanding" and this continues to have a positive impact on student applications. For the future, the school will be subject to compliance reviews by the Independent Schools Inspectorate, the first of which is expected to take place in summer 2026. This report was approved by the director on 9 April 2026.
C Tardios Director
Page 2
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
DIRECTOR'S REPORT FOR THE YEAR ENDED 31 JULY 2025 The director presents her report and the financial statements for the year ended 31 July 2025.
Director
The director who served during the year was:
C Tardios
Results and dividends
The profit for the year, after taxation, amounted to £1,420,404 (2024 - £1,270,791). During the year dividends of £77,000 (2024 - £62,000) were paid to ordinary shareholders as recommended by the director. The director does not recommend the payment of a final dividend.
Future developments
The director is confident the school will maintain its high educational and academic standards. Despite the adverse impact of changes to the taxation regime since the year end, the school will continue to look to expand to increase capacity and to maintain and improve both indoor and outdoor facilities.
Qualifying third party indemnity provisions
The company maintains an insurance policy on behalf of the director against liability arising from negligence. breach of duty and breach of trust in relation to the company.
Disclosure of information to auditors
The director at the time when this Director's Report is approved has confirmed that: ∙so far as she is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙she has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 3
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Director's responsibilities statement
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is 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 director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The director is 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 to enable her to ensure that the financial statements comply with the Companies Act 2006. She is 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.
Auditors
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the director on 9 April 2026 and signed on its behalf.
C Tardios Director
Page 4
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
Opinion
We have audited the financial statements of St. John's Preparatory & Senior School Limited (the 'Company') for the year ended 31 July 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity 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 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 July 2025 and of its profit 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report. Page 5
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED (CONTINUED)
Other information
The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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 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.
Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Director's 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 Director's 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 director's 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 Director's Responsibilities Statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED (CONTINUED)
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 an Auditors' 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006,taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s 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; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and ∙understanding the design of the Company’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates 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: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. Page 7
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED (CONTINUED) 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 enquiry 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 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 Auditors' Report.
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 Auditors' 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. Stephen Iseman FCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 9 April 2026 Page 8
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 7,506,516 | 7,470,538
Administrative expenses |  | (6,110,545) | (5,931,242)
Exceptional administrative expenses |  | - | 96,195
Other operating income | 6 | 109,484 | -
Fair value movements |  | 106,939 | 34,318
Operating profit | 7 | 1,612,394 | 1,669,809
Interest receivable and similar income | 11 | 395,383 | 157,316
Interest payable and similar expenses | 12 | (23,925) | (36,218)
Profit before tax |  | 1,983,852 | 1,790,907
Tax on profit | 13 | (563,448) | (520,116)
Profit for the financial year |  | 1,420,404 | 1,270,791
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 14 to 26 form part of these financial statements.
Page 9
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED REGISTERED NUMBER:05034337
STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 16 |  | 5,389,085 |  | 5,711,807
Investments | 17 |  | 293,380 |  | 186,441
|  |  | 5,682,465 |  | 5,898,248
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 2,388,322 |  | 2,163,732 |
Bank and cash balances |  | 9,934,535 |  | 10,279,402 |
|  | 12,322,857 |  | 12,443,134 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 19 | (5,111,469) |  | (6,693,821) |
Net current assets |  |  | 7,211,388 |  | 5,749,313
Total assets less current liabilities |  |  | 12,893,853 |  | 11,647,561
Creditors: amounts falling due after more than one year | 20 |  | (191,232) |  | (293,137)
Provisions for liabilities |  |  |  |  |
Deferred tax | 23 |  | (294,304) |  | (290,261)
Net assets |  |  | 12,408,317 |  | 11,064,163
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 100 |  | 100
Profit and loss account |  |  | 12,408,217 |  | 11,064,063
|  |  | 12,408,317 |  | 11,064,163
The financial statements were approved and authorised for issue by the director and were signed on its behalf on 9 April 2026.
C Tardios
Director
The notes on pages 14 to 26 form part of these financial statements. Page 10
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 August 2023 | 100 | 9,855,272 | 9,855,372
Profit for the year | - | 1,270,791 | 1,270,791
Dividends: Equity capital (note 14) | - | (62,000) | (62,000)
At 1 August 2024 | 100 | 11,064,063 | 11,064,163
Profit for the year | - | 1,420,404 | 1,420,404
Dividends: Equity capital | - | (76,250) | (76,250)
At 31 July 2025 | 100 | 12,408,217 | 12,408,317
| The notes on pages 14 to 26 form part of these financial statements.
Page 11
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,420,404 | 1,270,791
Adjustments for: |  |
Amortisation of intangible assets | - | 26,000
Depreciation of tangible assets | 379,262 | 401,083
Loss on disposal of tangible assets | (12,010) | -
Interest paid | 23,923 | 36,218
Interest received | (395,383) | (157,316)
Taxation charge | 563,448 | 520,116
(Increase)/decrease in debtors | (224,589) | 323,143
(Decrease)/increase in creditors | (1,551,175) | 2,490,900
Net fair value (gains) recognised in P&L | (106,939) | (34,318)
Corporation tax (paid) | (602,912) | (398,041)
Net cash (used in)/generated from operating activities | (505,971) | 4,478,576
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (59,211) | (112,739)
Sale of tangible fixed assets | 14,682 | -
Interest received | 395,383 | 157,316
Net cash from investing activities | 350,854 | 44,577
Cash flows from financing activities |  |
Repayment of loans | (118,236) | (708,379)
Repayment of/new finance leases | 28,659 | -
Dividends paid | (76,250) | (62,000)
Interest paid | (23,923) | (36,218)
Net cash used in financing activities | (189,750) | (806,597)
Net (decrease)/increase in cash and cash equivalents | (344,867) | 3,716,556
Cash and cash equivalents at beginning of year | 10,279,402 | 6,562,846
Cash and cash equivalents at the end of year | 9,934,535 | 10,279,402
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 9,934,535 | 10,279,402
The notes on pages 14 to 26 form part of these financial statements.
Page 12
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 JULY 2025
|  | At 1 August 2024 | Cash flows | New finance leases | At 31 July 2025
|  | £ | £ | £ | £
Cash at bank and in hand | 10,279,402 | (344,867) | - | 9,934,535
Debt due after 1 year | (293,137) | 122,578 | - | (170,559)
Debt due within 1 year | (118,750) | (4,024) | - | (122,774)
Finance leases | - | - | (28,659) | (28,659)
| 9,867,515 | (226,313) | (28,659) | 9,612,543
The notes on pages 14 to 26 form part of these financial statements.
Page 13
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
St. John's Preparatory & Senior School Limited is a private limited liability company incorporated in England and Wales, with its principal business address at John's Preparatory School, The Ridgeway, Potters Bar, EN6 5QT. The principal activity of the company is the provision of educational services and independent schooling. The Company's functional and presentational currency is £ Sterling. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, and value added tax. Turnover represents the total amount receivable by the Company for tuition and is recognised on a straight line basis over the period of provision. Where fees are invoiced in advance they are deferred on the Statement of Financial Position and recognised as turnover over the period of the service provision. The majority of the tuition fees invoiced by the company are invoiced termly in advance.
| 2.3 | Intangible assets
Goodwill represents the difference between amounts paid on the acquisition of a business and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income Statement over its estimated useful economic life of 20 years.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 14
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 5% |
|  |  |  | Plant and machinery | - | 15% |
|  |  |  | Motor vehicles | - | 20% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. No depreciation is provided in respect of freehold property. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the Company.
| 2.5 | Debtors
Short term debtors are measured at the transaction price, less any impairment.
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.7 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. 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, and loans to related parties.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 15
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.10 | Dividends
Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.11 | Valuation of investments
Short-term investments, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.12 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.13 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight line basis over the lease term.
| 2.14 | Pensions
Defined contribution pension plan The Company contributes to defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.15 | Borrowing costs
All borrowing costs are recognised in Statement of Comprehensive Income in the year in which they are incurred. Page 16
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.16 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the director has made the following judgments: a) Determine whether leases entered into by the Company as a lease are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. b) Determine whether there are indicators of impairment of the Company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. In preparing these financial statements, the director has considered the following key sources of estimation uncertainty: Tangible and intangible assets are depreciated/amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values. Page 17
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
4. | Turnover
The whole of the turnover is attributable to the principal activity of the Company.
| All turnover arose within the United Kingdom.
5. | Exceptional income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Retrospective rates rebate | - | 96,195
6. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 109,484 | -
| During the year, the school received a VAT refund of £109,484 in respect of capital expenditure incurred in prior years following the change in VAT treatment for independent schools. Given the number and age of assets involved, it is not practicable to adjust individual asset carrying values. The amount is not material relative to total fixed assets of approximately £5.4 million and has therefore been recognised within other operating income.
7. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 221,605 | 232,777
8. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 12,000 | 12,000
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ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
9. | Employees
| Staff costs, including director's remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,079,817 | 2,906,878
| Social security costs | 342,905 | 288,374
| Cost of defined contribution scheme | 59,105 | 55,964
|  | 3,481,827 | 3,251,216
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Teaching personnel | 69 | 71
|  | Non-teaching personnel | 21 | 15
|  |  | 90 | 86
10. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 15,000 | 15,000
11. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 395,383 | 157,316
12. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 13,199 | 32,259
| Other interest payable | 10,726 | 3,959
|  | 23,925 | 36,218
Page 19
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
13. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 559,405 | 530,395
| Deferred tax |  |
| Origination and reversal of timing differences | 4,043 | (10,279)
| Tax on profit | 563,448 | 520,116
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,983,853 | 1,790,907
| Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 25%. | 495,963 | 447,727
| Effects of: |  |
| Non-tax deductible amortisation of goodwill | - | 6,500
| Expenses not deductible for tax purposes | 17,458 | 19,846
| Capital allowances for year in excess of depreciation | 72,921 | 64,791
| Other short-term timing difference | 56 | 111
| Non-taxable fair value adjustments | (26,735) | (8,580)
| Book profit on chargeable assets | (3,003) | -
| Balancing charge | 2,745 | -
| Deferred taxation | 4,043 | (10,279)
| Total tax charge for the year | 563,448 | 520,116
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 20
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
14. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary dividends | 76,250 | 62,000
15. | Intangible assets
|  | Goodwill
|  | £
| At 1 August 2024 | 520,000
| Disposals | (520,000)
| At 31 July 2025 | -
| At 1 August 2024 | 520,000
| On disposals | (520,000)
| At 31 July 2025 | -
| Net book value |
| At 31 July 2025 | -
| At 31 July 2024 | -
Page 21
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
16. | Tangible fixed assets
|  | Freehold property | Long-term leasehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 August 2024 | 1,893,114 | 6,210,555 | 729,151 | 115,233 | 8,948,053
| Additions | - | - | 20,996 | 38,216 | 59,212
| Disposals | - | - | (3,704) | (25,249) | (28,953)
| At 31 July 2025 | 1,893,114 | 6,210,555 | 746,443 | 128,200 | 8,978,312
| Depreciation |  |  |  |  |
| At 1 August 2024 | - | 2,600,480 | 520,533 | 115,233 | 3,236,246
| Charge for the year on owned assets | - | 310,528 | 63,002 | - | 373,530
| Charge for the year on financed assets | - | - | - | 5,732 | 5,732
| Disposals | - | - | (1,032) | (25,249) | (26,281)
| At 31 July 2025 | - | 2,911,008 | 582,503 | 95,716 | 3,589,227
| Net book value |  |  |  |  |
| At 31 July 2025 | 1,893,114 | 3,299,547 | 163,940 | 32,484 | 5,389,085
| At 31 July 2024 | 1,893,114 | 3,610,075 | 208,618 | - | 5,711,807
| The freehold and long-leasehold property have been pledged as security for the company's bank loans.
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 32,483 | -
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ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
17. | Fixed asset investments
|  | Listed investments
|  | £
| Valuation |
| At 1 August 2024 | 186,441
| Revaluations | 106,939
| At 31 July 2025 | 293,380
18. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,318,328 | 1,972,955
| Prepayments and accrued income | 69,994 | 190,777
|  | 2,388,322 | 2,163,732
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loan (note 20) | 122,647 | 118,305
| Corporation tax | 366,481 | 409,988
| Other taxation and social security | 363,020 | 71,398
| Obligations under finance lease and hire purchase contracts | 7,988 | -
| Other creditors | 560,597 | 635,203
| Accruals and deferred income | 3,690,736 | 5,458,927
|  | 5,111,469 | 6,693,821
Page 23
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
20. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loan | 170,562 | 293,137
| Net obligations under finance leases and hire purchase contracts | 20,670 | -
|  | 191,232 | 293,137
| Secured loan The bank loan bears interest at a fixed rate of 3.61% being paid in monthly installments maturing in November 2027. The loan is secured by a debenture and first legal charges over the freehold land and buildings.
21. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loan | 122,647 | 118,305
| Amounts falling due 1-2 years |  |
| Bank loan | 127,148 | 122,647
| Amounts falling due 2-5 years |  |
| Bank loan | 43,410 | 170,490
|  | 293,205 | 411,442
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 7,988 | -
| Between 1-5 years | 20,670 | -
|  | 28,658 | -
Page 24
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
23. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 290,261
| Charge to Statement of Comprehensive Income | 4,043
| At end of year | 294,304
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 294,304 | 290,261
| The net deferred tax liability expected to reverse next year is £84,046 (2024 - £85,819). This primarily relates to the reversal of existing timing differences on acquired tangible fixed assets and capital allowances through depreciation, offset by expected tax deductions when payment are made to utilise provisions.
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
25. | Pension commitments
The company contributes to defined contributions pension schemes. The assets of the schemes are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the funds and amounted to £59,105 (2024 - £55,964). Contributions totalling £15,515 (2024 - £14,920) were payable to the funds at the reporting date and are included in creditors. Page 25
ST. JOHN'S PREPARATORY & SENIOR SCHOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
26. | Commitments under operating leases
| At 31 July 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 107,988 | 100,000
| Later than 1 year and not later than 5 years | 420,670 | 400,000
| Later than 5 years | 2,566,667 | 2,666,667
|  | 3,095,325 | 3,166,667
27. | Related party transactions
| During the year the Company paid rent amounting to £60,000 (2024 - £60,000) to the director. During the year the Company paid dividends amounting to £77,000 (2024 - £62,000) to the director. At the Statement of Financial Position date the Company owed £576 (2024 - £445) to the director. During the year the Company paid remuneration of £226,000 (2024 - £195,000) to key management personnel.
28. | Controlling party
The director, C Tardios, controls the Company by virtue of her shareholding.
Page 26