REGISTERED NUMBER: 03041021 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

TWYCROSS HOUSE SCHOOL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Profit and Loss Account

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

S D Assinder

Mrs R T Assinder

SECRETARY:

S D Assinder

REGISTERED OFFICE:

Twycross House

Twycross

Nr. Atherstone

Warwickshire

CV9 3PL

REGISTERED NUMBER:

03041021 (England and Wales)

AUDITORS:

Philip Barnes & Co Limited

Chartered Accountants

Statutory Auditors

The Old Council Chambers

Halford Street

Tamworth

Staffordshire

B79 7RB

The directors present their strategic report for the year ended 31 August 2025.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive overview of the development and performance of our school during the year and its position at the year end. Our review is consistent with the size and nature of our school and is written in the context of the risks and uncertainties we face.

Twycross House School was founded in 1977 and is a selective co-educational day school for pupils aged 8-18 years.

The school aims to provide an academic education of high standard leading to GCA, A level and Exordium entrance. The school has an outstanding record of achievement in public examinations and in placing sixth formers at top universities.

It is our aim to continue to invest funds in maintaining the schools buildings and facilities as well as adding to and improving them. In the year the company has completed the construction of an outdoor sports facility. We believe that this continual investment is key to creating a good environment for our students to study in, which will help them to achieve the best grades possible.

By maintaining high standards we aim to ensure that the attendance numbers remain high and therefore help secure the long term future of the school.

We consider our pupils exam success to be one of our key performance indicators and results this year were, once again, to a high standard.

The company has other income from investment properties.

Turnover has increased by 3%. The company achieved a net profit of £1,127,320 compared with a profit of £1,423,639 in the previous year.

The company's net asset value as shown in the balance sheet has once again increased and now stands at approximately £10.5m.

PRINCIPAL RISKS AND UNCERTAINTIES

The environment in which we operate continues to be challenging. We operate on a prudent, economic and risk adverse basis.

The school continues to have a sound asset base and the directors are confident that it will continue to go from strength to strength.

ON BEHALF OF THE BOARD:

S D Assinder - Director

28 April 2026

The directors present their report with the financial statements of the company for the year ended 31 August 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 August 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2024 to the date of this report.

S D Assinder

Mrs R T Assinder

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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

S D Assinder - Director

28 April 2026

Opinion

We have audited the financial statements of Twycross House School Limited (the 'company') for the year ended 31 August 2025 which comprise the Profit and Loss Account, 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 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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.

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 three, 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following;

- considering the nature of the industry and sector, control environment and business performance

- enquiring of management concerning the company's procedures relating to;

- identifying and complying with laws and regulations and whether they were aware of any instances of non-compliance.

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud

- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements. The key laws and regulations we considered included the relevant provisions of the UK Companies Act, Financial Reporting Standards and accounting policies.

Based upon this understanding we designed our audit procedures to identify non-compliance with such laws and regulations including:

- review of the financial statement disclosures to assess compliance with relevant laws and regulations having a direct impact on the financial statements

- testing journals and other adjustments; assessing judgements made in making accounting estimates and evaluating the business rationale of any significant unusual or unexpected transactions

We also communicated identified laws and regulations to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Christopher Humphreys FCA (Senior Statutory Auditor)

for and on behalf of Philip Barnes & Co Limited

Chartered Accountants

Statutory Auditors

The Old Council Chambers

Halford Street

Tamworth

Staffordshire

B79 7RB

28 April 2026

TURNOVER

5,083,188

4,945,877

Administrative expenses

3,976,792

3,891,853

1,106,396

1,054,024

Other operating income

58,938

73,652

OPERATING PROFIT

4

1,165,334

1,127,676

Income from fixed asset investments

6,162

2,415

Interest receivable and similar income

567

478

6,729

2,893

1,172,063

1,130,569

Gain/loss on revaluation of assets

(44,743

)

293,070

PROFIT BEFORE TAXATION

1,127,320

1,423,639

Tax on profit

5

306,049

367,808

PROFIT FOR THE FINANCIAL YEAR

821,271

1,055,831

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

821,271

1,055,831

FIXED ASSETS

Intangible assets

6

-

-

Tangible assets

7

4,421,143

4,286,484

Investment property

8

4,633,663

3,055,000

9,054,806

7,341,484

CURRENT ASSETS

Stocks

9

10,317

11,169

Debtors

10

1,085,415

988,929

Investments

11

1,056,264

2,572,955

Cash at bank and in hand

625,696

919,723

2,777,692

4,492,776

CREDITORS

Amounts falling due within one year

12

1,205,429

2,060,962

NET CURRENT ASSETS

1,572,263

2,431,814

TOTAL ASSETS LESS CURRENT LIABILITIES

10,627,069

9,773,298

PROVISIONS FOR LIABILITIES

13

160,000

127,500

NET ASSETS

10,467,069

9,645,798

CAPITAL AND RESERVES

Called up share capital

14

1,600

1,600

Retained earnings

15

10,465,469

9,644,198

SHAREHOLDERS' FUNDS

10,467,069

9,645,798

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

S D Assinder - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2023

1,600

8,588,367

8,589,967

Changes in equity

Total comprehensive income

-

1,055,831

1,055,831

Balance at 31 August 2024

1,600

9,644,198

9,645,798

Changes in equity

Total comprehensive income

-

821,271

821,271

Balance at 31 August 2025

1,600

10,465,469

10,467,069

Cash flows from operating activities

Cash generated from operations

1

306,260

2,621,086

Tax paid

(325,308

)

(236,432

)

Net cash from operating activities

(19,048

)

2,384,654

Cash flows from investing activities

Purchase of tangible fixed assets

(308,400

)

(651,495

)

Purchase of fixed asset investments

(500,000

)

(1,300,000

)

Purchase of investment property

(1,578,663

)

(583,001

)

Sale of tangible fixed assets

23,107

-

Sale of fixed asset investments

2,080,000

350,000

Interest received

338

261

Investment fund charges

6,406

8,303

Net cash from investing activities

(277,212

)

(2,175,932

)

Cash flows from financing activities

Amount introduced by directors

-

(14,377

)

Amount withdrawn by directors

2,233

-

Net cash from financing activities

2,233

(14,377

)

(Decrease)/increase in cash and cash equivalents

(294,027

)

194,345

Cash and cash equivalents at beginning of year

2

919,723

725,378

Cash and cash equivalents at end of year

2

625,696

919,723

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

2025

2024

£

£

Profit before taxation

1,127,320

1,423,639

Depreciation charges

150,634

145,966

Profit on disposal of fixed assets

(108,067

)

(1,470

)

Loss/(gain) on revaluation of fixed assets

44,743

(293,070

)

Finance income

(6,729

)

(2,893

)

1,207,901

1,272,172

Decrease/(increase) in stocks

852

(4,328

)

(Increase)/decrease in trade and other debtors

(98,719

)

13,082

(Decrease)/increase in trade and other creditors

(803,774

)

1,340,160

Cash generated from operations

306,260

2,621,086

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 2025

31.8.25

1.9.24

£

£

Cash and cash equivalents

625,696

919,723

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

919,723

725,378

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank and in hand

919,723

(294,027

)

625,696

919,723

(294,027

)

625,696

Liquid resources

Current asset investments

2,572,955

(1,516,691

)

1,056,264

2,572,955

(1,516,691

)

1,056,264

Total

3,492,678

(1,810,718

)

1,681,960

1.	STATUTORY INFORMATION

Twycross House School Limited 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.

The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

Significant judgements and estimates

The preparation of the financial statements requires judgements, estimations and assumptions to be made that affect the reported values of assets, liabilities, revenues and expenses. The nature of estimation and judgement means that actual outcomes could differ from those estimates. Significant areas of estimation and judgement for the company includes the measurement of the fair value of the company's investment properties (Note 10). 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

25% reducing balance

Furniture, fixtures, fittings & equipment

-

25% reducing balance

Motor vehicles

-

25% reducing balance

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

Investment property

Investment property for which fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

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 trade 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.

3.

EMPLOYEES

2025

2024

£

£

Wages and salaries

2,464,502

2,330,102

Social security costs

237,081

202,336

Other pension costs

374,185

367,552

3,075,768

2,899,990

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

2025

2024

Management and administration

83

80

2025

2024

£

£

Directors' remuneration

-

-

Directors' pension contributions to money purchase schemes

120,000

120,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

150,634

145,966

Profit on disposal of fixed assets

(108,067

)

(1,470

)

Auditors' remuneration

2,100

1,975

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

273,549

325,308

Deferred tax

32,500

42,500

Tax on profit

306,049

367,808

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,127,320

1,423,639

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

281,830

355,910

Effects of:

Expenses not deductible for tax purposes

249

138

Income not taxable for tax purposes

(1,540

)

(604

)

Change in tax rate effecting deferred tax reserve

32,500

45,855

Freehold property depreciation

21,962

18,942

Revaluation of investment property

-

(48,000

)

Capital allowances

(28,952

)

(4,433

)

Total tax charge

306,049

367,808

6.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2024

and 31 August 2025

100,000

AMORTISATION

At 1 September 2024

and 31 August 2025

100,000

NET BOOK VALUE

At 31 August 2025

-

At 31 August 2024

-

7.	TANGIBLE FIXED ASSETS

Furniture,

fixtures,

Freehold

Plant and

fittings

Motor

property

machinery

& equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 September 2024

5,068,340

148,863

774,365

139,560

6,131,128

Additions

214,651

31,408

40,788

21,553

308,400

Disposals

(13,195

)

(2,626

)

(5,035

)

(2,251

)

(23,107

)

At 31 August 2025

5,269,796

177,645

810,118

158,862

6,416,421

DEPRECIATION

At 1 September 2024

1,009,732

74,324

678,331

82,257

1,844,644

Charge for year

87,849

23,812

22,740

16,233

150,634

At 31 August 2025

1,097,581

98,136

701,071

98,490

1,995,278

NET BOOK VALUE

At 31 August 2025

4,172,215

79,509

109,047

60,372

4,421,143

At 31 August 2024

4,058,608

74,539

96,034

57,303

4,286,484

Included in cost of land and buildings is freehold land of £ 600,000 (2024 - £ 600,000 ) which is not depreciated.

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2024

3,055,000

Additions

1,578,663

At 31 August 2025

4,633,663

NET BOOK VALUE

At 31 August 2025

4,633,663

At 31 August 2024

3,055,000