Altrincham Preparatory School Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00314852 (England and Wales)

Financial Statements

for the Year Ended 31 August 2018

for

Altrincham Preparatory School Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

W M Furness

M J Furness

J M Geddes

Professor A E Hill

A R Hill

A J Hurst

K L Nodding

SECRETARY:

M J Furness

REGISTERED OFFICE:

Marlborough Road

Bowdon

Altrincham

Cheshire

WA14 2RR

REGISTERED NUMBER:

00314852 (England and Wales)

AUDITORS:

Hardy & Company (Hyde) Ltd

Chartered Certified Accountants

& Statutory Auditors

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH

FIXED ASSETS

Tangible assets

4

2,800,436

2,843,890

CURRENT ASSETS

Debtors

5

36,436

55,337

Cash at bank and in hand

707,462

635,464

743,898

690,801

CREDITORS

Amounts falling due within one year

6

580,406

576,645

NET CURRENT ASSETS

163,492

114,156

TOTAL ASSETS LESS CURRENT LIABILITIES

2,963,928

2,958,046

CREDITORS

Amounts falling due after more than one year

7

(1,395,485

)

(1,490,861

)

PROVISIONS FOR LIABILITIES

(38,588

)

(40,666

)

NET ASSETS

1,529,855

1,426,519

CAPITAL AND RESERVES

Called up share capital

10,050

10,050

Retained earnings

1,519,805

1,416,469

1,529,855

1,426,519

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 26 October 2018 and were signed on its behalf by:

A R Hill - Director

M J Furness - Director

1.	STATUTORY INFORMATION

Altrincham Preparatory 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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.

Significant judgements and estimates

The preparation of the financial statements requires management to make estimates, judgements and assumptions that affect

the amounts reported. These judgements and estimates are continually reviewed and are based on experience and other

factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no significant judgements or estimates.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

at variable rates on reducing balance

Plant and machinery etc

-

25% on reducing balance, 20% on cost and 15% on cost

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and

impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent

accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and

accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously

recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other

comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves

in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and

reserves in respect of that asset, the excess shall be recognised in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of

the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing

transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a

similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of

each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss

immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are

assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of

similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a

carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not

previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company, along with many other schools, contributes to the Teachers' Pension Scheme for eligible employees. The

scheme is operated by the Government Teachers Pension Agency.

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme. The regulations under which the

TPS operates are the Teachers' Pensions Regulations 2010. These regulations apply to teachers in schools and other

educational establishments in England and Wales maintained by local authorities, to teachers in many independent and

voluntary-aided schools, and to teachers and lecturers in establishments of further and higher education. Membership is

automatic for full-time teachers and lecturers and from 1st January 2007 automatic too for teachers and lecturers in

part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the

TPS.

Although teachers and lecturers are employed by various bodies, their retirement and other pension benefits, including

annual increases payable under the Pensions (Increase) Acts are, as provided for in the Superannuation Act 1972, paid out

of monies provided by Parliament. Under the unfunded TPS, teachers' contributions on a 'pay-as-you-go' basis, and

employers' contributions, are credited to the Exchequer under arrangements governed by the above Act.

Not less than every four years the Government Actuary (GA), using normal actuarial principles, conducts a formal actuarial

review of the TPS. The aim of the review is to specify the level of future contributions.

The contribution rate paid into the TPS is assessed in two parts. First, a standard contribution rate (SCR) is determined.

This is the contribution, expressed as a percentage of the salaries of teachers and lecturers in service or entering service

during the period over which the contribution rate applies, which if it were paid over the entire active service of these

teachers and lecturers would broadly defray the cost of benefits payable in respect of that service. Secondly, a

supplementary contribution is payable if, as a result of the actuarial investigation, it is found that accumulated liabilities of

the Account for benefits to past and present teachers, are not fully covered by standard contributions to be paid in future

and by the notional fund built up from past contributions. The total contribution rate payable is the sum of the SCR and the

supplementary contribution rate.

Under the definitions set out in FRS.102, the TPS is a multi-employer pension scheme. The company is unable to identify

its share of the underlying assets and liabilities of the scheme. Accordingly, the company has taken advantage of the

exemption under FRS.102 and has accounted for its contributions as if it were a defined contribution scheme.

The company also operates a defined contribution pension scheme in respect of other employees and directors. The scheme

and its assets are held by independent managers.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated

where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.

Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable

amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of

assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets

or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable

that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated

reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and

subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be

required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss

unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present

value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance

costs in profit or loss in the period it arises.

Parents' society donations and bank loan cash back

Donations received from the Parents' society are credited to deferred revenue. Donations towards capital expenditure are

released to the profit and loss account over the expected useful life of the assets. Donations towards revenue expenditure

are released to the profit and loss account as the related expenditure is incurred.

"Cash back" received in respect of bank loans is credited to deferred income and released to the profit and loss account

over the period of the loan.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 82 (2017 - 75 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2017

3,335,575

700,618

4,036,193

Additions

10,950

64,128

75,078

At 31 August 2018

3,346,525

764,746

4,111,271

DEPRECIATION

At 1 September 2017

697,442

494,861

1,192,303

Charge for year

58,530

60,002

118,532

At 31 August 2018

755,972

554,863

1,310,835

NET BOOK VALUE

At 31 August 2018

2,590,553

209,883

2,800,436

At 31 August 2017

2,638,133

205,757

2,843,890

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade debtors

6,497

15,792

Other debtors

29,939

39,545

36,436

55,337

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Bank loans and overdrafts

50,050

42,475

Amounts received on account

231,737

243,026

Trade creditors

35,769

19,568

Taxation and social security

102,126

90,225

Other creditors

160,724

181,351

580,406

576,645

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.18

31.8.17

£

£

Bank loans

1,196,907

1,257,827

Other creditors

198,578

233,034

1,395,485

1,490,861

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

978,403

1,031,748

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.18

31.8.17

£

£

Bank loans

1,246,957

1,300,302

Loans are secured over the assets to which they relate.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Robert Campbell (Senior Statutory Auditor)

for and on behalf of Hardy & Company (Hyde) Ltd