Taypenny Schools Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03090822 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2018

FOR

TAYPENNY SCHOOLS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M D Taylor

Mrs J J Beardsley

SECRETARY:

Mrs M Taylor

REGISTERED OFFICE:

4 Beaufort West

Bath

BA1 6QB

BUSINESS ADDRESS:

Springmead School

Castle Corner

Beckington

Frome

Somerset

BA11 6TA

REGISTERED NUMBER:

03090822 (England and Wales)

ACCOUNTANTS:

Graham Barber Accountancy Limited

4 Beaufort West

Bath

BA1 6QB

BANKERS:

Lloyds TSB Bank plc

PO Box 112

Canons House

Canons Way

BRISTOL

BS99 7LB

FIXED ASSETS

Tangible assets

4

1,066,487

1,074,198

CURRENT ASSETS

Stocks

707

84

Debtors

44,388

48,305

Cash at bank and in hand

10,399

43,430

55,494

91,819

CREDITORS

Amounts falling due within one year

130,430

145,964

NET CURRENT LIABILITIES

(74,936

)

(54,145

)

TOTAL ASSETS LESS CURRENT LIABILITIES

991,551

1,020,053

CREDITORS

Amounts falling due after more than one year

5

(459,731

)

(485,006

)

PROVISIONS FOR LIABILITIES

(3,740

)

(3,500

)

NET ASSETS

528,080

531,547

CAPITAL AND RESERVES

Called up share capital

264,000

264,000

Revaluation reserve

7

345,937

345,937

Retained earnings

(81,857

)

(78,390

)

SHAREHOLDERS' FUNDS

528,080

531,547

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 15 March 2019 and were signed on its behalf by:

Mrs M D Taylor - Director

1.	STATUTORY INFORMATION

Taypenny Schools 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents fees earned from the provision of educational services to pupils at the school.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 25% on cost

Depreciation is provided on building improvements at 2% per annum. At 31 July 2004, building improvements

amounted to £368,905. Subsequent additions are £46,058.

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 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 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.

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2017 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 September 2017

1,362,507

Additions

7,070

At 31 August 2018

1,369,577

DEPRECIATION

At 1 September 2017

288,309

Charge for year

14,781

At 31 August 2018

303,090

NET BOOK VALUE

At 31 August 2018

1,066,487

At 31 August 2017

1,074,198

Included in cost or valuation of land and buildings is freehold land of £ 751,094 (2017 - £ 751,094 ) which is not

depreciated.

Cost or valuation at 31 August 2018 is represented by:

Totals

£

Valuation in 2006

1,120,000

Cost

249,577

1,369,577

If freehold land and buildings had not been revalued they would have been included at the following historical

cost:

2018

2017

£

£

Cost

840,042

840,042

Aggregate depreciation

156,794

140,075

Value of land in freehold land and buildings

421,754

421,754

Freehold land and buildings were valued on an existing use basis on 31 January 2006 by Aitchison Rafferty, Chartered Surveyors

.

No provision for taxation has been made on the revaluation of freehold property as the availability of indexation

allowance would mean that no capital gain would arise if the property were sold at the carrying value.

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2018

2017

£

£

Repayable by instalments

Bank loans more 5 yr by instal

360,119

386,969

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

483,927

508,324

The bank loan is secured by a mortgage debenture including a legal charge over the freehold property.

7.

RESERVES

Revaluation

reserve

£

At 1 September 2017

and 31 August 2018

345,937