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Registered number: 06802519
OLD SCHOOL SURREY LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2019
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OLD SCHOOL SURREY LIMITED
REGISTERED NUMBER: 06802519
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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OLD SCHOOL SURREY LIMITED
REGISTERED NUMBER: 06802519
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2019
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 May 2020.
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A H Gafar
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The notes on pages 3 to 12 form part of these financial statements.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
Old School Surrey Limited is a private company limited by shares incorporated in England and Wales. The registered office is at 1 Fortis Green, London, N2 9JR. The principle place of business is at The Pines, 2 The Parade, Epsom, KT18 5DH.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
At the reporting date, the Company's current liabilities exceeded its current assets by £1,126,374. The Company meets its day to day working capital requirements through utilisation of bank loan facilities and continued financial support of its parent company.
Existing funding facilities indicate that the Company has adequate resources to continue with some level of activity from a minimal to full levels after the current restriction on trading have been removed. Although the potential effects of the Coronavirus can be modelled, it is very difficult to determine the assumptions that will prove to be most appropriate and therefore there is an element of doubt existing that cannot be quantified.
Accordingly the directors are confident that the Company will continue to remain a going concern for the foreseeable future and the going concern basis is appropriate but with the proviso that a material uncertainity exits over the Company's future.
Revenue is recognised to the extent that it is probable that economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, including discounts.
Revenue from medical services is recognised at the point in which the treatment has been administered.
Revenue from medical services package are recognised proportionally across the estimated lifespan of the package. A proportion of package revenue relating to a period after the reporting date are carried forward to subsequent reporting period as deferred income.
Finance costs are charged to the Statement of Income and Retained Earnings 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.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
2.Accounting policies (continued)
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan 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 the Statement of Income and Retained Earnings 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.
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Current and deferred taxation
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The tax expenses for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings.
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 Statement of Financial Position 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 is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Land is not depreciated. Depreciation on other assets 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:
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Fixtures, fittings and equipment
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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 the Statement of Income and Retained Earnings.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 16 (2018 - 15).
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Current tax on profits for the year
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
4.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2018 - lower than) the standard rate of corporation tax in the UK of 19% (2018 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2018 - 19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Deferred tax not provided in previous year
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Depreciation on assets not attracting capital allowance
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Total tax charge for the year
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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Freehold buildings and improvements to property
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Fixtures, fittings and equipment
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Included in freehold buildings and improvements to property is land at cost of £2,097,464 (2018: £2,097,464) which is not depreciated.
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Prepayments and accrued income
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Secured Loans
Bank loans of £117,688 (2018: £117,668) are secured by a fixed and floating charge over the assets of the Company.
Finance Leases
Finance leases are secured on the assets concerned.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Secured Loans
Bank loans of £1,233,825 (2018: £1,351,493) are secured by a fixed and floating charge over the assets of the Company.
Finance Leases
Finance leases are secured on the assets concerned.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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The deferred tax asset is made up as follows:
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Depreciation in excess of capital allowances
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Capital allowances in excess of amortisation
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Related party transactions
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The following amounts were outstanding at the reporting date:
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Entities with control, joint control or significant influence over the company
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At the reporting date, Mr Gafar, a director of the company, owed the company £nil (2018: £10,146).
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
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Post balance sheet events
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Since March 2020, the spread of Coronavirus has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown.
On 31 March 2020, the Company temporarily closed its clinic until further notice and is not offering any testing or starting new treatments. Existing patients are supported via email or via telephone consultations only. Following the closure of the clinic, the Company has furloughed almost all of its workforce and intends to continue to pay them under the government’s Coronavirus Job Retention Scheme.
The Company has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31 August 2019 have not been adjusted to reflect their impact. The duration and impact of the Coronavirus pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.
The ultimate parent company is ARGC Topco Limited, a company registered in England & Wales. ARGC Topco Limited prepares group accounts and copies can be obtained from Regina House, 124 Finchley Road, London, NW3 5JS.
The ultimate controlling party is Dr M Taranissi.
The auditors' report on the financial statements for the year ended 31 August 2019 was unqualified.
The audit report was signed on 22 May 2020 by Richard Lloyd (Senior Statutory Auditor) on behalf of Nyman Libson Paul.
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