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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 2020
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OLD SCHOOL SURREY LIMITED
REGISTERED NUMBER: 06802519
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2020
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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 2020
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 17 May 2021.
The notes on pages 3 to 11 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 2020
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 exceeds it current assets and is dependent upon the support of parent undertakings. At the same date the group's total liabilities exceeded the group's total assets and the outstanding loan balances disclosed in the consolidated financial statements have past their full repayment date of May 2020. There is an ongoing dispute between the loan note holders as to entitlement of loan interest which the directors are confident will be resolved without any significant impact on going concern of the company.
The directors have reviewed the existing funding facilities of the company, and believe that adequate resources will be available for the foreseeable future.
Accordingly, the directors are confident that the company will continue to remain a going concern for the foreseeable future. Therefore, the going concern basis is appropriate but with the proviso that there is a material uncertainty.
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 if the treatment cycle have not been completed in the same accounting period. In this case, a proportion of package revenue relating to a period after the reporting date are carried forward to subsequent reporting period as deferred income.
Grants are accounted under the accruals model as permitted by FRS 102.
Government grants received are recognised as other operating income in the statement of income and retained earnings as the related expenditure is incurred.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
2.Accounting policies (continued)
Finance costs are charged to profit or loss 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.
All borrowing costs are recognised in profit or loss 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 profit or loss 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 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 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 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.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
2.Accounting policies (continued)
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.
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 profit or loss.
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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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
2.Accounting policies (continued)
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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 profit or loss 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.
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 17 (2019 - 16).
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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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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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2019 - higher than) the standard rate of corporation tax in the UK of 19% (2019 - 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% (2019 - 19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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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 2020
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Charge for the year on owned assets
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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Freehold buildings and improvements to property
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Fixtures, fittings and equipment
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Charge for the year on owned assets
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Included in freehold buildings and improvements to property is land at cost of £2,097,464 (2019: £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 2020
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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 £31,008 (2019: £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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Secured Loans
Bank loans of £1,242,123 (2019: £1,233,825) are secured by a fixed and floating charge over the assets of the company.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
10.Deferred taxation (continued)
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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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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 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 2020 was unqualified.
The audit report was signed on 17 May 2021 by Richard Lloyd (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.
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