The Lincolnshire And Rutland Education B - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04190289 (England and Wales)

Financial Statements

for the Year Ended 31 March 2021

for

The Lincolnshire and Rutland Education

Business Partnership

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs M B Allison

Ms E J Burdett

Ms S Loftus

M Mckeown

N R Shears

Mrs J C Walls

SECRETARY:

Ms N C Langton

REGISTERED OFFICE:

The EBP Cathedral Centre

17 Minster Yard

Lincoln

LN2 1PX

REGISTERED NUMBER:

04190289 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

BANKERS:

Barclays Bank Plc

316 High Street

Lincoln

Lincolnshire

LN5 7DP

FIXED ASSETS

Tangible assets

4

40,458

120,223

CURRENT ASSETS

Debtors

5

67,897

281,056

Investments

6

-

83,827

Cash at bank and in hand

855,364

1,466,243

923,261

1,831,126

CREDITORS

Amounts falling due within one year

7

143,039

183,322

NET CURRENT ASSETS

780,222

1,647,804

TOTAL ASSETS LESS CURRENT LIABILITIES

820,680

1,768,027

CREDITORS

Amounts falling due after more than one year

8

50,000

-

NET ASSETS

770,680

1,768,027

RESERVES

Other reserves

350,000

350,000

Income and expenditure account

420,680

1,418,027

770,680

1,768,027

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 15 December 2021 and were signed on its behalf by:

Mrs M B Allison - Director

1.	STATUTORY INFORMATION

The Lincolnshire and Rutland Education Business Partnership is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company is limited by guarantee and has no shareholders. The liability of each member is limited to £1. The directors control the company.

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.

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within the financial year include:

Tangible fixed assets are recognised at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed condition's show that a need for impairment has arisen.

Revenue recognition

Turnover represents value of services provided and grants attributable to the year. Funding received in advance is matched against costs and any surplus is treated as deferred income so as to be allocated against future expenditure. Provision is made for any foreseeable losses where appropriate.

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

-

20% on cost

Fixtures and fittings

-

25% on cost and 15% on cost

Equipment

-

50% on cost, 33% on cost and 25% on cost

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract the evidences as residual interest in the assets of the company after deducting all of its liabilities.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Pension costs and other post-retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Irrecoverable vat

The company has VAT exempt sales and as a consequence is not registered for VAT. Irrecoverable VAT is therefore charged as appropriate to items of expenditure in the profit and loss account or capitalised as part of the cost of the related fixed assets shown in the balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2020 - 96 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Land and

and

buildings

fittings

Equipment

Totals

£

£

£

£

COST

At 1 April 2020

192,406

125,588

190,021

508,015

Additions

-

2,813

25,039

27,852

Disposals

-

(26,611

)

(119,201

)

(145,812

)

At 31 March 2021

192,406

101,790

95,859

390,055

DEPRECIATION

At 1 April 2020

137,617

84,971

165,204

387,792

Charge for year

54,789

35,401

16,283

106,473

Eliminated on disposal

-

(26,328

)

(118,340

)

(144,668

)

At 31 March 2021

192,406

94,044

63,147

349,597

NET BOOK VALUE

At 31 March 2021

-

7,746

32,712

40,458

At 31 March 2020

54,789

40,617

24,817

120,223

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

14,258

17,052

Other debtors

53,639

264,004

67,897

281,056

6.	CURRENT ASSET INVESTMENTS

2021

2020

£

£

Other investments

-

83,827

Investments are accessible funds held within building society savings accounts.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

12,550

73,769

Taxation and social security

21,604

27,523

Other creditors

108,885

82,030

143,039

183,322

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

50,000

-

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

The Report of the Auditors was unqualified.

J P Sewell BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

10.	POST BALANCE SHEET EVENTS AND GOING CONCERN

As referred to in the directors report the Covid 19 pandemic has affected the economic activity of the business in a significant way. The operations have been severely impacted during the year with disruption caused by school closures, and limited work experience and community based activity opportunities.

The directors have taken steps to minimise the impact by looking at other potential revenue streams, undertaking cost cutting measures and utilising Covid finance support where it is available.

The reduced revenue in the period is reflected in the large operating loss in the year to 31 March 2021. At the year end the business still had net assets of £770,680. Since the year end the company continues to be impacted by Covid 19 and has incurred further losses. The directors continue to look for opportunities for the company.

The success or otherwise of these potential opportunities together with the duration of the Covid 19 crisis will determine whether the company experiences further negative results and potential liquidity issues. The exact impact on the activities for the remainder of the 2022 year end and thereafter cannot be predicted.

The accounts have been prepared on a going concern basis but attention is drawn to this note and the material uncertainty note relating to going concern in the auditors report.

11.	LIMITED BY GUARANTEE

The company is limited by guarantee and has no shareholders. The liability of each member is limited to £1. The directors control the company.