Southgates Education Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09975933 (England and Wales)

Southgates Education Limited

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

DIRECTORS:

Mr A Rookes FCCA

Mrs M M Rookes MAAT ATT

REGISTERED OFFICE:

The Lodge

Elstronwick

Hull

East Yorkshire

HU12 9BP

REGISTERED NUMBER:

09975933 (England and Wales)

ACCOUNTANTS:

Southgates

Chartered Certified Accountants

Owthorne Manor

2 Hubert Street

Withernsea

East Yorkshire

HU19 2AT

FIXED ASSETS

Tangible assets

4

2,218

698

CURRENT ASSETS

Debtors

5

11,153

21,099

Cash at bank

149,246

85,982

160,399

107,081

CREDITORS

Amounts falling due within one year

6

36,455

24,548

NET CURRENT ASSETS

123,944

82,533

TOTAL ASSETS LESS CURRENT LIABILITIES

126,162

83,231

CREDITORS

Amounts falling due after more than one year

7

(33,800

)

-

PROVISIONS FOR LIABILITIES

(391

)

(95

)

NET ASSETS

91,971

83,136

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

91,871

83,036

91,971

83,136

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2021 and were signed on its behalf by:

Mr A Rookes FCCA - Director

Mrs M M Rookes MAAT ATT - Director

1.	STATUTORY INFORMATION

Southgates Education 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.

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.

Fixtures and fittings

-

25% on reducing balance

Government grants

Government grants are recognised at fair value when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants related to purchase of assets are treated as deferred income and allocated to the profit and loss account over the useful lives of the related assets. Grants related to expenses are treated as income in the profit and loss account in the period they are receivable.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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 that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2020

1,338

Additions

2,259

At 31 March 2021

3,597

DEPRECIATION

At 1 April 2020

640

Charge for year

739

At 31 March 2021

1,379

NET BOOK VALUE

At 31 March 2021

2,218

At 31 March 2020

698

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

10,550

20,550

Prepayments

603

549

11,153

21,099

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

5,200

-

Tax

6,526

9,527

Social security and other taxes

400

3,464

Other creditor

-

255

VAT

4,952

4,238

Directors' current accounts

17,528

965

Accruals

1,849

6,099

36,455

24,548

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

7,800

-

Bank loans - 2-5 years

23,400

-

Bank loans more 5 yr by instal

2,600

-

33,800

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,600

-