The Business School (UK) Ltd. - Period Ending 2021-05-31

The Business School (UK) Ltd.

Contents

Accountants' Report	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Business School (UK) Ltd.
for the Year Ended 31 May 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Business School (UK) Ltd. for the year ended 31 May 2021 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Business School (UK) Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Business School (UK) Ltd. and state those matters that we have agreed to state to the Board of Directors of The Business School (UK) Ltd., as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Business School (UK) Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Business School (UK) Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Business School (UK) Ltd.. You consider that The Business School (UK) Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Business School (UK) Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Lanham & Francis
Chartered Accountants
77a Cheap Street
Sherborne
Dorset
DT9 3BA

24 February 2022

The Business School (UK) Ltd.

(Registration number: 08994838)
Balance Sheet as at 31 May 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	4,116	3,652
Current assets
Debtors	5	61,491	7,120
Cash at bank and in hand		22,409	71,888
		83,900	79,008
Creditors: Amounts falling due within one year	6	(10,976)	(41,974)
Net current assets		72,924	37,034
Total assets less current liabilities		77,040	40,686
Creditors: Amounts falling due after more than one year	6	(50,000)	-
Provisions for liabilities		(782)	(694)
Net assets		26,258	39,992
Capital and reserves
Called up share capital	7	2	2
Profit and loss account		26,256	39,990
Shareholders' funds		26,258	39,992

For the financial year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 February 2022 and signed on its behalf by:
 

Ms H J Chambers
Director

The Business School (UK) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
77a Cheap Street
Sherborne
Dorset
DT9 3BA

The principal place of business is:
28 Rectory Lane
Thurcaston
Leicestershire
LE7 7JQ

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The Business School (UK) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021 (continued)

2	Accounting policies (continued)

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	3 years on cost

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

The Business School (UK) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021 (continued)

2	Accounting policies (continued)

Financial instruments

Classification
FRS 102 classifies financial instruments as either basic financial instruments or other financial instruments. The accounting treatment varies according to the classification.
Basic financial instruments are defined as one of the following:
- cash
- a debt instrument (such as accounts receivable and payable)
- commitment to receive a loan that satisfy certain criteria
- investments in non-convertible preference shares, and non puttable ordinary shares.

All other financial instruments are classed as other financial instruments and treated accordingly.

 Recognition and measurement
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2020 - 4).

The Business School (UK) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021 (continued)

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2020	11,012	11,012
Additions	3,707	3,707
Disposals	(916)	(916)
At 31 May 2021	13,803	13,803
Depreciation
At 1 June 2020	7,360	7,360
Charge for the year	3,243	3,243
Eliminated on disposal	(916)	(916)
At 31 May 2021	9,687	9,687
Carrying amount
At 31 May 2021	4,116	4,116
At 31 May 2020	3,652	3,652

5

Debtors

	2021 £	2020 £
Trade debtors	6,873	4,787
Prepayments	1,335	2,121
Other debtors	53,283	212
	61,491	7,120
Less non-current portion	(49,167)	-
	12,324	7,120

Details of non-current trade and other debtors

£49,167 (2020 -£Nil) of loan to related party is classified as non current. Repayable in instalments.

The Business School (UK) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021 (continued)

6

Creditors

	2021 £	2020 £
Due within one year
Trade creditors	3,980	2,343
Taxation and social security	4,571	33,746
Accruals and deferred income	2,425	2,117
Other creditors	-	3,768
	10,976	41,974

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	50,000	-

	2021 £	2020 £
Due after more than five years
After more than five years by instalments	10,757	-

	-	-

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

The Business School (UK) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021 (continued)

8	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	50,000	-

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

Unsecured bank loan of £10,757 repayable in instalments.

9	Related party transactions

Transactions with directors

2021	At 1 June 2020 £	Advances to directors £	At 31 May 2021 £
Mr D R Ockleton
Interest free loan	-	427	427
Ms H J Chambers
Interest free loan	-	313	313

Summary of transactions with other related parties

Loans to related parties

2021	Other related parties £	Total £
Advanced	50,171	50,171
At end of period	50,171	50,171

Terms of loans to related parties

A loan to Professional and Specialist Qualifications and Awards Ltd, a company in which both directors are also shareholders and directors, repayable in instalments over five years, commencing in May 2022 with interest deferred until repayments commence..