Beech House Education Limited 31/07/2021 iXBRL

Beech House Education Limited 31/07/2021 iXBRL

BEECH HOUSE EDUCATION LIMITED - Company Information

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Company registration number: 04256030
Beech House Education Limited
Unaudited filleted financial statements
31 July 2021
Beech House Education Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Beech House Education Limited
Directors and other information
Directors Mr K Sartain
Mrs K T Sartain
Secretary K T Sartain
Company number 04256030
Registered office 6 Acre Grove
Birkdale
Southport
PR8 4BA
Business address Glebe House School
Drake Street
Rochdale
OL16 1UT
Accountants Wrigley Partington
Sterling House
501 Middleton Road
Chadderton
Oldham
OL9 9LY
Bankers Royal Bank of Scotland
269 Lord Street
Southport
PR8 1PH
Beech House Education Limited
Statement of financial position
31 July 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 700,659 700,654
_______ _______
700,659 700,654
Current assets
Cash at bank and in hand 3,744 21,973
_______ _______
3,744 21,973
Creditors: amounts falling due
within one year 6 ( 288,207) ( 294,020)
_______ _______
Net current liabilities ( 284,463) ( 272,047)
_______ _______
Total assets less current liabilities 416,196 428,607
Creditors: amounts falling due
after more than one year 7 ( 96,366) ( 106,479)
_______ _______
Net assets 319,830 322,128
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 319,730 322,028
_______ _______
Shareholders funds 319,830 322,128
_______ _______
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 January 2022 , and are signed on behalf of the board by:
Mr K Sartain
Director
Company registration number: 04256030
Beech House Education Limited
Notes to the financial statements
Year ended 31 July 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Acre Grove, Birkdale, Southport, PR8 4BA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Not Depreciated
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2020 695,085 24,733 2,484 722,302
Additions - 1,864 - 1,864
_______ _______ _______ _______
At 31 July 2021 695,085 26,597 2,484 724,166
_______ _______ _______ _______
Depreciation
At 1 August 2020 - 21,028 621 21,649
Charge for the year - 1,392 466 1,858
_______ _______ _______ _______
At 31 July 2021 - 22,420 1,087 23,507
_______ _______ _______ _______
Carrying amount
At 31 July 2021 695,085 4,177 1,397 700,659
_______ _______ _______ _______
At 31 July 2020 695,085 3,705 1,863 700,653
_______ _______ _______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 12,000 38,000
Trade creditors ( 20) -
Social security and other taxes 162 162
Other creditors 276,065 255,858
_______ _______
288,207 294,020
_______ _______
The bank loan is secured by way of a legal mortgage over the land and buildings at Glebe House School, Drake Street, Rochdale and by way of a fixed charge over fixtures attached to the property and chattels of the company now and in the future and any present and future goodwill of any business carried on at the property.
7. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 96,366 106,479
_______ _______
The bank loan is secured by way of a legal mortgage over the land and buildings at Glebe House School, Drake Street, Rochdale and by way of a fixed charge over fixtures attached to the property and chattels of the company now and in the future and any present and future goodwill of any business carried on at the property.
Included within creditors: amounts falling due after more than one year is an amount of £ 51,344 (2020 £ 63,344 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.