The Levels School Limited - Period Ending 2022-08-31
The Levels School Limited - Period Ending 2022-08-31
Registration number:
The Levels School Limited
for the Year Ended 31 August 2022
The Levels School Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Levels School Limited
(Registration number: 12567053)
Balance Sheet as at 31 August 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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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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Provisions for liabilities |
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- |
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Net assets/(liabilities) |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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- |
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Profit and loss account |
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Total equity |
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The Levels School Limited
(Registration number: 12567053)
Balance Sheet as at 31 August 2022
For the financial year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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The Levels School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Going concern
The directors have prepared and stress tested forecasts and budgets and are confident that debts can be met as they fall due for the foreseeable future. Therefore the directors have prepared the accounts on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.
The Levels School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
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 that the grants will be received. Grants related to the purchase of assets are treated as deferred income and allocated to the profit and loss account over the useful lives of the related assets, whilst grants related to expenses are treated as other income in the profit and loss account.
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 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Short Leasehold land and Buildings |
33% Straight line |
Plant and Machinery |
25% Reducing balance |
Office Equipment |
33% Straight line |
Motor Vehicles |
25% Reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
The Levels School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
The Levels School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Short leasehold land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 September 2021 |
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Additions |
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At 31 August 2022 |
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Depreciation |
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At 1 September 2021 |
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Charge for the year |
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At 31 August 2022 |
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Carrying amount |
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At 31 August 2022 |
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At 31 August 2021 |
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Included within the net book value of land and buildings above is £58,571 (2021 - £66,043) in respect of short leasehold land and buildings.
The Levels School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 September 2021 |
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Provision |
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Carrying amount |
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At 31 August 2022 |
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At 31 August 2021 |
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Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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The Levels School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
Creditors |
Due within one year |
Note |
2022 |
2021 |
Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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- |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Deferred income |
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Due after one year |
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Loans and borrowings |
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Creditors due within one year include borrowings from patrons of the school, which include a mixture if interest rates ranging from 0% to 10% and repayable in monthly instalments, totalling £21,024.
Creditors due after one year include borrowings from patrons of the school, which include a mixture if interest rates ranging from 0% to 10% and repayable in monthly instalments, totalling £65,718.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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242 |
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94 |
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80 |
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88 |
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During the year, the company issued 148 A shares at par for a total consideration of £148. The company also issued 8 B shares at par for a total consideration of £8, as well as repurchasing 16 of its own shares off existing shareholders for a total consideration of £16.
The Levels School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Other borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Other borrowings |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Transactions with directors |
2022 |
At 1 September 2021 |
Advances to directors |
Repayments by director |
At 31 August 2022 |
Mr B Middleton |
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Directors' loan accounts |
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( |
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2021 |
At 21 April 2020 |
Advances to director |
Repayments by director |
At 31 August 2021 |
Mr B Middleton |
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Directors' loan accounts |
- |
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( |
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The Levels School Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
Other transactions with directors |
During the year a director made available a loan to the company which was interest free and repayable on demand. At the balance sheet date the amount owed to the director was £Nil (2021 - £20,948).
Summary of transactions with all subsidiaries
Loans from related parties
2022 |
Other related parties |
Total |
At start of period |
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Repaid |
( |
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Interest transactions |
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At end of period |
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2021 |
Other related parties |
Total |
Advanced |
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Repaid |
( |
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Interest transactions |
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At end of period |
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Terms of loans from related parties