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Registered number: 06802519
OLD SCHOOL SURREY LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2023
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OLD SCHOOL SURREY LIMITED
REGISTERED NUMBER: 06802519
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 May 2024.
The notes on pages 2 to 8 form part of these financial statements.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Old School Surrey Limited is a private company limited by shares incorporated in England and Wales. The registered office is at 1 Fortis Green, London, N2 9JR. The principle place of business is at The Pines, 2 The Parade, Epsom, KT18 5DH.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
The directors have reviewed the existing funding facilities of the company, and believe that adequate resources will be available for the foreseeable future with the full financial support from its parent company.
Accordingly, the directors are confident that the company will continue to remain a going concern for the foreseeable future. Therefore, the going concern basis is appropriate.
Revenue is recognised to the extent that it is probable that economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, including discounts.
Revenue from medical services is recognised at the point in which the treatment has been administered.
Revenue from medical services package are recognised proportionally across the estimated lifespan of the package if the treatment cycle have not been completed in the same accounting period. In this case, a proportion of package revenue relating to a period after the reporting date are carried forward to subsequent reporting period as deferred income.
Grants are accounted under the accruals model as permitted by FRS 102.
Government grants received are recognised as other operating income in the statement of income and retained earnings as the related expenditure is incurred.
Interest income is recognised in profit or loss using the effective interest method.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Fixtures, fittings and equipment
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 18 (2022: 18)
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Charge for the year on owned assets
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
4.Tangible fixed assets (continued)
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The net book value of land and buildings may be further analysed as follows:
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Secured Loans
Bank loans of £50,712 (2022: £56,077) are secured by a fixed and floating charge over the assets of the company.
Finance Leases
Finance leases are secured on the assets concerned.
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Creditors: Amounts falling due after more than one year
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Secured Loans
Bank loans of £1,147,929 (2022: £1,169,787) are secured by a fixed and floating charge over all the assets of the company.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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At beginning of year - liablities
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Charged to profit or loss
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At end of year - liabilities
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OLD SCHOOL SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
9.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Capital allowances in excess of depreciation.
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,027 (2022 - £6,003) . Contributions totalling £17,802 (2022 - £17,898) were payable to the fund at the reporting date and are included in creditors.
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Related party transactions
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The following amounts were outstanding at the reporting date:
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Entities with control, joint control or significant influence over the company
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The ultimate parent company is ARGC Topco Limited, a company registered in England & Wales. ARGC Topco Limited prepares group accounts and copies can be obtained from 124 Finchley Road, London, NW3 5JS.
The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.
The audit report was signed on 28 May 2024 by Hetal Mistry (senior statutory auditor) on behalf of Nyman Libson Paul LLP.
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