Chelmsford St. Annes School Limited Company Accounts

CHELMSFORD ST.ANNES SCHOOL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00658242

Chelmsford St. Annes School Limited

Filleted Unaudited Financial Statements

31 August 2017

Chelmsford St. Annes School Limited

Financial Statements

Year ended 31 August 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Chelmsford St. Annes School Limited

Statement of Financial Position

31 August 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		111,025		113,074

Current assets

Stocks		25,000	25,000
Debtors	6	10,416	32,035
Cash at bank and in hand		228,566	302,944
		---------	---------
		263,982	359,979

Creditors: amounts falling due within one year	7	173,317		188,135
		---------		---------
Net current assets			90,665		171,844
			---------		---------
Total assets less current liabilities			201,690		284,918

Provisions

Taxation including deferred tax	15,880	15,988
	---------	---------
Net assets	185,810	268,930
	---------	---------

Capital and reserves

Called up share capital	8	225	225
Share premium account		749	749
Capital redemption reserve		225	225
Profit and loss account		184,611	267,731
		---------	---------
Shareholders funds		185,810	268,930
		---------	---------

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 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 comprehensive income has not been delivered.

For the year ending 31 August 2017 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 .

Chelmsford St. Annes School Limited

Statement of Financial Position (continued)

31 August 2017

These financial statements were approved by the board of directors and authorised for issue on 20 December 2017 , and are signed on behalf of the board by:

S P Robson

Director

Company registration number: 00658242

Chelmsford St. Annes School Limited

Notes to the Financial Statements

Year ended 31 August 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 154 New London Road, Chelmsford, Essex CM2 0AW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover represents fees receivable from the running of a nursery, preparatory and junior school in the United Kingdom.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or right to pay less or to receive more tax. Deferred tax is measured on a undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Leasehold Property	-	Fully depreciate over lease period
Fixtures and Fittings	-	15% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 36 (2016: 34 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 September 2016	116,411	189,477	305,888
Additions	–	22,988	22,988
	---------	---------	---------
At 31 August 2017	116,411	212,465	328,876
	---------	---------	---------
Depreciation
At 1 September 2016	86,536	106,278	192,814
Charge for the year	5,100	19,937	25,037
	---------	---------	---------
At 31 August 2017	91,636	126,215	217,851
	---------	---------	---------
Carrying amount
At 31 August 2017	24,775	86,250	111,025
	---------	---------	---------
At 31 August 2016	29,875	83,199	113,074
	---------	---------	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	1,243	21,006
Prepayments and accrued income	8,099	11,029
Other debtors	1,074	–
	--------	--------
	10,416	32,035
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Accruals and deferred income	154,722	160,641
Corporation tax	4,546	13,110
Social security and other taxes	14,049	14,384
	---------	---------
	173,317	188,135
	---------	---------

8. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	225	225	225	225
	----	----	----	----

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	87,400	87,400
Later than 1 year and not later than 5 years	256,674	302,875
Later than 5 years	82,398	123,597
	---------	---------
	426,472	513,872
	---------	---------

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.

No transitional adjustments were required in equity or profit or loss for the year.