Connaught House School Limited Company Accounts

CONNAUGHT HOUSE SCHOOL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00605296

CONNAUGHT HOUSE SCHOOL LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 July 2017

CONNAUGHT HOUSE SCHOOL LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

CONNAUGHT HOUSE SCHOOL LIMITED

STATEMENT OF FINANCIAL POSITION

31 July 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Intangible assets	5	4,190	4,888
Tangible assets	6	27,673	34,591
		--------	--------
		31,863	39,479

Current assets

Debtors	7	100,252	358,264
Cash at bank and in hand		609,157	732,009
		---------	------------
		709,409	1,090,273

Creditors: amounts falling due within one year	8	( 262,988)		( 295,158)
		---------		------------
Net current assets			446,421		795,115
			---------		---------
Total assets less current liabilities			478,284		834,594
			---------		---------
Net assets			478,284		834,594
			---------		---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	477,284	833,594
	---------	---------
Members funds	478,284	834,594
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 July 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 .

CONNAUGHT HOUSE SCHOOL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 July 2017

These financial statements were approved by the board of directors and authorised for issue on 18 January 2018 , and are signed on behalf of the board by:

Mrs V Hampton

Director

Company registration number: 00605296

CONNAUGHT HOUSE SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 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 47 Connaught Square, London, W2 2HL.

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 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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.

Income tax

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 that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Leasehold	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

	Fixtures and fittings	-	20% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 21 (2016: 22 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 August 2016 and 31 July 2017	27,519
	--------
Amortisation
At 1 August 2016	22,631
Charge for the year	698
	--------
At 31 July 2017	23,329
	--------
Carrying amount
At 31 July 2017	4,190
	--------
At 31 July 2016	4,888
	--------

6. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 August 2016 and 31 July 2017	230,533	230,533
	---------	---------
Depreciation
At 1 August 2016	195,942	195,942
Charge for the year	6,918	6,918
	---------	---------
At 31 July 2017	202,860	202,860
	---------	---------
Carrying amount
At 31 July 2017	27,673	27,673
	---------	---------
At 31 July 2016	34,591	34,591
	---------	---------

7. Debtors

	2017	2016
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	310,000
Other debtors	100,252	48,264
	---------	---------
	100,252	358,264
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	33,882	45,563
Corporation tax	9,044	38,954
Social security and other taxes	34,908	17,893
Other creditors	185,154	192,748
	---------	---------
	262,988	295,158
	---------	---------

9. Directors' advances, credits and guarantees

At the year end the company was owed £0 (2016: £310,000) by Connaught House Holdings Limited.This company acquired 100% of the issued share capital during the year.

10. Controlling party

The company was under the control of Mrs V Hampton who controls Connaught House Holdings Limited. This company acquired 100% of the share capital of Connaught House School Limited in the year

11. Transition to FRS 102

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

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