Queensbury School of Education Limited
|
Balance Sheet |
as at 31 August 2020
|
|
Notes |
|
|
2020 |
|
|
2019 |
£ |
£ |
as restated |
(see note 7) |
Fixed assets |
Tangible assets |
3 |
|
|
721,447 |
|
|
727,562 |
|
Current assets |
Debtors |
4 |
|
61,839 |
|
|
16,862 |
|
|
|
62,014 |
|
|
222,219 |
|
|
|
123,853 |
|
|
239,081 |
|
Creditors: amounts falling due within one year |
5 |
|
(94,784) |
|
|
(111,724) |
|
Net current assets |
|
|
|
29,069 |
|
|
127,357 |
|
Total assets less current liabilities |
|
|
|
750,516 |
|
|
854,919 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(207,488) |
|
|
(343,114) |
|
Provisions for liabilities |
|
|
|
(4,230) |
|
|
(2,329) |
|
|
Net assets |
|
|
|
538,798 |
|
|
509,476 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1,000 |
|
|
1,000 |
Profit and loss account |
|
|
|
537,798 |
|
|
508,476 |
|
Shareholder's funds |
|
|
|
538,798 |
|
|
509,476 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
|
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
|
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
|
|
|
S. Naveenan |
Director |
Approved by the board on 4 March 2021
|
|
Registered number: |
06342006
|
|
Queensbury School of Education Limited
|
Notes to the Accounts |
for the year ended 31 August 2020
|
|
|
1 |
Accounting policies |
|
1.1 |
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
|
|
1.2 |
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
|
|
1.3 |
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
|
|
|
Freehold buildings |
Straight line over 50 years |
|
Plant and machinery |
25% Reducing balance |
|
Computers |
33.33% Straight line |
|
1.4 |
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
|
|
1.5 |
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
|
|
1.6 |
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate.
|
|
1.7 |
Government grants |
|
Government grants are recognised in the profit and loss, so that the income is matched with |
|
the costs to which they relate. |
|
|
2 |
Employees |
2020 |
|
2019 |
Number |
Number |
|
|
Average number of persons employed by the company |
14 |
|
11 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Computers |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 September 2019 |
758,443 |
|
44,961 |
|
18,851 |
|
822,255 |
|
Additions |
- |
|
6,815 |
|
11,544 |
|
18,359 |
|
At 31 August 2020 |
758,443 |
|
51,776 |
|
30,395 |
|
840,614 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 September 2019 |
44,619 |
|
31,816 |
|
18,258 |
|
94,693 |
|
Charge for the year |
15,169 |
|
5,161 |
|
4,144 |
|
24,474 |
|
At 31 August 2020 |
59,788 |
|
36,977 |
|
22,402 |
|
119,167 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2020 |
698,655 |
|
14,799 |
|
7,993 |
|
721,447 |
|
At 31 August 2019 |
713,824 |
|
13,145 |
|
593 |
|
727,562 |
|
|
4 |
Debtors |
2020 |
|
2019 |
£ |
£ |
|
|
Other debtors |
61,839 |
|
16,862 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
£ |
£ |
|
|
Bank loans and overdrafts (secured) |
16,532 |
|
22,668 |
|
Corporation tax |
|
|
|
|
20,500 |
|
37,500 |
|
Other tax and social security costs |
34,572 |
|
29,170 |
|
Director's account |
1,963 |
|
2,374 |
|
Other creditors |
21,217 |
|
20,012 |
|
|
|
|
|
|
94,784 |
|
111,724 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2020 |
|
2019 |
£ |
£ |
|
|
Bank loans (secured) |
207,488 |
|
343,114 |
|
|
|
|
|
|
|
|
|
|
7 |
Prior period adjustments |
|
|
The prior period adjustments relate to correction of material errors. An amount of £28905 was |
|
wrongly classified as fixed assets instead of been treated as revenue expenditure.This prior |
|
period adjustment gives rise to a cumulative debit adjustment to reserves of £28905 before tax |
|
and £23413 after tax in 2020 accounts. No adjustments have been made for depreciation as the |
|
amount involved is insignificant. The comparative figures have been restated |
|
|
8 |
Loans |
2020 |
|
2019 |
£ |
£ |
|
Bank loans outstanding at the year end include: |
|
Instalments falling due for payment after more than five years |
86,062 |
|
144,091 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
223,917 |
|
365,782 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a fixed and floating charge over the company's assets.
|
|
|
9 |
Pension commitments |
|
|
The company operates a defined contribution workplace pension scheme, NEST, for the eligible employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £611(2019 - £1092) were due to the fund.They are included in other creditors. |
|
|
10 |
Impact of Covid - 19 |
|
|
The covid -19 pandemic had a profound impact on the company's operations. The school was |
|
closed for months and no tutorial fees were generated which have resulted in substantial loss of |
|
revenue during the current financial year. Given the uncertainty in the outlook, the company |
|
has started online teaching on an experimental basis to a small number of students who are |
|
interested in this method of teaching. Classroom teaching cannot properly commence |
|
until the pandemic situation improves and students feel safe to attend classes. |
|
|
11 |
Contingencies |
|
|
The rent review was due in October 2019.However, no figures were agreed by the tenants yet |
|
and the position is open at present. |
|
|
|
|
12 |
Other financial commitments |
2020 |
|
2019 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
4,293 |
|
2,529 |
|
|
|
|
|
|
|
|
|
|
|
|
13 |
Other information |
|
|
Queensbury School of Education Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
10 Oxford Road |
|
1st Floor |
|
Wealdstone |
|
Harrow |
|
Middlesex |
|
HA3 7RG |